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The list of assets includes shares, indices, crypto, commodities and foreign currency, and that’s about it. The users who use it claim it’s a very good broker with responsive teams of support and clean reputation. But the wider community tends to disagree – there’s a lot of points that simply can’t help but attract criticism. While LexaTrade is equipped with impressive advantages, it still faces negative reviews.
The most interesting about this platform is its automated trading option, completely providing high efficacy and larger margin of profitability for its traders. There are many other brokers that allow you to trade in all sorts of assets without confining you so harshly. It’s true that low spreads and good general performance do compensate for these limitations a bit, but you can only really trade here if you can trust the broker. So, Lexatrade is a minor Forex broker with a moderate amount of regular users.
That’s one of the main reasons why there are so many good reviews. The impartial user reviews from the dedicated aggregators can tell you precisely what to watch out for and what to aim for on any exchange. The foreign exchange market, or Forex, or simply FX has been growing in both interest and size in North America since the last decade.
After going through successful evaluation, clients are given their login information and may already start live trading. Lexatrade is registered on the New Grenadines – a very popular off-shore location, especially for brokers. Being registered in the tax-free location also means your company won’t be regulated by the trusted financial establishments. So, Lexatrade is either not controlled by any institutions at all or has only a token regulation. If you look at Lexatrade as a provider of services, it doesn’t look all that impressive.
AAFX Trading
This may be from the company’s financial malpractice or maybe from competitors’ interest to drag LexaTrade down. Regardless, we still have to consider the legal documentation presented in its official site. With license from IFMRRC, clients are ensured that all operations are legally binding and conducted under legitimate terms. Similar to other brokerage firms, LexaTrade has its own set of benefits and setbacks. Below are some of the perks that clients will surely enjoy.
It’s pretty comfortable to work here, barring all the treatment the lower account types have to put up with. Yet still, there are many exchanges and brokers that give you just as comfortable an experience without making you pay extra. And speaking of tighter spreads, they really are low on this platform. It’s true, they differ from pair to pair and from account type to account type, but even so they are mostly very tight, especially in relation to other similar exchanges and brokers.
The best forex brokers in canada
Regulations are compulsory as they prevent scams and fraudulent actions from occurring. Most of Canada’s Forex brokers have regulations authorized by the Investment Industry Regulatory Organization of Canada . This comprises all provinces and regulatory bodies from Canada.
So, unless you deposit at least 3 grand, you’re stuck with the basest of basics of trading. Furthemore, you also get worse treatment than the guys who put more money into their Lexatrade wallets. Canada’s booming economy and infrastructure have only but resulted in online trading businesses and Forex brokers flourishing and accessible to the public.
Lexatrade has quite a few impartial reviews, but it’s important to remember that it’s also a fairly small broker, at least compared to the established leaders in the industry. It allows Lexa to do their own thing without bearing too much responsibility on their shoulders. Lexatrade is an interesting choice for a trading platform. They have some very interesting ideas and offers, but it’s also understandable why so many people are pushed away from this broker. “I have been working with this LexaTrade broker for six months now.
They have their own Web trading system, as well as a trading app. Many brokers have their own in-built exchanges and interfaces – they generally look neat and better correspond with the environment on the exchange. If you can tolerate https://forex-reviews.org/ this uncomfortable state of things, then you may find that Lexatrade is actually pretty decent when it comes to trading and dealing with users. There are also indices, stock and commodities, but you’ll have to unlock them first.
It’s not simply about getting less spreads and more monitors on the trading system. The bigger account types have faster withdrawing speed, and they increasingly get to use the help from professional analysts. Another external platform that LexaTrade offers is the xCritical system.
Interactive Brokers
Different reviews suggest Lexa is pretty safe – both from hackers and from inner fraud. However, there are several points that indicate that you still shouldn’t trust this broker completely. It should be noted that, although they confine you to the poor conditions when compared to the usual exchanges, they also rarely cheat you.
- So, unless you deposit at least 3 grand, you’re stuck with the basest of basics of trading.
- LexaTrade is a financial solutions platform developed by Swissone Group Ltd.
- So, Lexatrade is a minor Forex broker with a moderate amount of regular users.
- It requires all the necessary information including name, email, address, and telephone number.
With the absence of financial authorities, clients’ funds are exposed to intensive risk, say, for example, LexaTrade decided to shut down its business. However, they also rarely forbid the majority of their users from using other software if they feel like it. Nevertheless, it’s strictly stated that you can’t use MT4 (and it’s the only third-party piece of trading software you can use) unless you pay Lexa more.
There are certain bonuses and restrictions which you can see by scrolling further down. What you’ll see is that Lexa heavily restricts pretty much everyone below the Gold status. However, this education focus goes beyond simply providing educational material.
Lexa gives you extensive information about what you can or can’t do with different types of account, as well as a full sheet of fixed low spreads for all occasions. Fortunately, client support is still available for everyone on the platform, regardless of their status. So, if you have a question or a problem, you can contact the support and they’ll most likely help. The only thing you won’t be able to do unless you sign up for a better account type is the help from analysts.
It is equipped with powerful instruments for encompassing and holistic trading experience. Its Customer Service Automation also known as the CRM fully integrates various payment processing systems. With this, users are provided with sophisticated reports. The use of xCritical also ensures stability, from deposits up to actual trading.
Lexatrade Forex Broker: User Reviews
Included in the process is the funding, in which interested parties need to provide the means of funding, and the amount they want to deposit. Note, however, that the broker asks for different deposits according to which account clients will open. After setting this up, the information will then be subjected to verification.
LexaTrade utilizes the most popular third-party platform in the market. The MT4 is known for its optimum performance, allowing users to place trades simultaneously and conduct analyses in an efficient manner. More so, it grants access to live market prices and liquidity, all while enabling robust security and stability.
In addition to this, clients’ queries are given resolution in an untimely manner, which only adds to reasons why it has been receiving negative feedback from its clients. Lastly, it charges daunting fees including a 5% commission from clients with less than 5 transactions. Its ultimatum for those inactive clients also came as a disadvantage as it lexatrade review charges 5% every month. The withdrawing speed also suffers – Starts and Silvers will have to wait a lot longer for their transfers to process than users with other statuses. Most users will probably sign up for the Start account – the lowest-ranking one – without the second thought. However, you should really pay attention to what they offer you.
But if it’s not fraudulent now, it is still domineering, uncomfortable and fishy. This review will list a few of the major points of criticism and tell you why they may or may not be the sources of worry. They also give you all the information they can about the way your transfer will go. The support itself is also 24/7 and multilingual, which is a very nice touch, considering they are mostly very restrictive about everything.
It means that if you want to trade small (for your own reasons or if you don’t trust Lexa yet), you’ll be hard-pressed from the beginning. You’ll have to use their own trading systems and be restricted to only a handful of available products. Certainly, they don’t only differ based on the amount of money you need to trade.
This restrictive policy is extended to other things also – the better parts of the broker are reserved for the more well-off customers. While we cannot fully dismiss the possible fraudulent activities, we also have to take into account their reliability and if these claims have substantial bases. To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web. There are just so many frauds amongst brokers that an honest one, albeit one with poor trading conditions, is somehow very welcome.