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 Verfasst am: 20. Feb 2023 08:38 Titel: Lexatrade Review – Is it good, or is it a scam? |
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Lexatrade Review – Is it good, or is it a scam?
Lexatrade is new forex and CFDs brokerage that primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.To get more news about lexatrade review, you can visit wikifx.com official website.
For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there. It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional.
The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day. Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together.
The sectioning on the website confirms that idea. There are way too many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it. However, for a newer trader, the website may look too daunting. We wouldn’t be surprised if entry-level traders couldn’t find their way around and simply decided to use another brokerage.
As such, our Lexatrade review isn’t off to the greatest start. The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think.
Moving on to security, Lexatrade leaves a questionable impression. While the broker does have some decent safety conditions, its introduction left us skeptical.
Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. So the broker’s clunky website has us seriously concerned.
There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages. That’s especially true if the bonus goes as high as it does at lexatrade.com.
One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. Lexatrade holds an IFMRRC license. And if you’re unfamiliar with what IFMRRC is, we don’t blame you. Although we do daily broker reviews, we’ve never heard of it before.
IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators.
So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.
Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms. But on a hunch, we wouldn’t call the security excellent. It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully.
The Trading Accounts
Lexatrade has five different account types covering budget and high-end options. The broker uses a tiered account progression where each type requires you to reach a specific threshold. The cheapest option is $250 while the most expensive is $100,000.
Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. You can still trade with all the money you deposit. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach.
As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows. With the VIP account, it sits at 120% of your deposit. Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest.
The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts. It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. That means the accounts suit most strategies, and as such, can attract diverse groups of traders.
We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types.
Now, MT4 isn’t a huge upgrade over the default platform. Furthermore, it may not be an upgrade at all. But the fact that the broker locks such a crucial part of its service behind a paywall is distasteful. Still, that doesn’t take away from the solid account offer. |
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