A 5% additional commission is charged for clients conducting less than 5 independent transactions. The educational resources are useful for beginners but lack depth for advanced traders seeking sophisticated strategies or detailed research. LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone. Dealing with an unregulated company like LexaTrade increases the risk factor of your money. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker.
LegacyFX Review
Of course, we cannot vouch for the accuracy of the signals but is lexatrade regulated it’s a nice addition. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose.
Regulation
Let us move on to another aspect of broker review by looking into the client feedback of LexaTrade. LexaTrade’s live chat through its trading platform is complemented with other social media platforms, including Skype and email, as additional means of communication. This enables safe trading using modern technologies and does not require downloading and installing platform software. It has listing charts for changing time ranges and combines many commercial operations.
- LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users.
- However, it is crucial to note that not all client reviews came from the real clients of the broker.
- The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified.
- Even legitimate clients cannot benefit from false claims as it gives them a distorted view of a broker’s reputation.
- MtT4 platform is considered as the gold-standard for every other trading platform in the trading industry.
Albeit contrary to one client review above, this issue can be easily identified as a misinformed judgment on the client’s part. Apparently, the pair of customer reviews clearly reflects the broker’s honest and quality trading services, contrary to some maligning customer reviews that try to dent the broker’s reputation. These clients are enough proof that ‘LexaTrade scammers’ is merely a baseless claim.
LexaTrade is a global online trading platform offering a range of financial instruments, including forex, commodities, indices, cryptocurrencies, and stocks. It aims to attract traders with promises of high leverage, multiple account types, and extensive educational resources. However, LexaTrade has been the subject of mixed reviews due to concerns about its regulatory status and business practices. LexaTrade is an online broker that provides access to global financial markets, allowing traders to speculate on a wide range of assets, including forex pairs, commodities, stocks, indices, and cryptocurrencies. LexaTrade markets itself as a user-friendly platform designed for both beginners and experienced traders. The platform also offers different account types, each catering to various levels of trading experience.
- LexaTrade is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC).
- LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares.
- LexaTrade BackgroundLexaTrade started its operation by just managing cash transactions in real-time trading using PAMM accounts.
- Knowing more about Lexatrade – its features, pros and cons, customer reviews, and legitimacy as a financial service provider by reading comprehensive LexaTrade rezension in general.
- This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework.
- These clients are proof enough that LexaTrade is far from what others think about the broker and its services.
It has an intuitive interface and highly-functioning terminals to make trading comfortable with minimal risks. LexaTrade platform contains more than 170 trading assets and tools to provide quality trading experience. XCritical is lesser known to traders than MT4, but this does not make it inferior in providing quality services. Also, a mobile platform is far more accessible and convenient than any other platform, which means traders can trade anytime and anywhere without the hassle.
Unregulated entities can potentially abscond with your money without being held accountable. Also keep in mind that the company is regulated (IFMRRC), which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new. MT4 is the platform of choice for professional traders, while the proprietary platform caters more to beginners. However, the proprietary platform’s lack of sophistication may not satisfy advanced users.
Currently, the broker has over 200 trading instruments offered to its traders. It can be concluded that LexaTrade official site is a legitimate business entity and is a regulated broker. Yet, questions remain whether this regulatory affiliation is strong enough to set aside fears of losing trading funds of clients in the event of insolvency. Fortunately, IFMRRC features a Compensation Fund scheme to be observed by all its 49 regulated brokers, including LexaTrade. We provide broker reviews and ratings to help users find a suitable broker according to their own needs. However, you must do your own due diligence and make your own decisions when choosing a broker.
Way2Wealth Review
One more significant concern is that the broker locks the MT4 platform behind the more expensive account types. The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts. It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. On top of these account types, a Demo Account is a good way for novice traders to test the trading environment and platforms of LexaTrade. The account structure is straightforward, but the high minimum deposits for premium accounts may deter small-scale traders. Additionally, spreads on lower-tier accounts are uncompetitive compared to industry standards.
Aside from Web platform, LexaTrade also offers another powerful XCritical trading platform. The XCritical mobile app has an intuitive and simple interface that easily helps traders navigate the platform. Traders can also easily track the movement of market prices and get timely feeds of current forex forecasts through the functionality of XCritical mobile apps. Since the functions of the platform are separated, traders can also open and close transactions without delay and set Stop Loss and Take Profit quickly. The mobile app also provides brokers with the current account balance to easily check and replenish it when needed. Aside from throwing shades to the broker, some online client reviews also burst out that LexaTrade scammed them by not allowing them to withdraw their funds from their accounts.
The MT4 performs as a classic choice in trading currencies and CFDs because of its user-friendly interface, speed of execution, and high-grade terminal work. LexaTrade’s offering of the MT4 comes in a web version and it is compatible with any browser. Platform includes a customization feature that comes with listing charts and shifting time ranges. It is definitely more expensive than the Silver Account, but quality always comes with a price. For starters, LexaTrade has a “Refer a Friend” program, which allows an existing client to benefit from sharing the services of LexaTrade to friends and fellow traders. A program entails any existing client receiving 50% of the deposited amount of any new trader they’ve successfully encouraged to sign up with LexaTrade.
This broker attracted me precisely with this – in all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company. Of course there are questions, but after correspondence with tech support everything is successfully resolved. Just like any broker, LexaTrade flaunts a set of advantages to fish investors in the sea of online financial investment.
Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. 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. The broker provides a decent and fair set of trading conditions coupled with some advanced trading tools and platforms. They also provide traders the optimal opportunity to learn the basics and complexities of trading through different educational resources.
This compensation should not be seen as an endorsement or recommendation, nor shall it bias our broker reviews. Any rates, terms, products and services on third-party websites are subject to change without notice. In this light, it can be said that LexaTrade is a legitimate business entity and is a regulated broker. Fortunately, IFMRRC features a Compensation Fund scheme to be observed by all its 49 regulated brokers including LexaTrade. LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users. This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250.