Lexatrade Forex Broker: a Critical Review About the Fishy Platform

This implies that purchasers virtually obtained free money for trading, which might later incur commission fees. With LexaTrade, you not only get skilled assist, but you also get private assistance. Interested parties need to visit the broker’s official site and from there, they will immediately find the registration button. After clicking, it will be redirected to a form, which needs to be completed. It requires all the necessary information including name, email, address, and telephone number.

With license from IFMRRC, clients are ensured that all operations are legally binding and conducted under legitimate terms. Certainly, they don’t 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. 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.

Meta Trader

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. It should be noted that, although they confine you to the poor conditions when compared to the usual exchanges, they also rarely cheat you. Fortunately, client support is still available for everyone on the platform, regardless of their status. 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 has quite a few impartial reviews, but it’s important to remember that it’s also a fairly small broker, at least compared to the established leaders in the industry.

The fund entitled traders to say lexatrade scam as much as a maximum of 20,000 euros. LexaTrade have moved away from platform supplier TechFinancials, and developed a new bespoke platform. If one is to look for the company’s web rating, an engine search on the internet will render negative LexaTrade broker reviews. 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.

Lexatrade Forex Broker: a Critical Review

But then, if you chose poorly, you can lose your money to an untrustworthy broker. 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.

Most users will probably sign up for the Start account – the lowest-ranking one – without the second thought. So, Lexatrade is a minor Forex broker with a moderate amount of regular users. 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. If you don’t, you’ll be very hard-pressed, and your entire experience here will be pretty lousy. And speaking of tighter spreads, they really are low on this platform. 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.

LexaTrade Review 2020

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, https://forex-reviews.org/ndax/ 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.

LexaTrade is a financial solutions platform developed by Swissone Group Ltd. Its head office is located in St. Vincent and the Grenadines, a small island in the Caribbean known for its offshore status. With the absence of financial authorities, clients’ funds are exposed to intensive risk, say, for example, LexaTrade decided to shut down its business. 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. With LexaTrade, traders needn’t be concerned as they’re a member of the Investment Compensation Fund scheme.

But if it’s not fraudulent now, it is still domineering, uncomfortable and fishy. This review will list a few of the major points of criticism and tell you why they may or may not be the sources of worry. 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.

LexaTrade Forex Broker

While this may seem unfavorable for clients looking for well-regulated brokerage firms, it can be concluded that LexaTrade is still a decent broker. More so, it has been responsive and highly attentive in giving resolutions via complaint form, which can be found on LexaTrade website. Although they have assured that you’d get the cash again, right now, the one method to accentuate the method is to take the help of a fund recovery group. We also have a dedicated customer service staff who’s working day in time out to unravel all of your queries.

The worst part is that many new merchants are still falling victims of such scams on a daily forex trading basis. See how LexaTradepares to the highest choices platforms by reading one of the evaluations beneath. 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.

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. The use of xCritical also ensures stability, from deposits up to actual trading. It’s not simply about getting less spreads and more monitors on the trading system. The bigger account types have faster withdrawing speed, and they increasingly get to use the help from professional analysts. I may give you all of the prove and the long quantity with alphabets and numeric where he stated I should send the money.

The Basic account provides you floating spreads as low as 2.5 pips for EUR/USD, and a couple of.eight for GBP/USD and USD/JPY. You additionally get entry to some educational resources, including one primary lesson, every broker forex day market report, trading central, and two every day TC SMS alerts. When it involves webinars, this is the only tier that doesn’t offer any. Whether you are a novice or knowledgeable dealer, you will feel at residence buying and selling with LexaTrade. True enough, IFMRRC does not hold the prominence that other well-known regulators have.

The most interesting about this platform is its automated trading option, completely providing high efficacy and larger margin of profitability for its traders. Different reviews (including those written by the regular users) 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. 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.

The enormous leverage with which you’ll commerce may be very tempting, however deadly on your account. If you need to commerce with excessive trusted broker and reliable then we advocate you to trade with the iqoption. I made a several withdrawals from LexaTrade and every thing was all the time okay. MetaTrader 4– 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.

• This implies that purchasers virtually obtained free money for trading, which might later incur commission fees.
• The use of xCritical also ensures stability, from deposits up to actual trading.
• However, those who still only contemplate working with them should look elsewhere.
• But then, if you chose poorly, you can lose your money to an untrustworthy broker.

To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web. Similar to other brokerage firms, LexaTrade has its own set of benefits and setbacks. 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.