LexaTrade Forex Review

Read our full LexaTrade review to get exact details about their safety, accounts, spreads, platforms, assets, support, and much more. Our unbiased LexaTrade opinion allows our readers to decide whether LexaTrade is a reliable broker.

LexaTrade Forex Broker History

LexaTrade is a Forex broker that is registered offshore and offers trading services globally. The broker offers quite a few account types but lacks advanced trading platforms. Despite being out there since 2020, it failed to get licenses, and its website, while responsive, lacks many crucial details about withdrawal processing times and spreads on some of its accounts. The website is mobile-friendly, and it is available in two different languages. It also offers a live chat plugin for quick contact and support.

LexaTrade broker safety

Safety is paramount in Forex trading. LexaTrade does not hold any license, and there were several warnings issued by Polish authorities over the broker offering services without regulations in the country. LexaTrade targets traders across the globe as it is not regulated by any authority. The two offshore jurisdictions where the broker is registered are Saint Vincent and the Grenadines and the Marshall Islands. Since it is relatively easy to get licensed offshore and the broker did not care enough to get properly licensed, it could be a scam. As an unregulated broker, no one enforces safety features like segregated accounts and negative balance protection policies on LexaTrade, making it extremely risky to sign up for its trading accounts.

LexaTrade Broker Review of Accounts

LexaTrade offers multiple trading accounts, where most of the specs are unclear. Spreads are high, and there are no commissions charged. Let’s briefly overview each of them to define how competitive the broker truly is.

LexaTrade Start Account specs are as follows:

• Minimum deposit – 250 USD
• Maximum leverage – 1:200
• Spreads from – 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots
• Bonus – Up to 30%

LexaTrade Silver Account has even higher deposit requirements:

• Minimum deposit – 3,000 USD
• Maximum leverage – 1:200
• Spreads from – 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots
• Bonus – Up to 50%

LexaTrade Gold Account offers the following conditions:

• Minimum deposit – 10,000 USD
• Maximum leverage – 1:200
• Spreads from – Unknown
• Commissions – 0 USD
• Minimum lot size – 0.01 lots
• Bonus – Up to 70%

LexaTrade Platinum Account specs are as follows:

• Minimum deposit – 50,000 USD
• Maximum leverage – 1:200
• Spreads from – Unknown
• Commissions – 0 USD
• Minimum lot size – 0.01 lots
• Bonus – Up to 90%

LexaTrade VIP Account has the highest deposit requirement out of all trading account types:

• Minimum deposit – 100,000 USD
• Maximum leverage – 1:200
• Spreads from – 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots
• Bonus – Up to 120%

Overall, the broker is not competitive, and its conditions are not attractive. It has very high minimum deposit requirements, while spreads are also extremely expensive, making it both unreliable and unattractive FX offshore broker.

LexaTrade instruments

Despite expensive spreads, the broker offers a wide range of trading assets, including Forex pairs, commodities, indices, crypto pairs, and even stocks. The spreads are high, but leverage is competitive. Since the minimum deposit is high, it becomes extremely difficult to start at a low budget, making the broker unattractive for traders even though it offers various asset types.

LexaTrade Reviews of Trading Platforms

LexaTrade provides access to its custom web trading platform, which is far inferior to advanced trading apps like MT4. There is no option for EAs or custom indicators, and the trading app is not mobile-friendly. This is a serious downside and makes it difficult to conduct proper market analysis. Mobile trading is not yet available properly, either, which is also a major drawback for this broker.

LexaTrade Forex Review of Extra Features

There are not many extra features offered by LexaTrade offshore brokers. There are market analysis tools, including an economic calendar and important information like trading hours, provided. However, no educational materials are available, and from bonuses, only deposit bonuses are provided. These bonuses start from 30% on the lowest tier account, and depending on the minimum deposit, can be up to 120% for VIP accounts.

LexaTrade Reviews of Customer Support

Customer support experience at LexaTrade is provided only via live chat and email, and there is no phone support option offered. This is a serious issue and makes it difficult to contact the broker if the trader experiences internet connection issues. The broker is not multilingual either, which is also a minor drawback.

LexaTrade Deposit and Withdrawal

There is only a list of payment options available on the website of LexaTrade. There are no details about fees for deposits and withdrawals or processing times. Although the broker promises faster withdrawals for its higher-end account, these claims are not trustworthy. Among accepted payment methods are Visa, MasterCard, several wire transfers, Skrill, and several other e-wallets. This is a serious red flag, as scams love to hide actual fees and withdrawal processing times, and procedures.

LexaTrade Review Conclusion – Can you trust LexaTrade?

LexaTrade is an offshore, unregulated broker with high minimum deposits, unclear spreads, and no proper trading platforms. While it offers a variety of assets and bonuses, the lack of transparency and licenses makes it a high-risk broker. Traders should be extremely cautious before depositing funds with this broker.

FAQs on LexaTrade

Is LexaTrade a scam?

LexaTrade scam is highly probable as the broker is based offshore and is not licensed by any reputable authority, and spreads and fees are not clearly disclosed, especially the withdrawal procedures.

What is the LexaTrade minimum deposit?

The minimum deposit starts at $250 for the basic account, and is significantly higher for higher-end trading accounts.

Is LexaTrade a cheap broker?

No. Spreads are high, and minimum deposits are significantly higher than most trusted brokers out there.