All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal. This broker offers a balanced mix of functionality and user-friendliness. It doesn’t throw complicated terms at you, and you don’t have to be a trading wizard to use their platform, but on the other hand, if you are a technical trader, their platform offers enough features to keep you satisfied. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge.
LexaTrade Review: Key Insights, Platform Performance & Is It Right for You?
Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities. While the platform appears well-structured on the surface, a closer examination reveals troubling details. The data contained in this website may not be real-time and accurate. 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.
It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. Autochartist signals are available at the bottom of the trading platform and while this is not a game changer, it’s still something worth mentioning, especially because some brokers charge you for Autochartist. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition.
The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to complete the processing, which takes up to 24 working hours. The methods for deposit are Visa, CryptoWallet and e-Payouts and we assume the same methods will be used for withdrawals, although LexaTrade doesn’t mention this specifically. The overall structure of the accounts at LexaTrade is too expensive in my opinion and putting a $10,000 barrier between the trader and MT4 means that the majority of clients will not use this platform. 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.
Businesses
A mobile platform is available but Demo accounts are not; US traders are not accepted. Overall this is a promising broker but a few tweaks here is lexatrade legit and there would make it a better one. Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker. That being said, they are very new at the time of this review, so there is time for improvement. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader.
- There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website.
- 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.
- There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
- The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.
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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. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. Given the abundance of warning signs, potential investors are advised to avoid LexaTrade.
Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. Suggested companies are based on people’s browsing tendencies.
LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker.
With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns. Reviews and reports from users suggest issues that point to LexaTrade being a potential scam, primarily due to limited regulatory transparency, suspicious practices, and challenges in withdrawing funds. In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. In conclusion, while the promise of easy trading may be tempting, LexaTrade is fraught with risks that make it unsuitable for investors who prioritize security and legitimacy. Considering the consistent patterns of suspicious activity and user complaints, it is best to explore alternative brokers that offer verifiable regulatory compliance, clear fee structures, and reliable customer support. LexaTrade advertises several account types, from basic to VIP, each with distinct perks.
This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Later they said that the amount was too low for a trade so I left the money there only to find later that the money has disappeared. Several red flags have emerged from user experiences that cast doubt on LexaTrade’s legitimacy, making it essential to understand these warning signs before investing any money.
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. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Claim your profile to access Trustpilot’s free business tools and connect with customers.