The LexaTrade website lists its average spread on the EUR/USD, the most liquid currency pair which carries the lowest spread, as 1.7 pips which is on the high end of the spectrum and not trader friendly. This applies to its account types where no commission is charged, the accounts where a commission is charged and spreads start at 0.0 pips appear in-line with NDD execution. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.
Adding to the negatives is that LexaTrade claims to offer NDD execution but given their account structure it all points towards a market maker. ECN capability is listed, without explaining which bridge is used as only the MT4 Trading Platform is offered which doesn’t support ECN capabilities. Despite being regulated in Cyprus, it appears that there is some misinformation in regards to execution type. There is Currency market potential if LexaTrade cleans up its act, but for the time being it is wise to stay away. LexaTrade’s trading conditions are competitive and reflect the standards of the market. They offer multiple trading platforms and varied trading accounts that fit all types of traders. Aside from LexaTrade’ extensive analysis database, the broker offers several useful tools that can support users in their trading activities.
- But always make sure to learn how to use leverage smartly, as this tool may work in reverse too and increase risks dramatically big.
- Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded.
- The account doesn’t allow scalping even though it doesn’t attract any trading commissions.
- To submit your own Forex Broker review for LexaTrade fill the form below.
- From our observations, LexaTrade provides a simple Forex and CFD trading offering suitable for both beginner and advanced traders.
- This broker offers the opportunity to earn money by promoting their services as broker through anaffiliate program.
Watch our video tutorial on how to download the MT4 platform in our MT4 video tutorial series. Watch our video tutorial on how to login to the MT4 platform in our MT4 https://lexatrade.name/en/ video tutorial series. A conﬁrmation message has been sent to your email address, please click on the conﬁrmation link in the email to activate MyLexaTrade access.
Both the Fixed and Starter accounts allow users to trade commission-free with fixed or variable spread depending on the account chosen. These two accounts also have the lowest minimum deposit amounts and users can access monthly webinars and get access to Trading Central. Trading costs such as spreads, commissions and overnight funding rates vary depending on the instrument being traded and the account type opened. A detailed review of the trading costs with LexaTrade can be found further down this review. LexaTrade does offer a nice research and education package which will be great for new traders, but it still doesn’t justify the trading costs. LexaTrade shines in certain areas, but counters that by the most basic aspects of trading. It does spend the resources to educate new traders and to provide good coverage of the market through its research team, but the trading conditions at LexaTrade remain subpar in our professional opinion.
LexaTrade is a fully licensed and regulated Forex broker, operating since 2010. The company includes LexaTrade Limited, regulated by CySec and LexaTrade Global Ltd. regulated by the Mauritius Financial Services Commission . LexaTrade is crowned Best Forex Broker 2020, MENA & Europe by Global Banking & Finance Review. Under a decade, LexaTrade has received 15 international lexatrade forex brokers reviews awards some in the category Best Educational and Analysis provider category. The LexaTrade team utilizes the popular Metatrader4 product line, which includes MetaTrader 4, MT4 multi-terminal, Android Trader, MT4 iphone & iPad trader and MT4 Mac OS Trader. If you can get on the Internet, then you can trade with LexaTrade, any time or anywhere.
Web Platform will be a good choice for regular size traders, as it is easy to access from any device, yet is limited with research tools, customization and comprehensive drawing tools. Another higher grade account offers even lower spreads from o pips respectively, which is a raw interbank spread where all trading costs are built into a commission charge. As long as the trading size and account increase you will be able to access a discounted commission of 5$ only. Yet, again be sure to verify account conditions with customer support as regulation in particular jurisdictions apply. There are four trading accounts offered by LexaTrade to suit each trader needs and style while there is a choice between a variable or fixed spread with no commission charges.
Previously, LexaTrade used to be called AFB FX. According to the company, the name change signified a transition of the firm which wants to have a more global appeal. Its address is Maximos Plaza, Block 3, 5th floor along Maximos Michaelides street, Limassol, Cyprus. In this LexaTrade review, we have established that the firm offers an adverse range of products which include Forex, Future contracts, metals, Equity indices , CFDs and energy contracts. It offers its services using the following languages; Russian, Deutsch, English, Arabic, Persian, Bengali, Japanese, Polish, German among others. LexaTrade is a trusted forex broker offering several accounts & the MT4 platform.
Besides this, the asset selection is rather limited and not suitable for advanced traders. LexaTrade has settled in the low end of the retail sector, has a minimum deposit of just $200 but offers zero spread accounts for deposits from $5,000. Given the lack of assets, traders with bigger deposits are better served elsewhere until LexaTrade expands its asset base.
LexaTrade doesn’t charge fees for deposits which is in-line with standard industry practice. Withdrawals are also free of charge which is great and another surprise in the broker’s fee-heavy trading environment. Third party fees connected to wire transfers do apply, but most Forex traders prefer to use online payment solutions which makes this fee redundant to them. The processing speed for deposits is listed as up to 2 hours for everything except wire transfers, most of those deposits should be processed instantly. Withdrawal professing time is up to 24 hours except for credit/debit cards and wire transfers where it may take 3-5 business days. Clients can send an e-mail, start a live chat or call support directly.
LexaTrade Global does not offer its services to residents of certain jurisdictions such as Mauritius, USA, and North Korea. The beginning traders can benefit from free educational tools, while the professionals are supported by dedicated tailored services. Overall, the LexaTrade Broker https://lexatrade.name/en/ brings a quality offering to the market its customers and affiliates. In this LexaTrade scam review, we point out the high initial deposit which the broker demands of $500. The most basic account which is Classic requires $500 for deposit and offers 1.9 lots in spreads.
Forex Broker LexaTrade
Additionally, an FAQ section is available which should cover most basic questions. Usually customer service is something most traders will never require, but given the trading environment and conditions at LexaTrade, it may be good to keep the contact details nearby. Trading Central is a registered investment advisor in the US, Hong Kong and authorized in the EU. It gives clients access to 24-hour coverage to 85 markets and LexaTrade offers its traders the Trading Central MT4 Analysis Indicator plug-in. Trading Central has been in business since 1999 and many retail traders will find it a useful tool in order to get an independent second opinion on markets. It offers some of the best trading tools and indicators, paired with fast execution and quick response time.
LexaTrade mobile tradingThe app is available for both Android- and iOS-powered mobile devices and receives good reviews from mobile traders. The MultiTerminal platform is geared towards account and fund managers. The platform allows access, monitoring and trading on several accounts from one place. Accounts can be grouped or managed separately and the platform contains its own internal communication system and automatically generates reports. Also, the full capability of MT4 carries over to the MultiTerminal system. MetaTrader 4 efficiently marries a user-friendly interface and design with a data-rich environment and advanced capabilities.
Commissions & Spreads
The Premium Account starts with 0.0 pip spread but comes with a commission of $8 per lot which is also on the high end of the scale. The minimum deposit starts from $5,000 which is out of reach for most new traders as well as the majority of retail traders. The conclusion we reached during this LexaTrade review is that none of the account types makes any sense, regardless of what type of trader or strategy is applied. The management of LexaTrade has made a wise choice to deploy the popular Metatrader4 product line, which includes MetaTrader 4, MT4 multi-terminal, Android Trader, MT4 iphone & ipad trader and MT4 Mac OS Trader.
A quick scroll through the content shows us that video content is added regularly and is available in English as well as Spanish. For users wishing to speak to someone, LexaTrade also offers traditional Telephone support. Android users can access a complete set of trade orders, trading history and interactive charts. iPhone or iPad MT4 users also enjoy access to a wide variety of trading orders, chart timeframes and live streaming quotes. Not that this account opening defaults to the LexaTrade Global Limited which is regulated by the Mauritius Financial Services Commission.
Rbnz Preview: A Warning For The Rest Of The World?
Also, LexaTrade Strategies as an algorithmic trading system bringing vast of powerful robotic systems and does not require any programming skills to build EAs. Together with that, you may submit for Free VPS service that offers to host advantage to run EA 24/5 on increased execution speeds.
Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact lexatrade scam how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services.
Unique Features Of Trading With LexaTrade
Only the NFA regulated brokers featured on this site are available to U.S. customers. Clearly, LexaTrade offers competitive features that are fit for both beginners and professionals. earnings on forex They have the right trading tools and research materials to make a novice trader comfortable, at the same time review expert traders of their knowledge.
Enjoy the opportunity of having your expert advisor trade for you 24/5. cryptocurrency Forex trading system that does not require any coding to build an EA.