Once these documents are provided, you’ll be able to select from several deposit methods to fund your account. Account creation is easy, and there are numerous free lexatrade broker reviews deposit/withdrawal options. LexaTrade is a low-cost forex and CFD broker that is controlled by several authorities around the world, including the top-tier FCA.
But it has clients who have been loyal to its services for the past several months and they are quite satisfied with its services. If you don’t want to risk money at LexaTrade right away, you can get started with a demo account. If you don’t know much about trading, LexaTrade will teach you the basics of trading. LexaTrade provides a variety of trading instruments such as CFDs on stock indices, currency pairs, bonds, crude oil, and precious metals. Demo Account – If you are a new customer who is not ready to invest real money, you can learn more about trading and polish your trading skills through a demo account. This type of account enables traders to test their strategies without taking any risks before they actually begin to trade for real.
Traders can usually receive their money from the same payment method they used to make a deposit, providing an extra layer of convenience to traders around the world. LexaTrade was established after lexatrade reviews Armada Markets decided to relocate their retail clients to the company’s entity in Seychelles. The company is regulated and licensed by the Financial Services Authority in the Seychelles.
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The Act created a new regulatory framework for financial services and abolished the Financial Services Authority. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms. Moreover, the company’s strive to achieve targets quickly and effectively while posing LexaTrade as a high-tech and trustable Forex broker, either to start or to gain new apex with.
Although the Seychelles-based subsidiary provides an ideal trading environment, trader security is minimal. Nonetheless, LexaTrade remains a well-respected brokerage where trader protection is prioritized, implying that the FSA-authorized subsidiary is a solid choice for most traders. Another competition, known as The Global IB Championship has a prize pool of 65,000 USD in cash. The participants are Introducing Brokers who introduce new traders to the platform of LexaTrade broker.
Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win. LexaTrade offers a range of trading instruments for every trader, including Forex, Stock Indices and Oil, Precious Metals, and Bonds. LexaTrade withdrawals, deposits or requests are submitted via your online account area. While LexaTrade process withdrawals within 1-2 business days as per regulatory obligations. LexaTrade hasa zero fee policy, where no charges or fees applicable to monetary transactions.
It provides the necessary tools and resources for analyzing the pricing dynamics of financial instruments, making trade transactions, and creating and using automated trading programs . LexaTrade’s best feature is its low spreads for active traders.
Pros
You will find that the email support and phone support are the fastest way for you to reach the customer service, since they have a very fast response time. The postal service and live chat take longer than they should, but the live chat take screenshots of their explanations to expedite your customer service experience. However, the LexaTrade customer service is not available 24\7. Trading fees are commissions charged during trading financial transactions, along with spreads provided by LexaTrade. However, with LexaTrade, the spreads and the commissions vary, depending on the trading account.
Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there. Web platform is very useful to any size of the trade since does not require any installations, but is reachable right from your browser. Yet, this platform is rather limited with tools and drawing instruments so for comprehensive analysis you would definitely need a desktop version. The LexaTrade minimum deposit is 100$, which is a fantastic opportunity for the trader of even very small size, in reverse 10$ is set for withdrawals. Additionally, Islamic or Swap-Free Account, been added to the broker features recently too.
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LexaTrade provides its clients with the option to earn extra money by using the copy trading service. For this, the broker has collaborated with MyFxBook, one of the most popular social trading sites. Stock indices are included on the list of assets – and, of course, you can trade the renowned SNP-500, which is what scalpers use, with a spread of only 0.39 pips. More than fourteen indices, beginning with the Italian and finishing with the Japanese, are accessible for trading.
The short order execution time – just 0.20 seconds – gives trading advisers of algo-traders peace of mind. It is not prohibited to use automated trading or other techniques. All trading techniques, including hedging and basketball trading, are permitted. Furthermore, it is permitted to engage in arbitrage, capturing the difference in the rate of delivery of quotes between LexaTrade and other brokers.
You must pick which office you wish to collaborate with before you begin. This firm segment provides clear starting circumstances and a lot of chances for newcomers. The British office caters to experts since trading there is profitable, but the starting circumstances are more difficult. The British office does not work with everyone; they screen traders to see whether they are professional clients. Forex market, as well as CFD and cryptocurrency trading, carries high risks and is not suitable for everybody.
Tips For Trading With LexaTrade
With just the MT4 platform available, LexaTrade does not stand out compared to the best MetaTrader brokers.
LexaTrade is currently regulated by the Financial Conduct Authority of the UK , the Cyprus Securities and Exchange Commission , and the Financial Services Authority of Seychelles . This Forex broker also provides negative balance protection and investor protection for its traders. Our trading platforms offer you a world-class trading experience with numerous features and tools that suit your trading style. Trade 62 currency pairs, including the majors, minors and exotics, with ultra-low spreads and fast execution. LexaTrade offers withdrawals via local transfer to South African bank accounts at zero fees, wallets like Skrill, Neteller & via Debit/credit cards.
Yet, customer service isn’t available during the weekends, so you can leave your request via the contact form to be advised. No, LexaTrade is not a scam, is a secure broker with good reputation and low risk Forex and CFD trading environment. On the negative side proposal vary according to the entity and there is no 24/7 support, spreads for Forex are little higher than average. This LexaTrade review will inform you of the different fees that you are charged, for trading or non-trading transactions. This LexaTrade review will demonstrate the different regulations and security measures taken by this Forex trading broker. You are strongly advised to obtain independent financial, legal and tax advice before proceeding with any currency or spot metals trade.
Although this broker cares about its traders’ education, it should prioritize quality over quantity. Myfxbook’s social trading comes with an unacceptably high spread mark-up.
Is LexaTrade A Good Broker?
There are different price modes according to the account type you choose. Besides, fee conditions always vary according to the regulatory rules authority impose and broker obliges to. Here we will check a brief of spreads and commission charges that are defined by the account type. LexaTrade educational resources are offered free of charge to all traders of LexaTrade. The platform tutorial videos give you a step-by-step guide on how to use the different trading platforms of LexaTrade. As for the webinars, there are interactive sessions on different trading topics that are explained by an expert. The educational articles and videos provide you with basic information about trading, and escalate to advanced topics.
However, to get a VIP account, you have to reach a balance of minimum $50,000. Hedging with forex is a strategy used to protect one’s position in a currency pair from an adverse move. It is typically a form of short-term protection when a trader is concerned about news or an event triggering volatility in currency markets. There are two related strategies when talking about hedging forex pairs in this way. One is to place a hedge by taking the opposite position in the same currency pair, and the second approach is to buy forex options. Segregated account is an important term in the context of Forex trading in which a broker holds their client funds in segregated accounts that are different from the broker’s core banking account. Segregated accounts are used to differentiate between the broker’s working capital and its client investments.
In general, the promotional packages serve as a reward either for the exceptional trading performance or for starting your trading experience with the broker. LexaTrade provides both versions of the packages – performance-based trading contests and bonus and rewarding schemes. She ends the live chat abruptly and doesn’t answer my questions. It regularly offers promotions forex indices for its new and existing customers, such as deposit bonuses and free bonuses. It also organizes trading competitions, including tournaments for demo accounts. This arguably means clients benefit from lower fees and operate in a more transparent trading environment. FXOpen – FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.
- Consult relevant financial professionals in your country of residence to get personalised advice before you make any trading or investing decisions.
- Mostly because there was no need for that, as most of the traders had similar trading strategies and trading was considered a privilege, so no need for budget-friendly versions of the accounts.
- The company allows using advisors and automatically copying trading transactions.
- LexaTrade offers several different types of client education resources of all forms.
- As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
- Before trading any financial instrument one should be aware of the risks, know exactly his investment goals and limits, educate himself in the financial markets, and acquire the proper level of risk management.
In this situation, the regulator moves in and protects your rights. The company only accepts deposits made through payment methods that belong to their clients, not to any third party. Autochartist – This is a powerful tool for technical analysis, capable of helping traders take their trading to greater heights.