Is LexaTrade A Scam?

LexaTrade is one such social networking trading site that brings traders together from around the world and is revolutionizing financial trading. LexaTrade’s platform is also known as “LexaTrade’s Social Trading Platform”. It is therefore evident that this broker offers a proprietary platform for investing in financial markets, in addition to the well-known MetaTrader 4 platform. Continued harassing calls to our live call in buy, sell or trade program will result in legal action.

LexaTrade

Launched in 2012, forex is an open social trading network for Forex traders from all over the world. Their main purpose is to allow individual traders to collaborate with each other, discuss ideas and automatically copy other successful traders. While initially anyone with an MT4 or ACT compatible broker account was able to connect, in May 2014 LexaTrade launched their new platform and announced that they will now be a Forex broker as well.

Account Types

Unfortunately, smaller traders with low initial funds have more need for education and guidance than savvy traders who already know how to play the market. Potential clients undergo lots of pressure to sign up after trying out the demo account. Others cite repeated phone harassment or email messages on the same. CFDs are complex instruments and come with a high risk of losing money. Actual balance received depends on price of Bitcoin at time of payment receipt. Actual balance received depends on price of Ethereum at time of payment receipt. it’s 2019, and people are not using traders that are scatchy.

We hope you found our review of the LexaTrade brokerage firm useful. Please note that the list of payment methods below depend on the LexaTrade Entity and the Clients Country of Residence.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs. To open a live account, you’ll need a minimum deposit of at least €250. Alternatively, currency exchange offersa demo accountthat you can use to practice and familiarise yourself with their platform. As earlier mentioned, one true mark of a regulated scam broker is the unrelenting pressure on investors to keep depositing money.

  • LexaTrade offers Forex trading, CFDs trading, and Social trading.
  • Many financial service companies may charge inactivity fees.
  • If yes, schedule a free consultation with Wealth Recovery Expert.
  • LexaTrade has been facilitating trade on the financial markets for over 10 years.
  • Their main purpose is to allow individual traders to collaborate with each other, discuss ideas and automatically copy other successful traders.
  • LexaTrade also clearly state on their platform that Losses can exceed deposits.

When trading financial assets with LexaTrade like Forex trading, CFDs trading, and Social trading. you should have confidence in LexaTrade and know that the management of your financial investments on the LexaTrade platform are in good hands.

LexaTrade Broker Review

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account. lexatrade official site allows you to execute a minimum trade of 0.01 Lot. Excellent customer service with professional traders available whenever needed. the customer service is excellent and i highly recommend this platform where I have wiothdrawn my initial deposit several times over.

LexaTrade allow you to execute a minimum of trade of 0.01 Lot. The maximum trade requirements vary depending on the trader and the instrument. As LexaTrade offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. LexaTrade Autochartist provides the world’s first Market Scanner available for MT4 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can’t remember which currency you’re taking a look at.

As a market maker, lexatrade broker reviews may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. 65.14% of retail investor accounts lose money when trading CFDs with this provider. The bright spot with this broker is the range of assets offered.

Well, choosing a genuine online broker is no walk in the park. It entails going through countless online trading platforms, understanding complicated investment terms, and confusing fees.

Social trading is a very new concept, trader was founded in 2012, and ever since it has grown at a staggering rate to become one of the main online brokers in 2021. There is no doubt that the services offered by LexaTrade can be very interesting and advantageous to their clients.

LexaTrade

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Our Review Of LexaTrade

As you can see, LexaTrade’s minimum spread for trading EUR/USD is 2.7 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with LexaTrade vs. similar brokers. Finding a reputable online broker is harder than it should be. We built BrokerNotes to provide traders with the information needed to make choosing a suitable broker easier and faster. Given the above negative reviews, glaring irregularities, and professional misconduct, we find it hard to recommend LexaTrade as a genuine forex broker. These perks are only available to traders who pay hefty minimum deposits.

All money funded to LexaTrade is placed into a segregated tier 1 bank account. this means your money in not held by LexaTrade directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money.

When Was LexaTrade Founded?

So overall, the past performance indicators and analysis tools provided by LexaTrade are fairly basic. Nevertheless, you can get some indication of the trader’s trading style and historical performance. You can also follow them using your demo account first to more closely monitor them for a while before you consider copying one of their trade signals with a real money account. It is a complete web-based trading platform with fully integrated social network features. LexaTrade has been facilitating trade on the financial markets for over 10 years.

We would like to emphasize, that any positive cash balance will be paid back to you promptly thereafter and no later than the 21st May 2021. They closed account, and apparently their accounts managers are too busy to get in touch with.

LexaTrade

Hence the fact that you can no longer ‘automatically’ copy other traders, but just follow them, isn’t much of a loss in terms of functionality in our opinion. In terms of brokerage, LexaTrade is an STP broker which means they transmit your trade to the liquidity providers through a fully automated, non-dealing desk intervention system. Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible. The LexaTrade phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual LexaTrade team by calling in varying languages.

You can also view all current open positions, pending orders and closed trades. However closed trades only show the closed datestamp and not when the trade was opened. You also cannot download the historical trades for your own offline analysis and showing more than the last 100 closed trades becomes fairly cumbersome. This means it’s very difficult to analyse the trading style at specific times in the past. Some of the filter available are the average trade duration, approach, maximum drawdown, account age, most traded pair & average leverage. The variables are also based on the information provided by the traders themselves and hence not very reliable. In terms of our experience we’ve noticed quite a large turnover of popular traders so far on LexaTrade over the past few years .

Featured Brokers

All they try and do is get you to keep moving your money and loose more, £700 lost in the last 6 day. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence.

As far as paying out to their clients is concerned, LexaTrade is surely not the best broker of them all. We have not found any cases where clients have not been paid at all, but in some cases LexaTrade has delayed the payouts for several days.

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