Both the platform suites for MetaTrader and cTrader are available, and copy-trading platforms help to round out its offering. Overall, this year, LexaTrade is a top contender in our finest category of MetaTrader brokers. In 2007, in Sydney , Australia, the business was incorporated by a team of financial professionals who aimed to bridge the gap between retail and institutional customers offering trading solutions. LexaTrade mainly offers forex trading to its traders, but also delves into certain futures, indices and commodities choices. If you are an asset manager, broker, or introducing broker, LexaTrade is the right partner for you. The broker also offers other brokers to send liquidity to them.
During the SNB Swiss franc event of January 2015, it was business as usual for LexaTrade. It even elected to forgive negative account balances for 90% of its clients. They did this even though there was no obligation to do so, as forex traders are generally responsible for their negative account balances.
When the swap is positive, a certain number of points is accrued to the account, and when the swap is negative, they are written off the account. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. In nearly all cases this should prevent the account balance going negative. LexaTrade does not offer Negative Balance Protection and your loss may exceed your account balance. Please come back often as broker services are very dynamic and can improve or deteriorate rapidly. In April 2021 I made a new $ 200 deposit using a new credit card.
Trading platforms available include MetaTrader 4 and MetaTrader 5. I have personally used the cTrader accounts, the standard account and the raw spread account. My favourite is definitely the cTrader account purely because I love the cTrader platform itself.
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Rather, LexaTrade supposedly passes the raw prices to the trader. The broker is remunerated by charging a commission for every trade executed.
First of all, LexaTrade gives an opportunity for everyone to have free access to information. Surprisingly, you will not even be checked whether you are registered or not. That particular feature is always mentioned in any LexaTrade review you will find on the web.
LexaTrade: An Overview
The Standard Account has no commission whereas the Raw Spread charges a commission. In Standard Account, the spreads start from one whereas in Raw Spread Account is basically a zero-spread account. The first one being ‘Raw Spread account’ and the second one being ‘Standard Account’. Safety of funds & trading transparency is the most important part of choosing a broker. We asked day trading their support regarding bonus & this was their response “As a fully regulated Forex CFD provider, we believe that those are not best practices for new clients.” And we agree with it. Overall, the trading & non-trading fees at LexaTrade are very low compared to other brokers during our tests. Client accounts cannot be accessed by third parties i.e segregates clients funds.
As well as spreads and commission fees, trading costs can be increased by inactivity fees and overnight financing fees . 73.57% of retail investor accounts lose money when trading CFDs with this provider. This table is accurate at the time of writing this review and shows how much commission you will have to pay, corresponding to each account base currency. You get a lot more when you are on cTrader, including bypassing a dealing desk. The costs are lower, the risk control is high, and you get to pick how much leverage you want. The server at the London Equinix Centre makes LexaTrade able to execute orders very fast when clients are on cTrader.
With LexaTrade, all deposit methods are free of charge, regardless of how much you deposit. For withdrawals, every method is free of charge, except for bank wire transfers, where a 20 AUD fee, or the equivalent amount, is charged. Keep in mind that just because LexaTrade covers the cost from their side, there is always a chance your bank could impose fees on your side.
So, we will only focus on the specifics of their use on LexaTrade. The one thing that is missing is a proprietary platform with improved analytics for advanced users. The money is accrued to the debit/credit card within 3-5 business days, but in some cases it can be as long as 10 business days. The withdrawal application must be submitted in the personal account. According to the broker, Raw Spread Account is the most popular one among the traders. There are certain peculiarities of trading CFD on stocks via LexaTrade that need to be taken into account.
LexaTrade Forex Brokers Reviews
Interactive Brokers has developed their own trading platform, and it’s available to both Lite and Pro account holders – in the past, it was only available to Pro account holders. Thankfully, you don’t need to undergo identity verification in order to open a demo account, and you’ll find yourself able to access the site’s full range of investment options using the demo account.
As LexaTrade and LexaTrade both provide customers access to MT5, this round is a draw between the two online brokers. LexaTrade is a commission-free forex broker, while IC offers Standard and Tight ECN pricing accounts. Our forex team compared the LexaTrade vs LexaTrade to see who offers the better spreads, trading platforms, account and CFD markets. CFDs and trading in forex on margin, carries with it significantly high levels of risk and might not be compatible for all the investors. It is possible to lose some or all of your money and investment. Practice caution and see financial advice when unsure because what we offer here is NOT financial advice.
The Account types of the type brokers are explained in detail in the next section, but it is well worth noting IC and LexaTrade’s pricing structure. While both are top forex brokers, LexaTrade and LexaTrade provide different trading conditions. There is a large variation between brokerage costs from brokers, so looking at the broker’s spread costs is a good place to start.
For new and experienced traders (it’s always good to brush up regardless of your skills), there is an archive of previous webinars hosted lexatrade scammers by LexaTrade. Whether you are an active trader with LexaTrade or not, it’s worth staying informed about their regular webinars.
- A 2020 average spread comparison found LexaTrade has the lowest spreads of any regulated broker worldwide.
- It’s not great to be trading with an unregulated broker as they can manipulate prices, scam you and even not pay out your hard earned withdrawals.
- For one, the True ECN account makes micro trading possible.
- One of the things I was really pleased to see at LexaTrade is that they offer PayPal as a payment method.
- The minimum deposit at LexaTrade starts at $200 to open a live account, regardless of the account you choose, including the Standard, Raw, and cTrader account options.
- We estimated the level of commission for BTC trading as low, and altcoins as average in the market.
One negative I want to mention is that API trading is only available for cTrader, which only impacts a small group of traders. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based lexatrade official site LexaTrade Raw Spread account. Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click ‘Complaints ‘and ‘Correction’ to inform us.