Exclusive Forex Tradings Review
When you have decided to trade in the financial markets, you would obviously want to have a smooth and profitable trading experience. There are a lot of factors that will determine and shape your experience, but none are as important as the broker you choose. This is because they provide you with the platform and other essential tools and features that are part of the trading process. But, choosing the right broker is not that simple because even though every company will claim to be authentic and genuine, there are fraudulent platforms rampant in the market as well. This Exclusive Forex Tradings review gives you an idea of a scam brokerage.
Identifying a scam platform is not that simple because many of them mimic the appearance of genuine and professional platforms to create confusion. This is one of the top reasons why cybercriminals continue to claim more victims because people are unable to identify the brokerage as fraudulent. Nonetheless, this does not mean that it is too difficult, or impossible for you to do so. In fact, it can be quite straightforward for people, as long as they know what to look for. When you do so, you will have no trouble in distinguishing between the two.
There are some obvious red flags that scam and impostor brokerages have and you have to know what they are to simplify your task. You need to do the same with Exclusive Forex Tradings, which is one of the brokerages you will come across when you begin looking. It claims to be a globally regulated brokerage, which catches your eye, considering that it has also claimed to have experience of 16 years. Plus, it is promising its clients lucrative returns, which is always an attractive feature. But, you need to ensure there are no red flags before you take things forward.
Unfortunately, it becomes apparent quickly that Exclusive Forex Tradings is riddled with red flags that show it is nothing close to what it claims. Check some of the red flags below:
False regulation claims
The first claim of Exclusive Forex Tradings that usually grabs attention of people is that of global regulation. Even if you are a newbie, you will probably be aware that opting for a regulated and licensed brokerage is a safer bet than choosing one that does not have a license. With a regulated platform, you can enjoy a lot of protections that an unregulated one cannot offer, which makes it a sensible move to opt for a properly licensed one.
Therefore, when you discover that Exclusive Forex Tradings claims to be regulated, you will consider it as an option. When you go through its content, you will find that it claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom and also the Cyprus Securities and Exchange Commission (CySEC). The problem is that they do not provide any licensing number, along with these claims.
Moreover, when you run the name of Exclusive Forex Tradings in the online register of these organizations, you will not find it listed. This means that it is clearly making false regulation claims to mislead people into signing up with it. Furthermore, it is also concerning that when you go through their website, you do not find a company name mentioned anywhere and there is no contact information available. They have not provided any physical address, or even a phone number, which means there is no way for you to verify anything about the broker.
Blacklisted by the FCA
As mentioned above, it has already been established that Exclusive Forex Tradings is not regulated in the UK, or Cyprus because its name cannot be found in the register of regulatory authorities for the respective regions. Thus, it does not come as a surprise for you when you learn that the Financial Conduct Authority (FCA) has actually blacklisted the company.
The FCA is the regulatory organization for the United Kingdom and is one of the toughest and well-reputed ones in the world. They have issued a warning about Exclusive Forex Tradings because the platform is operating illegally in the UK and offering its services to traders without a proper license.
No trading platform
One of the key features of any online brokerage is their trading platform, due to which it is surprising that there is no platform available at Exclusive Forex Tradings. This is obviously a major red flag because there can be no trading without a platform. You will discover that the brokerage is only carrying out a ruse because they present an illusion of a trading platform. There is a dysfunctional trading panel that does not give you any option to execute trades. It only has a couple of charts that boasts quotes from Binance and nothing more.
High minimum deposit
Another prominent red flag you will come across at Exclusive Forex Tradings is the high minimum deposit demanded by the broker. You have to deposit as much as $1,000 to open a trading account with the brokerage, which is excessive. These days, most brokers allow their clients to open a micro account with a deposit as low as $10. Even if the standard is followed, the company should not ask for more than $250, yet it asks for four times that, which makes it suspicious.
Only crypto payments
The payment options that Exclusive Forex Tradings offers are also relevant because they determine if you can file for a chargeback if there is a problem. You want to be able to get your money back if things go wrong, but this is not possible for traders here. This is because they only support crypto payments, which is a method that ensures irreversible and final payments. As a matter of fact, the payments are also anonymous for the most part, due to which scammers enjoy offering this method.
These red flags that you discover on the Exclusive Forex Tradings platform show that the brokerage is up to no good.