LexaTrade is a brokerage that has been around since 2018. Over the years, this brokerage has seen a lot of ups and downs. People do love them for the kind of easy-to-use service and conditions they offer.
However, few people have experienced issues ranging from technical glitches to execution errors. Their platform and interface look clean and the account types are versatile enough to accommodate both newbies and professionals.
Also, this broker is connected with the semi-automated trading platform Cryptodroid which is one of the most beloved software in the trading realm. To know both sides of the equation and understand the nature of this trading solution, continue reading this unbiased post.
At the end of the review, if you have any additional queries, then leave a comment below and we will get back to you at the earliest.
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LexaTrade Regulation
LexaTrade is owned and operated by Swissone Group Limited. The parent organization is registered in Saint Vincent and the Grenadines. Practically speaking, they are not regulated, but over the years the kind of reputation they have earned tells us a lot about them.
Unfortunately, things like investor compensation funds and segregated bank accounts are not present. On the bright side, they do make up for it by offering a ton of funding and payment methods.
Customer support is literally one click away and staff can be reached via live chat, email and telephone. Response time is quick and professionalism is clearly evident. Their official website supports 6 languages and almost everything associated with them is self-explanatory.
All in all, in terms of legality, we did not find any grave concerns. Nonetheless, if you are just starting out, then take it slow and invest only the kind of amount you are comfortable losing. Risk appetite is different from person to person which is why talking with a financial planner is always a good thing before jumping on to any conclusions.
Trading Instruments and Conditions
LexaTrade offers a lot of instruments to the retail side. The asset class list is as follows.
- Forex
- Cryptocurrency
- Indices
- Shares
- Commodities
- CFDs
Trading costs vary a lot and it depends upon the account type as well. There are 5 account types and the capital amount required to get started with them ranges from $250 on the lower end to $100,000 on the upper side.
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Just like every other broker, to unlock more sophisticated functionalities and features, clients have to opt for more expensive account types. The asset class is huge and regardless of the type you choose, it won’t be a herculean task to maintain a diversified portfolio as long as the risk management is present.
Leverage and spreads change from time to time, for accurate figures, you have to contact the support team.
LexaTrade Interface
LexaTrade offers web-based trading software. The app itself is light and fast. Executions are instant and for beginners, the interface is perfect. Sadly, as it is a web-based interface, the choice of indicators is limited.
However, it does enable people to trade the international markets from any device with an active internet connection. Charting is also adequate and a lot of trading tools are available right on the homepage itself.
This broker offers a mobile application and it is also something that can be categorized as desirable. If you are someone who trades on the go, then their mobile app will not let you down.
On the flip side, if you rely heavily on custom indicators to get a bias, then take a look at the third-party applications. More importantly, always have a backup plan in case something out of the blue happens. After all, all devices are vulnerable to glitches, right?
Additional Tools
The market experiences a lot of turbulence on a daily basis. A lot of times, catalysts like news events make the assets move swiftly and it will be a trap for the people on the retail side. While there is nothing wrong with volatility, you need to keep an eye on the news in order to make the best out of the situation.
LexaTrade provides access to economic calendars and news on its homepage. Simply put, clients do not have to visit any other website and switch tabs to get the latest updates. Integration of news is a great thing and for people that trade during news events, this is going to be a huge deal.
Education
This platform offers a lot of video tutorials and ebooks to keep their clients engaged. The content itself is good and for anyone that is just starting out, it will be a must-watch type of material.
Topics around the financial markets are explained well and the videos are both entertaining and educating. Perhaps the best part is that anyone that signs up with them can watch the tutorials and there are no hidden clauses.
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LexaTrade Deposits and Withdrawals
The capital amount required to get started with them is roughly around $250. There is a matching deposit bonus present. While the numbers are exciting, read the terms and conditions before accepting anything.
Bonus amounts are great when it comes to enhancing your capital, but for the best experience, it should be used with caution. The minimum withdrawal amount and processing time are not clearly mentioned.
Payment methods supported by them are wire transfers, debit or credit cards, and e-wallets. There might be charges present so, check with the platform before you proceed. Lastly, know that information about dormant fees is not mentioned.
Is LexaTrade a Scam?
No, but many people are still sitting on the fence about them. LexaTrade has its own set of merits and demerits just like every other platform. It is not fair to judge them solely based on a single factor.
They do have proper policies and they follow all the guidelines such as KYC and AML policies, etc,. Moreover, the kind of efforts put up by them in educating the customers is also something that deserves recognition.
At the end of the day, of course, there might be some risk present due to their legal stance. Nonetheless, it is not something that can be categorized as a complete deal breaker.
LexaTrade Reviews
On June 21, 2023, we received the following complaint from a person who reported losing $752:
I joined an online trading platform called Lexatrade on February 17, 2023. I deposited a total of $752. Through trading, my account now has over $1,700. However, for the past two months, I have been attempting to withdraw $500 without success. Based on my experiences, I have reached the conclusion that I have been scammed by Lexatrade.
Verdict
LexaTrade is an IFMRRC-regulated broker. They offer a lot of instruments to the retail side at reasonable costs. The trading interface is basic and pretty clean. Plus, the additional tools and bonus packages make them a dominant player in the sector.
If you are looking for a broker that can help you navigate the markets, then this one should be on your shortlist.
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