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.
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.
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. Lastly, it charges daunting fees including a 5% commission from clients with less than 5 transactions.
LexaTrade Forex Broker
I learned about the company much earlier, but I came across a network about the negative about it. 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.
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.
It requires all the necessary information including name, email, address, and telephone number. The regulars on Lexa will disagree, and it’s their right, they’ve already made some money out of it. However, those who still only contemplate working with them should look elsewhere. Note that some of them are fairly high, but that’s precisely why there is such a detailed sheet – so you wouldn’t get caught unawares. 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.
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. 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.
It means that if you want to trade small (for your own reasons or if you don’t trust Lexa yet), you’ll be hard-pressed from the beginning. You’ll have to use their own trading systems and be restricted to only a handful of available products. Certainly, they don’t only differ based on the amount of money you need to trade. There are certain bonuses and restrictions which you can see by scrolling further down. 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.
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. 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.
Its ultimatum for those inactive clients also came as a disadvantage as it charges 5% every month. The withdrawing speed also suffers – Starts and Silvers will have to wait a lot longer for their transfers to process than users with other statuses. Most users will probably sign up for the Start account – the lowest-ranking one – without the second thought. However, you should really pay attention to what they offer you. At a first glance, there are many potential flaws and perks, but you can’t really tell how they play out unless you try this platform for yourself.
- But then, if you chose poorly, you can lose your money to an untrustworthy broker.
- They have their own Web trading system, as well as a trading app.
- “I have been working with this LexaTrade broker for six months now.
- At a first glance, there are many potential flaws and perks, but you can’t really tell how they play out unless you try this platform for yourself.
- This comprises all provinces and regulatory bodies from Canada.
It’s not simply about getting less spreads and more monitors on the trading system. The bigger account types have faster withdrawing speed, and they increasingly get to use the help from https://broker-review.org/ professional analysts. Another external platform that LexaTrade offers is the xCritical system. It is equipped with powerful instruments for encompassing and holistic trading experience.
Furthemore, you also get worse treatment than the guys who put more money into their Lexatrade wallets. Canada’s booming 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.
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. 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.
The best forex brokers in canada
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 lexatrade review compared to the usual exchanges, they also rarely cheat you. That’s one of the main reasons why there are so many good reviews. The impartial user reviews from the dedicated aggregators can tell you precisely what to watch out for and what to aim for on any exchange.
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.