Beware! Adexo is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Overall Adexo looks like any other normal brokerage firm out there. As is with the majority of such companies, so does Adexo avoid to put too much work into its website structure and vision. However, we are comparing it to legitimate brokers, and this is our first misjudgement of Adexo. Currently this broker, although having the average look, is definitely up to something that leans on the suspicious side of things. Please read the review before depositing, as it will reveal all the things you need to know about Adexo.
Signing up was a process both quick and extremely simple, and what came after was a delightfully humble and cute user area. However, it revealed something that rules out the inclusion of any trading conditions, not only limited to spreads, leverages, and trading assets. More details on this will be found in the Login section of the review.
The languages that have been included are English, Norwegian, Dutch, Spanish, Portuguese, German, Chinese, Italian, Japanese, French, and Turkish.
ADEXO REGULATION AND SAFETY OF FUNDS
Adexo is one of those brokers that have not mentioned any potential license, not even hinted at one. There is no mention of a license, however we did find out that the firm was incorporated in the UK, London more specifically, as a Private Limited Company.
In the UK, it falls into the hands of the FCA to regulate the forex market industry. This agency is a one of the top license issuers of the forex industry. It enforces some of the mos strict guideline known to the industry. To cut things short, there is no way that Adexo is regulated by the FCA. And anyway, the website itself does not say it is. The Terms and Conditions were also not helpful.
Anyway, in conclusion, Adexo is UNREGULATED, and is therefore advised against making any deposit in it.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
ADEXO TRADING SOFTWARE
In essence, the only thing that you can do at Adexo is to deposit and allegedly wait for the promises interest to accumulate. The trick here is that the higher the interest rate is the higher the minimum deposit gets. For example, the 1.6% per day interest rate plan has a minimum deposit requirement of $2500.
Aside from that there is no trading software, and as such Adexo cannot be really defined as a forex broker, or even a broker. Instead, there is no real definition we can apply to this here firm.
ADEXO DEPOSIT/WITHDRAW METHODS AND FEES
Users can deposit via a huge number of crypto coins and blockchain including Bitcoin. Stellar, Ethereum, Litecoin, Ripple, Monero, Tron, DASH, Dogecoin, BNB, Algorand, Tezos, ChainLink, Payeer, and Perfect money (the last two are e-payment methods).
We were able to continue with the depositing process with just $1.
Withdrawals methods are the same as the ones used for depositing. The time is takes the so called broker to process a request is said to be 10 minutes. There is no mention of withdrawal fees, however seeing that this broker is not regulated, users can expect such fees, and others, to be applicable at any time. So, if you chose to invest in Adexo, please be aware of surprise charges and commissions.
There is a clause in the short Terms and Conditions that claims that all refunds are not issued before a “deposit time comes out of the original purchase of the contract”. We are not sure what this exactly means. We read it as : refunds are not issued before the finalisation of a deposit. And the following part of the provision states that there are exceptions to the rule, where refunds are issued earlier but with a 50% fee, which is completely ridiculous. Again, we are not sure what this clause suggests, but what we do know is that this is proof that Adexo is unlicensed.
The limited liability clause is back, claiming that the broker is not to be held responsible for any financial damages it causes the user. This is basically the get-out-of-jail free card for all illicit brokers, i.e Adexo is untouchable.
Aside from these two clauses, we found no other provisions worth mentioning. The main reason for this is that the Terms and Conditions where very short, which in its own way is a very suspicious thing, and also indicative of just the unlicensed nature of Adexo. What matters here is that Adexo is not worth the risk, and as such we do not advice you to deposit in it.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.