Servicing to a number of jurisdictions across the globe, Lexatrade is an online brokerage site offering a wide range of financial instruments and two trading platforms in MT4 and xCritical.
Know more about Lexatrade – its features, pros and cons, customer reviews, and legitimacy as a financial service provider by reading this comprehensive broker review in full. In this review, we will provide you with a rundown of Lexatrade’s trading service features, conditions, and other important aspects of its brokerage service.
The content of the article
- Company Background
- LexaTrade Features & Fees
- Trading Platforms & Tools
- LexaTrade Customer Reviews
- LexaTrade Pros and Cons
- Bottom Line
The broker is headquartered in Saint Vincent and the Grenadines, a popular domicile to offshore brokers (since most brokers based in Saint Vincent and the Grenadines are unregulated brokers). Its first year of operation revolved in managing cash transactions in real-time trading using PAMM accounts. It then enhanced its offered trading solutions along with its trading assets and instruments in the following years and groomed itself to become an emerging online brokerage brand.
Gaining more traders, LexaTrade expanded its services to different jurisdictions across continents. In 2019, LexaTrade amassed more than 2 million merchants worldwide. On its way to mainstream brokerage service, LexaTrade is starting to be a force to reckon with in terms of trading solutions.
Regulatory Affiliation & Safety of Funds
Despite limited information available on its site, it can be traced online that LexaTrade is under the Maxi Markets group. However, LexaTrade’s official site claims that the broker is owned and operated by Swissone Group Ltd.
Holding its business operations in Saint Vincent and the Grenadines, many traders doubt the legitimacy of the broker, let alone Lexatrade’s regulatory credential. Browsing the broker’s official site, Lexatarde asserted the legality of its business operation and its regulatory compliance with the International Financial Market Relations Regulation Center (IFMRRC).
IFMRRC is a non-commercial organization that was established to regulate the quality of services offered and provided by brokers, dealing centers, including the reliability of services provided by the cryptocurrency community such as cryptocurrencies, cryptocurrency exchange sites, cryptocurrency mining, and companies. Its mission is to provide traders and investors with maximum security of their transactions on the foreign exchange, cryptocurrencies, and stock markets.
In this light, it can be concluded that LexaTrade is a legitimate business entity and is a regulated broker. Yet, questions remain whether this regulatory affiliation is strong enough to set aside fears of losing trading funds of clients in the event of insolvency. Fortunately, IFMRRC features a Compensation Fund scheme to be observed by all its 49 regulated brokers including LexaTrade.
To set the record straight, investing in LexaTrade is less risky than speculated since the broker is covered by a Compensation Fund provision under the IFMRRC, the regulatory body that oversees the financial service operations of LexaTrade. More so, the broker is a legit broker as it is duly regulated.
LexaTrade Features & Fees
LexaTrade offers trading instruments in stocks, shares, commodities, and foreign exchange markets. Currently, the broker has over 200 trading instruments offered to its traders.
A range of account types welcomes traders of all backgrounds and skill levels in LexaTrade. It offers the Start account, Silver account, Gold account, Platinum account, and the VIP account.
Each account type has a set of trading conditions and features that fits traders’ varying trading preferences. Below are the specifications of each account type:
Start – the initial deposit amount to open this account is $250. With this small trading capital, the account user will be instantly rewarded with a 30% welcome bonus. The standard priority is observed when withdrawal requests are made by the user of this account. The user is also given access to WEB platform training to go along with webinars for beginners. In terms of financial instrument access, the account user can venture into the forex and cryptocurrency markets. Standard spreads are also at work in this account type.
Silver – for a $3,000 minimum initial deposit, traders can open this account type and can leverage their trading capital to a number of trading perks. First on the list is a 50% welcome bonus after successful account funding. It also provides the user with WEB platform training and the standard priority for withdrawal requests. The account user is also provided with a dedicated financial analyst with an analysis session weekly for up to half an hour. One trading technique is allowed to be used under this account type while webinars for beginners are good supplemental resources for trading education. Aside from forex and cryptocurrency markets, Silver account users can access the commodities market. Standard spreads are available using this account.
Gold – secure an initial deposit not lower than $10,000 to open this account type which will provide you with several advantageous trading conditions. One of these includes up to a 70% welcome bonus. An upgraded level of priority is set for withdrawal transactions using this account type. Another feature is the WEB platform training opportunity coupled with webinars on major economic events. A financial analyst is also given to Gold account users to attend to them for a one hour per week consultation. If the session seems inadequate, the user is given a one-time opportunity to communicate with a VIP analyst. Two trading techniques are also permissible under this account type. Moreover, users can learn from an introductory lecture via the broker’s Trading Academy. What’s more, they can also have limited passive income and standard yield investment portfolios. In terms of platform access, this account only provides the MT4 Web platform. In terms of financial instruments, this account type gives users access to forex, cryptocurrency, commodities, and limited stock assets. Lastly, reduced spreads can be accessed using this account.
Platinum – a $50,000 minimum initial deposit is required to unlock this trading account that gives users advantageous trading benefits and conditions. First off, a successful initial deposit of the account user merits him up to a 90% welcome bonus. A high level or priority during withdrawal transactions is also an advantageous part of signing up for this account. WEB platform training opportunities together with free access to paid webinars also await Platinum account users. This is on top of the Training Academy access of the user that provides half of its training course. A standard passive income and average yield investment portfolios are also in place for Platinum users. The MT4 platform is also fully accessible using this account. A VIP financial analyst is also available for a once-a-week consultation. Also, all financial instruments are fully accessible using this account. Low spreads and special offers from the broker caps the perks of this account.
VIP – for depositing a minimum of $100,000, all imaginable trading perks, features, and benefits offered by the broker can be availed using this account type. The welcome bonus is set up to 120%. The highest priority is also given to VIP traders during withdrawal transactions. WEB platform training is also available. The VIP user can also have a customized schedule to meet with a financial analyst. More so, VIP trading techniques are allowed when trading using this account. Joining the Trading Academy, the VIP trader will get to finish the whole training course with a diploma. Privileged passive income and higher yield of investment portfolios are also in place. The MT4 platform is also fully accessible to VIP traders. Private VIP webinars are provided to VIP traders as well as individual work with a VIP financial analyst. Access to all financial instruments is also part of the perks to go with exclusive VIP trading instruments. VIP traders are also given priority participation during focus groups and emergency response team sessions. A plethora of special offers from the brokers are also at bay while minimum spreads can be accessed during trading. Lastly, VIP traders can also be invited during investor conferences.
On top of these account types, a Demo Account is a good try for novice traders to test the trading environment and platforms of LexaTrade.
Among all asset classes, LexaTrade charges a rolling commission. This means that a trader who holds to a position overnight is charged with a commission for the use of the loan. The commission rate is 0.005% of the total transaction amount and is charged at 00:00 GMT through the user’s trading account.
To sign up for any of the above-mentioned account types with Lexatrade, all you have to do is simply fill in the online registration form available on its official site. You will just provide your basic personal information including your name, email, and contact number.
LexaTrade’s funding options are limited to the following – VISA/Mastercard, cryptocurrency, Skrill, Neteller, and Arangepay. The minimum withdrawal amount is $50. A 5% additional commission is charged for clients conducting less than 5 independent transactions.
An inactivity fee is also charged to traders that do not use their trading accounts for 90 days.
Aside from hefty welcome bonuses ranging from 30% to 120% of the trader’s initial deposit, LexaTrade also gives a referral bonus. This is awarded to a trader who refers a friend to trade with the broker. Up to 50% of the total amount of the initial deposit of the referred client will be awarded to the referring trader.
Trading Platforms & Tools
LexaTrade provides a Web platform armed with a wide range of tools, risk-management features, and best trading solutions.
The Web platform displays 170 trading instruments, charts, and order management tools for effective monitoring of trading positions and technical adviser Autochartist.
Aside from the Web platform, LexaTrade also offers another powerful trading platform in xCritical. This is a mobile trading opportunity for traders on the go. The xCritical mobile app has an intuitive and simple interface that helps traders navigate the platform easily. Traders can also easily track the movement of market prices and get timely feeds of current forex forecasts through the functionality of the xCritical mobile app. Since the functions of the platform are separated, traders can also open and close transactions without delay and set Stop Loss and Take Profit quickly. The mobile app also provides users with the current account balance to easily check and replenish it when needed.
LexaTrade also offers the MT4 Terminal. This enables safe trading using modern technologies and does not require downloading and installing platform software. The MT4 Terminal is compatible with any desktop computer and operating systems. It has listing charts for changing time ranges and combines many commercial operations. LexaTrade’s MT4 Terminal is also a viable option for traders.
Other Trading Features & Tools
Aside from its offered platforms, other trading infrastructure in LexaTrade includes market news, technical analysis tools, daily outlooks, and an array of educational resources on the broker’s site and also through its platform.
LexaTrade’s live chat through its trading platform is complemented with other social media platforms including Skype and email as additional means of communication.
To roundup LexaTrade’s trading serviceability, the broker has a decent platform and trading instrument offerings despite having relatively higher spreads. Let us move on to another aspect of this broker review by looking into the client feedback of LexaTrade.
LexaTrade Customer Reviews
LexaTrade has often been found on the negative side of things when it comes to client reviews. However, it is crucial to note that not all client reviews came from the real clients of the broker. Black propaganda against the broker being stirred by its competitors can be another possibility to take into account.
This time, we will feature some of the feedback and reviews of current LexaTrade clients to give us some first-hand experiences with the broker and how they feel toward their service provider.
LexaTrade Customer Review #1
“If, in general terms, the company works honestly, and I would not say that there are some illegal actions. If there is a drain, then the fault of the current customer who could not calculate the risks and got into a situation when the deposit is squeezed to the margin stake and can ultimately fly out by stop out, now the volatility is very high. It is not necessary to wait for some news, and the market is moving unpredictably.
I have been trading on the market for 5 years, of which almost 2 years on LexaTrade. There have never been problems with the company. I am comfortable working with them. I go to the LC only to withdraw funds. The terminal works well, the connection is stable. There were no performance problems or disputes.”
Oleferev Evgeny Igorevich, St. Petersburg
LexaTrade Customer Review #2
I consider LexaTrade a reliable and conscientious company. I’m not exaggerating anything. Only with him can I earn and withdraw money. This broker attracted me precisely with this – in all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company. Of course there are questions, but after correspondence with tech support everything is successfully resolved. We continue to cooperate further.
Trading conditions, if not the best, then some of the best, there have never been any hitches with the execution, so that the connection disappears, too, is not seen. There is a slight glide, but I didn’t notice a serious one, on EUR / USD there can be a glide of a maximum of 1-2 pips and then on serious news. And even on m1 you can scalp. The output without any problems of any amounts.
Stepanova Irina Viktorovna, Kislovodsk
LexaTrade Customer Review #3
“I have been working with this LexaTrade broker for six months now. I learned about the company much earlier, but I came across a network about the negative about it. I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc. Therefore, I was afraid to open an account there. Then he learned from a friend working with this company that all this is complete nonsense. As a result, I opened an account there, on which I have been trading for six months. In principle, everything suits me. The platform works stably, occurs smoothly and quickly. What else is needed for profitable trading? I recommend this company to everyone.”
Apparently, these customer reviews clearly reflect the broker’s honest and quality trading services, contrary to some maligning customer reviews that try to dent the broker’s reputation. These clients are enough proof that LexaTrade is far from what others think about the broker and its services. The clients were not even all praises in the entirety of the broker’s services, leaving some room for improvement and giving us a clear indication that LexaTrade also has its shares of flaws and setbacks. However, these shortcomings are way different from allegations of fraudulent acts and schemes.
Aside from throwing shades to the broker, some online client reviews also burst out that LexaTrade scammed them by not allowing them to withdraw their funds from their accounts. Albeit contrary to one client review above, this issue can be easily identified as a misinformed judgment on the client’s part. This is because it is clearly stipulated in the broker’s Refund and Withdrawal Policy that the broker may refuse to process the client’s withdrawal request if the client is suspected of violating the terms of the agreement on the terms of service. In one way or another, clients who were unable to withdraw their funds from their accounts might have violated some conditions and guidelines without them knowing it.
Having these various means of solving conflicts and attending to disputes is also a clear sign that LexaTrade is working to deliver seamless trading services devoid of conflict of interest, malice, and dishonest practices.
LexaTrade Pros and Cons
After a lengthy and extensive probe into the services and client feedback of LexaTrade, let us sum up the advantages and disadvantages of LexaTrade as a broker.
- good platform offering (widely used MT4 and advanced xCritical mobile app)
- wide range of financial instruments and trading account options
- extensive educational resource
- side commissions
- limited funding methods
- false negative customer reviews
After a thorough review of the trading aspects of the broker, let us now conclude our assessment of LexaTrade.
LexaTrade is a legit and regulated broker. First-time traders should not be afraid to try its trading services, but not without exercising caution and a good grasp of the broker’s terms and agreements. The broker has a low startup account for new traders with low trading capital.
The broker provides a decent and fair set of trading conditions coupled with some advanced trading tools and platforms. They also provide traders the optimal opportunity to learn the basics and complexities of trading through different educational resources.