LexaTrade is an online financial services company thats been providing superior and transparent trading services to all traders across the world in the trading markets. LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares. LexaTrade is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC). LexaTrade is purportedly operated by a company that claims to be registered in an offshore jurisdiction.
- And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds.
- The combination of limited regulatory oversight, mixed customer feedback, and potential issues with fund security presents a concerning risk profile.
- You can choose which assets to trade, including the biggest and most popular ones.
- We aren’t the biggest fan of the huge jumps between the sums you need for different account types.
- There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
If you are interested in trading CFDs, you can take a look at our best CFD brokers for some options. Jefferies maintains a ‘Buy’ recommendation for Kfin Tech with a target price of Rs 1,460 per share. The company is expected to see a 20% annualized profit growth and a 30-35% growth in international business in the next 3-5 years. Only through IFSC-authorized brokers, and subject to eligibility and compliance norms.
What are the different Forex Session Times in India?
The lowest tier, known as the “Start Account,” requires a minimum deposit of $250, which is relatively accessible for new traders. However, as traders move up the account tiers, the minimum deposits increase significantly, with the VIP account requiring a hefty $100,000. The remaining few were negative ones with an obvious goal, which is smearing LexaTrade’s reputation. Other negative reviews listed on TrustPilot also detailed circumstances that unfortunately happen in markets but do not fall under broker’s control.
- LexaTrade offers a variety of trading accounts with varying features and minimum deposit requirements.
- PipPenguin makes no guarantees regarding the website’s information accuracy and will not be liable for any trading losses or other losses incurred from using this site.
- A broker exhibiting all of these signs is highly likely to be illegitimate or operating in a way that is not in the best interest of its clients.
- Whilst we try to keep information accurate and up to date, things can change without notice and therefore you should do your own research.
- Lexatrade has five different account types covering budget and high-end options.
Customer Experience and Complaints
Legitimate brokers typically provide such information to build trust with their users. There are other platforms that claim to provide high leverage rates and attract users with joining incentives, but most of them aren’t registered or approved by the government. In April 2024, RBI issued an alert list with as many as 75 unauthorized entities involved in forex transactions.
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LexaTrade raises numerous concerns that seriously undermine its legitimacy as a forex and CFD broker. Using LexaTrade comes with a variety of risks that potential traders should consider carefully. The combination of limited regulatory oversight, mixed customer feedback, and potential issues with fund security presents a concerning risk profile. LexaTrade offers a variety of trading accounts with varying features and minimum deposit requirements.
Additionally, unregulated platforms—some of them outright scams—were luring Indian traders with promises of high returns. This led to thousands of retail investors burning their fingers in offshore schemes, pushing the RBI to crack down hard. Any app or broker promising access to exotic currency pairs or offering high leverage should be treated with caution—especially if they operate without an Indian license. One of the clearest indicators of a broker’s legitimacy is its reputation among actual users. LexaTrade has accumulated a mix of reviews, but the negative experiences tend to dominate.
The client’s depositing method must also be used when withdrawing funds to prevent financial theft. This is also a great security measure against online hackers who transfer client’s funds into their bank accounts and withdraw the money. However, there are too many norms and nuances related to it, which compels regular investors away from it and toward easier options like stocks, bonds, mutual funds, etc. This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to is lexatrade legal in india open an account is $250.
It depends, as most legal matters do, on the nature of the transaction, the platform used, and the currencies involved. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation. We do not provide financial advice, offer or make solicitation of any investments. Trading and investing in financial instruments comes with a high degree of risk and you can lose money.
The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. Zerodha Kite, Angel One, Dhan, Groww, and Kotak Securities are some SEBI-compliant apps. So, when someone asks why forex trading is illegal in India, the answer lies in the context of risk, not intent.
Which Forex Trading Apps Are Legal in India?
A client losing his funds from trading due to market circumstances is not a legitimate grounds to blame — LexaTrade cheating. You also have free access to paid webinars, a once-a-week communication with a VIP analyst, full-time stock trading, special offers, and a customized portfolio for the earnings season. This account is especially curated for professional traders trading in four financial markets. LexaTrade official site provides a brief overview of every financial market, prioritizing currencies, commodities, and indices/shares. LexaTrade ensures that their clients have sufficient knowledge about them before they begin trading. LexaTrade forex broker will give you a 70% welcome bonus and medium priority for withdrawals if you choose a gold account.
There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Live chat support was available at the time of our visit but a bit slow to answer. Overall this is a promising broker but a few tweaks here and there would make it a better one. Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker. That being said, they are very new at the time of this review, so there is time for improvement.
That being said, caution should be used anytime money is involved, with all brokers, old or new. Install ScamAdviser on multiple devices, including those of your family and friends, to ensure everyone’s online safety. Additionally, the lack of detailed information about the company’s headquarters and the year of establishment is troubling.
The structure of these accounts appears to encourage clients to deposit more money in order to receive better trading conditions. This tiered structure is a common feature among both legitimate and questionable brokers. However, the problem arises when the broker places excessive emphasis on larger deposits without offering proportional benefits or transparency. LexaTrade is one such name that has drawn attention in various online trading communities.