Exolid – Can You Trust Them?

Website URL: https://exolid.com

Founded: 2022

Regulations: None

Languages: English, Spanish, German, French

Deposit Methods: Cryptocurrencies, Credit Cards, Debit Cards, Others (Coindeck, Coinbase, Bitonic, etc.)

Minimum Deposit: EUR250

Free Demo Account: No

Number of Assets: 200+

Types of Assets: Spots and Futures, Contracts, Gold and Oil, Shares, Currency Pairs

Trading Accounts and Conditions

Exolid offers traders the following trading accounts:

• Start: The minimum funding amount is EUR250. You get an unspecified amount as a welcome bonus.
• Bronze (Basic): The minimum funding amount is EUR5,000. There is a welcome bonus of up to 40%.
• Silver: The minimum funding amount is EUR10,000. There is a welcome bonus of up to 50%.
• Gold: The minimum funding amount is EUR20,000. There is a welcome bonus of up to 60%.
• Platinum: The minimum funding amount is EUR50,000. There is a welcome bonus of up to 80%.
• Exclusive: The minimum funding amount is EUR100,000. There is a welcome bonus of up to 100%.

While this broker does not clearly tell us what the spreads and leverages are, we checked their trading platform and found out that the maximum leverage was 1:30. The broker claims that their regular spreads start from 0.1 pips and raw spreads start from 0.0 pips. However, on the platform, the spreads start from 0.4 pips for the EURUSD set.

Exolid – Advantages

You will find no advantages in trading with Exolid.

Exolid – Disadvantages

Here are all the reasons why we believe that Exolid is a scammer and not to be trusted:

• Lack of Regulation

Exolid doesn’t explicitly tell us who their parent company is. In fact, there is no mention of the company that runs this website at all. All we have is an address in London, England. And there is a phone number with a UK country code.

The broker also prominently advertises the FCA’s name on their website. The FCA, the Financial Conduct Authority, is the UK’s financial regulator. But Exolid does not – once again – explicitly state that they are regulated by the FCA.

Checking whether this broker is actually regulated by the FCA or not was a simple matter. All you need to do is go to the FCA’s website and search for the broker/company with their name or their license number. We could not find a license number anywhere on Exolid’s website, so we used their name. This broker is not listed with the FCA, which means that they are not regulated.

Now, considering the fact that this broker is also pretty much anonymous, we can guarantee that Exolid is a scammer.

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• Possible Serial Scam

We also believe that Exolid could be a part of a serial scam operation. When we Googled their telephone number, we were surprised to see the very same number being used for multiple other brokerages – www.dassow.us, www.etheroicis.com, www.nulcom.net and so on.

• Issues with Trading Software

Exolid once gain implies that they offer their clients something that they don’t really have. In this case, the broker claims to offer their clients a range of award-winning trading software. These claims – just like their claims about their regulation status – are just lies.

After we created an account and registered with this broker, we got a chance to take a look at their trading platform, we found out that what this broker offered was their own home-grown web-based trading software. This platform only offers you basic trading tools, a few added features and not much else.

This is quite shabby, since the best trading platform, the MT5 (and even the MT4) trading platforms come loaded with tons of features, making it easy for both novices and pros to use their software easily.

When you consider the fact that the trading platform is any broker’s mainstay, offering your customers sub-par trading platforms is a clear sign of a scam.

• Issues with Trading Conditions

Along with the trading platform, the most important offering a broker can offer is their trading conditions. So, they need to be fair and competitive.

With scammers like Exolid, their trading conditions are not only uncompetitive, they are also unrealistic and/or unfair.

First, their minimum deposit requirement. This broker asks that you deposit at least 250 Euros, which is on the higher side, especially when there are more and more excellent brokers that will allow you to open accounts with them for less than $50!

Next, the spreads are excessively low. While low spreads are an advantage in that traders’ trading costs are lower, if they are too low, the broker ends up losing money. Therefore, when a broker offers really low spreads, they offset their losses by charging their customers commissions. Since this broker has not mentioned whether they are charging any commissions, this becomes a red flag for us.

• Issues with Payments

Yet another sign that Exolid is a scammer is the fact that there is no information on payment options. We were only able to find out the options after registering for an account and then attempting to make a deposit.

At this time, we found out that the payment options that Exolid provides are debit cards, credit cards and crypto payments such as Coindeck, Bitonic and Coinbase.

We can clearly see that this broker is encouraging their customers to use crypto payments, which simply emphasizes their scam. Scammers prefer crypto payment options since such payments are untraceable and permanent; there is no way that traders once scammed can get their money back – or even find a trail to see who has taken their money once the transactions are complete.

This is the reason why we recommend to all traders that if they are registering with a new broker, then they should opt for more traditional payment methods such as credit cards. Credit card payments are completely traceable and if you are scammed, you have the option of filing for a chargeback. 

Conclusion

Exolid is a scammer and should not be trusted.

Exolid

2.4

User Experience

2.5/10

Payment Options

2.0/10

Security

2.8/10

Support

2.0/10

Reputation

2.6/10

Pros

• None

Cons

• Lack of Regulation
• Possible Serial Scam
• Issues with Trading Software
• Issues with Trading Conditions
• Issues with Payments