Reviews are updated regularly to ensure that every trader has the most up-to-date information before making a choice. The trader can contact LexaTrade https://cryptolisting.org/blog/for-crypto-miners-bitcoins-halving-could-mean-a-doubling-in-costs customer care to recover their money. If this doesn’t work, traders can raise a complaint to IFMRRC, the regulatory watchdog of LexaTrade.
LexaTrade offers a variety of trading platforms according to the trader’s needs. The enhanced account offering helps traders to trade efficiently and thus improves their trading game. The broker is regulated, but not efficiently by a tier 1 regulation, so clients should be careful while investing with the broker.
- The broker is unregulated and has a lot of disadvantages which overshadows its genuine features, such as high spread charges.
- IFMRRC stands for International Financial Market Relations Regulation Center.
- LexaTrade is a Forex and CFD broker that offers to trade in currencies, indices, and commodities.
- The user-friendly UI of the platform helps both beginner and professional alike.
- Of course, the broker has options for downloadable terminals, web platforms, and mobile apps.
Furthermore, while there are some solid conditions, they all come with high price points. And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better. 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. Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam.
LexaTrade’s MT4 web terminal is a highly secure and reliable trading platform, incorporating advanced technology and offering a seamless trading experience. It is compatible with all major web browsers and enables traders to execute various types of transactions. 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. The broker offers 5 primary account types, catering to the needs of every sort of trader.
- If you got defrauded by LexaTrade scam or some other intermediary and need to discover more about another agent, address our specialists.
- A fundamental examination can go far in securing you and your accounts.
- And without the broker specifying the times, who knows how long it might take for you to get your money.
- Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam.
- Fill out the application form with your personal information, including your name, mobile number, email address, and a secure password.
File a charge back immediately to get your money back, mostly because it is also the most damaging to them. To emphasize, the most important consequence of this is to server their relationship with payment providers and secure a refund. 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.
Do not forget that even the most cautious investors can fall victim to online fraud. When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. It is essential to exercise caution and conduct deep research before engaging with any online trading platform, including LexaTrade. That, along with the multiple phone lines, makes the broker easy to reach.
X CRITICAL MOBILE APP
Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together. The promotion is applicable for deposit amounts ranging from $500 to $5,000. The insurance covers upto 100% of total loss on all trades opened on the deposit day.
Overall, LexaTrade is committed to providing exceptional speed, functionality, and profitability to ensure a convenient and user-friendly trading experience for all its users. The broker set up strict payment procedures for the safety of the trader’s funds and to prevent financial theft. The broker even partners with reliable and trusted international banking institutions while steering their corporate funds.
Trading is protected and dependable with the right broker and a nightmare with a scam broker. It implies that you should pick a reliable broker for trading instead of a shady and offshore one. Therefore it is significant to figure out about LexaTrade before investing your money. A conventional web search can give experiences into whether negative remarks could simply be a disappointed dealer or something more serious. A decent enhancement to this kind of search is our scam brokers 2022 list, which indicates who scam brokers are and why you should avoid them. Acquire a more clear comprehension of the guidelines for forex brokers and any other brokers.
LexaTrade Review: Pros And Cons
The platform allows traders to access all popular commodities worldwide. However, much information regarding the same is unavailable on its website. If you’ve been following our detailed Lexatrade review 2023, you have likely noticed the platform has not much to offer to its users. The broker’s low user ratings of 2.1, which shows the platform’s low credibility.
Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. 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 Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.