LexaTrade Broker Review 2021
I put a withdrawal request in with USG 8 months ago and have received nothing. It is not just me, I know of numerous people who are in the same boat as me and are not getting their funds released. LexaTrade UK only accepts bank wire transfers and card transactions. Before a withdrawal request is processed, the client must be completely verified using KYC eur usd procedures. Displays the price quotes of all tradable assets in real time via the market watch window. Union Standard Group is an Australian investment firm that provides access to trade forex and CFDs under the brand name ‘LexaTrade’. The brand began operations in 2005 and is headquartered in Sydney, Australia with subsidiaries in London and Asia.
I try deposit there no GBP and i got pay fee likely £60 no reason. I request BTC wallet and nothing and fee charge like £113 without single trade I lose almost £200 for nothing, more or less this a scam and WORSE broker i know see trading career. Whilst most of our data has been verified directly from these brokers, it can occasionally vary. We are not responsible for incorrect or outdated information within our online trading broker reviews and you should confirm all data directly with the broker. Rates, terms, products and services on third-party websites are subject to change without notice.
- I lost all I had not to mention the countless bogus charges.
- This can be useful, but it is essential to discern what a proper bonus is.
- This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted.
- Let other traders know if this service is worth checking or should be avoided.
- So, the hostage situation was their way of obtaining compensation.
- It charges commission and swap and spreads differences as its fees.
ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations. “We are currently undergoing a regulatory transition hence the withdrawal time will be prolonged. Contacted them a few times via Live Chat- the reply is all robotic. Copy and paste templates on sorry for the inconvenience, and how they will escalate the issue and account manager will call me.
Forex Broker Ratings
In addition, LexaTrade covers all deposit fees while withdrawals may require some fees, alike credit cards are eligible for 3.5% fee or Skrill, Neteller method will add on 1.5%. The features offered on both platforms are slightly different. It has a segregated client account with the Commonwealth Bank of Australia for the client deposits. It operates with high trade confidentially and protects the negative account balance scenario though this option does not apply to DMA & CFD. Though the spread price is based on the future price the broker has the discretion to control it. Metal trading with LexaTrade depends upon the kind of account operated by the trader.
Even with a minimum deposit, it allows access to the trading platform of the mini account. To trade in other accounts, a higher deposit amount is needed.
This Is A Fraudulent Company
See below, the associated spreads, minimum deposit amount, and maximum leverage featured for each account. The LexaTrade trading brokerage primarily offers the trading of Forex, but also offers the ability to trade CFDs on Indices and Commodities. As for the Forex markets, traders have access to over 50 currency pairs including Majors, Minors, and Exotics currency pairs. Unfortunately, there is little information provided for the Indices and Commodities markets, but we can assume the tradable assets offered here are limited as LexaTrade focuses primarily on Forex trading. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.
By filling the form you have taken the first step to recover your money. This is a rating of how quickly the forex site processes withdrawal requests, plus how quick and helpful their support services are. Trading costs such as spreads, commissions and overnight funding rates vary depending on the instrument being traded and account type opened but are covered further down this review. This means that a majorly of the traders at LexaTrade are losing money in suspicious ways. We also notified FX traders that Sasso’s EuropeFX was an apparent scam hiding behind a LexaTrade trading license.
Scammer Service Use: Otherlength Of Use: 3
They are headquartered in Sydney and are licensed and regulated by the Australian authorities, the Australian Securities and Exchange Commission and Australian Financial Services. LexaTrade seems to be heavily invested in being a reliable and trustworthy Forex brokerage and their customer support services are extensive.
However, LexaTrade UK only accepts bank wire transfers and card transactions. No deposit fees are charged, whereas withdrawal charges and transaction processing time depend on the payment method used.
Before you start trading, you need to submit certain documents for operations of a different kind of account. This step is like step 3 with more elaborate details on financial services information. Union Standard International Group Pty Ltd is regulated by the Australian Securities & Investment Commision . Affiliation to ASIC makes sure that the brokers are following the regulation and guidelines of the statutory body. The broker does not offer its services in countries like Japan, United States, North Korea etc.
This page may not include all available products, all companies or all services. The December 2019 court orders were applied to lexatrade official site the LexaTrade Corporate Authorized Representatives. The asset restrains order against LexaTrade assets was, however, later vacated.
But you can benefit from the educational services of USG UK related to trading psychology and technical analysis. If users have any queries while setting up their account, they can get in touch with the customer service team via live chat support, email or phone available 24 hours. LexaTrade offers a demo account option to its clients based on LexaTrade reviews.
Indices trading has extra commission charges on and above the spread and swap. The affiliation of Union Standard Group Pty Ltd to ASIC makes sure that the forex brokerage company has the transparency in its working. These programs include seminars and webinars by a senior analyst and other expert advisors. Forex trades could be done by gathering all market related information at one place on a Traders Club platform with knowledge of proper standards and proper market tools.
Many insights and analysis from signal providers are available. It is one of the fastest forex platforms available in the trading world. It is 12 times faster in execution with a capability of 10 fold latency reduction. It has a high latency reduction rate due to optical fiber connections with interbank servers of London and NewYork. This networking provides high-speed one-click trading to the investor using the trading platforms. Clients need to provide their bank details, and a verification process has proceeded for authentication.
LexaTrade has partnered with ‘Trading Central’ to bring its services to its clients. ‘Trading Central’ is a trusted financial research firm that provides expert analysis on a wide range of financial instruments. Upon subscription, clients will receive daily technical reports through email. LexaTrade clients with live accounts will also have access to Trading Central’s online technical research web portal. The articles focus on the detailed technical analysis of various assets. Also available to live account holders is the Trading Central MT4 plugin. This enables the streaming of the latest market news direct to the platform.
But this round the agent asked to check with If the client support is still not able to provide any resolution, I will take note on the instructions to invite the company next. LexaTrade offers over 60 trading instruments to trade online via the MetaTrader platforms which are used by millions of traders all over the world. The broker asserts that it will always trade with you, never against you.
If they still operate, then there is a reason, and most likely it is due to the fact that they offer comfortable trading conditions. There were some delays the first and the second time, but lexatrade later everything has gone smoothly. Again, the broker is far from ideal, and there are better offers and I trade not only here. It requires a minimum deposit of $100 only to begin trading.
Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information stock exchange we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.
A demo trading account can be a good way to practice your trading strategies and test the various trading platforms offered. This is a personalized trading course facilitated by LexaTrade senior analyst; Rob Clayton. The course is designed to transform new traders to pro traders. Clients are taught to master effective strategies and proven techniques for successful forex trading.
What percentage of your initial deposit the broker will give you as a bonus. Forex TV where users can tune in for live market commentary from the floor of the New York Stock Exchange.
We are great believers in helping our clients grow and prosper as traders. As standard, users will have to verify identity and address by providing relevant documentation. These can be uploaded in the client portal area once the application process has been completed. From this area, users can deposit and withdraw funds, manage different accounts and access different trading tools and tutorials. You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews.
You can decide for yourself if LexaTrade is a good broker for you or not by reviewing the criteria. In general, LexaTrade provides trading service in Forex , Gold & silver and CFD . As for the payment methods, you can choose between Credit/debit cards, FasaPay, Perfect Money, UnionPay, VoguePay, WebMoney and Wire transfer. The customer support is available Electronic trading platform via Callback, Email, Live chat, Phone and Web form. LexaTrade charges their traders zero commissions on all traders and rather generates their trading fees through the spread. The spreads imposed are dynamic as they are dependent on the account level of the trader. Overall, we found the spreads to be quite high compared with industry standards.