The asset access is limited, your withdrawal requests are low priority, and the spreads are extremely high. We’re nearly certain the broker made the accounts just to seem more open. And without the broker specifying the times, who knows how long it might take for you to get your money.
LexaTrade Review: Fees, Commission & Spreads
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. Therefore, you might sometimes see statements about why Forex is a scam, and you should not get involved in it. In this Forex review, we will try to see if LexaTrade fraud is made up by its competitors, and it is actually an honest broker. In order to correctly interpret LexaTrades review, you need to know how to distinguish a normal broker from a company that cheats people. If you own this website you can update your company data and manage your reviews for free.
LexaTrade: Getting Into the Meat of an Honest Broker
Investors need these tools and materials every day since they hold key information about potential results of their executed trades. The most significant advantages of gold accounts are reduced spreads and the possibility of passive earnings. One of the primary concerns with LexaTrade is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds.
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When choosing a platform, caution is warranted if the company lacks regulation by any overseeing agency. This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework. Unregulated entities can potentially abscond with your money without being held accountable. Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program.
The absence of this crucial data adds to the uncertainty and leaves users uninformed about LexaTrade’s background and stability. Being a global broker, LexaTrade has earned the praises of its clients and the ire of its detractors. Many critics have praised this broker for several reasons, while a select few spread libelous claims to destroy its reputation. Using a platinum account from LexaTrade, you can enjoy a 2-hour account analysis per week. In legitimate platforms, fees are typically clear and transparent from the beginning. LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices.
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. That’s especially true if the bonus goes as high as it does at lexatrade.com. 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.
The broker doesn’t hide the fact that it’s trying to goad you into depositing more. Even the withdrawal speeds increase as you go up to the higher accounts. Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc. 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.
Lexatrade offers personal account managers to its users and they help in trading. That, along with the multiple phone lines, makes the broker easy to reach. The representatives are adept at problem-solving, so the overall communication flow is great. However, better options are present online, and it’s easy for most traders to switch. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms.
Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. 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. 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. Am only happy because I found help after reporting to a recovery firm and they helped me recover all I lost to these fake crypto platform.
Great trading service
- Many people have complained that LexaTrade has locked or stolen their funds.
- These are some of the most widely-traded markets by investors worldwide.
- The broker doesn’t hide the fact that it’s trying to goad you into depositing more.
- E continue to force me to deposite more but i denied so he opened very huge position so i lost all capital so he tell me that thats why i told you to deposite more.
Lexatrade has provided very less information about its organization. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts. IFMRRC stands for International Financial Market Relations Regulation Center.
It’s a non-commercial organization that regulates about 60 brokerages. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators. There are way too lexatrade many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. 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.
It is acquiring more and more clients as it continues to improve on the best services it could offer. These are the reasons why LexaTrade has earned the trust of its global customers. Many clients have expressed how LexaTrade has helped them build their trading careers and increase their profits. LexaTrade Forex brokers reviews are all over the Internet as proof of broker’s reliability and professionalism.
- Claim your profile to access Trustpilot’s free business tools and connect with customers.
- LexaTrade forex broker will give you a 70% welcome bonus and medium priority for withdrawals if you choose a gold account.
- A wide variety of options allows each trader to trade with ease and security.
- But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all.
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. 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. For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there.
The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day. Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together.