Editor’s Note: Why LexaTrade Doesn’t Suck in 50 Words
This broker offers a balanced mix of functionality and user-friendliness. It doesn’t throw complicated terms at you, and you don’t have to be a trading wizard to use their platform, but on the other hand, if you are a technical trader, their platform offers enough features to keep you satisfied. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds.
Why LexaTrade Sucks in 50 Words
If you want to use the web version of Meta Trader 4, you will have to open a Gold account and the minimum deposit for that is $10,000. Quite expensive, right? And keep in mind that the web version of MT4 doesn’t have all the functionalities of the downloadable version. Assuming you want the full functionality, you will have to open at least a Platinum account, which will require a $50,000 deposit… and ThatSucks!
On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader.
Is LexaTrade A Scam?
All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs.
Also keep in mind that the company is regulated (IFMRRC), which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new.
Should I Open An Account With LexaTrade?
LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities. The owning/operating company is Swissone Group Ltd, located in St. Vincent and the Grenadines and registered with the IFMRRC – Certificate TSRF RU 0395 AA V0165.
This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice.
The main platform they offer is web-based, with good charts and enough tools for technical analysis, but nothing to write home about. It’s okay but don’t expect some Meta Trader 4 level of drawings and indicators. And since MT4 is available for higher-tier account holders, let’s talk about that:
LexaTrade offers 5 account types: Start (min deposit $250), Silver (min deposit $3,000), Gold (min deposit $10,000), Platinum (min deposit $50,000) and VIP (min deposit $100,000). Each account comes with different perks and advantages – the higher the account type, the better the perks.
A higher account tier will get you increased withdrawal speed, lower spreads, access to trading techniques and a trading academy, passive income (although they don’t explain at all how you will get this passive income), and more. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.
The overall structure of the accounts at LexaTrade is too expensive in my opinion and putting a $10,000 barrier between the trader and MT4 means that the majority of clients will not use this platform. On the other hand, the Web platform offered for the minimum account is quite enough for the average trader, so maybe that’s not a deal breaker.
Overall this is a promising broker but a few tweaks here and there would make it a better one. Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker. That being said, they are very new at the time of this review, so there is time for improvement.
LexaTrade lists the address Beachmont Business Centre, Suite 39, Kingstown, St. Vincent and the Grenadines. The broker can be contacted at phones +442037697663, +911171279670 and emails [email protected], [email protected].
Because the broker is new on the scene, we didn’t find a lot of complaints or discussions online. However, one client complained about pushy sales tactics and an account manager who asked for more deposits after trading and blowing one account. This is an isolated incident and we don’t know if other clients experienced the same problems. Either way, it’s simple: don’t allow your account manager to trade for you and don’t deposit more than you want to.
As you would expect, the bonus differs depending on the account type and your minimum deposit. The Start account will get you up to 30% bonus, and it goes up from there, reaching 120% for the VIP account. However, the requirements for withdrawing the bonus are a bit hard to achieve: you will have to trade $10,000,000 for each $1,000 received as a bonus as long as the total bonus you received is lower than $10,000. If your total bonus exceeds $10K, you will have to reach a trading volume of $20 million and if you received more than $30K bonus, the trading volume would be $30 million.
Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to complete the processing, which takes up to 24 working hours. The methods for deposit are Visa, CryptoWallet and e-Payouts and we assume the same methods will be used for withdrawals, although LexaTrade doesn’t mention this specifically.
Autochartist signals are available at the bottom of the trading platform and while this is not a game changer, it’s still something worth mentioning, especially because some brokers charge you for Autochartist. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition.
The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted.
Range of Markets, Spreads and Leverage 16/20
LexaTrade offers more than 80 tradable assets, including currencies, commodities, indices and quite a few cryptocurrency pairs. The spreads are a bit on the wide side (2 pips for EUR/USD at the time of writing) and leverage goes up to 1:200 for FX and 1:20 for cryptocurrencies.
Deposits and Withdrawals 15/20
The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. Information about withdrawals is missing and this should be addressed by LexaTrade. All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal.
Fees and Support 15/20
There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Live chat support was available at the time of our visit but a bit slow to answer.
The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable.
LexaTrade Overall Ratings = 83/100