PlexyTrade Review: Features, Pros, Cons, and More 2024!

PlexyTrade is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in Rodney Bay Gros Islet, Saint Lucia. The broker offers 100+ products in FX, Indices, Crypto, Commodities and Stocks. Being an unregulated forex broker enables PlexyTrade to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for PlexyTrade due to its competitive trading condition, high leverage, and lower minimum deposit. 

In this content, we will analyze and review PlexyTrade, exploring its features, pros, and cons. We will also answer the most common questions people ask about PlexyTrade. By reading this review, you will gain a better understanding of whether PlexyTrade is the right broker for your trading needs and preferences.

What is PlexyTrade?

Founded in 2024, Plexytrade is an online forex and CFD broker. It is an unregulated forex broker that offers 100+  instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Plexytrade is as high as 1:2000.  

Key Features:

• Trading Instruments: 100+ products in FX, Indices, Crypto, Commodities and Stocks 
• Trading Platforms: MT4 & MT5 & Mobile
• Minimum Deposit:  $50
• Maximum Leverage: 1:2000
• Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.7 pips for the  Micro account, $2 ($4 round turn) per lot for the Gold Raw account, and $1 ($2 round turn) for the Platinum VIP account.
• Minimum Trade Size: 0.01 lot. 
• Maximum Trade Size (Lot restriction per Ticket): 5 Lots 
• Funding Currencies: USD/EUR
• Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
• Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
• Trading Style Allowed: All including Scalping, hedging, News trading,  and EA Trading. 
• PAMM/ MAM:  Available . 
• Stop Out Level (retail): 20%
• Margin Call Level: 50% 
• Negative balance Protection: Yes 
• Investor Protection:  No investor protection is Available. 

Pros and Cons

Pros:

• The maximum leverage is as high as 1:2000 ( Leverage may vary based on account types and tradable asset types) 
• Allow Crypto CFD Trading 
• The maximum lot size is as high as 1000 lot 
• Raw spread starting from as low as 0.0 pips 
• Offers MT4, and MT5  trading platforms (Desktop, Web, mobile version) 
• Demo Accounts are Available 
• Higher Leverage for US, and EU clients. 
• Allow Scalping, EA Trading, and News Trading 
• Plexytrade Accepts Crypto Deposits

Cons:

• Unregulated offshore forex broker 
• Only Crypto  Deposit and Withdrawal Option 
• A limited number of tradable assets 

Our Ratings for PlexyTrade:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

PlexyTrade Ratings and Reviews from Trustpilot:

PlexyTrade has earned a rating of 4.1 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

PlexyTrade Ratings and Reviews from Forex Peace Army:

PlexyTrade has achieved an average rating of 3.8 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Frequently Asked Questions

Is PlexyTrade a Legit Broker?

PlexyTrade is considered a good offshore forex broker and is registered in Rodney Bay Gros Islet, Saint Lucia. The broker offers a variety of trading instruments, including FX, Indices, Crypto, Commodities and Stocks. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with PlexyTrade.

Is PlexyTrade regulated?

No, PlexyTrade is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities. 

Does PlexyTrade Offer CFD Trading?

Yes, PlexyTrade offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. PlexyTrade provides a variety of trading CFD instruments including FX, Indices, Crypto, Commodities and Stocks.

Where is PlexyTrade Located?

PlexyTrade is located in Rodney Bay Gros Islet, Saint Lucia. Saint Lucia is the home of many offshore forex brokers. 

Does PlexyTrade require KYC Verification?

Yes, PlexyTrade requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement

Does PlexyTrade payout?

Yes, PlexyTrade does payout to its clients. Traders can withdraw their funds from PlexyTrade using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet

Is PlexyTrade an ECN broker?

Yes, PlexyTrade is an ECN forex broker. The broker offers the Gold Raw and the Platinum VIP as ECN Accounts. 

What is the minimum deposit for PlexyTrade?

The minimum deposit for PlexyTrade is $50. However, the required minimum deposit varies based on the account type. For example, the Micro account requires a minimum deposit of $50, the Silver account requires $300, Gold Raw account also requires $300 and the Platinum VIP account requires $10000.

Conclusion:

PlexyTrade is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including FX, Indices, Crypto, Commodities and Stocks. The broker’s spreads start from as low as 0.0 pips. PlexyTrade offers high leverage (as high as 1:2000 ) and a low minimum deposit (as low as $50). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make PlexyTrade a good choice for many traders.

However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.