Lexa Trade Review: LexaTrade, a forex broker licensed by Saint Vincent and The Grenadines authorities, is reviewed. Below is a detailed review of the features that lexatrade.com claims to offer. This review will answer the question: Is LexaTrade legitimate? Is LexaTrade good? This review includes information about its licensing, account types, leverages, withdrawals, and deposit options. You can read our review and see what other experts have to say on LexaTrades forex broker.
LexaTrade Trading Platform
We registered quickly and found out that the broker supports MT4 trading platforms with leverages up to 1:200.
High leverage is a double-edged sword. Traders can make huge profits if they trade in the right spot, but it also means that trader could lose huge amounts if that happens in the opposite. Broker leverages are limited by regulatory bodies. Unregulated brokers do not have this Capped leverage. If you come across a broker with leverage exceeding 1:3, we recommend caution, especially if it is new to the market.
Types of LexaTrade accounts
This section of the review will explore different account types that a broker may have. We examine the account and its deposit and leverage. This gives you a better idea of how a broker might operate.
We checked and found that the broker offers five types of accounts
Lexa Trade Deposit and Withdrawal Options
Because the ultimate goal of trading is to make a profit, withdrawals and deposits are the most important transactions. This section will examine these options to ensure everything is in order.
VISA/MasterCard, cryptocurrency – CryptoWallet and Bitcoin, ePayouts.
Keep in mind that bonus promotions may also have withdrawal restrictions. To be eligible for withdrawal, some brokers are fraudulent and require traders to trade at a certain volume. This is done to prevent traders from withdrawing.
Is Lexa Trade Licensed?
Another important aspect is licensing. We can trust that a broker licensed will not do anything fraudulent. This part of the review begins with checking the name attached to the broker. We then run this name through different regulatory bodies to determine if it regulates brokerage.
The broker claimed to be in Saint Vincent & the Grenadines. Saint Vincent and the Grenadines attracts unscrupulous brokers due to their lack of licensing laws and a regulatory agency. In the past, the government of the SVG stated that it doesn’t regulate forex trading.
This broker is not licensed.
Although SVG does not have a regulatory body, the government of Saint Vincent and the Grenadines recently claimed it was planning to reform the country’s CFD and FX regulatory grounds. Although we don’t know the exact date, we expect SVG to pick up where they left off and enforce a set rules for its broker’s firms. These rules are currently largely SCAMMERS.
For a better understanding on how brokers (both licensed and unlicensed), work, please read our review on Fxcryptomine. FTG Markets. Capital GMA. Kiexo.
Instead, trade with TOP-RATED BROKERS
Licensed in the UK (FCA), Dubai (DFSA), St Vincent and the Grenadines and Cyprus(Cysec), Cayman Islands
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Worldwide Acceptance of Traders
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Licenced in Australia (ASIC) & Cyprus (Cysec).
Worldwide Acceptance of Traders
Minimum Trade Deposit $100WordPress Pricing Table Plugin
Conclusion
This forex broker is not recommended. We are not impressed by the lack of information provided.
We would not recommend or advise you to trade with LexaTrade. They don’t provide any information about if they are a licensed broker. This leads us to conclude that they aren’t.
