General information and regulations of LexaTrade
LexaTrade is an offshore broker registered in Saint Vincent and Grenadines, currently has no any regulations.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.
At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Market instruments
Currency pairs, indices, commodities, metals, energy, stocks.....LexaTrade allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on LexaTrade. Cryptocurrencies are also available.
Spreads and commissions for trading with LexaTrade
LexaTrade provides a detailed spread table where the clients may easily compare and inquire the spreads of different instruments in different platforms. We can see that the VIP account has the most competitive spreads.
Account Types for LexaTrade
Demo Account: LexaTrade provides a demo account that allows you to try out the financial markets without the risk of losing money.
Live Account: LexaTrade offers a total of 5 account types: start, silver, gold, platinum and VIP. The minimum deposit to open an account is $250, $3,000, $10,000, $50,000 and $100,000 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, a start account will be the most suitable option for you. However, we should also realize that too little capital not only reduces losses, but also reduces profitability. Therefore, you may find it “unexciting” or unprofitable. In addition, accounts with smaller initial deposits tend to have poorer trading conditions.
Trading platforms offered by LexaTrade
In terms of trading platforms, LexaTrade provides 2 options: xCritical, a webtrader that permits the trading without installing any extra software; MT4, one of the most popular platforms in forex industry. The choice is yours.
Leverage offered by LexaTrade
Although some brokers offer leverage up to 1:500 or even 1:1000, the leverage of 1:200 offered by LexaTrade is sufficient for the average trader. This is because the more leverage you have, the more risk you take with your money. Even professional traders, let alone novices, should not be tempted to use leverage as large as 1:500.
Deposit and withdrawal methods and fees
LexaTrade is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page. The minimum withdrawal amount is 50 USD, and if a client withdraws the money without realizing 5 independent transactions, LexaTrade will charge a 5% fee.
Educational resources
A series of educational resources is available at LexaTrade, such as economic calendar, expiry date of futures, trading hours, compound interest calculator, etcetera.
Customer support of LexaTrade
Below are the details about the customer service.
Language(s): English, Polish, Spanish, German, Korean, Vietnamese, French, etcetera
Service Hours: 24/7
Phone number: +79651435964, +442037697663, +911171279585, +23414400125
E-mail: support-en@lexatrade.com , customers-en@lexatrade.com
Skype: support.en@lexatrade.com
Сlaims department: dispute@Lexatrade.com
Users exposures on WikiFX
On our website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Advantages and disadvantages of LexaTrade
Advantages:
MT4
Educational resources
Many instruments available
Disadvantages:
Complaints
No effective regulation
Few information available
Few deposit and withdrawal methods
No MT5
No copy trading
Frequent asked questions about LexaTrade
Is this broker well regulated？
No, it is currently not effectively regulated and you are advised to be aware of its potential risks.
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