February 20, 2024

Exbank Review- See Why exbank.ca Broker Is Scam

Exbank Review

Are you a forex trader? Look to trade with Exbank broker? Before you do exactly that, carefully see complete Exbank review to know about this platform.

This content promises to share helpful review to support clients/traders in making the right decision.

Exbank

Exbank also known as Exbank.ca is an offshore brokerage company with the trading name EXBANK Trading Services LLC with a lot of promises for forex traders. The broker shows incorporation and authorization in St. Vincent and the Grenadines.

Here, the broker presented different contact informaton-

Address

What is more, clients are offered various account packages like BTC PACKAGE, ADVANCED SILVER, VIP, TAYLOR MADE PLATINUM AND DIAMOND PREFERRED.

Account Type

Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

See section below—-

Deposit and Withdrawal

Exbank Minimum Deposit:

Exbank minimum deposit is indicated as high as 1 BTC. The good thing about a licensed FX broker is that Minimum deposit is made known to traders, and clients can start trading as low as $100 .

As for the payment methods, the broker accepts Bitcoin, Ethereum and Litecoin, as well as debit and credit cards and bank wire transfers – When we tried making a payment, we were told to contact the website administrator.

Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

Exbank leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements  that must be met before a withdrawal.

Exbank Platform:

Exbank platform claims to offer (Industry standard trading platforms). What you must know is that, the claim to offer any of two MT4 or MT5 does not make the broker genuine in the service because any scam broker can do the same to appear real and lure forex traders/ clients. However, what we found was a fake resemblance of a platform.

As for Exbank leverage, there is no information on that. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Why Should Not Trade with Exbank.ca Broker

First of, Exbank.ca has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.

To start with, the broker has been blacklisted amongst unlicensed entity by the Ontario Securities Commission (OSC)

Ontario Warning

Further, the broker claimed address in Switzerland, but agreed to be registered in St. Vincent and the Grenadines with their company EXBANK Trading Services LLC. Regrettably, this is another con about this platform because St. Vincent and the Grenadines (SVG) has warned strict about forex broker claiming license and authorization with them. Take a look —

SVG Warning

More so, the platform does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Exbank Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Conclusion:

Exbank located at Exbank.ca claims to be a genuine trading broker, howbeit, that cannot be verified. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

Was this post informative? Please share with us your experience on the comment section below.

Read earlier reviews on Geneon-invest, Forextimeprime brokers

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