Is LexaTrade a Scam? Read This Brutally Honest Review

Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach.

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.

• While the platform offers a considerable service, we still advise to choose among legit brokers like InvestFw.
• The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts.
• This broker offers a balanced mix of functionality and user-friendliness.
• However, the translation itself is shoddy, so the website ends up looking unprofessional.
• The platform allows traders to access all popular commodities worldwide.

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.

How To Delete LexaTrade Account?

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.

• Overall this is a promising broker but a few tweaks here and there would make it a better one.
• Integration of news is a great thing and for people that trade during news events, this is going to be a huge deal.
• Our in-depth and unbiased reviews help investors in choosing the best broker according to their investing needs.
• The spreads vary on the account type and the  instrument traders trade in.

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.

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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.

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.

COMMODITIES

That means the accounts suit most strategies, and as such, can attract diverse groups of traders. On the other hand, the Web platform offered for the minimum account is quite enough for the average trader, so maybe that’s not a deal breaker. Also keep in https://cryptolisting.org/blog/what-are-the-costs-for-free-on-board 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.

LexaTrade Review

And without the broker specifying the times, who knows how long it might take for you to get your money. 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. 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. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.

xCritical Mobile App

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).

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.