LexaTrade Review 2024: Scam or Legit?

Summary of LexaTrade

LexaTrade isn’t your run-of-the-mill forex broker. It’s a zero-commission broker that allows access to spot commodities, stocks, and CFD-based cryptocurrencies, indices, and ETFs.

But that’s not where it really shines! Its major selling point is that it’s one of the few forex and CFD brokers with a highly detailed process and insight-led approach to trading.

With a rewarding referral program and a selection of trading-focused tools, LexaTrade earns a TB score of 6.7 out of 10.

I tried out the platform myself to see whether it’s worth considering.

Pros and Cons

LexaTrade allows you to set up desktop notifications and alerts for quicker market access.

Evaluating High Impact Factors

Trade with LexaTrade If:

• You’re looking for a sizable deposit bonus (bonuses on LexaTrade can go as high as 120% of the deposit value)

Don’t Trade with LexaTrade If:

• You prefer ECN brokers with the tightest possible spreads (high standard spreads are applicable for basic accounts, starting at one pip)
• You want to keep your fees low (LexaTrade even charges trading commissions for crypto pairs and stocks, making it a pricey brokerage firm)

Verified Office Address

LexaTrade has staff working out of a physical location at:

• Beachmont Business Center, Suite 39, Kingstown, Saint Vincent and the Grenadines

However, this address is more like a registered entity. Most of the workforce is scattered around the globe.

Security Standards

If you’re apprehensive about the security standards implemented by this forex broker, your worries aren’t entirely misplaced.

LexaTrade is regulated by the International Financial Market Relations Regulation Center (IFMRRC), a not-so-well-known financial body that lacks the requisite volume of oversights.

That being said, the broker boasts pretty detailed Know Your Customer standards and Anti-Money Laundering guidelines.

LexaTrade is also one of the few forex brokers to offer 100% insurance on the deposit amount or down payment.

But then, as you’d expect, there are a few conditions attached to this perk. Here’s a screenshot to help you understand what those entail:

Expert Opinion on LexaTrade

LexaTrade has mostly received negative reviews from users. Here are some testimonials for you to consider.

“Lexatrade is a fake forex broker because they don’t give the withdrawal the money, and Lexatrade RM always talks about the huge money deposit. But whenever you talk about withdrawal, will you always tell different types of arguments? Many of my colleagues have lost money with this.”

Deepak Sen, Trader: X

User Testimonial: X

“Lexatrade is a fraud. Don’t fall for it !”

Alok kaul, Trader and Coach

User Testimonial 2: X

Expert Review of LexaTrade

Despite the negative reviews, I wanted to give LexaTrade a fair shake. So, I opened an account and tested it out for myself.

I was pleased by the easy registration process and its attractive insurance guarantee. Diving deeper, I found a few more exciting things about this forex broker.

An Excellent Section of Tradable Assets

From spot Forex pairs to stocks to commodities, LexaTrade has a decent collection of trading instruments with which to work. Here’s a quick list of what it offers:

Notably, they offer 170+ trading instruments across tiers. However, commodity trading isn’t available to users with a “Start” account.

But the selection isn’t the only good thing about LexaTrade. You also get trading leverage staring at 1:20. The max leverage can go as high as 1:200, depending on the asset you are trading and your account type.

Multiple Account Types

LexaTrade offers five account types: Start, Silver, Gold, Platinum, and VIP.

The Start tier provides users with standard withdrawal priority, access to standard spreads, and a basic web trader. Above that level, you get access to a set of perks that are well-distributed among the tiers.

If you’re an aggressive trader who wants the help of a financial analyst, anything from the Silver tier to the VIP tier will meet your needs.

Plus, anything above the Start tier gives you access to more advanced trading techniques.

The more advanced features (webinars, trading resources, the academy, and access to a VIP analyst) are only unlocked at the Gold tier and higher.

Note that a standard Start account only lets you trade forex pairs and crypto CFDs. Top-level accounts are needed to access stocks, commodities, and other instruments.

Trading Resources and Access to Webinars

Sadly, I couldn’t access many of the educational tools, as LexaTrade locks most of them behind high-level accounts. This is part of the rationale for giving it a lower TB score for Educational Content – even if they’re good, smaller traders won’t be able to take advantage of these resources.

There are some aspects of the trading interface worth mentioning, though. With features like advanced charts and candlestick views, you won’t miss any trading signals.

The Signup Flow

Here’s a rundown of my experience signing up and creating an account on LexaTrade.

Long story short, the flow was surprisingly seamless given that this is a broker that follows stringent KYC regulations.

To get started, simply fill in your basic details and register. That will give you access to an account-specific interface, where you can complete the detailed registration process.

The next step is to deposit your funds so you can start trading.

You will, however, need to pass the KYC verification before you can withdraw funds. So, you should do this as soon as possible.

Here’s the KYC interface and the documents you will need to provide:

Dashboard

The features on your LexaTrade dashboard will depend on your account tier. I registered for the basic Start account and was given the standard browser-based trading interface.

MetaTrader 4 support is available, but only with the VIP account. To unlock it, you’ll need a deposit value of $100,000.

The standard dashboard’s interface is basic and minimal. You can see your account status with one click, which can also be saved as a PDF. You can also monitor your account activity if needed.

Deposits and Withdrawals

LexaTrade has fixed deposit minimums for different account types. For instance, you can fund the Start account with only $250, while the VIP will require a $100,000 deposit.

You also have a few payment options for depositing funds:

• Debit or credit cards
• Crypto
• Local payment options (in some regions)

Since I’m based in India, I managed to fund my account easily using UPI.

The same set of payment methods can be used for withdrawing funds.

There is, however, a $50 minimum for withdrawals, along with a 5% fee (unless you make at least five independent transactions, in which case the fee is waived).

Trading Conditions on LexaTrade

Besides the withdrawal fees, all you need to worry about are the spreads.

The spreads are floating and depend on the liquidity present for a specific trading pair — forex, crypto, commodities, stocks, or anything else.

LexaTrade boasts a zero-commission approach to trading forex (with some exceptions, see below). This makes it especially appealing to those who want to trade without worrying about costs at every turn.

Here’s a quick snapshot of the spread table to give you a better sense of the underlying charges on this platform.

While commissions are mostly absent from LexaTrade, some trades do come with a price tag, specifically:

• Stock CFDs: $3-$7/lot
• ETF CFDs: $3-$7/lot
• Crypto CFDs: $5-$10/lot

How to Start Trading with LexaTrade

You can start trading as soon as you’ve funded your account.

And while you have to set up and fund your account via the LexaTrade web interface, trading and account management can be handled in the XCriticial app.

Here are some of the app’s useful features, depending on the specific platform you’re using.

XCritical for Android

• Seamless account management
• Alerts and notifications
• Access to currency forecasts

XCritical for iOS

• Top-notch security standards
• The ability to monitor account balances
• Rapid trade executions

XCritical Web Interface

• Massive visual real-estate
• Access to 170+ instruments
• Risk minimization tools
• The ability to set price alerts
• Access to account status

Every interface allows you to open and close different trades, including market, limit, SL, and TP.

Useful Tools for Traders

As a reputable forex broker, LexaTrade packs a decent selection of tools on its platform. The ones I personally found helpful include:

• A dedicated spread table to help you choose the right account
• An economic calendar so changes in the market don’t catch you off guard
• Compound interest calculator for investment portfolios
• Insights related to expiry dates and trading hours
• Built-in Autochartist support for advanced trading insights

Investing Opportunities

LexaTrade offers a host of investment-related options for its more elite accounts. These include:

• Investment portfolios for available trading instruments
• Passive income opportunities through dividend-generating stocks
• Personalized VIP advice courtesy of a financial analyst

LexaTrade doesn’t offer copy trading, however. This can be a dealbreaker for traders who rely heavily on automation.

LexaTrade Affiliate Program

LexaTrade has a multi-tier affiliate program.

To get started, simply fill out a form and contact the LexaTrade team to get a bespoke affiliate link.

When new users sign up with your affiliate link, you can get up to 50% of their deposit amount as a commission.

Like all affiliate programs, this forex broker has a set of specific terms and conditions governing its referral system. Carefully consider each of these items before deciding whether being a LexaTrade affiliate is worth your while.

The State of Customer Support

LexaTrade allows users to connect with their support team through the following means:

• Livechat
• Phone
• Email
• Skype
• Submitting tickets through the site

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