Beware! Emextrade 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.
Emextrade is not a reliable financial partner, or a trustworthy broker, no matter what it says on its website. It would be best if you avoided Emextrade – and here is why:
Emextrade regulation and safety of funds
Emextrade is not a regulated broker. Consequently, funds are not safe with it. Here is where the broker operates from:
Dominica does not regulate its Forex markets – and therefore, brokers from the country are mostly scammers that are looking to run their schemes without retaliation from their victims or the government. There is no proof that Emextrade is not one of them – much less that it can provide you with any of the protections for you funds that a stricter jurisdiction like the UK can – things like a Negative Balance protection policy and access to guarantee funds. Stick to companies that can – stick to licensed brokers!
Emextrade trading software
Emextrade provides access to industry standard trading platform Metatrader 5 – as well as a web-based piece of software that lacks most of MT5’s features, notably automated trading. Here is what the platforms look like, starting with Metatrader 5
And here is the web-based platform:
On Emextrade’s trading conditions – both platforms feature unacceptable spreads, with the web one having ones of 3 pips on the EURUSD and the MT5 distribution ones as high as 8.1 pips! Meanwhile, spreads with legitimate brokers are no higher than 1 pip in general.
There is also the issue of the 1:200 leverage Emextrade offers – since such amounts have been banned by most regulatory bodies around the world, most brokers that still have them available are not licensed, just like Emextrade.
Emextrade deposit and withdrawal methods and fees
Emextrade accepts deposits through credit cards and several cryptocurrencies – the latter are final, but card allow you to file a chargeback on any payment within the last 540 days. This could prove crucial, as we have no idea what withdrawal fees the broker charges:
There is no more information than this mention of the fees in the company’s Terms and Conditions. We have no reason to believe Emextrade will be even remotely fair when charging you for withdrawals, however – check out what the broker has to say about the fee it charges to inactive accounts:
No legitimate company would take as much from its clients. And the worst part is that you cannot even withdraw any of your profits – that is because Emextrade has made that explicitly impossible under the following clause:
It states that profits made with the bonuses Emextrade issues are not eligible for withdrawals – but there is no way to know what profit was made using what money in practice! This clause and ones like it are only in place to make withdrawals of profits impossible in practice.
Similarly, while withdrawing your bonus seems possible, it can only be done if you execute a turnover of 25 times the deposit and the bonus issued – and that is not practically achieavable.
How does the scam work?
Emextrade is definitely running a scam – and here is how that scam usually unfolds:
First off, someone stumbles upon the website the scammers are running – and are prompted to make an account on it. They have to leave a phone number if they are to open an account – and if the scammers have that, they will start calling around the clock to demand deposits. More and more money will be taken from the victim, until they are either bled dry, or realize what’s going on and stop depositing – at which point, the scammers will simply cut them of and move on to new targets!
What to do when scammed?
If you have been scammed, please take the following steps to make sure you limit your financial losses:
First off, recall what forms of ID and credit cards the scammers had access to – and get new ones issued ASAP. Also, remove any remote control software they had you install on your PC.
Once that is done, you should contact your bank and explain your predicament to them – ask if you can file a chargeback. And if you cannot, do not trust recovery agencies that demand an upfront payment for their services – they are all running a scam as well!
Finally, please leave a comment with your own thoughts on and experience with Emextrade – in doing so, you will be helping us combat the scam by raising the general awareness of it!