Exo Trade Capital Review – Is this Broker Legitimate?

Exo Trade Capital Review

With the numbers of online brokerages rising by the minute, it is a given that people will be left flummoxed when they start looking for one. This is because nine out of the ten companies you come across will make similar promises and claims and this is enough to leave anyone confused because they may not know where to start. Opting for a broker at random is also out of the question because scams are rampant in the market. A look at this Exo Trade Capital review shows just how they manage to pull off their cons.

Most people have to learn this the hard way, but you do not need to do that, as long as you are cautious and thorough. You will be able to find a good and dependable broker that can help you in achieving your financial goals in the long run. Bear in mind that making this decision in a hurry is not a smart move because it opens you up to mistakes. Likewise, it should be noted that simply knowing that these scams exist is not going to protect you from falling for them. You have to be able to distinguish them from legitimate platforms and this is easier said than done.

No, scam websites are no longer poorly designed or have clear indications that they are fraudulent. You actually have to look beyond the surface to know the truth, or else they will appear to be quite similar to a genuine and legitimate brokerage. This is a miscalculation that many people have made and have had to suffer losses that you do not want to have to go through. So, how do you stay safe? The key is to verify all the promises that any broker makes to ensure their story is true.

The same approach can come in handy in the case of Exo Trade Capital, which claims to be a regulated brokerage offering its professional services. But, is it truly a legitimate broker? Let’s find out below.

Licensing and regulation

When you want to verify the legitimacy of any online brokerage, it is always best to begin with their licensing and regulation. This is because every single authentic broker will have a license from the regulatory authority of the jurisdiction in which it is based. A company without a license cannot be trusted because they are not subject to any rules and cannot be held accountable.

Only licensed and regulated brokers can offer you protection in the form of safety of funds and other policies. So, where does Exo Trade Capital come in? When you go through their presentation, you will find that it claims to be regulated. It has mentioned being ‘governed by Danish Law’ and also that it is regulated in the United States by the GSE.

Plus, you will also find a Certificate of Incorporation on its website that shows it is a registered company in the United States. Now, it is time to break down the claims that Exo Trade Capital has made and learn the truth. First off, the certificate of incorporation is entirely false because it has been issued by the Securities and Exchange Commission (SEC).

Sure, the SEC is a financial authority in the US, but it has nothing to do with brokerages. The regulatory authorities in the US for forex brokers are the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). When you check their online registers for Exo Trade Capital, you will not find the broker mentioned anywhere. This means that it cannot operate in the US.

As for the regulatory authority called GSE that Exo Trade Capital has mentioned, there is no such entity that exists in the United States, which makes it a false claim. This means that you are dealing with an unregulated brokerage and since it is lying, it cannot be legitimate at all.

Trading software

Every online broker offers a trading software because this is what you use for connecting to the financial markets and executing your trades. You will find that Exo Trade Capital claims to offer the MT5 trading software, but this is nothing more than a lie. This is because there is no functional trading platform available on its website, which means there is absolutely no point in opening an account with this broker at all because you cannot engage in trading at all.

Trading conditions

Of course you need to check the trading conditions that a broker offers because this affects your costs, profits and your flexibility. However, all of this is irrelevant in the case of Exo Trade Capital because, as mentioned above, it does not have a functional trading platform. So, no matter what conditions it may offer, you will still not be able to trade.

You will come to know that Exo Trade Capital appears to have a completely different business model altogether. Instead of offering you a trading software and regular accounts, they have investment plans available. The minimum deposit begins at $300 and it promises you returns between 40% and 72% in a week’s time. Essentially, you will not do any trading as Exo Trade Capital is guaranteeing profits.

Bear in mind that any brokerage that gives you guaranteed returns is a fraud and Exo Trade Capital falls in the same category because the financial markets are volatile and unpredictable. Even professional traders cannot guarantee returns, much less such high ones.

Deposits and withdrawals

Another interesting thing to note about Exo Trade Capital is that it only accepts deposits in the form of cryptocurrencies like Bitcoin, TRON and Tether. This is telling because crypto payments are known to be a favorite of scammers and criminals. Why? This is because they are final and cannot be reversed, unlike credit card payments and more. Moreover, they also give some anonymity and this is what every fraud is looking for.

The Verdict

It is clear from the problems that Exo Trade Capital is not a legitimate broker and is just another scam looking to fool you.