The company has even developed its own platform to carry the brand and quality of services lexatrade news expected of LexaTrade. Now we are going to know about LexaTrade’s accounts and how they shape a world-class broker. Aside from Web platform, LexaTrade also offers another powerful XCritical trading platform. The XCritical mobile app has an intuitive and simple interface that easily helps traders navigate the platform. Traders can also easily track the movement of market prices and get timely feeds of current forex forecasts through the functionality of XCritical mobile apps.
- This tiered structure is a common feature among both legitimate and questionable brokers.
- Instead, the company lists a registration in a region known for lenient financial oversight.
- Withdrawing profits is a straightforward process on LexaTrade.
- In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade.
- “This broker is suitable for those who don’t have enough free time to deal with forex trading.
- One of the first things traders look for when choosing a broker is regulation and security.
LexaTrade Accounts Reviewed
The xCritical platform is one of the most noteworthy trading platforms in the trading industry. Some even suppose it comes to par with industry favourite, MetaTrader 4. Through its mobile platform, an expansive set of tools available through its PC version are mirrored effectively. These tools include a number trading signals and a highly-intuitive and neat interface. Now, given the figures disclosed through the parentheses, it is easy to be turned off by the brokerage.
The MT4 performs as a classic choice in trading currencies and CFDs because of its user-friendly interface, speed of execution, and high-grade terminal work. LexaTrade’s offering of the MT4 comes in a web version and it is compatible with any browser. Platform includes a customization feature that comes with listing charts and shifting time ranges. It comes with unique perks that will be very useful to professional traders.
Red Flags And Risk Indicators
However, the IFMRRC is a self-styled organization without statutory authority, offering certification for a fee rather than enforcing compliance through legislative mandate. The IFMRRC’s governance structure, funding sources, and oversight practices lack transparency, and it has been flagged by external domain-analysis services for low trust indicators. However, as with all newer brokers, it’s essential to exercise caution and thoroughly assess its features and regulations. The LexaTrade forex broker ensures their clients the best trading experience, offering various benefits and bonuses throughout the year. But most importantly, these benefits are immediately laid out for new clients. LexaTrade raises numerous concerns that seriously undermine its legitimacy as a forex and CFD broker.
These clients are proof enough that LexaTrade is far from what others think about the broker and its services. However, these shortcomings are way different from allegations of fraudulent acts and schemes. LexaTrade offers trading instruments in stocks, shares, commodities, and foreign exchange markets. Currently, the broker has over 200 trading instruments offered to its traders. Its mission is to provide traders and investors with maximum security of their transactions on foreign exchange, cryptocurrencies, and stock markets.
Best Trading Brokers
Accusations of fraud and scam not only against LexaTrade but also with many brokers. It is commonplace to read comments on your favorite social media platform and web forum. XCritical platform is favored by 8 out of 10 traders in the Forex trading industry. Through its mobile platform, LexaTrade users can experience the myriad of tools that the PC version had, including several trading signals and a highly-intuitive and neat interface. It is easy to use, always at hand, so you can work from any point. Registration in offshore zones for some traders is a red flag.
Swap Fees:
Also pay attention to licenses from offshore countries such as the Marshall Islands or Saint Vincent and The Grenadines but isn’t just these fraudulent countries, there are several. Now we are going to deal with reviews gathered across the worldwide web. As with the other brokerage firms within St. Vincent and the Grenadines, there is no trail of evidence of LexaTrade’s regulatory body. This is so as the region’s local government does not have any provisions for regulating Forex trading activities. The review site, “The Forex Review”, is the site that has been able to give many details. While the founding year had not been revealed, the site did say that the broker is a business entity under the Swissone Group Ltd., which operates within St. Vincent and the Grenadines.
Another aspect that calls for scrutiny is the quality and transparency of LexaTrade’s trading conditions. It promotes high leverage options, fast executions, and low spreads. While these may sound appealing, they can also be red flags when offered without proper risk warnings or adequate client protections. High leverage significantly increases the risk of losses, especially for novice traders. Without regulation to control such offerings, traders are vulnerable to account blowouts and manipulative tactics. If you are interested in trading CFDs, you can take a look at our best CFD brokers for some options.
Bonus
I have been trading on market for 5 years, of which almost 2 years on LexaTrade. To round up LexaTrade’s trading serviceability, a broker has a decent platform and trading instrument offerings despite having relatively higher spreads. Let us move on to another aspect of broker review by looking into the client feedback of LexaTrade.
Information is given in various tabs, and traders can access it from the website’s top menu. The live chat is directly built into the website, which enables quick customer support service. If, in general terms, the company works honestly, and I would not find any illegal actions. Each broker must have regulations for each country where it offers trading.
XCritical is a convenient alternative to desktop and web platforms. Its portability allows clients to trade anytime and anywhere without hassle. You can open positions, check your account, execute trades without delay. It is an innovative approach to trading in a busy, hectic world.
- Through LexaTrade, traders are provided with an MT4 web terminal that permits them to trade safely through its technology without downloading it.
- LexaTrade is the website name and trading name of Swissone Group Ltd, which is registered in several offshore jurisdictions.
- They also implement Negative Balance Protection, which prevents each client’s funds from reaching zero.
- The scammer’s goal the whole time was to lead the victim to a fake trading platform.
Is LexaTrade a Scam or Legit?
If, in general terms, the company works honestly, I would not say that there are some illegal actions. It is unnecessary to wait for some news, and the market is moving unpredictably. You can communicate with people who trade on the LexaTrade platform or sign up for actual live LexaTrade accounts. But of course, with the online reviews altogether polarizing, how does one filter the truth from fabrication? Subscribing to Social Media might not be the best idea to get an impression about the broker LexaTrade. The fact of the matter is, going to sites like Facebook will only prove to be one frustrating affair.
Our review will provide a rundown of Lexatrade’s trading service features, conditions, and other important aspects of its brokerage service. LexaTrade offers a diverse range of trading instruments and platforms, making it appealing to beginner and intermediate traders. However, its regulatory shortcomings, high trading costs, and numerous user complaints make it a questionable choice for anyone prioritizing safety and transparency. The trading platform category is another one where the broker falls short in providing reliable service. Instead, the broker only offers its own custom trading app, which is a web-based platform and lacks the advanced features required for proper trading analysis and execution speeds. This is a major red flag for the safety of clients, and there is no guarantee the broker follows strict ethical procedures.
Traders can use Visa, MasterCard, several wire transfers, Skrill, and several other e-wallets. However, the broker is not specific about its fees for funding and withdrawals, and processing times are not disclosed either. Higher-tier accounts offer faster withdrawal priority, but exact times are unclear, which is a serious red flag. LexaTrade is an unlicensed offshore Forex and CFDs broker, offering multiple trading accounts and access to a multitude of different asset classes.
False Claims: Analyzing Negative LexaTrade Forex Brokers Reviews
Fraud sites often copy the look of real trading platforms—charts, balances, support chat—yet all numbers are controlled by the scammer. Commodities market is a great opportunity to diversify portfolios. According to LexaTrade rezension, it supports four financial markets. Company provides a brief overview of each market and a short list of assets, which clients can trade. LexaTrade wants to make sure their clients are knowledgeable about any trade before they begin. Knowing which markets and assets you can trade is an integral part of choosing a broker.
Even in case of LexaTrade’s proprietary platform absence, MT4 and the xCritical Platform are already enough to turn any trading endeavour into a profitable activity. Basing decisions through mere online research may prove fruitless should it not be backed up by actual diagnosis of the broker’s offers and services. If one is to base off of impressions, the negative issues thrown at it can easily be chalked up to the LexaTrade user’s complete ignorance of how the trading industry works. While LexaTrade reviews may be considered to topple the negative bandwagon against forex broker, it does not change that all reviews found online are polarizing and altogether divisive.
Some brokerage firms offer more assets than others, and that’s what makes them the preferred choice by traders. On the other hand, trading tools and research materials are all important helpers in assessing positions and executing trades. The information that these tools give are enough to forecast the probable results of each deal. Trading accounts offered by LexaTrade are categorized into different types of traders. They were set specifically for catering to beginners, intermediate, professional, advanced, and expert traders. According to LexaTrade official site, the broker provides up to five account types.