The commission is based on the size of the transaction and ranges from 0.005% to 0.015% for most instruments, while it is 0.5% for cryptocurrencies. Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument. The spread varies depending on the account type and the financial instrument being traded. However, better options are present online, and it’s easy for most traders to switch.
All Ip’s are checked and marked for further inspection. Avoid abusive language and personal attacks, directed either at the broker or the author. Sir / madam in this regard I searched the company address of India.
It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. That means the accounts suit most strategies, and as such, can attract diverse groups of traders. 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.
Should I Open An Account With LexaTrade?
Even the withdrawal speeds increase as you go up to the higher accounts. And without the broker specifying the times, who knows how long it might take for you to get your money. A bunch of cheaters who have looten thousand of ppl till now n this may be ascertained from the reviews.
A mobile platform is available but Demo accounts are not; US traders are not accepted. While the first account is cheap, lexatrade.com also robbed it of most features. As such, we don’t think you can get a competitive trading service up until the $10,000 account at least. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms.
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%). There is no solid information about the founder of LexaTrade and its parent company. Within a few years of its lexatrade review establishment, LexaTrade expanded its services to different countries around the world. There are way too 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.
India’s No.1 Rating & Review App
Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. So the broker’s clunky website has us seriously concerned.
For starters, the first two accounts are borderline unusable. 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. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review. However, you can only unlock MT4 after depositing $10,000.
Users caught spamming or abusing will be deleted from the site and prohibited from future registration at thatsucks.com and affiliates. We recommend staying within the range of good taste and respectful language to avoid any unpleasantness. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. The financial products offered by the companies listed on this site pose a high risk and can lead to the loss of all your funds. This website is using a security service to protect itself from online attacks.
If you are already in it, you can get help from LFr es cue • org let’them guide you! Brokers required various licenses and regulators’ approval to serve investors and traders. But LexaTrade is not even registered as a legal company.
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, https://forex-review.net/ but our point is that Lexatrade looks like something hastily put together. ThatSucks.com will not take any responsibility for any loss or damage derived by accusations or negative comments made by random individuals.
They make false promises and convince you to invest money with a minimum amount of $250 once u visit the site. They will do registration before even u cud understand them. N then…u r trapped… B sure ..ur money is gone within days… I lost my 250 dollars within night.
I used to trade in crypto, then I moved to the foreign exchange market. And stay alert, scammers like lexa trade are present here too, misguiding the public. They encourage you to extract maximum amount from you and then open deals conveniently to bring you down to “ALL RED” and refuse to return a single penny. When trading stocks, CFDs, or other derivatives, consider whether you understand the function of differential contracts and be aware of the high risk of losing your funds.
- ThatSucks.com will not take any responsibility for any loss or damage derived by accusations or negative comments made by random individuals.
- It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful.
- LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares.
- I have been working with Lexatrade since the summer and have withdrawn money 3 times during this time.
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. The technical storage or access that is used exclusively for anonymous statistical purposes.
So don’t use this platform and research well before choosing a such platform. We are back with our unbiased review of LexaTrade, an online trading broker company. Lexatrade offers full-time support with 24/7 operating hours. 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.
The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think. Please be noted that all information provided by ThatSucks.com are based on our experience and do not mean to offend or accuse any broker with illegal matters. The words Suck, Scam, etc are based on the fact that these articles are written in a satirical and exaggerated form and therefore sometimes disconnected from reality. All information should be revised closely by readers and to be judged privately by each person.
Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction. LexaTrade Accounts & PricingEach account type comes with its own set of perks, with the higher account types offering the best perks and benefits. 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. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps. The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features.
Editor’s Note: Why LexaTrade Doesn’t Suck in 50 Words
But on a hunch, we wouldn’t call the security excellent. It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully. One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. And if you’re unfamiliar with what IFMRRC is, we don’t blame you. Although we do daily broker reviews, we’ve never heard of it before. I have uploaded some moeny and post that they have locked my amount and i am nither withdraw nor able to trade.
Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it. However, for a newer trader, the website may look too daunting. 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.