Beware! Exc24optxtrade 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.
Exc24optxtrade tries to present itself as a regulated and trustworthy forex broker. But this poorly designed website lacks many of the basic characteristics of a legitimate investment intermediary. Instead, in preparing this review, we found numerous red flags for a scam. Let’s take a detailed look at why it’s in your best interest to stay away from Exc24optxtrade.
Exc24optxtrade Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.
All of this is missing from the Exc24optxtrade website. No company name is listed anywhere. No access to Terms and Conditions or Customer Agreement is provided.
On the homepage of the website we see a purported license from the Virgin Islands. But this document is obviously fake because it does not mention a legal entity name.
Furthermore, Exc24optxtrade provides contact addresses not in this offshore area, but in two highly regulated jurisdictions, the United Kingdom and the United States.
A check of the records of the relevant regulators reveals warnings to investors that Exc24optxtrade is not licensed.
If you have decided to invest in financial instruments you have a choice of much more trustworthy options.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
Exc24optxtrade Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
The website mentions the popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5), but after signing up for an account, it becomes obvious that Exc24optxtrade does not have any trading software. This supposed forex broker does not actually have the technical capacity to facilitate trading in financial instruments.
There are plenty of legitimate, regulated brokers who enable their clients to take advantage of MT4 and MT5‘s capabilities. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Exc24optxtrade Trading instruments
As we have seen, Exc24optxtrade has neither the legal authorization nor the software necessary to offer actual trading. Exc24optxtrade is clearly not a genuine forex broker.
Exc24optxtrade Spreads and cost of trading
Exc24optxtrade promises competitive spreads of 1 pip and lower. But in the absence of a trading platform, these promises are an obvious lie.
Exc24optxtrade Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Exc24optxtrade advertises that it offers leverage from 1:888 and up.
This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Exc24optxtrade Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
In the deposit menu we see options for cryptocurrencies, Moneygram and Western Union. But all payment methods require you to email the website support.
Scammers prefer cryptocurrencies because these transactions are not subject to refunds. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.
Exc24optxtrade Minimum deposit
Exc24optxtrade provides two different versions for the minimum deposit – 500 USD and 3500 USD. With as little as 50 or even 5 USD, you could open a trading account with a credible and established forex broker. There is no good reason to risk your money with obvious scammers like Exc24optxtrade.
Exc24optxtrade Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Exc24optxtrade||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.