ExceedFX – Are They Trustworthy?

Website URL: https://exceedfx.com/

Founded:  2020

Regulations: Unregulated

Languages: English, Russian, and Spanish

Deposit Methods: Debit/Credit cards (Master and Visa), Bank wire transfers, and other payment providers of the region

Minimum Deposit: €250

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Currency pairs, Indices, Metals, Energies, Futures, and Shares

Trading Accounts and Conditions

ExceedFX has only three types of accounts to offer. While there is no information mentioned on the website about the conditions of these trading accounts:

•   Real Account: a live account
•   Islamic Account: for Muslim customers who cannot earn or pay interest.
• Demo Account: for new traders with little or no experience, where they can practice with an unlimited amount of virtual funds free.

ExceedFX – Advantages

ExceedFX does not offer any incentives or bonuses to its customers.

ExceedFX – Disadvantages

• An Unauthorized and Unregulated Broker

The official website of the ExceedFX reveals that Marshal Islands is the location where this broker resides and is owned and operated by a Marshal Islands-based offshore company named Dias Capital Inc. this offshore zone is the most famous and commonplace for illegal brokerage spawning sites in the world. All the offshore brokers based in this area can anonymously register over the internet, as there is no forex regulator in this area. Additionally, the lower taxes also allow anyone to establish questionable brokerage entities with suspicious activities. Due to this fact, most of the scammers are based in the Marshall Islands area or any similar kind of offshore territory like St. Vincent and Grenadines.

Therefore, ExceedFX is virtually an anonymous shady broker as there is no information regarding who are the owners behind it. Moreover, all the brokers including ExceedFX based in Marshall Islands are unregulated and unlicensed entities. If you trade with this broker, there is an immensely huge risk to your investments because this broker is completely unaccountable for the way it handles your funds. So, you cannot even claim any legal action against it.

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• Bonus Policy Traps and Shady Withdrawal Policy

After signing-up with ExceedFX, you will be directed toward the dashboard area where the only way to proceed is either to deposit the funds or to attach ID documents, while the withdrawal section is found blocked. So, how can you expect to make money with an unregulated and anonymous offshore broker who will not even allow you to withdraw a single penny of your funds? This is because they are not liable to follow any ethical standards; instead, they have made their own rules, which are of course in their own favor. You can find the proof of this fact in the client agreement of ExceedFX on its website where it has openly mentioned that they are fully permitted to refuse the customer’s withdrawal requests and it is at the sole discretion of the broker.

Hence it is the common practice of all the offshore brokers to come up with plenty of other pretexts and lame excuses to cancel the withdrawal requests. For example, the trading bonus attracts more victims where you’ll have to meet a trade volume requirement which is difficult to reach. Here in the case of ExceedFX, you’ll have to trade $10,000 for every dollar you received as a trading bonus before making a withdrawal request. It has clearly explained that if the client has failed to reach the minimum trading volume requirement, their withdrawal request will be canceled, or ExceedFX reserves the right to make amendments in the bonus policy at any time without notifying the customer. It means that even if you hardly manage to achieve the minimum trade volume requirement, the broker can revise it to cancel the withdrawal request again. This seems so unfair.

• Trapping Customers Through the Trading Platform

The registration process of ExceedFX shows many scam signs that are not obvious to most of the users. For example, you can open a live MT4 trading account without giving ID documents. This shows that the broker does not even care who is creating an account with it. This also further reveals that the broker is allowing as many users as possible through such an easy registration process with the sole motive of gathering deposits. Conversely, it is customary for all legit and regulated forex brokers to ask for the ID documents and ID proofs before giving them access to a live account.

• Different Fee Charges

Besides trapping customers with easy account access and an attractive bonus policy, this unregulated broker is charging various fee amounts and commissions. To start with, the broker charges a 3.5% fee on all withdrawal requests made by customers as well as a 0.5% clearance fee, and a maintenance fee of 0.5% will be charged on the whole amount of the client account. Together with this, there is a 500 USD/GBP/EUR monthly dormant account fee that the customer will have to pay in case no trading activity has been executed for two or more months. This is simply outrageous because the legit brokers only charge an inactivity fee in case if no trading activity has been executed for a whole year and that also does not exceed $25.

• The High Minimum Deposit Amount

According to the user area of ExceedFX’s website, the customer will need to feed the account with a minimum deposit amount of $2500, which is 10 times higher than the industry average amount that is $250. This shows another clear evidence of this scammer broker.

Conclusion

ExceedFX promises to offer a broad range of assets, with exceptional trading conditions and competitive leverage caps, and a well-known industry standard MT4 trading platform. This is, in fact, an attractive trading opportunity but only if only ExceedFX was a legit and authentic regulated forex broker. However, unfortunately, it is an offshore virtually anonymous broker with zero credibility.

You will lose all your investments if you choose to trade with this broker.

ExceedFX

2.3

User Experience

3.1/10

Payment Options

2.2/10

Security

2.3/10

Support

2.0/10

Reputation

2.1/10

Pros

• None

Cons

• An unauthorized and unregulated broker
• Bonus policy traps and shady withdrawal policy
• Trapping customers through the trading platform
• Different fee charges
• The high minimum deposit amount