ExTickPro – Is Your Money Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ExTickPro - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
We have no information on ExTickPro’s website with regard to its trading accounts and conditions. All we know about this broker is that it focuses on CFDs on Cryptocurrencies such as Bitcoin, Litecoin, Ripple, Ethereum Classic, Bitcoin Cash, NEM, Monero, EOS, Dash, Stellar and TRON.
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://www.extickpro.com/
Founded: 2017
Regulations: Unregulated
Languages: English & German
Deposit Methods: MasterCard, Visa
Minimum Deposit: Not Given
Free Demo Account: Not Available
Number of Assets: Unknown
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
We have no information on ExTickPro’s website with regard to its trading accounts and conditions. All we know about this broker is that it focuses on CFDs on Cryptocurrencies such as Bitcoin, Litecoin, Ripple, Ethereum Classic, Bitcoin Cash, NEM, Monero, EOS, Dash, Stellar and TRON.
ExTickPro – Advantages
There is only one advantage that traders would have if they were to do business with ExTickPro – they would be able trade on a large number of cryptocurrency pairs.
ExTickPro – Disadvantages
Besides the fact that this broker has a large number of CFDs on cryptocurrency pairs, there isn’t anything else that is positive about ExTickPro. Here is the long list of its disadvantages:
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Unlicensed Broker
On ExTickPro’s website, we see that the broker is owned and operated by company that is supposedly based in the United Kingdom – PPSAI Group Limited. However, beyond the name of its parent company, we have no further corporate information about this broker.
We know that no broker can operate legally in the UK unless authorized to by its financial authority – the FCA (Financial Conduct Authority). Therefore, we checked the FCA’s online register to verify ExTickPro’s regulation status.
We found out that this broker is not regulated by the FCA at all.
While checking this broker’s website, we also found that it claimed to be regulated under Bulgarian laws. So, we checked the online registry of the Bulgarian financial authority – the FSC (Financial Supervision Commission). Once again, we found no sign of ExTickPro or its parent company there.
Thus, we can safely say that this broker is not offering its financial services legally; it is a completely unregulated brokerage, which means that your funds are not safe with them.
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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No Demo Account
Demo accounts are an important feature that most legitimate traders offer their clients. A demo account gives traders the opportunity to test the broker’s trading conditions and also check the quality of the trading platform offered by that broker.
ExTickPro does not offer its clients a demo account. While on its own, it does not really ring alarm bells, when you combine it with all the other disadvantages this broker has, it then does raise a red flag.
No offering a demo account is a tactic that is frequently employed by brokers that are suspect, so it is something to worry about.
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No Trading Conditions
Despite going through ExTickPro’s website in great detail, we could not find any information on its trading conditions. We have no idea about the types of accounts this broker offers its customers. We also don’t know the leverage ratios or even the spreads.
Trading conditions are the critical for traders to know about when they are contracting online Forex and CFD brokers. If this very crucial information is withheld, then it is best not to do business with such a broker.
The one piece of information we were able to find out is that the minimum deposit requirement to open a trading account with ExTickPro is $250. We found this out after we registered for a live account with this broker.
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Offering Trading Bonuses
ExTickPro also offers its customers trading bonuses, which is another huge warning to all. Trading bonuses have been banned from regulated jurisdictions in the UK, Europe and the US for a reason.
They look really attractive, but are actually a trap for traders. Those who partake of these bonuses end up losing their money for a simple reason – these bonuses come with the condition that they need to meet a trading volume target before traders are allowed to withdraw their funds. These trading volume targets are so high that most traders are unable to meet them. This means that they never get to withdraw their funds. Translated, this means traders who avail of this promotion end up losing all the money they invested.
Furthermore, many brokers who offer this promo also state that they reserve the right to change the terms and conditions at their discretion.
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Poor Quality Web-Based Trading Platform
ExTickPro does not offer its customers the MetaTrader 4 trading platform. Instead, what its clients get is a poorly designed, simplistic web-based trading interface.
This platform has none of the features that make the MT4 platform so attractive. No charting options, no market indicators or even trading bots for automatic trading. On the MT4 trading platform, you can customize nearly every feature to suit your trading requirements.
Added to that, the MT4 interface is so easy to use that even novices will not have a difficult time using this software.
For ExTickPro’s platform, we would go so far as to say that it is so bad that it’s not worth it trading on it.
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Very Long Withdrawal Request Processing Time
ExTickPro’s withdrawal conditions state that they will take a minimum of 7 business days to process your withdrawal request. Most brokers in the industry take about 24 hours to process a withdrawal request, so this is another point that raises our hackles about this broker.
Conclusion
ExTickPro is a broker that is best avoided by everyone! All the warning signs indicate that this is a scam operation and that your money is not safe at all with them. They are operating outside the law, have a sloppy and unprofessional trading platform, and have not revealed their trading conditions.
Furthermore, this broker offers trading bonuses, which no legitimate trader will do. And finally, that unreasonable long withdrawal request processing time is just to suspicious to be ignored.
We would recommend that you find another broker – a regulated one – to do business with.
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.