Lexatrade is a trading platform which acts as a CFD broker for a number of financial products and instruments, including cryptocurrencies, forex, indices, commodities, shares, options, and ETFs. It is also listed on the London Stock Exchange’s Main Market for Listed Companies, making it a safe and trusted service which offers a portfolio of more than 2,000 instruments. Read on to find out everything you need to know about Lexatrade. A bit of investment advice, CFDs are complex instruments and come with a high risk of losing money rapidly because of leverage. 76.5% of retail investor accounts lose money when trading CFDs and forex with this broker. You should consider whether you know how CFDs work and whether you can afford to take the high risk of losing your money.
Traders have the option to login through their Facebook or Google accounts. A copy of their ID and proof of residence is required to complete KYC norms as regulated by the financial authorities. A Lexatrade review shows that the commissions and fees structure of the broker is rounded off with third-party processing fees and a 0.3% currency conversion fee.
Where the company actually makes its money is through market bid spreads i.e. on the basis of price differences of the assets you are buying or selling. Lexatrade can be a perfect decision for less-experienced users as the platform is clear to make sense and intended to make the trading experience smooth and hasslefree. Lexatrade has a straightforward, simple-to-utilize mobile trading platform that is particularly well structured. Moreover, the account opening procedure is completely advanced and digital. Spreads are combative and Lexatrade has various innovative solutions like cryptocurrency CFDs. Concerning pricing, it offers few spreads that were priced competitively, while spreads on different sets are not. Lastly, Lexatrade is not an appropriate choice for high-volume or active traders.
24/7 live support is also available, embedded with the trading platform, which I recommend for any questions. Lexatrade offers email support but does not list a phone number. Since Lexatrade explains its products and services well and ensures flawless operations, I doubt traders will require customer support. Being a CFD broker without any direct market access protocols do result in a few disadvantages, especially when it comes to the Lexatrade spreads. The company requires a minimum of 2 pips spread on the major currency pairs, which is quite expensive. ECN brokers offer zero spread trading, but these days, market maker brokers have been seen improving their spreads to offer an average of 1 pip on the most-traded currency pairs.
It is a great opportunity for increasing money in the accounts of traders. The proprietary platform of Lexatrade, WebTrader, overall provides a rich and user-friendly trading experience.
Yes, you are safe to use Lexatrade for most of your CFD transactions. The platform does not only guarantee the safety of your information. The real-time alerts functionality on Lexatrade helps you to get both SMS and email push notifications when important updates are made in the market. The news and reporting goes a long way to bolster the formation of scammed by lexatrade trading decisions because a piece of negative news could trigger sell-offs while positive news could trigger buying opportunities. Lexatrade is an Israeli Financial Technology company that has since extended its base to different countries. Currently, the services are available in Singapore, Israael, Australia, the United Kingdom, and New Zealand.
Beyond just cryptocurrencies, Lexatrade offers CFD trading in several other markets, including shares, indices, forex, options, commodities, and ETFs. The full and updated list of instruments available on the platform is available on their website. A “Traders’ Sentiment” indicator is also offered by Lexatrade to show the percentage of the broker’s clients that are trading in specific instruments. Additionally, the site of Lexatrade also has a “Live Statistics” section to indicate the performance of instruments and CFDs in time frames of 5 minutes, 60 minutes, and 1-day. Critical aspects like news, research, and other advanced tools are all absent on the mobile app, and traders are denied the benefit of trading on the go to their satisfaction. 72% of retail investor accounts lose money in CFD trading with this provider.
If you understand the risk of trading derivatives like CFDs, Lexatrade is a great broker to get started with. The platform is intuitive and comprehensive, providing access to all of the asset classes offered by the brokerage. The demo account lets clients practice until they feel comfortable moving on to the real thing and video tutorials show how to use all features of the platform. If you’re outside of U.S. jurisdiction and want to test out CFD trading, Lexatrade is a no-frills broker with low fees and access to dozens of different markets.
How Do I Cancel A Lexatrade Account?
The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Lexatrade’s trading platform is also mobile compatible as apps for both iPhones and Android users. Under these all-given results, Lexatrade is focusing on those who are keen to take interest in trading without acquiring any additional or advanced functionality.
Lexatrade is for the individual that seeks access to a wide range of financial markets with low trading costs and a simple, functional platform on which to place their trades. When it comes to overnight funding, the fees are quite high on the Lexatrade trading platform.
Lexatrade Withdrawal Fees And Options
Lexatrade shines in the area of tradable instruments, providing access to over 2,500 leveraged financial CFD instruments. LexatradeCY Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (#250/14) and covers clients in the European Economic Area . Dan spent a decade in the trading industry in Chicago, where he worked as a floor clerk, broker and proprietary trader. He has also been a contributor to Forbes, Investopedia and FXStreet. A wide variety of markets and instruments to trade, with over 2,500 available CFDs. Lexatrade has created one of the most user-friendly platforms on the market, making it a great choice for beginners.
It is seen from a Lexatrade review that this financial services provider offers customer support 24/7. The UK subsidiary LexatradeUK Ltd and the Australian branch LexatradeAU Pty and those in other locations also provide around-the-clock service without a break. The website of Lexatrade covers thirty-two languages, and customer support through live chat and email is equally multi-lingual. Before trading CFDs, the account opened must be funded with a minimum deposit through bank wires, credit or debit cards, and PayPal as per the trading platform’s details. The minimum deposit required is 100 units of the currency that the account is linked with. The same method is followed for withdrawals, too, and is in tune with the industry standards set by other brokers. Regardless, Lexatrade matches its offer with a low minimum investment requirement of just $100.
Reading through user Lexatrade reviews, it’s obvious that people aren’t too excited to trade crypto coins on Lexatrade. That’s simply because, the platform being a CFD broker, it does not sell you any cryptocurrency – in other words, you work with prices, and not the actual crypto coins themselves. As you can probably imagine, there are quite a few negative Lexatrade reviews left by some users online, too. While the platform does have a good reputation as a CFD trader, when you touch the topic of cryptocurrency, things tend to get… A bit more difficult.
Information and materials are readily available on the website. The regulatory status of different subsidiaries is covered at the footer of each page. A User Agreement document is also available on the Terms & Agreements page. In our tests for the lexatrade scammers Trust category we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the size of the company and how transparent they are in terms of information being readily available.
The email customer support typically replies within an hour. The only potential downside here is that there is no phone support. However, the quality of the other two methods definitely makes up for it.
Well, at least not primarily – it’s an online asset trading platform. This means that, not counting crypto coins, there are plenty of other assets that you could trade, in the form of CFDs (gold, gas, oil, silver, etc.). Even though the bonus is not offered in New Zealand, the UK , and certain other locations, the bonus plan is valid and legit as per the laws of the country. Lexatrade offers this incentive to lure in more first-time deposits. This is when investors usually go for the highest amount even though many fail to build their regular trading CFDs account schedule.
On the other hand, there is aninactivity fee of $10 per quarter after 3 months of inactivity. However, you can get around having to pay the inactivity fee if you simply log in to the platform. At some other lexatrade forex brokers reviews brokers, you have to trade in order to not be charged an inactivity fee, logging in is not enough. We also compared Lexatrade’s fees with those of two similar brokers we selected, ActivTrades and Spreadex.
- As we’ve already noted, withdrawals at Lexatrade are free until the monthly limit is reached.
- If the sentiments lean more to the green side, it means that the crypto CFD is worth investing in.
- Portfolio Size – A financial instrument portfolio of at least €500,000 is required.
- This includes phone and desktop notifications, SMS, and on-site alerts and noises.
- Lexatrade is an excellent platform for traders that love to be in control of their trades.
Finally, you must prove that you’ve worked professionally in a relevant position in the financial sector for a year or more. Then, you must have a sizable portfolio of €500,000 or more, which includes financial instruments and cash savings.