Table of Content
Aextrade Review – Learn More About Aextrade.Com
Table of Content
The Aextrade scam was carefully designed to reel in inexperienced and novice clients. Its website looks attractive and meticulously structured. However, the validity and legitimacy of this broker are suspicious, and this Aextrade Review will explain why.
|Headquarters||281 Veembroederhof, Amsterdam, the Netherlands|
|Minimum Deposit||250 €|
|Platforms||MetaTrader 4, Web Trader, Mobile Trading|
|Spread||From 0.00003 pips|
The website states that Aextrade.com is a trade operated by AEX Trade (type of company, e.g. “Ltd”, not mentioned), which is “authorized and regulated by the European Security Exchange Brokerage (license number AF772413),” an entity that does not exist. From this first irregularity, it is possible to point out the dishonesty of this broker and indications of a scam.
Regulation and Safety of Funds
Aextrade says it is based in the Netherlands, a state with strict laws and regulations regarding Forex trading. On the website of the Netherlands’ Authority for the Financial Markets (AFM), there is no trace of a broker named Aextrade.
Therefore, we conclude that this company is indeed unregulated. Moreover, there are several warnings about this scammer issued by supervising bodies and commissions, such as the Spanish Comisión Nacional del Mercado de Valores.
When choosing a Forex provider you want to trust with your funds, make sure to select one that is registered with a regulatory institution such as the Cyprus Securities and Exchange Commission (CySEC) or the UK Financial Conduct Authority (FCA).
Trading Platform Available
According to the Aextrade website, the broker offers MetaTrader 4, Web Trader, and mobile trading. MetaTrader 4 is the most well-known and approved trading platform in the world, aside from its successor, MetaTrader 5. Keep in mind that this is an attempt to defraud you since the file they posted is an MT5 demo version stolen from Admiral Markets, a reliable broker.
It is not uncommon that scam brokers can get a hold of a platform like this one and place malware in the download files, so proceed with extreme caution. There are loads of other legitimate and authorized brokers that provide you with the same software and are much more reliable.
The other option offered, the Web Trader platform, has really limited features and can easily be manipulated in order to steal your money.
Available Account Types Options
According to the Aextrade broker’s website, it offers four types of accounts:
- Bronze account – variable spread from 1 pip, min. deposit of €250, leverage of up to 1:100;
- Silver account – fixed Forex spread (not specified), min. deposit of €2,500, leverage of up to 1:200;
- Gold account – variable spreads (from 0 on Forex), min. deposit of €25,000, leverage upon request;
- Platinum account – fixed spreads (from 0 on Forex), min. deposit of over €100,000, leverage upon request;
There is insufficient information about commissions and spreads. Furthermore, the minimum deposit that Aextrade requires is €250, the same as many other legitimate brokers. No reason to trust a phony broker when you can trade soundly with a regulated one.
Trading Instruments and Markets
The trading instruments listed on Aextrade’s official website include:
- Currency pairs – EUR/USD, USD/JPY, GBP/USD, etc.
- Indices – FTSE100 (London), DAX30 (Frankfurt), Nikkei 225 (Tokyo), etc.
- Commodities – gold, silver, oil, and natural gas;
- Crypto – BitCoin, Ethereum, Ripple, etc.
- Shares – Barclays, Lloyds, Apple, etc.
All in all, that indeed is a wide range of trading instruments that might attract many clients. For the most commonly traded CFD pairs, i. e. the ones listed above, the broker offers pips starting at 0.6. The offered leverage is up to 1:200, which is prohibited by the European Securities and Markets Authority in all EU member states. Such high leverage could lead to significant profits, but also to excessive losses in volatile markets.
Aextrade Deposit and Withdrawal
Aextrade has listed multiple options for making a deposit on its website such as credit/debit cards, e-wallets (AllPaySoft, Revoult, etc.) and wire transfers. It claims to charge no fees and that payments are instant. However, the minimum deposit of €250 (Bronze account) is too risky considering the broker’s dishonesty.
For withdrawals, the broker offers crypto (instant, no fees) and wire transfers (2-5 business days, fees depending on the account). Bear in mind that most scammers will likely demand you pay in crypto since there is no chargeback.
How Do I Get My Money Back After Being Scammed by Aextrade?
Crypto transactions are hard to track, but it is possible to get your money back. There are tools that can follow the transaction by the ID and connect it to a certain wallet within the exchange. Once that is done, a customer can submit a legal letter to the exchange requesting a refund.
Credit/debit card transactions allow chargeback. The request needs to be submitted to the issuing bank within up to 540 days. It is crucial to act as soon as possible once you’ve discovered that you’ve been scammed. Do not be embarrassed about reporting a scam! We can assist you with that.
- Aextrade is an unregulated broker;
- It lied about its license and headquarters;
- It lied about the trading software it offers (MT4);
- It offers leverage that is not allowed in the EU;
- There are several warnings about this broker.
FAQs About Aextrade Broker
Is Aextrade A Good Broker?
Aextrade is not a good broker because it is unregulated, dishonest and full of contradictions.
How Long Do Aextrade Withdrawals Take?
The broker’s website states that it takes 2-5 business days for wire transfers while crypto transfers are instant.
Does Aextrade Offer a Demo Account?
According to the information on its website, Aextrade does not offer a demo account.