Is LexaTrade a Scam? Read This Brutally Honest Review
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Lexatrade Reviews
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. 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. 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.
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While SVG has no regulatory body, recently the government of Saint Vincent and the Grenadines has claimed that it is planning a complete reformation of the nation’s FX and CFD regulatory grounds. We don’t know when they will do this, but we are expecting SVG to pick up the slack and begin enforcing a set of rules to its broker’s firms, which for now are mostly SCAMMERS. Deposit and withdrawals are the two most importanttransactions for us because the end goal of trading is making a profit. In thissection, we look at these methods to make sure everything is okay with it. Interested parties need to visit the broker’s official site and from there, they will immediately find the registration button.
Lexa Trade Deposit and Withdrawal Methods
With over 170 trading instruments, various tools, and timely risk management features, the platform ensures a high-quality trading experience overall. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should is lexatrade regulated 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. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. Overall, Lexatrade stands out as a reliable brokerage for forex and crypto traders, offering a solid combination of educational resources, customer support, and trading tools.
- After going through successful evaluation, clients are given their login information and may already start live trading.
- To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web.
- Overall, Lexatrade stands out as a reliable brokerage for forex and crypto traders, offering a solid combination of educational resources, customer support, and trading tools.
- A mobile platform is available but Demo accounts are not; US traders are not accepted.
- The case with its funding is much of the same, as there are some things that look good.
The broker doesn’t hide the fact that it’s trying to goad you into depositing more. LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies. 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. Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc.
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 going through successful evaluation, clients are given their login information and may already start live trading.
Overall, Lexatrade stands out as a competitive choice in the online brokerage market. 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. Information about withdrawals is missing and this should be addressed by LexaTrade.
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.
However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it. So, to help you out in deciding whether it’s a worthy broker, let’s take an in-depth look at the platform with our detailed LexaTrade review. LexaTrade is a reliable broker that provides exceptional speed, functionality, and profitability. The platform is designed to offer a convenient and user-friendly trading experience, with excellent terminals that make trading profitable while minimizing risks.
The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts. It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted.