If you are looking to read ExtraDex reviews, you are in the right place. Is this ExtraDex.net broker a reliable broker? Read reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is ExtraDex?
ExtraDex otherwise known as ExtraDex.net is an offshore brokerage with a lot of promises for forex traders. The forex company claims its registered address to be in Monaco.
The broker shows its account packages such as —
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
ExtraDex Minimum Deposit
The broker ExtraDex showcases $1000 minimum deposit based on the account type.
In comparison, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
ExtraDex indicates no information about the payment methods it accepts. This is not a good sign either, as most legitimate firms would normally describe this in detail.
Just so you know, 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!
ExtraDex withdrawal 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.
ExtraDex claims to offer a simple web trading software. Apart from that, the platform seems simple and isn’t innovative for sure. You can use just some basic tools and custom indicators, but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
ExtraDex offers leverage as high as 1:100 on forex majors. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about ExtraDex.net Broker
First of, ExtraDex openly presents a licensing act issued by the Vanuatu Financial Services Commission (VFSC). This appears genuine at first sight. So, we searched the registers of VFSC, but there was no data about ExtraDex or Credit Financier Invest Limited either, so this license is most probably fake.
More so, this broker 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/ clients 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.
ExtraDex FX 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 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
ExtraDex located at ExtraDex.net claims to appear like a genuine trading broker, however, you should not take the words they say. From all indications, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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