Extrasum Review – 5 things you should know about Extrasum.com

Extrasum Review – 5 things you should know about Extrasum.com

Beware! Extrasum is an offshore broker! Your investment may be at risk.


IG USForex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Extrasum is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform and a very generous leverage. Traders are extended a leverage of up to 1:200. Furthermore, there is a wide range of trading products from which to choose and a tempting spread of just 0.8 pips. The required minimum deposit is only $25 which is quite low and favorable for traders.

Extrasum regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name Extrasum inc. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

Readers are reminded that the government of SVG has had to publicly state quite a few times in the past that it does not regulate Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Putting all this aside – the brokerage purports to provide a web-based trading platform, however, we were unable to register for a demo account. Through the website we could see a stated spread of just 0.8 which is twice as low as the industry average and quite tempting. But without a demo account we cannot be sure whether the brokerage does in fact provide such a spread. Furthermore, the leverage extended to clients is 1:200 which, however, hides the undesirable risk of losing more than the initial deposit. The minimum deposit is perhaps the biggest advantage of the brokerage – it is only $25 which is extremely low in Forex trading. Usually brokerage require $250. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

ExtraSum deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, however, no e-wallets are available which we view as a disadvantage.

Going through the terms and conditions of the brokerage we did find withdrawal fees. Here is a screenshot:


The withdrawal fees are not explicitly stated but we do read in the terms “withdrawals are subjected to processing and handling fees”. There is also a minimum withdrawal amount of $3000 for wire transfer. Such provisions should not be included in the terms and conditions of a legitimate brokerage.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
Broker Rating

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
USA 5/5 $250 Click for a special offerWebsite
UK, Cyprus, Belize 4.94/5 $5 Click for a special offerWebsite
Australia 4.93/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite
Cyprus, SVG 4.8/5 $100 Click for a special offerWebsite


  1. What I really dont like about this “review” are several things.
    1.Many regulated brokers offer leverage up to 1:3000,and you recommend them.1:200 is really not huge.How to start trading with 25$ and 1:200 leverage ????
    2.The business model is not mentioned at all.
    Extrasum offers a 14 days trial to become a task trader,with commission up to 1000$!
    Also there are Gamm accounts for all levels of investments,from 100$ up to 100k!New is also a flexible gamm investment from as low as 5$.
    Now Regulations are fine,but the proof to get the money back is still in the pudding !
    The business model of Extrasum is very unique with the possibility to create some capital with ZERO investment !
    Dont ve so fast it call things scam,you dont do the reputation of your site a favour doing so(there should be a review-sites-review available also)
    They are fast,transparent and I became a task trader after 2 weeks and now I just got my second task to start.
    If I miss it I wait for the next one,If I get a commission fullfilling the task thats even better.
    Who cares where they are located if they provide a great training environment with real money.I dont.
    And we all know US rules and regulations,and also European now,can be quit a hassle sometimes.They are meant more to keep the retailers out ,not to protect their money.And the wealthy guys in.
    I dont know why you had problems opening a demo account,mayve you should try again,working together with their support :)and spreads can change from demo to real also,btw.

    1. Are you still trading with them

  2. Extraum is scam company, don’t put your money in it. i had trading account and earned profit of 3000$ in a week. Extrssum bloked my account and snatch allmy hard earned profit. reason they cited is “misuse of platform” they didn’t clarify what misuse was. in short they doesn’t wants traders win. this is most hectic experience with extrasum which i never forgot and will always hate extrasum.

    1. I can help you in giving all details of these guys

  3. They dont give money back. I have all details of these scammers.

    i am taking legal action against this broker i know the reality of this broker need your support too.

    1. so finally they turned out to be scammers

      1. Yes. Are you having any investment with them? give your contact details in reply

        1. Sir how can we fight back with this scam

          1. Hi, Did you get the investment from EXTRASUM, They have informed that they will pay this week… Pls share your number

        2. How to recover my investment with extrasum, do you know a way? Pls share.

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