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Through the years the broker became bigger and bigger and started to work with international clients from Europe and China. It is one of the brokers with one of the best trading conditions. LexaTrade customers can get in touch with the broker’s customer support team via live chat, email, and phone. Unlike IC, no 24/7 assistance is provided, with traders Currency market only able to contact LexaTrade 24 hours a day, 5 days a week. Additionally, the broker’s website provides a comprehensive FAQ where many common forex trading queries are answered. With advanced automated trading tools , extensive charting tools and CFDs including Shares, MetaTrader 5 offers the best features when compared to MetaTrader 4 and cTrader.
- More than 50 different indicators are available in the platform.
- Of course, you can program your own, create quality backtests and automate your trading.
- Others have Metatrader 5, and ICM markets additionally have cTrader.
- Traders will conduct all financial transactions from the secure back office.
- They are required to meet stringent conditions before they are licensed.
- Outside of these features, our LexaTrade review found the forex broker doesn’t offer advanced research features such as new headlines and pattern-recognition tools.
Like all leading forex sites, LexaTrade offers you the chance to use multiple different trading platforms. LexaTrade is one of the few trading platforms lexatrade reviews that has a set minimum that doesn’t change across all of its accounts. LexaTrade commission and spreads depend on the type of account you choose.
A $7.0 commission for a 1 Lot trade is reasonable, as many other leading brokerages will charge similar commissions. LexaTrade offer an even greater range of funding methods than LexaTrade, with an impressive 15 funding options available. Although LexaTrade traders incur no fees when making deposits and withdrawals, accepted currencies and processing times vary between payment method. As an LexaTrade customer, you can choose between MetaTrader 4 and MetaTrader 5, with the main difference being the CFD product range available to trade. MT4 is a great option for those wanting to focus on index, metals, energies and forex trading. Yet, if you are interested in trading shares with LexaTrade, you will need to use MT5. Similar to an ECN account type, IC’s Raw Account provides access to institutional-grade pricing with minimum spreads starting from 0.0 pips.
LexaTrade publishes a broad scope of up-to-date market analytics and excellent educational material covering a wide range of subjects for beginner, intermediate and advanced forex traders. LexaTrade lexatrade forex broker Ltd is regulated by the Securities Commission of the Bahamas . The Commission is responsible for regulating and overseeing investment funds, securities and the capital markets in the Bahamas.
Local customer support is available from their Sydney office at Level Kent Street Sydney, NSW 2000. CFD traders can reach them through different channels like email, Skype or by phone. Their Sydney response time is within 15 minutes based on our enquiries with the most complex issues solved within a day. Overall, IC is an ECN-style broker which means faster execution speeds and lower spreads, yet does not offer the extensive risk management features that market maker brokers offer. You can view our comparison with LexaTrade to compare an ECN broker vs market maker broker.
LexaTrade Vs LexaTrade: Tight Spreads Save You On Trading Costs
This table shows a comparison of maximum leverage provided by each LexaTrade entity for a snapshot of products. You can open account by submitting your 2 KYC documents i.e. your ID proof & Address proof. One thing we dislike, is that LexaTrade does not offer Negative balance protection. We do recommend LexaTrade, as they are a very reputed broker with low & transparent fees. Overall, IC Market’s support is pretty decent compared to other brokers.
Some special trust accounts are created so that they are connected to some trustworthy Australian banks. The platform is great for trades that you do not want to be matched with markers in the market. Trades are executed very fast, and the platform has extremely low spreads. Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds. The Financial Services Authority of Seychelles is authorised and regulated by LexaTrade.
There might be minimum requirements depending on the payment method. Some methods, such as e-wallets, generally have low minimum deposit requirements, meaning you can usually top up as little as $5 or a similar amount in your local currency. The LexaTrade trading brokerage does not miss the mark in offering their clients a wide range of trading instruments and assets. Overall, LexaTrade truly takes trading up a notch with its comprehensive tools, additions, and extensions to the trading platforms. These extensions include a one click trade module, trade risk calculator, spread monitor, and advanced order types, which was not available onMT4. Nevertheless, clients can still trade throughMT5, which is an updated and improved version that is filled with new features, as an option. Spreads on EURUSD average at 0.1 pips for twenty-four hours for five days, which is considered the tightest average EURUSD spread on a global account.
You’ll be happy to know that cTrader is available for web traders and Algo traders. The Raw Spread Account has 64 currency pairs and CFDs trading. The server for this account type is located in New York and provides users with the speed they need, in terms of execution. It is also important to know the server’s location, so you know which one to connect to when on MetaTrader. This account is best for traders who like to employ expert advisors and those who prefer scalping. Because they allow all trading styles, you will not be restricted to some trading methods. There is a provision for those who would like an Islamic account.
The data centre ecosystem houses 600+ firms, ventures, exchanges, market data, and services from which a trader benefits. Account types are some of the reasons why brokers are different.
As a true ECN forex broker LexaTrade trading costs – spreads and commissions – are low. LexaTrade is an ECN trading environment supplier that provides true spreads of 0.0 pips from liquidity suppliers across 60 forex pairs from over 50 different banks and dark pool liquidity sources. For high volume traders, scalpers, EA traders and robots that can enjoy no dealer desk without price manipulation, LexaTrade is a choice.
The commissions per trade in Forex are another 50 cents cheaper. Also, cTrader gives you a better insight into liquidity than MetaTrader. The stocks are traded via CFD, but dividend payout is also available. I find the account opening process at LexaTrade among the best I have encountered. It takes less than two minutes, and LexaTrade does not ask unnecessary questions. Traders may use their Google or Facebook accounts to complete the first step. Account verification remains mandatory, in line with KYC/AML requirements.
Founded in 2007, LexaTrade executes over 500,000 trades per day, of which 60% are algorithmically-driven, totaling more than $15 billion in daily volume. For clients of LexaTrade in Cyprus, the Investors Compensation Fund can protect eligible retail clients in the unlikely event of bankruptcy, for up to 20,000 euros per account held by LexaTrade EU. LexaTrade appeals primarily to algorithmic traders that use the MT4, MT5, or cTrader platforms, and who need agency execution coupled with competitive spreads and low commissions.
New clients usually satisfy it by submitting a copy of their ID and one proof of residency document. LexaTrade does not offer bonuses or promotions, but I find the trading environment superior to incentives. I view it as a bonus that does not require additional incentives to attract new clients. The LexaTrade blog offers traders high-quality research and trading ideas. It consists of six categories, and I recommend the Fundamental Analysis and the Technical Analysis, which are excellent reads. The WebTV by Trading Central adds value to the research section at LexaTrade.