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Lexatrade Review

General Information

Broker Name: Lexatrade

Broker Type: Forex & CFDs

Country: Cyprus

Operating since year: 2022

Regulation: IFMRRC

Address: Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and the Grenadines

Broker status: Active

Customer Service

Phone: +442037697663

Email: support-en@lexatrade.com

Languages: English

Availability: 24/7

Trading

The Trading platforms: Proprietary, MT4

Trading platform Time zone: N/A

Demo account: Yes

Mobile trading: Yes

Web-based trading: Yes

Bonuses: Yes

Other trading instruments: Yes

Account

Minimum deposit: $250

Maximal leverage: 1:200

Spread: From 1

Scalping allowed: Yes

LEXATRADE REVIEW CONTENT

General Information & First Impressions
Fund and Account Security
The Trading Accounts
Lexatrade’s Trading Platform
Funding and Pricing
Customer Service at Lexatrade
Conclusion

 

Lexatrade Review – Is it good, or is it a scam?

General Information & First Impressions

Lexatrade is new forex and CFDs brokerage that primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.

For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there. It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional.

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, but our point is that Lexatrade looks like something hastily put together.

The sectioning on the website confirms that idea. 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.

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.

As such, our Lexatrade review isn’t off to the greatest start. 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.

Fund and Account Security

Moving on to security, Lexatrade leaves a questionable impression. While the broker does have some decent safety conditions, its introduction left us skeptical.

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.

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.

One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. Lexatrade holds an IFMRRC license. 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.

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.

So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.

Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms. 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.

The Trading Accounts

Lexatrade has five different account types covering budget and high-end options. The broker uses a tiered account progression where each type requires you to reach a specific threshold. The cheapest option is $250 while the most expensive is $100,000.

Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. You can still trade with all the money you deposit. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach.

As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows. With the VIP account, it sits at 120% of your deposit. Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest.

The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts. 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.

We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types.

Now, MT4 isn’t a huge upgrade over the default platform. Furthermore, it may not be an upgrade at all. But the fact that the broker locks such a crucial part of its service behind a paywall is distasteful. Still, that doesn’t take away from the solid account offer. Here are some account features at lexatrade.com:

Start

Deposit requirement: $250
Bonus: Up to 30%
Withdrawal speed: Standard priority
Webinars: For Beginners
Spreads: Standard

Silver

Deposit requirement: $3,000
Bonus: Up to 50%
Withdrawal speed: Standard priority
WEB Platform trading: Yes
Financial analyst: Yes
Account analysis with financial analyst: Once a week for up to 30 minutes
Trading techniques: 1 trading technique
Webinars: For Beginners
Spreads: Standard

Gold

Deposit requirement: $10,000
Bonus: Up to 70%
Withdrawal speed: Medium priority
WEB Platform trading: Yes
Financial analyst: Yes
Account analysis with financial analyst: Once a week for up to 1 hour
Trading techniques: 2 trading techniques
WEB МТ4
Webinars: Webinars on major economic events
Spreads: Reduced

Platinum

Deposit requirement: $50,000
Bonus: Up to 90%
Withdrawal speed: High priority
WEB Platform trading: Yes
Financial analyst: Yes
Account analysis with financial analyst: Once a week for up to 2 hours
Trading techniques: Advanced trading techniques
MT4 Platform
Webinars: Free access to paid webinars
Spreads: Low

Platinum

Deposit requirement: $100,000
Bonus: Up to 120%
Withdrawal speed: Highest priority
WEB Platform trading: Yes
Financial analyst: Yes
Account analysis with financial analyst: Customized schedule
Trading techniques: VUP trading techniques
MT4 Platform
Webinars: Private VIP webinars
Spreads: Reduced
Investor conference participation: By invitation

 

Lexatrade’s Trading Platform

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. And even then, you only get the web version, and you need the $50,000 account for the full unlock.

The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features. As such, we can’t hold the deposit requirement for MT4 against the broker too much. But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all.

Of course, the broker has options for downloadable terminals, web platforms, and mobile apps. As such, the broker covers all three important fronts.

 

Funding and Pricing

If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back. The case with its funding is much of the same, as there are some things that look good. For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. Also, the spreads on the VIP account are relatively tight.

But the broker spoils that right away. 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.

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.

The broker doesn’t hide the fact that it’s trying to goad you into depositing more. 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.

As a standalone, Lexatrade isn’t that bad. However, better options are present online, and it’s easy for most traders to switch.

 

Customer Service at Lexatrade

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.

 

Phone: +442037697663

Email: support-en@lexatrade.com

 

Lexatrade Review: Conclusion

Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. 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.

Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies.

And that’s without mentioning our hunch that the broker isn’t entirely honest. Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there. 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.

The post Lexatrade Review appeared first on FinanceBrokerage.

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