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You may make a lot of money but, you risk losing your investment. Open a demo or live trading account with LexaTrade for the best spreads. You can withdraw via credit/debit cards or your bank account. Overall, we’d rate the customer service of LexaTrade 3.6 out of 5.
There are no setup costs or minimal contracts required to use any of the platforms. This low latency environment is ideal for automated and High Frequency Trading and scalping. Traders can also hedge positions as there is no first in first out rule with LexaTrade. LexaTrade does not charge any additional fees for deposits or withdrawals.
We determined the level of spread as low or average, depending on the type of the account. LexaTrade is an international Forex broker, which was established in 2007 in Sydney, Australia. The broker is a Forex and CFD provider with over 250 assets in 6 markets from currency pairs and stocks to cryptocurrencies and bonds. We are proud not to have any censorship on reviews on our website – ForexUp has been helping users choose brokers for the past five years, while remaining unbiased and independent.
And they only answered me at the first one asking me “to wait” with no timeframes. This is something very disapointing, because it make something to appear very clearly, they are a mess. I am very sure when it comes to clients money managing, you need at very minimum a SLA support system giving somethign solid to the customer to hang on, at least a timeframe.
- The Forex market has the lowest entry requirements, which adds to its rapid growth.
- LexaTrade has been competently offering trading services since 2007.
- They will lock your account and wiped out all the money inside.
- Some brokers are known to help themselves to any funds left in your trading account should you take a break or just temporarily forget about them.
- Comments including inappropriate, irrelevant or promotional links will also be removed.
- Its user-friendly interface and education section make it a perfect choice for beginners too.
Withdrawals are processed similarly, and can be sent either to the user’s credit/debit card or bank account. At the same time, SEY company accepts European and Australian traders, so one can open a trading account there. Apart from international broker to broker transfers where a $25 AUD fee applies, no deposit fees will be incurred if you use any of the above methods on MT4/MT5. The broker provides credit card, banking and e-wallet payment options. As with LexaTrade, each payment method accepts different base currencies and may not be suitable for all traders and locations. While asset classes, trading tools and automated trading features are similar across platforms, the combination of LexaTrade and MetaTrader 5 wins this round. Both brokers offer a professional account to Australian, European and UK traders if you match the criteria and then you’ll be able to trade with increased leverage.
While commodities, futures, forex and indices are available, market access is limited . A unique feature that LexaTrade offers is a package of 20 trading tools compatible with MetaTrader 4. The add-ons include risk management and execution tools such as a mini terminal, tick chart trader and market manager. As well as add-on tools, the package provides additional indicators such as High-Low, Pivot and Renko indicators. LexaTrade and FP Markets each offer a choice of three trading platforms that are suited to different traders’ needs. Both brokers provide access to MetaTrader 4 and MetaTrader 5 , with LexaTrade also offering cTrader.
LexaTrade Review Deposit And Withdrawal
LexaTrade would like to use the same payment method for a withdrawal as for your deposit. So if you have deposited funds via bank transfer, these funds will also be paid forex out via bank transfer. However, in case of an international wire transfer, the bank charges $20. First of all, you have to insert your real name and phone number.
The minimum deposit at LexaTrade is $200.This is considered low, since other CFD brokers usually require a minimum of around $2,000. We also compared LexaTrade’s fees with those of two similar brokers we selected,Pepperstone and Fusion Markets. This selection is based on objective factors such as products offered, client profile, fee structure, etc. LexaTradePepperstoneFusion MarketsAccount feeNoNoNoInactivity feeNoNoNoDeposit fee$0$0$0Withdrawal fee$0$0$0In the sections below, you will find the most relevant feesof LexaTrade for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates. First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.
However, this could improve if they redesign the live chat support with quick and relevant responses. I have a very good experience with LexaTrade, their spreads, commission rate, service and execution speeds are the best in the market.
LexaTrade Account Types
While popular asset classes such as share CFDs and ETFs cannot be accessed on MT4, it is still incredibly popular due to its Expert Advisor features and analysis tools. Often referred to as a Swap-Free Account, LexaTrade Islamic account is designed for those following Islamic finance practises where the interest cannot be received or paid. Rather than paying overnight financing fees, LexaTrade charges a flat rate fee for positions held open longer than one day. Overnight financing charges vary between currency pairs, ranging from $5 per lot to $50 per lot, with triple charges applicable on Friday evenings. ECN-Style account types where traders pay flat rate commission fees but gain access to institutional-grade pricing.
You’ll find that LexaTrade can provide you with the best educational materials, from Demo Accounts to tutorials of the trading platform. Between 74-89% of retail investor accounts lose money when trading CFDs. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. I’ll also talk about the trading platforms they offer, as well as deposits and withdrawals and customer support facilities. However, most common questions are answered in the extensive FAQ section of the website, meaning account set-up and basic trading should be relatively straightforward with this broker.
Both brokers refer to their ECN accounts as ‘Raw’ accounts. LexaTrade offers 65 currency pairs vs 45 for FP Markets with IC also having lower EUR/USD spreads from 0.10. Both brokers offer CFDs with our LexaTrade review finding the broker offers 8 CFD classes vs FP Markets who have 6 classes. If you are concerned about security in LexaTrade, then rest assured because this platform is regulated by top-tier global financial authorities such as ASIC, FSA and CySEC. It is important to keep your data safe because your LexaTrade PayPal account contains your banking information, and you do not want this information to get leaked.
The withdrawal application must be submitted in the personal account. According to the broker, Raw Spread Account is the most popular one among the traders. There are slight differences between opening a Demo account and a real one.
cTrader is also available across all devices and operating systems for traders. Overall, we do recommend LexaTrade if you are looking for a low cost ECN Type broker. LexaTrade does not offer bonuses or such promotions to their clients. You can now check your email for confirmation email and the details of your account that required to start trading. Nevertheless, you can still scammed by lexatrade trade through MetaTrader5 an updated and improved version that is packed with brand new features if you prefer so. However, make sure at your payment provider about transaction fees that may incur on payments to and from some international banking institutions. You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement.
Forex
The Islamic trading account are for muslim clients who do not want to earn or pay interest. The Islamic account is a swap-free account, which means that the Islamic account holders will not be charged interest charges on their overnight positions. The platform shows level 2 quotes to the traders, which provides traders with precious order flow data. The platform has an Advanced Take Profit option that lets traders gradually take some of the profits from profitable trades. The withdrawal method will depends on the method that you choose, and the method used for funding your account initially.
cTrader ECN account offering approximately the same feature as MT4, but with the difference of the platform that is used by mainly professional traders of a bigger size. The applicable spread also starts at 0.0 pips and commission of 3.00$ per 100k traded that serves forex news execution through Equinix LD5. With a license and regulation from ASIC, which one of the strictest and most demanding financial regulators, IC Market traders can feel completely confident. Also, you can only deposit money from accounts that are in your name.
Others have Metatrader 5, and ICM markets additionally have cTrader. In short, LexaTrade is a great trading place for advanced and beginner level traders. It lexatrade forex brokers reviews may have some shortcomings in terms of its outdated MetaTrader4 platform and live chat support, but it’s a great trading place with countless opportunities.
This must be a new trader with no experience using ECN brokers, very sad that they are allowed to post. I have a good experience with LexaTrade, their spreads, service and execution speeds are the best in the market, nothing negative to say. My personal account manager always calls me at least 1 time each month to check on my trading and see how I am, this is the best service I have had from any broker. I just wished they had a webtrader that’s the only negative. LexaTrade offers the full suite of MT4/MT5 and cTrader platforms; they include desktop versions, web traders, and mobile applications. The MT4 platform is supported through 20 plug-ins available exclusively for live account holders as part of the Advanced Trading Tools suite.
These are aimed towards new traders who are looking to learn more about trading online. The articles cover a range of topics including the different markets you can trade, market analysis, trading psychology and much more. The cTrader platform is designed for high speed execution when trading the global markets online. It has a unique design that implements an elegant user interface whilst its range of advanced features make it a favourite for discretionary Forex traders. MetaTrader 5 is the all-in-one platform for trading forex, stocks, indices, bonds, cryptocurrencies and commodities. LexaTrade Raw Pricing help to make it one of the most powerful trading platforms for active traders. It has grown from a trading platform to a global community where trader’s demands are met by technology provider’s innovations.
LexaTrade Ctrader Ecn Account Fees
Live chat customer service is also offered by the CFD provider. The company is dedicated to providing a high quality educational centre that is great for those who have no previous knowledge in trading forex and CFDs.
If you are a CFD and forex trader following Sharia Law, the broker offers an Islamic Account type with either Raw or Standard pricing that does not incur any interest based swap rates. Traders have the choice of the three leading forex trading platform; MT4, MT5 and cTrader. This allows the trading of currency pairs, CFDs and crypto. IC Market traders can feel totally confident with a license and regulation from ASIC, which is one of the strictest and most demanding financial regulators. LexaTrade is an ECN trading environment supplier that provides true spreads of 0.0 pips from liquidity suppliers across 60 forex pairs from over 50 different banks and dark pool liquidity sources. For high volume traders, scalpers, EA traders and robots that can enjoy no dealer desk without price manipulation, LexaTrade is a choice.
This means orders including stop loss orders can be placed as close to the market price as you like. Due to their spreads and trading conditions, LexaTrade are the preferred choice of many day traders and scalpers globally. You can open an additional trading account via your Client Area. They also provide demo accounts if you would like to test the different trading platforms and conditions before opening a real account with them.
LexaTrade: Excellent Customer Service
Primarily, the initial deposit at LexaTrade is $200, but follow-on transactions should be lower and only be restricted based on the requirements from the payment processor. Traders can contact customer support to enquire about the minimum deposit amount following the initial one, as the information is not available on the website or in the help section. Secondly, it requires capital to trade Forex or any other financial market. The Forex market has the lowest entry requirements, which adds to its rapid growth. Many traders from emerging and frontier markets may view $200 as excessive and often arrived at a website due to misleading marketing campaigns from affiliates or signal providers. While it depends on your expectations from your Forex trading portfolio, a minimum deposit of $200 will not suffice to achieve a large income stream. Therefore, it remains essential to focus on portfolio building via subsequent deposits and take advantage of compounding deposits.
FP Market customers incur no penalties for leaving their trading accounts dormant. Traders can stop placing orders for any length of time without incurring inactivity fees. LexaTrade do not charge account fees such as inactivity fees, making Foreign exchange market it an excellent low-cost broker for infrequent traders. LexaTrade and FP Markets are overseen by top-tier financial authorities that ensure subsidiaries provide the correct level of investor protection, depending on the jurisdiction.