Regardless of your trading experience, you will easily trade the market since the minimum lot size for trading is 0.01. For US citizens, this broker may not be LexaTrade Review available as it doesn’t have the CFTC registration. By virtue of my profession, I spend a lot of time on the road, and online trading is not suitable for me. For a VIP account, you need to maintain a minimum scammed by lexatrade $50,000 balance. LexaTrade also allows to traders change their account leverage to fit their needs. We reached out to LexaTrade, but at the time of our update, forex it is unknown which countries are under FSCA and LFSA authority. Marcus founded BrokerNotes in 2014 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like.
; when trading CFDs, traders should be ready to take the high risk of losing money rapidly due to leverage. Before trading, it’s better to understand how CFDs work and whether you can afford to take the risk to let your accounts lose money by taking the high risk involved. By creating a link to a third-party website, LexaTrade does not endorse or recommend any services or product range offered on that website. LexaTrade is one of the most trusted trading platforms and forex brokers in the market. It offers trading services such as Forex, Indices, Commodities, Bonds, CFDs on the MetaTrader4 trading platform in more than 80 markets. Before you invest and start to make money on any platform, trust is a key factor.
LexaTrade Is It A Scam? Review
The only thing the trader needs to pay for is the bid or the ask spread. If the trader finds it very slow, traders can rent a VPS server. LexaTrade has several data centers and data across the world. By trading with MetaTrader4, the user can choose the best server to trade.
Account opening with this broker is quite a straightforward method. In this section of our LexaTrade review, we will show you the simple Stock steps that you need to take to open an account on this website. The active traders at VIP accounts are eligible for discounts.
Investor Protection & Regulations
Be sure to test the demo account before making your first deposit. From our experience, it is not worth the classic account to open, because the fees are accordingly higher than in the Pro account. In the following text, we will inform you about the terms of each account.
They have a client outreach program and will sometimes contact you about promotions or events. A simple online application is all that is needed to open a new account. The layout is extremely user-friendly and easy to complete. New traders need to confirm their identity by sending a copy of their ID as well as one proof of residency document. The standard operating procedure across the brokerage industry ensures compliance with AML/KYC regulatory requirements. Eleven experts provide excellent coverage of financial markets, representing the most beneficial asset of LexaTrade’s retail operations.
These generally include bank transfer , Visa, MasterCard, Skrill, Neteller, Fasapay, UnionPay, Dotpay, Qiwi wallet and NganLuong.vn. Deposits are processed immediately for some options, and concessions are processed within one business day. In case of LexaTrade scam, it would be a given that the broker would be unregulated as they wouldn’t be able to fulfill the criteria to qualify for regulation. Licenses and regulations are important in the eye of traders because they can help create a trusting relationship. To be regulated, a broker has to meet a certain criteria and if they violate a policy, they can lose their license. There is no such thing as LexaTrade scam because it is a fully regulated broker and is, in fact, regulated by multiple organizations. There are lots of people who aspire to be trader nowadays because doing so enables them to have flexible routines, be their own boss and earn as much as they like.
And then there’s the CySEC license as some sort of cherry topping as it’s also a very strong licensing material from within the EU. In short, all three of the licenses lexatrade courses scam make sure that the broker abides by the strictest financial rules. Moving on, let’s talk about how legit the broker is based on its licensing materials.
LexaTrade Service And Support For Traders
We ranked LexaTrade’s fee levels as low, average or high based on how they compare to those of all reviewed brokers. Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He’s eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. On the negative side, LexaTrade has a limited product portfolio as it offers only forex and CFDs.
Similarly to deposit, LexaTrade charges no fee for withdrawal.You can use the same options for withdrawal as for deposit. LexaTrade has low non-trading fees.There is no fee for deposit, withdrawal, or inactivity. These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. To get things rolling, let’s go over some lingo related to broker fees.
Advantages And Disadvantages Of LexaTrade
It is a great way for traders to get in some practice and understand the broker’s offerings. The minimum deposit for the Classic account is $100 and the features in every account are different, meant for varying kind of traders. LexaTrade is not a market maker and is actually an NDD (Non-Dealing Desk) broker with renowned liquidity providers. This means there is no conflict of interest between the trader and the broker. It gives its clients access to more than 84 financial instruments for trading and is constantly trying to expand its offerings and has integrated newer assets, such as Bitcoin to its trading platform. Apart from that, LexaTrade provides traders with the opportunity of trading currencies in the forex market and CFDs for government bonds, commodities or stock indices.
Yet the feedback from traders, which we expect to this review, may not only change broker ratings significantly, but caution users against possible problems, too. From our observations, LexaTrade provides a simple trading offering suitable for both beginner and advanced traders. Users can access CFDs products on the commission-free Classic Account with spreads from 1.6 pips, or the commission-based Pro and VIP Account with spreads from 0 pips. First of all, you need to have a very impressive portfolio which needs to exceed the amount of EUR 500,000.
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 3 minutes or so to complete the account opening process. Take time to look around the LexaTrade platforms and train yourself to think more systematically and logically about the markets.
When trading in the financial markets it can be very time consuming to find a broker that meets your needs. Shall we say that LexaTrade is a scam lottery and a bucket shop? Despite of the fact that the broker is the one of the startup brokers in Forex market, it managed to give a solid performance already, proving its stability and commitment to stated aims.
Be aware that Different entities under LexaTrade Brand offer different trading instruments due to regulatory restrictions. Trading instruments offered may differ based on the country of residence of the Client. LexaTrade is a global trading platform in the sense that it operates in 193 countries including nations in Asia, and Africa. Major countries LexaTrade covers include Germany, South Africa, Thailand, the United States and China. We have checked and LexaTrade is regulated and supervised by reputable organisations. You are able to check every LexaTrade supervisory and regulatory body given below.
How To Open An Account
Get direct access to a range of CFD instruments with some of the lowest spreads available on the market. Like most brokers the broker using as mainstay trusted and well-triedMT4. Trading platform available on desktop or tablet, in web or on the go with a smartphone. As well, though many among the brokers do not allow stop and limit orders placing close to market prices, LexaTrade allows so, so it is another good point in LexaTrade’s proposal. You can also compare LexaTrade trading fees to another popular broker Forex CT.
Apart from that, the demo account also shows the real-life volatility as well as prices to help you to get acquainted with the market. One of the best CFD and Forex brokerage firm, LexaTrade was launched back in 2011 to provide traders with a great trading experience. With its headquarters located in both UK and Seychelles, the company offers its clients a wide range of account choices with respect to the status of tax and location. Combined with LexaTrade’s enhanced trading conditions, users are able to use a globally recognized trading platform accompanied by spreads from 0 pips and 0.15s execution. You need a trusted broker who can provide safety of funds and not put your hard-earned money at risk. When it comes to trading online, finding a trustworthy broker is of the utmost importance.
- These bonuses give additional trading funds to the lucky winners who also can withdraw the bonus money to their personal account.
- The UK headquarters is located in London and the accounts registered to this office are controlled by theFinancial Conduct Authority or FCA.
- Further, CFDs are complex instruments and come with a high risk.
- This means there is no conflict of interest between the trader and the broker.
- Out of these e-wallet options, DotPay, Skrill and Neteller are available on a global scale.
- We found this offering especially refreshing during our LexaTrade review, especially since many brokers neglect education entirely.
All of them are designed for specific users and make trading a once-in-a-lifetime experience for them. When setting out to start trading Forex, stocks, or other tradable assets, one of the first things every trader should think about is a broker. Safety is ensured as a result of FCA law, FSA regulation, segregated trading balances, multiple industry awards, along with SSL encryption technology. The security of capital will be further ensured by the 50,000 FSCS policy. Considering all client funds have been kept in segregated accounts, there’s not any probability of loss when the organization declares bankruptcy or gets conclusions against it.