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It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. That means the accounts suit most strategies, and as such, can attract diverse groups of traders. There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages. That’s especially true if the bonus goes as high as it does at lexatrade.com. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.
So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.
Trading Platforms
The commission is based on the size of the transaction and ranges from 0.005% to 0.015% for most instruments, while it is 0.5% for cryptocurrencies. Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument. The spread varies depending on the account type and the financial instrument being traded. However, better options are present online, and it’s easy for most traders to switch.
I used to trade in crypto, then I moved to the foreign exchange market. And stay alert, scammers like lexa trade are present here too, misguiding the public. They encourage you to extract maximum amount from you and then open deals conveniently to bring you down to “ALL RED” and refuse to return a single penny. When trading stocks, CFDs, or other derivatives, consider whether you understand the function of differential contracts and be aware of the high risk of losing your funds.
Lexatrade’s Trading Platform
Therefore, for some people it will always be like a scam. There is even nothing to be surprised at in such comments. But at the same time, for people with a head on their shoulders, Lexatrade is quite a working tool. Lexatrade customer service is bad, the account managers are irresponsible please becareful to use them, they are so frustrating. Since they persuade to open account, after I do know of them attend to my email again.
For starters, the first two accounts are borderline unusable. The asset access is limited, your withdrawal requests are low priority, and the spreads are extremely high. We’re nearly certain the broker made the accounts just to seem more open. The broker offers its traders two platforms, as we’ve indicated earlier in our https://forex-review.net/. However, you can only unlock MT4 after depositing $10,000.
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Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction. LexaTrade Accounts & PricingEach account type comes with its own set of perks, with the higher account types offering the best perks and benefits. Furthermore, while there are some solid conditions, they all come with high price points. And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps. The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features.
Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. Lexatrade offers personal account managers to its users and they help in trading. If a trade position is kept open and carried over to the following day, a commission will be charged to the trading account for using the credit.
- Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there.
- When trading stocks, CFDs, or other derivatives, consider whether you understand the function of differential contracts and be aware of the high risk of losing your funds.
- Within a few years of its establishment, LexaTrade expanded its services to different countries around the world.
- LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.
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They make false promises and convince you to invest money with a minimum amount of $250 once u visit the site. They will do registration before even u cud understand them. N then…u r trapped… B sure ..ur money is gone within days… I lost my 250 dollars within night.
But Lexatrade is severing the whole world through its website. It is registered in Saint Vincent and the Grenadines which makes no sense. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts.
LexaTrade Account Types
All Ip’s are checked and marked for further inspection. Avoid abusive language and personal attacks, directed either at the broker or the author. Sir / madam in this regard I searched the company address of India.
As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). There is no solid information about the founder of LexaTrade and its parent company. Within a few years of its establishment, LexaTrade expanded its services to different countries around the world. There are way too many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think. Please be noted that all information provided by ThatSucks.com are based on our experience and do not mean to offend or accuse lexatrade review any broker with illegal matters. The words Suck, Scam, etc are based on the fact that these articles are written in a satirical and exaggerated form and therefore sometimes disconnected from reality. All information should be revised closely by readers and to be judged privately by each person.
The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day. Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together. ThatSucks.com will not take any responsibility for any loss or damage derived by accusations or negative comments made by random individuals.
Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. So the broker’s clunky website has us seriously concerned.
Lexatrade offers the MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are popular among traders due to their advanced features, which are defined below. Lexatrade has five different account types covering budget and high-end options. The broker uses a tiered account progression where each type requires you to reach a specific threshold.
Customer Service at Lexatrade
It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful. If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back. The case with its funding is much of the same, as there are some things that look good. For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. Also, the spreads on the VIP account are relatively tight. We aren’t the biggest fan of the huge jumps between the sums you need for different account types.
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