Beware! Expectaexcap.com 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.
Expectaexcap.com is a quite see-through scam. The broker’s website looks horrible and provides little information about trading conditions or the broker itself. In fact, this broker is anonymous – hardly an ideal situation when you will be investing your money with them. We do not consider Expectaexcap.com to be a safe investment choice – depositing money with them is a horrible idea. Seek out a regulated enterprise if your goal is safe and affordable trading.
Expectaexcap.com REGULATION AND SAFETY OF FUNDS
Expectaexcap.com states that it is a regulated Hong Kong broker. When we searched the database of the Hong Kong Securities and Futures Commission, we discovered that a company with this name was indeed licensed.
We have doubts, however, that the regulated company and the broker we are reviewing are the same entity. First of all, the e-mail addresses the two companies have provided for contact did not match. Second of all, Expectaexcap.com has not provided an actual address or phone number. Legitimate brokers are never that anonymous. In this case, this is also quite convenient – we could not compare Expectaexcap.com’s details to those of the regulated company.
The SFC of Hong Kong is actually a pretty strict regulator. Brokers regulated by this authority are obligated to maintain a minimum capital of 5 million Hong Kong Dollars (or $640 000). They also participate in an Investor Compensation Fund. In case a broker becomes insolvent, client capital is ensured up to $150 000. However, this fund only benefits clients that trade securities and futures contracts.
Expectaexcap.com claims to be governed by Australian laws – which is a strange statement for a Hong Kong broker.
We believe that we are dealing with a scam broker that tries to present itself as a legitimate, regulated company when nothing could be further away from the truth.
The only way to stay safe when trading, and to be sure you will be treated fairly, is to choose a licensed broker – preferably one with a license by the FCA (UK), CySEC (Cyprus), or ASIC (Australia). These brokers have to meet many requirements and prove that they are reliable in order to obtain a license. Transactions must be reported regularly to authorities to ensure transparency. Brokers have to show that they are financially stable by maintaining a certain minimum capital – €730 000 in the UK and the EU, and A$1 million in Australia. Client funds must be kept in segregated accounts the broker has limited access to – so you can be sure your money is not being used for the broker’s daily financial operations. EU and UK brokers are also obligated to participate in compensation schemes which means that if your broker goes bankrupt (which is unlikely), you could receive a compensation of up to €20 000 in the EU and up to £85 000 in the UK.
Expectaexcap.com TRADING SOFTWARE
Expectaexcap.com promises access to its own “award-winning trading platform that allows you to dominate your trading”. The platform supposedly had both a desktop and a mobile version. We were not, however, allowed to download either of these. Moreover, the broker would not let us open an account without a referral code. Some scammers prefer to only allow certain clients to open accounts – the ones that have received referral codes. This way the scam can be kept undetected for a longer period of time simply because fewer people would get access to the scammers’ client area and possibly, to their platforms.
Or maybe the broker does not provide access to a platform at all. This would make opening an account with them pointless since you would not be given the chance to trade.
If you want to trade on an advanced, highly functional platform, check out brokers that offer MetaTrader 4 or MetaTrader 5 – the two most popular platforms in the trading world. Both versions of the software would give you access to a variety of features such as Expert Advisors that trade automatically, VPSs you could purchase to keep your trading bots operating at all times, opportunities for creating your own trading bots and indicators, customizable signals, a market for trading apps and much more.
Expectaexcap.com TRADING CONDITIONS
Expectaexcap.com did not provide comprehensive information about the trading conditions it offers. Since the broker does not seem to offer a trading platform, all their promises would not be relevant anyway. On the other hand, some of the most established and secure brokers in the industry offer affordable trading accounts, tight spreads, and great bonuses. Trading with a regulated company is not only much safer but more often than not a better option condition-wise.
Expectaexcap.com DEPOSIT AND WITHDRAWAL METHODS AND FEES
Expectaexcap.com did not say which deposit methods it accepts. Since this is a dangerous scam, we would not advise you to transfer any money. If you do that, you be putting your investment at risk.
Legitimate brokers usually accept a number of secure deposit methods such as credit or debit card, wire transfer, electronic payment solutions such as Skrill and Neteller, and even crypto payments. Scammers, on the other hand, rarely provide so many alternatives. Such brokers urge their clients to deposit in crypto specifically. The reason for this preference is simple – such transactions are completely irreversible as well as anonymous. Be careful with shady brokers – their ultimate goal is to get a hold of your money and demolish any chances of you getting a chargeback.
HOW DOES THE SCAM WORK?
In recent years, such scams have become more frequent than you can imagine. That is why it is very important to learn how they usually work and how to tell scam brokers apart from legitimate ones.
Always make sure to check the registers of regulatory bodies to make sure that a broker is licensed and reliable. Stay away from shady-looking websites that promise enormous profits in no time with zero effort. Do your own research – never blindly trust what a certain broker is telling you.
All scams start in a fairly similar way. You see an ad on the Internet promising immense fortune in no time – the only thing you have to do is open an account with a particular forex broker. You give in to curiosity and provide the scammers with your phone number and e-mail – at this point, you might still be reluctant to deposit. But once the scammers have your contact information, you will start getting calls and messages from them. They will ask you to deposit to unlock the full potential of their platforms and turn a profit. Keep in mind that such people are well-versed in the art of sweet-talking – they can promise amazing things and make effortless profits seem possible.
After you make an initial deposit, they would not leave you alone and keep asking for more money. You might even be happy to deposit since, at this point, it might seem like you are turning a profit. Scammers tend to manipulate platforms and results to make it look like you are doing great when you are actually just pouring money into their schemes.
The moment you try to withdraw, you will find out that something is not quite right. Reasons why withdrawals are impossible will show up – additional taxes, new clauses in the broker’s Terms and Conditions, etc. At some point, you will figure out that you are being scammed – but it would already be too late. The scammers will stop answering your calls and e-mails – and they will simply disappear with all your deposits.[chunk id=What_to_do_Tsenka_Dec_12