Beware! ExceedFX 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.
Just by using its name ExceedFX will most certainly raise an eyebrow or two, for bold statements are always appreciated, especially in a world that is as competitive as the FX markets industry. Does the broker truly exceed our expectations of it, or will users wish they never deposited? Read the review for the answers.
As always, a simple registration process carries with it signs that might not be too obvious to more rookie users. Simple processes mean that the broker at hand has not taken things all too seriously. What’s more was that there was no need to provide ID documents, and we were able to proceed with the opening of a live MT4 account. It is customary for legitimate brokers to ask for Know You Customer documents before granting them access to a live account. What this gives to show is that ExceedFX, essentially, does not care who creates an account with it. This can be further interpreted as a way to allow as many users in, for the sole reason of gathering deposits.
Don’t get us wrong; we were glad to use the MT4, yet ExceedFX gave it away so easily that we immediately knew that there was something wrong.
Anyway, we did get a decent 1.4 pips spread for the EUR/USD currency pair, and we were genuinely surprised by this value. When we opened an account, the broker gave us without asking us first, a leverage of 1:100. Moreover, we had no way of increasing or decreasing it.
ExceedFX comes with a decent amount of trading instruments, including forex pairs, indices, stocks, crypto, and commodities,
The website comes translated in English, Russian, and Spanish
EXCEEDFX REGULATION AND SAFETY OF FUNDS
The website reveals that the Marshal Islands is the location where ExceedFX resides. This explains a lot.
This nation is one of the most common illegal brokerage spawning sites in the world. There is no FX regulator, and the lower taxes allow for all sorts of individuals to establish questionable firms with suspicious activities.
For now, all brokers in the Marshal Islands are unregulated, making ExceedFX an UNLICENSED entity, and a risk to all investments!
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
EXCEEDFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the trader can deposit only through credit cards and debit cards. The minimum deposit is $2500, as seen on the payment gateway, i.e, we are not making this up, and this is the real minimum requirement. Just to give you an idea of how ridiculous this minimum, deposits, consider that the average min. amount is $250. So, ExceedFX requires from the user a deposit that is 10 times the average requirement set by most legitimate firms. This is another clear reason why ExceedFX is a fraud!
Unlike the depositing section, the withdrawal one was blocked. The only way to proceed was to deposit, and second, to attach ID documents. We do not recommend anyone do any of these actions. So we must go to the website with these fragile details.
Withdrawals are said to be processed within 2 to 5 days. We assume that the same methods used for depositing are used for withdrawing. But one can never be sure with illicit brokers. We uncovered some withdrawal fees of 3.5%, with a minimum charge of $30.
Moreover, there is the presence of a maintenance fee which is 0.5 per month. This is absolutely a scammer broker fee, and it’s surprising that it’s not higher than 0.5 percent.
The last fee we were able to trace is the dormant account one. This one turned out to be ridiculous,. and this is saying something because the commission is usually present with all brokers, legit or not. ExceedFX charges $500 after 60 days of inactivity. A way to avoid is to trade, however, the best way to avoid it is to never deposit in the first place!
There is no doubt about the fraudulent nature of ExceedFX. This alleged broker can be studied as a pure example of a scammer brokerage. As always, your funds are not safe with similar entities! Do not deposit!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.