LexaTrade has a wide range of funding options with its base currencies. You can easily deposit money from your bank accounts without any kind of cost. Deposits through credit/debit cards are instant, but bank transfers can trader take several days. LexaTrade are quite known for their simple Metatrader based low spread trading accounts. Their trading conditions are good overall, with multiple CFD trading instruments & high number of forex pairs.
Average spreads are amazingly low, just 0.1 pips for EUR/USD. On the cTrader platform, spreads can be decreased to 0.0, limiting commission and spread expenses for frequent traders. The Standard Account available through MetaTrader4, along with two other types of accounts available at LexaTrade, are set with a minimum deposit of $200 to start with. It does not charge any additional fees for deposits and they do not charge any fees for withdrawals.
Minimum Deposit Requirements
The broker also offers other brokers to send liquidity to them. Or you register as a partner with LexaTrade and recruit other customers. More than 50 different indicators are available on the platform.
The company was incorporated in Sydney, Australia in 2007 by a team of financial professionals who aimed to bridge the gap between retail and institutional clients offering trading solutions. 74-89% of retail investor accounts lose money when trading CFDs. You should ensure you are aware of the risks involved in trading and if you can afford to take the high risk of losing your money. If you are not concerned about the spread cost, the standard account should suffice. If you want the tightest spreads possible and the best bid/ask price quotes, you may wish to consider the raw spread account. LexaTrade do not charge a commission on Standard Accounts; instead, the broker adds a spread mark up to the prices received directly from their liquidity providers. The LexaTrade’ Raw Spread Account shows the raw interbank spread received from these liquidity providers, without any mark up.
This means if your equity dips beneath 50% of your used margin level, the platform will automatically liquidate the most unprofitable trades. So, if used margin is $1,000 and your account trades to $499.99 (49.9%), trades will begin to close. At this point you also have the option of depositing additional funds to increase your margin level.
While swap rates differ between currency pairs , all positions held open on a Wednesday night are charged triple swap rates. After reviewing these account types, we found that the cTrader and MetaTrader accounts require commissions per every $100K. But the Standard account LexaTrade does not require any kind of commission. All account types have a minimum deposit of $200 or an account currency equivalent. The Advanced Trading Tools suite features 20 exclusive trading tools for the MT4 trading platform. MAM/PAMM solutions support portfolio managers since 2012, and VPS servers are available with three providers. Myfxbook Autotrade and market-leader ZuluTrade cater to the needs of social traders.
In future CFD, you have access to 4 global futures to trade without any commissions. CFDs stock market are leveraged products and as such loses may be more than the initial invested capital.
Let’s traders compare correlation between two symbols, and trade emerging differences. A personal trading assistant which can notify the trader or even their followers on social media. For beginners, there are analyzes and video tutorials for the platform. Taken together, the support is pretty good because you always get professional help directly. However, you have to make a small smear, because there no support in every language. The support works 24 hours a day from Monday to Friday and is available via chat, telephone, or email. Personally, we are not a pro in using cTrader because we much prefer to use MetaTrader for my strategies.
You are required to open a trade account to start trading in LexaTrade. This platform is well-known for its easy account opening process. However, it does not allow making accounts from the US, Canada, and Israel.
The broker offers CAD, CHF, JPY, NZD, SGD, HKD, GBP, EUR and AUD as base currencies, regardless of whether you are signing up to a Raw or Standard account type. Unlike LexaTrade, FP Markets customer support is limited to 24 hours a day, 5 days a week. Phone, email and live chat contact methods are available, although the live chat function is known to be slow while providing irrelevant answers. Australian traders are provided with the additional option of visiting the broker’s head office, based in Sydney, Australia. A major benefit to trading with LexaTrade is that customer support is available 24 hours a day, 7 days a week. To get in touch with LexaTrade representatives, you can use phone, email and live chat contact methods, all which provide quick and efficient responses. Although commodities, indices and precious metals can be traded on MT4, the platform was initially designed to facilitate forex trading for retail investor accounts.
How Do I Deposit Money Into LexaTrade?
FP Markets and LexaTrade provide similar trading environments with tight spreads, commission or no commission account options, as well as fast trade execution with NDD interference. Yet, with the lowest spreads across all the fx pairs compared above, LexaTrade offers the best trading conditions and lowest spreads overall. Although FP Markets charges lower commission fees for certain currencies, this can easily be avoided by selecting the AUD or CAD as your base currency when you sign up to an LexaTrade Raw account.
Offering social trading on Myfxbook and ZuluTrade helps round out its offering to retail forex and CFD traders. One of the things I was really pleased to see at LexaTrade is that they offer PayPal as a payment method. This allows you to make instant, fee-free deposits and withdrawals. A huge feature lexatrade scammers of the trading platform is the ability to link to other parts of your portfolio too. One of my favourite parts of the trading platform is the fact that there’s a quick search function. The only significant difference is that the trading platform used is MetaTrader4 as opposed to cTrader.
- Please note, each deposit methods accept specific currencies, i.e, UnionPay only accepts the Chinese Yuan and Bpay the Australian Dollar.
- The trading platform MetaTrader offers a huge range of analysis and charting material.
- The company has three legal entities, licensed in different regions, including such reliable ones as Australia and Cyprus.
- There are over 50 different LPs with no dealing desk intervention so traders have direct access to raw spreads and execution speeds with no price manipulation, re-quotes or hidden fees.
- However, it does not allow making accounts from the US, Canada, and Israel.
- No detailed commission plan is shown on their website to attract their future partners.
Wire transfers and Bpay within Australia normally take one to two business days. For international bank transfers, you should allow up to three to five working days. Block orders can be executed with 1 click from the Master Account lexatrade courses scam with pre-set allocation methods. Thousands of accounts can be traded with 1 click and with virtually no additional latency. The allocation methods allow the software to act as a MAM, PAMM, or LAMM with several variations of each.
What Are LexaTrade Account Types?
The commission charged on the cTrader platform is $3 USD per 100,000 USD traded. The USD commission amount is converted to the base currency of an account at the current spot rate. For International Bank Wire Transfers, there is a processing fee of 20 AUD or currency equivalent that is charged by the brokers banking institution.
LexaTrade has a great mobile trading platform, we really liked its design and user-friendliness. After you download the MT4 mobile trading platform, you have to access the ICMarkets-Live server. Similarly to the web trading platform, LexaTrade offers MetaTrader 4 as a mobile trading platform. MetaTrader 4 is available for both iOS and Android, and we tested it on both. It also has an easy and fast account opening process, while depositing and withdrawals are free and user-friendly as well. LexaTrade is an Australia-based global forex broker that was founded in 2007. Although research and education are not LexaTrade’ strong point, the broker has room to build on its existing foundation.
LexaTrade Standard Account Fees
Trading on the go is possible via the mobile and tablet apps. This is useful for those who need to access their account and manage their positions whilst on the go from anywhere in the world where they have an internet connection. ECN technology broker allows LexaTrade to aggregate all of its LPs to build an order book which can sort and rank prices in real time to provide the best prices to its clients. LexaTrade are well known for low latency connectivity and superior liquidity.