EXBank – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EXBank - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://exbank.ca
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Wire Transfer
Minimum Deposit: $50,000
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Bitcoin, S&P 500, Gold, Forex, Other Assets
Trading Accounts and Conditions
EXBank offers their clients multiple types of trading accounts. Here are the details:
- BTC Package: The broker states that this is an investment on either a full Bitcoin unit or 10 units of Ethereum. You are offered a 10% fully liquid bonus.
- Advanced Silver: The minimum deposit range for this account is $50,000 to $100,000. You are also offered a 15% fully liquid bonus.
- VIP: $100,000 to $500,000 is the deposit range for this account type. You are offered up to 20% fully liquid bonus.
- Taylor Made Platinum: $500,000 to $1million is the deposit range for this account type. You get an up to 25% Welcome Bonus.
- Diamond Preferred: $1million to $5 million is the deposit range for this account type. You get risk free trades of up to 22% of the total portfolio worth, but this does not include stocks. You are offered up to 35% in Welcome bonuses.
Spreads and commissions are only referred to as low; there are no numbers given. We also do not know what the leverage ratios are.
EXBank – Advantages
We could not find anything advantageous in trading with EXBank. This is not a broker anyone should trust.
EXBank – Disadvantages
Here are all the issues that point out EXBank’s scam:
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Lies About Regulation
The first thing we noticed that indicated to us that EXBank is not a trustworthy broker is the fact that they are unregulated.
EXBank claims to be owned and operated by EXBANK Trading Services LLC, and they claim to be incorporated in St. Vincent and the Grenadines. This broker then also claims to be based in Zurich, Switzerland. They try and validate their claim by providing us with a few phone numbers as well as an email address.
EXBank strengthens their claim by providing legal documents that are supposed to be from multiple financial regulators to prove that they are licensed. The broker presents us with licenses from Germany’s BaFin, Begium’s FSMA, and even Italy’s financial regulator, the CONSOB. The broker also states that they are regulated by the Swiss financial authority, the FINMA.
In fact, this broker lists thirty different financial regulators on their website, with the implication that they are regulated by all of them. But if you click on any of those links, there is no regulatory documentation attached to any of them. The only thing that these links lead to the websites of that particular financial authority.
The problem with these claims is that they can all be verified, with just a little bit of effort. We checked the online registers of each of the listed financial authorities and found out that all of EXBank’s claims we just not true. There is no broker or company by the name of EXBank listed anywhere with these regulators.
The crux of the matter is that this broker has lied about being regulated. In fact, this broker is unregulated and, in all probability, operating anonymously.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Software
The point we need to highlight that gives away this broker’s dishonesty is the quality of their trading software. Legitimate brokers offer their clients the best trading software that their money can buy, which usually means the MetaTrader 5 software. This platform is so user-friendly that all traders can easily navigate it – from novice traders to pros.
EXBank claims to offer their clients an industry-leading software, one that is supposedly the best platform for margin-trading. But what we get is a very poorly designed software, a simplistic web-trader version taken from Trading View. It allows you to carry out trades on a few different asset classes, but it offers no customization options and few tools.
This is the kind of software that we have seen being repeatedly used by scammers.
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Issues with Trading Conditions
The trading conditions once again tell us if a broker if honest or not. These metrics are what tell traders whether it would advantageous to trade with a particular broker or not.
Let’s start with the minimum deposit. The industry standard ranges from $100 to $250, but there are so many fantastic brokers who offer account opening for much less than that now. EXBank asks for a whopping $50,000 as a minimum deposit. A total scam.
Next. There are no spreads, fees and commissions mentioned. These are the metrics that tell traders the cost of trading with that broker. The higher the spreads, the more expensive it becomes to carry out a trade.
The leverage ratios are also missing; these ratios are what tell us how much risk this broker is willing to offer. Without this information, we do not know how much is safe with this broker.
All of these missing metrics just show us that we are dealing with a scammer.
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Issues with Payments
Legitimate brokers offer their clients many different payment options. With EXBank, we have one – wire transfers. Firstly, the broker does not mention anything about payment options on their website. We had to check their payment section to get this information.
Besides the fact that there was only one payment option provided, what worried us was the message there: please contact the site administrator.
This kind of a message indicates that the single payment option that they have provided may not actually work and that the only way you will be able to deposit will be by getting in touch with someone at EXBank, who will then help you to process the payments.
This is a common tactic used by many scammers, who con you into depositing funds into their accounts and then they vanish with your money.
Conclusion
EXBank is not a broker that you can trust – they are scammers and must be avoided.
exbank
Pros
- None
Cons
- Lies about Regulation
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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