Beware! Exco Trade 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.
Exco Trade is a very peculiar and untrustworthy FX creature, plenty of red flags are to be seen there! In the first place we have to note that their website is broken, many of the pages are not available and some of the links there do not redirect to anywhere, but simply bring you to the top. Might be simply a case of incompetence, but it doesn’t really change the view for Exco Trade, it’s still an obscure enterprise that should be avoided. Also, we struggled to find the nature of their business, all of the information given is not really helpful for the traders. Find out everything you need to know about this Forex broker in the full Exco Trade review.
Exco Trade REGULATION AND SAFETY OF FUNDS
Warning! No Terms and Conditions available, a red flag and a very obvious scam sign!
This Forex broker is allegedly owned and operated by Exco Trade Capital Advisors Corporation, an anonymous company that is totally out of reach. At the same time they list addresses in Manhattan, London, Singapore and Tokyo with contacts for each office provided, which seems to be fake telephone numbers, fairly speaking. However, there is no FCA license in the register of the British watchdog, which confirms that Exco Trade is a deceitful enterprise that shouldn’t be mistaken with a true Forex broker, or a legit investment company. There are more red flags we will point out later in the review, which you definitely have to pay attention to, before even considering to make an investment with Exco Trade.
The next red flag comes with the vague presentation of their so-called company, for some time we weren’t actually sure what their main business activity is, as there were no clear details about the products and services they are offering. There aren’t account types or platforms advertised, some hints are presented but the links were broken! Eventually, upon sign up we found out that it’s an Investment Broker, promising guaranteed returns of minimum 33.34% on daily basis. Sounds too good to be true, isn’t it, definitely a red flag and a scam sign!
Your funds are not safe if you make a deposit with Exco Trade, it is an unlicensed, unauthorized and unregulated Forex broker, which is most probably a scam and should be avoided!
Do not ever trust anonymous and offshore Forex brokers, stay safe and choose legit and regulated entities, such as the European ones. EU and UK are known for the strict rules imposed and the security of their financial sectors. There are many customer protection measures taken, but most importantly money protection schemes were created that further contribute to the health of the system.
ICF under CySEC in Cyprus and FSCS under FCA in UK are two of the most prominent deposit protection funds. In Cyprus you can make a claim of up to 20 000 EUR per client and in UK of even up to 85 000 GBP per client, in case a Forex broker faces difficulties to meet its financial obligations. If it was an offshore entity, however, it would simply disappear and you would lose all of your investments, instead of making profits elsewhere!
Exco Trade TRADING SOFTWARE
No Metatrader4 or Metatrader5 accounts available, Exco Trade actually do not offer trading, but only fixed return investments. On their Main Page they offer some educational courses, but these are not available, confirming once again that Exco Trade should not be trusted!
No spreads known, the leverage is said to be 1:10, but it’s a conflicting piece of information and a red flag, as there is no FX trading available.
Exco Trade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with Exco Trade is 5000 USD, a bizarre requirement whatsoever. The only funding method is Bitcoin, a very obvious scam sign! Cryptos are the favorite currency of the scammers because it’s virtually impossible to make a refund. The digital coin p￼ayments are totally anonymous and not governed, or supervised by any institution that can protect you in case of a scam! Stay away!
The minimum withdrawal amount is 40 USD and the withdrawal request is said to be processed within up to 48 hours. The charges, however, are unacceptable- 5 to 10 percents of the withdrawal amount, which is totally unfair.
No dormant account policy and fees for inactivity specified. No bonuses, promotions or other trading incentives offered. There is some sort of a referral program introduce, but no terms and conditions given whatsoever. There are too many red flags to be found, Exco Trade is most probably a scam and you should avoid it!
HOW DOES THE SCAM WORK
The scam is a financial crime! It’s presumed that the scammers are going to defraud and rip you off, but the consequences might be much worse than you have ever expected, especially considering the Forex fraud, which is probably the most widespread one today. Once you get involved in scam, however, the risk becomes long-term and you might end up literally having your own life ruined! Here are five possible negative effects of scam:
- Typical Forex Scam- you made a deposit and got robbed off, not much to discuss about the matter!
- Debts- scam Forex brokers will allow an indebted account and it might turn out that you have to pay them eventually, because your account balance went negative. Under CySEC and FCA regulation the negative balance protection of the clients accounts is a must!
- Identity Theft- the scammers might also abuse your personal information submitted, they might drain up your account, make deals on your behalf, take credits and even register companies on your name!5 to 10 percents
- Time Loss- you will spend hours and hours dealing with scammers, then probably even more hours while trying to find ways how to get your money back. It is a waste, instead you could have spent time with your family and friends, or get involved in productive activities, gaining income. At the end the losses will usually accumulate because you have also missed real investment opportunities!
- Emotional Distress- let’s be honest. No one enjoys being lied, tricked, defrauded, scammed or victimized in any type of crime. It bears psychological effects that might have harmful effect on your life.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!