Table of Content
Еxpochains Review – All You Need to Know About This Firm
Table of Content
Еxpochains Review, This broker appears to be from Luxembourg. Besides that, they state that the Expochains broker has a registered office in the UK. As a company that works in the EEA zone, they should comply with some regulations. As expected, going through CSSF and FCA register we couldn’t find anything.
With this broker, we can find so many irregularities. Since they have a fancy website, with all the details necessary we wanted to dig deeper. Even though they are providing information about members of the company, it doesn’t mean necessarily that it is true.
As a company that works with EU clients, they should have some guidelines according to ESMA and MiFID rules. Let’s start with insanely high leverage that goes up to 1:1000. Where with regulated companies maximum is up to 1:30. That is already a red flag for this Expochains scam.
|Platforms||Web-based trading platform|
Is Еxpochains a Legit Brokerage? Safety and Regulation
If the broker is hiding some of the information or misleading clients, of course, you are not safe there. Let’s start with offices in London, that they appear to have. It’s a mysterious location, but if you take a look at some licensed companies you will see everything disclosed.
A lack of licensing from Tier 1 regulators is a huge disadvantage for Expochains broker. Even though they mention that clients’ funds are protected by FSCS we wouldn’t be so sure. That is only valid if the company becomes insolvent, but in case of a scam, they don’t cover anything.
The problem with non-licensed brokers is that they are performing their scams without any control. What is the good thing about the Expochains scam is that there are multiple warnings issued against them. Starting with CSSF, FSMA and Finantilsynet.
Trading Software Overview
Another thing that Expochains broker is hiding is their trading platform. You need to register yourself and jump in their claws to check it out. The downside of their platform is seen already in their presentation of the software.
They present it like it’s rocket science, but actually, for experienced traders this is hilarious. Basic customization like zooming the chart, making favorites and dividing assets are those advanced features. There is no mention of advanced trading EA tools, indicators, risk management, hedging, scalping, executions or social trading.
There is no way that we could trust such a broker when they try to sell you basics like it’s something highly demanding. When you have platforms like these, they are often manipulated by a broker. Therefore, the data presented on their charts might not be relevant. That is one more thing that is strictly controlled by a license from a regulatory body, which they don’t have.
That’s why we always suggest you look for industry standards MT4/MT5.
Account Types Available
The company offers 4 different account types. What is devastating here are the minimum requirements. Starts with:
- Bronze – 10.000$
- Silver – 25.000$
- Gold – 50.000$
- Premium – 100.000$
What we find unclear is the minimum deposit of 100$ for every account type. Based on other Expochains reviews, we found what is their tactic. With some advertisements, they will lure you to put in that initial deposit of 100$, and magically in the first 20 minutes you will make some profits. That’s where the journey of persuasion starts.
After that, you will have the option to choose which account type you would like to go with. Another thing that we don’t like is that for every account they are offering MT4/MT5 trading platform. Which they don’t have.
This is the only thing that is as they say. Availability of more than 100 assets in different classes. Starting with:
- Forex – USD/AUD, USD/NZD, EUR/CAD
- Commodities – crude oil, natural gas, silver
- Indices – FTSE100, BE20, DAX30
- Shares – Intel, Shopify, Pfizer
- Cryptocurrencies -BTC, USDT, ADA
Deposit and Withdrawal Process
Expochains broker offers payment solutions Visa/Master card, Maestro card and wire transfers. They claim that they have segregated accounts in AA-rated banks, but their names are not revealed.
However, we don’t think depositing would ever make you any trouble. What is going to make you trouble are withdrawals. Many clients are complaining in Expochains broker reviews about the withdrawal procedure. This company doesn’t let people take their profits out.
Most of the time, they are asking you to pay some additional fees before you get your money. That is just a scheme to extract everything from you. After that, they will vanish and never get back to you again.
Got Scammed by Еxpochains? Get Your Money Back!
If you were somehow a part of this scheme, it’s not the end of the world. There is a solution to that and it’s called a chargeback. The point of the chargeback is to reverse the transaction made with a card.
You don’t want your bank to reject your request for incomplete documentation or missing information. Get in touch with our experts today, to get advice on your first steps!
FAQs About Еxpochains Broker
Is My Money Safe With Еxpochains?
Your money is not safe with Expochains broker. They don’t provide any license or reliability to their clients besides their statements.
How Long Do Еxpochains Withdrawals Take?
Practically forever. They don’t let people get the money out. According to the company up to 5 business days.
What Trading Asset does Еxpochains Offer?
All assets available with Expochains are available as well with a licensed broker. From stocks, indices, commodities, cryptos and forex pairs.