Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it. We wouldn’t be surprised if entry-level traders couldn’t find their way around and simply decided to use another brokerage. Lexatrade is new forex and CFDs brokerage that primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.

• The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
• There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
• As such, we can’t hold the deposit requirement for MT4 against the broker too much.
• Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest.
• However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point.

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. Lexatrade has developed an online training program for traders that takes students from their first deal to consistent results in the market.

Have control over your money as we provide the favorable terms

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 broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review.

IFMRRC stands for International Financial Market Relations Regulation Center. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators. https://cryptolisting.org/blog/loopring-the-future-of-decentralized-exchange-protocol The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think.

SILVER ACCOUNT

It is compatible with all major web browsers and enables traders to execute various types of transactions. 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.

LexaTrade

Even Though the regulation of brokers is not refined, the reviews of the broker online are satisfactory. The broker also provides different trading assets for higher liquidity with high leverage and low spreads. XCritical mobile app offers an easy-to-use interface, traders can access their trading account on the go, without any hassle. They can open positions, execute trades quickly, and monitor their account balance from anywhere, at any time. Whether a beginner or an experienced trader, the XCritical mobile app is a great way to enhance your trading experience. It is regulated by the International Financial Market Relations Regulation Centre, making it a reliable broker in the forex market.

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It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional.

IS LEXATRADE A SCAM or SAFE?

The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features. As such, we can’t hold the deposit requirement for MT4 against the broker too much. But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all. Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach.

And even then, you only get the web version, and you need the $50,000 account for the full unlock. There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages.

Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies. LexaTrade is a reliable broker that provides exceptional speed, functionality, and profitability. The platform is designed to offer a convenient and user-friendly trading experience, with excellent terminals that make trading profitable while minimizing risks.

That being said, they are very new at the time of this review, so there is time for improvement. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. And that’s without mentioning our hunch that the broker isn’t entirely honest. Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there. It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful. The broker doesn’t hide the fact that it’s trying to goad you into depositing more.