What to Expect from This LexaTrade Review
This review is a result of months spent testing all the offers and services that the LexaTrade Forex broker makes available to its clients. The methodology employed had been exhaustive, involving all possible avenues for examining the capabilities of the brokerage.
The LexaTrade review team believes that this is a pointed and well-informed assessment of the firm. In addition, this review looks into allegations surrounding LexaTrade as being a scam and a fraudulent entity. To the best of their efforts, the team strives to scrutinize these claims through objective lens, foregoing any possible pre-conception influenced by hearsay or published material online. For what it’s worth, this review had read some of the latter to evaluate where the opinions about the LexaTrade Forex broker are actually coming from.
Initial Findings
Upon search for other reviews on LexaTrade, the team had found out that the brokerage had actually been tagged with phrases such as “LexaTrade scam” and “LexaTrade fraud”. These allegations, while dispelled by others through counter-claims and arguments should not be taken lightly. There is reason to believe certain claims against LexaTrade are in part due to the lack of pertinent information within its own website, specifically its year of founding. The disclosure of such could have established LexaTrade’s years of tenure, experience, and reach, thus inviting potential clients to enlist the services of the firm.
On the other hand, the review team appreciates the fact that the LexaTrade Forex broker posted the regulatory body that it operates under. The International Financial Market Relations Regulation Center (IFMRRC) sanctions all of LexaTrade’s trading activities under a clear license number within the Swissone Group Ltd., another legal entity in the Maxi Markets group of companies. Much like the other trading firms under Maxi Markets, LexaTrade operates within the Grenadines. It could have been better however, if the developers of the site placed name of the financial authority in a separate inner page, not at the footer of the landing page as it appears very tentative and hard to find.
The Good
The LexaTrade Forex broker makes a number of trading instruments available to its clients. The provision of these financial tools adheres to industry standards, with the firm trading usual industry favourites namely, Indices/Shares, Commodities, and Foreign Exchange currency pairs. Suffice it to say, the traded tools, being of mainstream status make for lucrative trading conditions.
Procedures performed within the brokerage are also transparent. Transactions are handled with ease through the firm’s provision of MetaTrader 4 (MT4). Sophisticated yet highly-intuitive, MT4 had proven to be an industry-favourite for its numerous trading tools and indicators. The functions are easy to use with its neat interface.
As the LexaTrade Forex broker operates under the Maxi Markets umbrella, it also provides the xCritical Trading Platform which had garnered positive reviews from the online trading community. These reviews allude to the quick execution of trades done through the platform and its user-friendly interface.
The Not-So Good
Not unlike its brokerage predecessors, LexaTrade offers 5 types of accounts:
- Start Account
This account is opened through a minimum deposit of $250. For this amount, clients are given a 30% bonus and allowed to trade fiat currencies, cryptocurencies, and commodities. The account adheres to the standard speed of withdrawals. In addition, clients are given WEB platform trading.
- Silver Account
Quite a high jump from the Standard Account’s minimum deposit, the Silver Account requires a deposit of $3,000. For this amount, clients are given a 50% bonus, a 30-minute account analysis session with a Financial Expert, 1 trading technique, access to trade Forex Currencies, Cryptocurrencies, and commodities. Much like the previous account, the Silver Account follows a standard speed of withdrawals and has provisions for WEB Platform training.
- Gold Account
The Gold Account can be opened for $10,000. Here a trader is availed of the same basic receivables. The only obvious departures are its bonus of 70%, withdrawal speed at medium priority, the increase to 1-hour’s worth of trading analysis with an expert, the MT4 platform, webinars on major economic events, and the one-time communication with a VIP analyst.
- Platinum Account
For a deposit of $50,000, the standard offers are already present with an addition of 2 hours of consultation with a financial analyst, all available advanced trading techniques, half of the training course, a standard passive income, and low spreads.
- VIP Account
Apart from the previously mentioned offerings, the VIP account avails its clients VIP webinars, a certificate for attending the full course on trading, customised schedule for the financial analyst consultation, and invitations for investor conferences. All these for a deposit of $100,000.
Among the Maxi Markets firms, the accounts under LexaTrade are obviously the most costly. The review team is actually on the fence in this aspect as there are a number of offers that these accounts provides for LexaTrade clients whilst requiring clients really high costs. These, for the unpredictability of the market and all trading endeavours in general might be a little too much.
The Bad
As already mentioned in the introduction, the firm had received tags such as “LexaTrade Scam” and “LexaTrade Fraud”. Organic search for such testimonies render little to no solid evidence. Being alleged as tricksters and swindlers, the LexaTrade review team expected that there would be actual, withstanding litigation filed against the firm, especially with it being licensed under a legitimate financial authority. But the only reviews that the team had found were the ones disputing these claims, subscribing to the possibility that these have been filed by competitors or former clients who simply did not know how to handle their trades well.
The Takeaway
The points raised through this LexaTrade review point toward the recommendation of the firm’s services. Throughout the review team’s examination of the capabilities of the LexaTrade Forex broker, the only thing the team had found to be off is the cost of each trading account. The team recommends that the firm re-evaluate their costs and implement better fee structures. Through the re-alignment, more traders would be attracted to enlist their services.
