LexaTrade Forex Broker

Note: LexaTrades official site - https://lexatrade.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Risk Warning Online trading is dangerous, and you could potentially lose all of your investment funds. Not all investors and traders are suitable for it. Please understand that the information on this website is designed to serve as general guidance, and that you should be aware of the risks. General Information LexaTrade Review Summary Registered Country/Region Saint Vincent and the Grenadines Regulation No regulation Trading instruments Forex pairs, commodities, stocks, cryptocurrencies, indices Trading Platforms MT4, xCritical Demo Account Available Minimum Deposit $250 Maximum Leverage 1:200 Minimum spread 1 pip for EURUSD Customer Support Email/ phone number/ live chat What is 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. Pros & Cons Pros Cons • MetaTrader 4 (MT4) supported • Lack of valid regulation • Diverse trading accounts • Website is closed • Provides support for expert advisors (EAs) • Reports of Withdrawal Issues and Scams • Multilingual Customer Service • High minimum deposit requirement • Wide range of trading instruments • Demo accounts available LexaTrade Alternative Brokers There are many alternative brokers to LexaTrade depending on the specific needs and preferences of the trader. Some popular options include: Plus500 - A CFD service provider that offers a simple, user-friendly platform and a wide range of tradable instruments, making it suitable for those interested in CFD trading. Forex.com - As a leading forex broker, it provides a wide range of currency pairs, a robust trading platform, and high-quality research tools, making it an excellent option for forex traders. XTB - Known for its combination of educational materials, comprehensive market analysis, and a custom trading platform, it's an excellent choice for new and experienced traders alike. Is LexaTrade Safe or Scam？ It is important to note that LexaTrade currently operates without any valid regulatory oversight. This lack of regulation raises concerns about the safety and legitimacy of the broker. Additionally, there have been reports of customers experiencing difficulties when attempting to withdraw funds, along with allegations of fraudulent practices. And the website can not open. These factors contribute to a higher level of risk and suggest caution when considering LexaTrade as a brokerage option. Market Instruments LexaTrade provides its clients with a wide range of trading markets, allowing them to access various financial instruments and assets. Traders have the opportunity to trade in different markets, including currency pairs, indices, commodities, metals, energy products, and stocks. Accounts LexaTrade provides different account options to cater to varying trading needs. The account types offered are as follows: Account Type Minimum Deposit VIP $100,000 Platinum $50,000 Gold $10,000 Silver $3,000 Start $250 Start account: This account requires a minimum deposit of $250. It is the most basic account option available, offering limited features and services. Silver account: The Silver account requires a minimum deposit of $3,000 and offers additional benefits compared to the Start account, such as enhanced trading conditions. Gold account: With a minimum deposit requirement of $10,000, the Gold account provides further advantages, including priority customer support and access to additional trading tools. Platinum account: The Platinum account requires a minimum deposit of $50,000 and offers even more features, such as personalized trading strategies and premium support. VIP account: The VIP account is the highest-tier option with a minimum deposit requirement of $100,000. It provides exclusive benefits like custom-tailored trading solutions and top-tier support. All account types offered by LexaTrade support the use of expert advisors (EAs), automated trading systems commonly used in the Forex market. LexaTrade also provides a demo account that allows you to try out the financial markets without the risk of losing money. Leverage The leverage of 1:200 supplied by LexaTrade is adequate for the ordinary trader, despite the fact that some brokers offer leverage of up to 1:500 or even 1:1000. This is due to the fact that you run a greater financial risk the more debt you have. Even experienced traders shouldn't be enticed to utilize leverage more than 1:500, let alone beginners. Leverage allows traders to control larger positions in the market with a smaller amount of capital. While this can amplify potential profits, it also amplifies potential losses. Higher leverage increases the risk of substantial losses, particularly if trades move against the trader's position. Spreads & Commissions The spreads of various instruments on various platforms may be readily compared and enquired about by clients using the complete spread table that LexaTrade offers. The VIP account offers the most affordable spreads, as can be seen. For AUD/CAD, the Mini spread is 3.8 pips, the Standard spread is 3.3 pips, The Silver spread and the Gold spread are 3 pips, and the Platinum spread is 2.3 pips. It is important to mention that there was no specific mention of commission-related details for LexaTrade. Trading Platforms LexaTrade provides its clients with two trading platform options: MetaTrader 4 (MT4) and xCritical. Both platforms offer distinct features and advantages, allowing traders to choose the one that best suits their preferences and trading needs. MetaTrader 4 (MT4) is a highly popular and widely used trading platform in the forex industry. It is known for its comprehensive charting capabilities, advanced technical analysis tools, and customizable interface. xCritical, on the other hand, is a web-based trading platform that offers traders the convenience of accessing the markets without the need to install any additional software. As a webtrader, xCritical can be accessed through a web browser on desktop computers and mobile devices. See the trading platform comparison table below: Broker Trading Platforms LexaTrade MT4, xCritical Plus500 Plus500 WebTrader, Plus500 Mobile App Forex.com MT4, Forex.com Web Platform, Forex.com Mobile App XTB xStation 5 Deposit & Withdrawal 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. User Exposure on WikiFX On our website, you can see reports of unable to withdraw and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. 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. Customer Service 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 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. These educational resources provided by LexaTrade aim to empower traders with valuable information and tools to make informed trading decisions. Conclusion LexaTrade is an unregulated brokerage firm based in Saint Vincent and the Grenadines. It offers multiple account types with varying minimum deposit requirements, all supporting the use of expert advisors. The broker utilizes the MT4 trading platform, a popular choice among traders. However, it is crucial to exercise caution when dealing with LexaTrade due to its lack of regulation and numerous reports of withdrawal issues and potential scams. Traders considering LexaTrade should exercise caution and thoroughly assess the risks involved. It is crucial to conduct independent research, seek clarification from customer service, and carefully evaluate the terms and conditions before engaging in any trading activities. Understanding the potential risks and limitations associated with LexaTrade can help traders make informed decisions and manage their investments responsibly. Frequently Asked Questions (FAQs) Q1: Is LexaTrade a regulated broker？ A1: No, LexaTrade currently operates without any valid regulatory oversight. Q2: What are the minimum deposit requirements for LexaTrade accounts？ A2: The minimum deposit requirements vary depending on the account type, ranging from $250 to $100,000. Q3: Can I use expert advisors (EAs) with LexaTrade？ A3: Yes, all types of accounts offered by LexaTrade support the use of expert advisors (EAs) for automated trading. Q4: What trading platform does LexaTrade use？ A4: LexaTrade utilizes the MetaTrader 4 (MT4) trading platform and xCritical platform.