Forex can be simple to understand – you trade one currency for another one – it’s accessible, open 24/5 – and with $5 trillion of daily trading volume it’s really dynamic. This is why Forex is a favorite amongst both novice and advanced traders. Your trade will be opened automatically when the rate you set is reached.
- They make trading moves on anything below the 4hr chart difficult.
- Easy Markets offers the LexaTrade platform and MetaTrader 4 forex trading top platform.
- They do not charge fees but they do apply a spread although I consider it a high spread.
- There are also live online webinars, some of which show the MT4 platform in action in the hands of an expert trader making live trades in the currency market.
- Correlation Trader – to assist traders with finding similarities and differences between different markets.
- As LexaTrade points it out, both deposits and withdrawals are completely free of charge, making it sure that you’re getting exactly as much as you’ve transacted.
Lawrence has served as an expert witness in a number of high profile trials in US Federal and international courts. The LexaTrade trading platform is known for its innovative features, including its proprietary dealCancellation tool, and its emphasis on transparent pricing. What these licenses ensure is that your money is protected with some of the most sophisticated fund protection mechanisms, be it negative balance protection, account segregation, etc. Therefore, it’s pretty safe to say that LexaTrade is far from a scam. And as expected, LexaTrade features not one, but two financial licenses from Cyprus and Australia. These regulatory materials ensure that when you make a deposit on this platform, you’re as safe as it can get.
ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC’s authority and scope were determined by the Australian Securities and Investments Commission Act, 2001. LexaTrade offers 103 currency pairs, 3 cryptocurrencies, and 52 stocks and shares. This includes 300 currency pairs, 27 cryptocurrencies, and 400+ stocks and shares. Are you trying to figure out which is a better broker, NAGA.com or LexaTrade? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that LexaTrade is the better of the two. LexaTrade offers 200+ instruments, licenses from CySec, ASIC, and fair trading fees.
As the table above highlighted, two of the most popular contact methods are the phone and live chat. Live chat is not offered by all the forex broker and is ideal for short questions relating to traders. Our LexaTrade review found that customer service and training were the two key strengths of the forex broker. Fixed spreads mean that you will always know what the difference is between the buy and sell rate for currency pairings (eg AUD/USD). The provides certainty that you know the fees of every transaction, unlike most other brokers whose fees will vary depending on the market.
What Is LexaTrade?
It’s offered at no extra cost too, so no matter which account you have, you can benefit from it. It is also worth noting that, in line with their ‘honest’ trademark, LexaTrade does not charge any commissions on trades, deposits and withdrawals. You can open a live trading account with LexaTrade for free within 3 minutes. With no fees applicable to any of these methods, the key factors of which method comes down to convenience for the forex trader and the deposit processing times that vary considerably. Overall, LexaTrade platform is easy to use, doesn’t require a download and is ideal for new to currency trading. Another positive aspect found when completing the LexaTrade review was that there are no charge or any fees on withdrawal requests.
Premium account – Minimum deposit of $2,000 and fixed EUR/USD spreads from 1.4 pips. As well as enjoying the same benefits as a standard account there are a few extras. Lastly, LexaTrade also offers the always-popular MT4 platform. Here, you can use robots and EAs and benefit from one-click trading opportunities. It also offers a range of indicators and analysis tools, trading templates, and multiple order types.
This strong reputation is why our review team feels confident that LexaTrade could be the broker for you. It should be noted that the broker previously offered different leverage options, so it’s worth closely monitoring the leverage available at any one time. Leverage will amplify any movements index options within currency markets which are generally modest. This means that small movements can lead to big gains or losses. Risk, therefore, is the central outcome of leverage, so understanding your level of forex trading knowledge and risk appetite is critical when factoring in this variable.
The first main regulatory material we came across is from the Cyprus Securities and Exchange Commission . Obtained in 2007 with a license number 079/07, the CySEC license definitely acts as a safeguarding mechanism for LexaTrade’ clients. Regardless of some suspicions about its credibility, the license is still part of the EU-based MiFID directive, which additionally enforces strict financial rules and guidelines. After the company background, it’s time to move to more significant aspects of our review, starting with LexaTrade’ regulation. With closer inspection of the broker’s licensing measures, we can easily find hidden and other details that don’t fit in the whole image. FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
Trading accounts can be set up with as little as $200, which comparatively is extremely affordable. Customers also are quite fond of the multitude of payment options and fast payouts, citing very few issues or difficulties. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. As a market maker, they are able to offer guaranteed stop losses and negative balance protection.
I’ve noticed brokers like Oanda, FXCM, Dukascopy have their stops levels at zero . I would rate this 4.5 stars simply because the core trading options were not explained on the tutorials so I ended scammed by lexatrade up losing $200 even though my trades made a profit. But since they gave me a $300 signup bonus, the loss wasn’t really out of pocket so I guess I will give them the extra star for a 5 star review.
Founded in 2001, LexaTrade is regulated in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading. Experience a more serious trader level, which gives you access to professional trader capabilities and features. Our innovative trading platform requires no installation and is available for trading instantly, with one of the quickest trading activation processes in the industry. All content on the brokersofforex.com is provided for informational purposes only and shall not in any way be regarded as financial advice. Brokersofforex.com and persons associated with brokersofforex.com disclaim liability for any loss resulting from the use of information contained on this website. Used names and trademarks belong to their respective owners and are used for informational purposes only.
Use it with FreezeRate, free guaranteed stop loss and take profit. Trade with no slippage, no renewal fees and of course you can use free guaranteed stop loss and take profit. LexaTrade provides various educational materials and tools to help their clients stay informed and make the right decisions.
LexaTrade Vs LexaTrade Deposits And Withdrawals Conclusion
Clients have the opportunity to buy ‘protection’ against unfavourable deals when commencing a trade position. LexaTrade Electronic Communication Network Broker this is why their spreads are tighter. This type of broker allows you to trade directly with liquidity providers with no interference from the broker themselves. This means spreads quoted are lower because prices are obtained directly from the liquidity provider with no human intervention. ECN brokers charge a commission for each trade so rely on trading volume for earnings. Nevertheless, if you prefer to use the most popular software MetaTrader4 it is welcomed also with the great trading conditions and customer service equipped together with Trading Central news and analysis.
LexaTrade has a great deal to offer beginners when it comes to the world of Forex trading. There is also an online learning center, a demo account, and one-on-one training for new customers. LexaTrade is an award-winning forex and CFD broker which launched in 2001. It entered the market as the world’s first web-based trading platform and has since grown to serve traders from over 160 countries. While its main office is located in Limassol, they also have offices in Sydney and Shanghai. LexaTrade has become one of the most respected forex brokers, because it offers a well-established security structure, bolstered by licenses from both ASIC in Australia and CySEC in Europe.
Users who make a first deposit between £200 and £1000 will receive the full 50% bonus. Over 300 markets to trade, with tight spreads and multi-device support. lexatrade official site A trader with a LexaTrade account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Cryptocurrency , Options and Indices.