“I have been working with this LexaTrade broker for six months now. I learned about the company much earlier, but I came across a network about the negative about it. I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc. Then he learned from a friend working with this company that all this is complete nonsense. As a result, I opened an account there, on which I have been trading for six months.
So, if you have a question or a problem, you can contact the support and they’ll most likely help. The only thing you won’t be able to do unless you sign up for a better account type is the help from analysts. Lexatrade is an interesting choice for a trading platform. They have some very interesting ideas and offers, but it’s also understandable why so many people are pushed away from this broker. However, they also rarely forbid the majority of their users from using other software if they feel like it.
Most lexatrade review will probably sign up for the Start account – the lowest-ranking one – without the second thought. However, you should really pay attention to what they offer you. LexaTrade utilizes the most popular third-party platform in the market. The MT4 is known for its optimum performance, allowing users to place trades simultaneously and conduct analyses in an efficient manner. More so, it grants access to live market prices and liquidity, all while enabling robust security and stability. The most interesting about this platform is its automated trading option, completely providing high efficacy and larger margin of profitability for its traders.
Trading with LexaTrade
Lexatrade is registered on the New Grenadines – a very popular off-shore location, especially for brokers. Being registered in the tax-free location also means your company won’t be regulated by the trusted financial establishments. So, Lexatrade is either not controlled by any institutions at all or has only a token regulation. The users who use it claim it’s a very good broker with responsive teams of support and clean reputation. But the wider community tends to disagree – there’s a lot of points that simply can’t help but attract criticism.
- To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web.
- I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc.
- The MT4 is known for its optimum performance, allowing users to place trades simultaneously and conduct analyses in an efficient manner.
- So, unless you deposit at least 3 grand, you’re stuck with the basest of basics of trading.
- If you can tolerate this uncomfortable state of things, then you may find that Lexatrade is actually pretty decent when it comes to trading and dealing with users.
The bigger account types have faster withdrawing speed, and they increasingly get to use the help from professional analysts. There are many other brokers that allow you to trade in all sorts of assets without confining you so harshly. It’s true that low spreads and good general performance do compensate for these limitations a bit, but you can only really trade here if you can trust the broker. So, Lexatrade is a minor Forex broker with a moderate amount of regular users.
The user rating
Included in the process is the funding, in which interested parties need to provide the means of funding, and the amount they want to deposit. Note, however, that the broker asks for different deposits according to which account clients will open. After setting this up, the information will then be subjected to verification. After going through successful evaluation, clients are given their login information and may already start live trading. As for the disadvantages it carries, its reputation is tainted mainly from the absence of tight regulatory oversight. In addition to this, clients’ queries are given resolution in an untimely manner, which only adds to reasons why it has been receiving negative feedback from its clients.
In terms of practical trading experience, Lexatrade doesn’t have too many bad sides – it’s just a regular broker with several types of products ready for trading. Another external platform that LexaTrade offers is the xCritical system. It is equipped with powerful instruments for encompassing and holistic trading experience. Its Customer Service Automation also known as the CRM fully integrates various payment processing systems.
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Nevertheless, it’s strictly stated that you can’t use MT4 (and it’s the only third-party piece of trading software you can use) unless you pay Lexa more. If you look at Lexatrade as a provider of services, it doesn’t look all that impressive. The list of assets includes shares, indices, crypto, commodities and foreign currency, and that’s about it.
Lexatrade Forex Broker: a Critical Review
Note that some of them are fairly high, but that’s precisely why there is such a detailed sheet – so you wouldn’t get caught unawares. And even this is very well done, and the local financial specialists are truly helpful most of the time. There are no loud complaints about cheating from Lexa, even though they are always abundant. But if it’s not fraudulent now, it is still domineering, uncomfortable and fishy. They also give you all the information they can about the way your transfer will go. The support itself is also 24/7 and multilingual, which is a very nice touch, considering they are mostly very restrictive about everything.
That’s one of the main reasons why there are so many good reviews. So, unless you deposit at least 3 grand, you’re stuck with the basest of basics of trading. Furthemore, you also get worse treatment than the guys who put more money into their Lexatrade wallets. It allows Lexa to do their own thing without bearing too much responsibility on their shoulders. The impartial user reviews from the dedicated aggregators can tell you precisely what to watch out for and what to aim for on any exchange. The regulars on Lexa will disagree, and it’s their right, they’ve already made some money out of it.
Subscribing to LexaTrade Forex Broker
With the absence of financial authorities, clients’ funds are exposed to intensive risk, say, for example, LexaTrade decided to shut down its business. Different reviews suggest Lexa is pretty safe – both from hackers and from inner fraud. However, there are several points that indicate that you still shouldn’t trust this broker completely. If you can tolerate this uncomfortable state of things, then you may find that Lexatrade is actually pretty decent when it comes to trading and dealing with users. There are also indices, stock and commodities, but you’ll have to unlock them first. This restrictive policy is extended to other things also – the better parts of the broker are reserved for the more well-off customers.
- Another external platform that LexaTrade offers is the xCritical system.
- Note, however, that the broker asks for different deposits according to which account clients will open.
- After going through successful evaluation, clients are given their login information and may already start live trading.
- Nevertheless, it’s strictly stated that you can’t use MT4 (and it’s the only third-party piece of trading software you can use) unless you pay Lexa more.
- The most interesting about this platform is its automated trading option, completely providing high efficacy and larger margin of profitability for its traders.
Lastly, it charges daunting fees including a 5% commission from clients with less than 5 transactions. Its ultimatum for those inactive clients also came as a disadvantage as it charges 5% every month. At a first glance, there are many potential flaws and perks, but you can’t really tell how they play out unless you try this platform for yourself. But then, if you chose poorly, you can lose your money to an untrustworthy broker. It means that if you want to trade small (for your own reasons or if you don’t trust Lexa yet), you’ll be hard-pressed from the beginning. You’ll have to use their own trading systems and be restricted to only a handful of available products.
Certainly, they https://forex-reviews.org/ only differ based on the amount of money you need to trade. There are certain bonuses and restrictions which you can see by scrolling further down. What you’ll see is that Lexa heavily restricts pretty much everyone below the Gold status. However, this education focus goes beyond simply providing educational material. Lexa gives you extensive information about what you can or can’t do with different types of account, as well as a full sheet of fixed low spreads for all occasions. Fortunately, client support is still available for everyone on the platform, regardless of their status.
While LexaTrade is equipped with impressive advantages, it still faces negative reviews. This may be from the company’s financial malpractice or maybe from competitors’ interest to drag LexaTrade down. Regardless, we still have to consider the legal documentation presented in its official site. With license from IFMRRC, clients are ensured that all operations are legally binding and conducted under legitimate terms.
They have their own Web trading system, as well as a trading app. Many brokers have their own in-built exchanges and interfaces – they generally look neat and better correspond with the environment on the exchange. There are just so many frauds amongst brokers that an honest one, albeit one with poor trading conditions, is somehow very welcome. It should be noted that, although they confine you to the poor conditions when compared to the usual exchanges, they also rarely cheat you.
It’s pretty comfortable to work here, barring all the treatment the lower account types have to put up with. Yet still, there are many exchanges and brokers that give you just as comfortable an experience without making you pay extra. It’s not simply about getting less spreads and more monitors on the trading system.
However, those who still only contemplate working with them should look elsewhere. While we cannot fully dismiss the possible fraudulent activities, we also have to take into account their reliability and if these claims have substantial bases. To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web. Lexatrade has a relatively easy method of registration.