Table of Content
Exo Trade Capital Review – Sign That This Broker Is A Scam
Table of Content
Exo Trade Capital shows off its lucrative offer on its captivating yet messy website. Although, as we start digging through it, we tend to notice several irregularities and clues that all point to a scam.
|Leverage||Up to 1:500|
|Broker Type||Forex, CFD|
|Platforms||Meta Trader 5|
|Spread||From 0.2 pips|
The table shows key facts about the company. As mentioned, there are multiple contradictions on the fraudulent broker’s website from certificates to listing regulations for the sake of it. The following sections of the Exo Trade Capital Review will elaborate further on that.
Regulation and Fund Security
The first red flag we’ll discuss is the lack of information about the company’s headquarters. A regular broker would never omit such a thing. Furthermore, at the bottom of the Home page, the scammer wrote that the website is “related to Exo Trade Capital A/S,” supposedly the owner and that all agreements with it are “governed by Danish law.”
This would prompt one to think that the company is based in Denmark and regulated by the local authority but there are no results when you search Exo Trade Capital on the website of the Danish Financial Supervisory Authority – Finanstilsynet. That does not look good for the fraudster.
Moving on to the next fallacy, namely, the inclusion of a US certificate while mentioning a fictional GSE. The former is fake since the US Securities and Exchange Commission (SEC) has no records on Exo Trade Capital. In the US, you have to be regulated by the NFA and the CFTC, and our subject has neither license.
We thus conclude that this is indeed an unregulated broker that intends to defraud you and steal your money.
Overview of Trading Platform
When it comes to the company’s trading platforms, it claims to offer Meta Trader 5 (mobile version as well). What better way to lure in potential clients than to say you give access to the most popular software in the world of trading? As you might have guessed, the platform on the website is not functional and there are no download files either.
The only available thing on the website is simple charts with current asset prices provided by TradingView, a data provider. Hence, you should avoid this con artist at all costs and instead rely on real brokers with functional software.
Available Account Types
According to the fraudster’s website, it offers “plans” rather than account types, which read:
- Basic plan – min. deposit ($300), duration (1 week);
- Silver plan – $1,000, 2 weeks;
- Gold plan – $5,000, 1 month;
- Platinum plan – $10,000, 3 months;
Each of these plans gives an expected profit of 40-72%, and each provides even tighter spreads than the last. A profit of 40-72% in just one week is unattainable in reality and should immediately deter you from such investment scams.
Considering that the fraudulent broker is unregulated, depositing $300 is simply too much to risk. There are a lot of other legitimate providers that are much more trustworthy.
Trading Instruments Overview
This broker claims it offers “over 2,100 assets for trading.” Among them, it included Forex pairs, stocks, commodities, indices and cryptocurrencies. While the website may look visually appealing, key information is all over the place and very hard to come by.
The leverage given is 1:500, which is first and foremost, banned by all regulating authorities in the UK and the EU, and secondly, way too high for beginners since it may cause enormous losses in volatile markets. Commissions are from 0.08% and spreads are as low as 0.2 pips.
Deposit and Withdrawal Procedures
For payment methods, the broker accepts only crypto, some of the options being Bitcoin, Tether, and TRON. The same applies to withdrawals. A true broker will always offer you multiple different methods such as credit/debit cards, wire transfers or internet-based options such as Skrill or Neteller.
The reason why this financial swindler wants nothing but crypto is that it is really hard to track, refunds are also more difficult and it allows the scammer to remain anonymous. The Terms and Conditions are plagued with obscure fee clauses and conditions designed to prevent you from withdrawing any money at all. No information about how long withdrawals take.
Exo Trade Capital Scammed Me How Do I Procure a Refund?
Since this unauthorized broker accepts only payments via crypto, getting a refund is much more difficult, albeit possible. We can assist you in getting your money back and reporting the scammer. The transaction can be traced to a certain crypto wallet in an exchange. Then you can request a refund from that exchange. It is imperative to act quickly.
Exo Trade Capital Summary
- Exo Trade Capital is an unregulated scam broker;
- Its website seems attractive but is full of fallacies and contradictions and really misleading;
- The shady broker only accepts payments via crypto;
- Its trading platform is fake and not functional.
FAQs About Exo Trade Capital Broker
Is Exo Trade Capital a Trustworthy Broker?
Exo Trade Capital is definitely not a trustworthy broker mainly because it is unregulated.
What Is the Minimum Deposit at Exo Trade Capital?
The minimum deposit that Exo Trade Capital requires you to make is $300.
What Funding Methods Does Exo Trade Capital Accept?
The only funding method that the Exo Trade Capital broker accepts is cryptocurrencies.