A mobile platform is available but Demo accounts are not; US traders are not accepted. 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. Overall this is a promising broker but a few tweaks here and there would make it a better one.
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. Also keep in 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.
thoughts on “Is LexaTrade a Scam? Honest Review 2023”
Numerous reports indicate that this platform may be a scam, with serious issues related to funds accessibility, aggressive tactics, and regulatory opacity. For those looking to enter the trading market, many reputable and transparent platforms offer safer and more secure services. This broker offers a balanced mix of functionality and user-friendliness.
What is the maximum deposit required for an account on LexTrade?
The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the instrument traders trade in. Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back.
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. We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types. 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 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. 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. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. Moreover these personal manager act as LexaTrade affiliates who enforce clients to deposit more on their platform. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker.
- Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc.
- 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.
- 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.
LexaTrade Review: Fees, Commission & Spreads
Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction. LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. 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. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.
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 lexatrade reviews 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. 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.
Lexatrade Review Is it good, or is it a scam?
LexaTrade charges a service charge of 5% when customers has made less than 5 independent transactions. We are back with our unbiased review of LexaTrade, an online trading broker company. We use dedicated people and clever technology to safeguard our platform. Claim your profile to access Trustpilot’s free business tools and connect with customers. As per LexaTrade conditions, if the referred client makes a deposit between $500 to $10,000, then 50% of it will be the referral bonus.