If you plan to give them a try please circle back and share your experiences here. Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system. IG offers “negative balance protection,” lexatrade scam which has become a fairly important feature that most online brokers are offering these days, for its U.K./E.U. The catalyst was most likely the SNB event of January 15, 2015 that roiled the markets, especially the highly leveraged retail FX market. Plus, IG (U.K.) also offers guaranteed stop loss orders , which protects the trader from market gap risk.
Lexatrade is a top-notch broker for serious Forex traders and is regulated by financial bodies such as CySEC, ASIC, SCB and the FSA of Seychelles. While the services and products are mainly geared towards professional traders, beginner traders will find a lot of support and useful tools. You can trade more than 1,700+ financial CFD instruments covering forex, stocks, indices, cryptos and commodities.
We would encourage you to do your own research, but based on this review we think that they can considered a highly recommended broker. Firstly, we were not too impressed with the customer service. The time it took for us to get connected to an agent was not ideal. Moreover, the knowledge of said agent was really sub-par. We tried to connect several times and had similar wait times.
- It consists of six categories, and I recommend the Fundamental Analysis and the Technical Analysis, which are excellent reads.
- The materials also aid in giving you an overview of what Lexatrade is.
- 81% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
- It offers trading solutions for active day traders and scalpers as well as traders that are new to the forex market.
- It will help you stay tuned and not let your accounts lose money.
Our second query was via email where we wanted to know when our account would be approved. Lexatrade provides market research via the features found on the MetaTrader platforms. Clients have access to technical research from Trading Central. Lexatrade also allows traders to use Expert Advisors . The broker notes on its website that majority of the trades executed by its clients are done via automated systems. However, the average spreads charged on stock trades were in line with industry charges.
Provide your trading experience, select your security question and input the answer. Lexatrade account opening is quick and seamless.
And Lexatrade also allows you to sign-up from the UK but not regulated in the UK. We found its live chat feature the most convenient way to seek help and understand the risks, but sadly it is let down by its low-quality service and slow response time. The worst part is that it remains offline most of the time that is a bit annoying. You can save money lexatrade rezension on conversion fees by trading in 10 base currencies, including USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD, HKD, and SGD. You can use a demo account using virtual money to familiarize yourself with the platform. Compliance with international regulatory standards prevents the misallocation of customers’ funds and increases transparency in trading.
Both prospective and active clients can talk to a company representative through live chat that’s available when the platform is open. Email, social media, and a comprehensive FAQ round out above average contact options. If all else fails, a well-documented customer complaint procedure should assist in grievance resolution. Online customer support is available in several languages, which enhances IG’s appeal to a broader client base. The broker also runs satellite offices to support licensed operations in several regions.
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Which Instruments Can Be Traded With Lexatrade?
Chart trading and single-tap order execution are available. The MT4 mobile app requires Android 4.0+ and cTrader 4.1+. Lexatrade segregates client deposits from corporate funds and offers negative balance protection.
Raw spread accounts charge a commission fee, even though the spreads are lower, while the standard account doesn’t charge commission fees but the spreads are higher. Luckily, Lexatrade has a huge amount of different client support options, so you never have to be worried about not getting in touch with them. I have personally been in contact with Lexatrade support probably over 50 times over the last 5 years.
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. IG US LLC is a registered RFED with the CFTC and a member of the NFA (# ). Furthermore, it is listed on the U.K.’s FTSE 250 and has signed up for the “FX Global Code of Conduct, which establishes a common set of guidelines for good practice in the markets.”
In Seychelles, Cypress-headquartered Lexatrade comes under the oversight of the Seychelles Financial Services Authority . Cypress has long been called the “Kingdom of Forex Brokerages” for its pivotal role in regulating EU-based brokerages. Yet if you have the right credentials, Lexatrade has a lot to offer. Should you trust Lexatrade with your hard-earned scratch? For those eligible, Lexatrade has a lot to offer. What does China have to do with it, you might be wondering?
The Quotes icon allows you to see real-time prices quotes of the instruments available to trade on. You can create watchlists lexatrade website in this section and add to your list, as well as view information such as an instrument’s opening hours.
Note that cTrader is not available on Apple Mac operating systems. With a long history of responsible behaviour and strong regulation, we consider Lexatrade a safe broker to trade with. These will all help to augment your trading and are only available on MT4. This is another reason why it could make sense to opt for the MT4 platform over the MT5 / cTrader. Which is about reasonable for a good quality VPS. However, if you trade more than 15 lots in that month then FC Markets will sponsor the cost of that VPS.
Lexatrade strives to offer not only the best technological solutions but understanding the necessity of good quality customer service and support. The broker support available 24/7 and runs customer offices in various regions, so that all global is covered with Lexatrade available to answer or assist teams. Various payment methods will process withdraw money in its defined time, while Lexatrade accounting team confirms transactions quite quickly within 1-2 business days. Leverage is known as a loan given by the broker to the trader to enable trading with a bigger capital and increase potential gains. In the case of Lexatrade, the broker is incorporated in Australia it does its service regarded by the Australian Securities and Investments Commission license . In addition, Lexatrade runs a regulated entity in Cyprus, therefore officially and legally operating trading service for European clients.
When we reached out to them on their live chat, we had to wait for a total of 20 minutes to first be connected to their support agents. When we finally did get in contact with an agent, they were not that knowledgeable. If you had not initially completed identification and submitted KYC documents when funding then you will have to do this before they will authorise your withdrawal request. As is the case with funding, they will only send to an account that is in your name. You can use most of the same methods that you have used above in the funding. The fastest of these are probably through a web wallet if you used it.
These will differ in the types of spreads you will be charged, the platform that you will use and the subsequent assets that you can trade. As is standard with Forex brokers, you will also be charged a standard swap rate. This can be considered an “overnight” fee that is charged to finance your positions. You can see this swap rate in the platforms before you enter the trades. Lexatrade charges both commission fees and trading fees depending on the account chosen by the trader.
As a result, they turn to automated forex trading. The minimum deposit at Lexatrade for all three account types is $200. It is slightly higher than most brokers but within a reasonable range. I think the trading environment warrants it.