LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities. The owning/operating company is Swissone Group Ltd, located in St. Vincent and the Grenadines and registered with the IFMRRC – Certificate TSRF RU 0395 AA V0165. The information on Forex-mag.com does not serve as an investment or trading recommendation. The server operator Almina Corp as is not a registered broker, investment advisor or broker.
- It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully.
- The financial products offered by the companies listed on this site pose a high risk and can lead to the loss of all your funds.
- We are here to conduct a comprehensive evaluation of LexaTrade’s offers and services for the most
in-depth and unbiased verdict.
Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there. 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. As such, we don’t think you can get a competitive trading service up until the $10,000 account at least. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
IFMRRC stands for International Financial Market Relations Regulation Center. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators. Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it. We wouldn’t be surprised if entry-level traders couldn’t find their way around and simply decided to use another brokerage.
What Trading Platforms Are Available On LexaTrade?
LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours. The broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great. MT4 is one the world’s most famous and reliable trading platforms for Forex. The user-friendly UI of the platform helps both beginner and professional alike.
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. Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies.
Live chat support was available at the time of our visit but a bit slow to answer. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. https://cryptolisting.org/blog/operating-activities-definition Information about withdrawals is missing and this should be addressed by LexaTrade. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.
Which Trading platforms are offered by LexaTrade?
To implement any technique you need a versatile MetaTrader four mobile buying and selling system paired with a full set of orders and buying and selling features. LexaTrade is an online financial services company thats been providing superior and transparent trading services to all traders across the world in the trading markets. LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares. LexaTrade is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC).
LexaTrade Review 2024: Is It A Scam Or Legit Broker? Unbiased Review
That isn’t an exact rule, but it’s something we’ve found to be true more often than not. It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. Review our tips for indentifing scams to help minimize the chance you will get duped.
Is Lexatrade a legal broker?
When I invest 350s, I immediately get the indices and the operations resolved to make me lose my money. LexaTrade is an offshore broker registered in Saint Vincent and Grenadines, currently has no any regulations. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps.
The platform is somehow new in comparison to some reliable names dominating the forex industry. However, it garnered popularity among traders with its one-of-a-kind features and the services. LexaTrade offers tight spreads which ensures competitive trading costs.
The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the instrument traders trade in. 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.
As the platform is not worth considering, I was looking for the best alternative, and after researching for days, the most recommended broker I found was InvestFw. The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam. The platform also offers customizable charting, allowing users to tailor the charts based on different timeframes. A classic choice, particularly in Forex trading, the MT4 platform has garnered trust from seasoned traders ever since its launch in 2005. The representatives are adept at problem-solving, so the overall communication flow is great. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms.