Beware! Exseslead 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.
Exseslead claims that its platform can provide lightning-fast execution, an intuitive interface and many advanced trading tools, but that’s not actually true. A spoiler, their software is basic, and it cannot provide anything we can call advanced! In reality, Exseslead is just an ordinary unregulated offshore brokerage with primitive trading software and some highly suspicious requirements! Indeed, the brokerage is a suspected scam, and we’ll explain why in the full Exseslead review.
Exseslead Regulation And Safety Of Funds
Exseslead claims to be registered in both St. Vincent and the Grenadines and Bulgaria! The latter country is a part of the European Union, and it’s obliged to regulate Forex brokers in accordance with the MiFID 2 requirements! We checked, but Exseslead is not licensed in Bulgaria, so the brokerage turns out to be unregulated and illegal as SVG is an offshore jurisdiction that does not license or monitor Forex firms. Essentially, Exseslead is just an offshore company with concealed ownership and no obligation to grant access to its financial accounts. Simply put, Exseslead is totally anonymous and unregulated, and on top of it all, no one knows what happens with clients’ money! Once you deposit with Exseslead, your money will simply disappear in offshore accounts, which ultimately means that if things go wrong, you’ll have no chargeback options available! Exseslead is risky, and we confirm that your funds will be in danger if you deposit!
You should avoid the suspicious Exseslead and go for regulated brokers instead! For example, both CySEC (Cyprus) licensed brokers, and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
Exseslead Trading Software
Exseslead claims to provide advanced trading software, but its Webtrader is anything but advanced! It’s a cheap unreliable platform that cannot deliver any sophisticated trading tools whatsoever, and we even consider it dangerous! The Webtrader is not even close to MetaTrader4 and MetaTrader5 in terms of functionality, so trading with Exseslead is practically a waste of time. We compared the Webtrader with both MTs for a reason – the platforms are stable and reliable, acclaimed by customers for the abundance of sophisticated features available. The automated trading and analytical tools, user-friendliness, customisation properties and the marketplace with thousands of trading apps are just a few of the advanced features we can mention! Exseslead’s Webtrader can provide none of it, and you’d better stay away from this primitive software!
Exseslead Trading Conditions
Exseslead’s trading conditions are seemingly good. The asset classes available for trading are Forex, Indices, Stocks, Commodities and Crypto – a standard selection actually. That said, any regulated broker can offer the same instruments and many more as well, so it’s anyway a waste of time dealing with Exseslead!
The trading costs are actually very low – the EUR/USD spread is floating around 0.1 pip, and it often goes zero, meaning that customers pay nothing or just one dollar per lot traded! That’s practically the best possible rate, but it doesn’t really change anything as the lack of regulation dwarves all positive features of Exseslead! Think about it; why would you trade with a zero-spread brokerage when it’s unregulated and may scam you before you knew it?
The trading risks can be high – the maximum leverage is 1:100 – a dangerous ratio, but Exseslead allows reduction, so customers can lower risks if they want to. That’s a positive feature nonetheless, but yet again, it doesn’t make the brokerage any better – we shall repeat it once again, Exseslead is not regulated, and that’s the most important aspect of it!
Exseslead Deposit/Withdraw Methods And Fees
The minimum deposit with Exseslead is $250, a standard rate for offshore brokers, but it’s twice as high compared to regulated brokers’ requirement on average – $100.
The funding methods are Credit/Debit cards, Wire Transfers and Bitcoin, out of which only the first one offers some sort of protection – chargebacks are possible within 540 days from the deposit date. On the other end, BTC deposits are final and non-refundable, so it’s not recommended to use Bitcoins for funding!
As for withdrawals, Exseslead doesn’t specify much, with the exception of the request processing time – 2 days on average.
The fees are unspecified but still considerable! Exseslead is an offshore brokerage, meaning that each deposit/withdrawal will incur hefty charges as transactions are international; therefore, much more expensive! However, that’s nothing compared to the dormancy fee – Exseslead charge inactive accounts $30 per month! Put into perspective, many regulated brokers charge $30 per year, so it’s evident how expensive Exseslead actually is! Beware!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!