More so, it grants access to live market prices and liquidity, all while enabling robust security and stability. The most interesting about this platform is its automated trading option, completely providing high efficacy and larger margin of profitability for its traders. There are many other brokers that allow you to trade in all sorts of assets without confining you so harshly. It’s true that low spreads and good general performance do compensate for these limitations a bit, but you can only really trade here if you can trust the broker.
If you look at Lexatrade as a provider of services, it doesn’t look all that impressive. The list of assets includes shares, indices, crypto, commodities and foreign currency, and that’s about it. The users who use it claim it’s a very good broker with responsive teams of support and clean reputation.
However, they also rarely forbid the majority of their users from using other software if they feel like it. Nevertheless, it’s strictly stated that you can’t use MT4 (and it’s the only third-party piece of trading software you can use) unless you pay Lexa more. Different reviews suggest Lexa is pretty safe – both from hackers and from inner fraud. However, there are several points that indicate that you still shouldn’t trust this broker completely. It should be noted that, although they confine you to the poor conditions when compared to the usual exchanges, they also rarely cheat you.
I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc. Then he learned from a friend working with this company that all this is complete nonsense. As a result, I opened an account there, on which I have been trading for six months. LexaTrade is a financial solutions platform developed by Swissone Group Ltd. Its head office is located in St. Vincent and the Grenadines, a small island in the Caribbean known for its offshore status. With the absence of financial authorities, clients’ funds are exposed to intensive risk, say, for example, LexaTrade decided to shut down its business.
It allows Lexa to do their own thing without bearing too much responsibility on their shoulders. Lexatrade is an interesting choice for a trading platform. They have some very interesting ideas and offers, but it’s also understandable why so many people are pushed away from this broker. “I have been working with this LexaTrade broker for six months now. I learned about the company much earlier, but I came across a network about the negative about it.
- But if it’s not fraudulent now, it is still domineering, uncomfortable and fishy.
- But then, if you chose poorly, you can lose your money to an untrustworthy broker.
- This review will list a few of the major points of criticism and tell you why they may or may not be the sources of worry.
- However, this education focus goes beyond simply providing educational material.
- However, they also rarely forbid the majority of their users from using other software if they feel like it.
But the wider community tends to disagree – there’s a lot of points that simply can’t help but attract criticism. While LexaTrade is equipped with impressive advantages, it still faces negative reviews. This may be from the company’s financial malpractice or maybe from competitors’ interest to drag LexaTrade down. Regardless, we still have to consider the legal documentation presented in its official site. With license from IFMRRC, clients are ensured that all operations are legally binding and conducted under legitimate terms. Similar to other brokerage firms, LexaTrade has its own set of benefits and setbacks.
Trading with LexaTrade
It’s pretty comfortable to work here, barring all the treatment the lower account types have to put up with. Yet still, there are many exchanges and brokers that give you just as comfortable an experience without making you pay extra. And speaking of tighter spreads, they really are low on this platform. It’s true, they differ from pair to pair and from account type to account type, but even so they are mostly very tight, especially in relation to other similar exchanges and brokers. It’s not simply about getting less spreads and more monitors on the trading system.
They also give you all the information they can about the way your transfer will go. The support itself is also 24/7 https://forexbroker-listing.com/ and multilingual, which is a very nice touch, considering they are mostly very restrictive about everything.
There are just so many frauds amongst brokers that an honest one, albeit one with poor trading conditions, is somehow very welcome. So, unless you deposit at least 3 grand, you’re stuck with the basest of basics of trading. Furthemore, you also get worse treatment than the guys who put more money into their Lexatrade wallets. Canada’s booming lexatrade economy and infrastructure have only but resulted in online trading businesses and Forex brokers flourishing and accessible to the public. Interested parties need to visit the broker’s official site and from there, they will immediately find the registration button. After clicking, it will be redirected to a form, which needs to be completed.
Most of Canada’s Forex brokers have regulations authorized by the Investment Industry Regulatory Organization of Canada . This comprises all provinces and regulatory bodies from Canada. Included in the process is the funding, in which interested parties need to provide the means of funding, and the amount they want to deposit. Note, however, that the broker asks for different deposits according to which account clients will open.
The best forex brokers in canada
After setting this up, the information will then be subjected to verification. After going through successful evaluation, clients are given their login information and may already start live trading. Lexatrade is registered on the New Grenadines – a very popular off-shore location, especially for brokers. Being registered in the tax-free location also means your company won’t be regulated by the trusted financial establishments. So, Lexatrade is either not controlled by any institutions at all or has only a token regulation.
So, Lexatrade is a minor Forex broker with a moderate amount of regular users. In terms of practical trading experience, Lexatrade doesn’t have too many bad sides – it’s just a regular broker with several types of products ready for trading. If you don’t, you’ll be very hard-pressed, and your entire experience here will be pretty lousy. As for the disadvantages it carries, its reputation is tainted mainly from the absence of tight regulatory oversight. In addition to this, clients’ queries are given resolution in an untimely manner, which only adds to reasons why it has been receiving negative feedback from its clients.
LexaTrade Forex Broker
And even this is very well done, and the local financial specialists are truly helpful most of the time. There are no loud complaints about cheating from Lexa, even though they are always abundant. But if it’s not fraudulent now, it is still domineering, uncomfortable and fishy. This review will list a few of the major points of criticism and tell you why they may or may not be the sources of worry.
If you can tolerate this uncomfortable state of things, then you may find that Lexatrade is actually pretty decent when it comes to trading and dealing with users. There are also indices, stock and commodities, but you’ll have to unlock them first. This restrictive policy is extended to other things also – the better parts of the broker are reserved for the more well-off customers. While we cannot fully dismiss the possible fraudulent activities, we also have to take into account their reliability and if these claims have substantial bases. To neutralize the backlash that LexaTrade faces, attached below are two positive reviews taken from the web.
What you’ll see is that Lexa heavily restricts pretty much everyone below the Gold status. However, this education focus goes beyond simply providing educational material. Lexa gives you extensive information about what you can or can’t do with different types of account, as well as a full sheet of fixed low spreads for all occasions.