Aextrade Review: Is AexTrade.Com a Reliable Broker?
AexTrade presents itself as an online trading site offering financial services to its clients. It is supposedly owned by a company called AexTrade, which the site claims ‘’is authorized and regulated from the EU by the European Security Exchange Brokerage (license number AF772413)’’. However, this institution doesn’t even exist.
Besides this information being completely made up, another detail about the company that can be seen on the site is that their supposed address is Veembroederhof 281 1019 HD Amsterdam, Netherlands.
In order for a broker to be allowed to operate in this country, they would have to be regulated by the Netherlands Authority for the Financial Markets (AFM). By simply checking the database of the jurisdictional regulator you can make sure that the broker is regulated. This is not the case with AexTrade.com.
Being unregulated and unlicensed, this kind of fraudulent broker cannot provide safety to your funds. Therefore, the best choice possible is to just not invest here.
|Address||Veembroederhof 281 1019 HD Amsterdam, Netherlands|
|Leverage||1:100 to 1:200|
License and Safety of Fund at Aextrade
Since we are reviewing an unlicensed shady broker, we cannot confirm the safety of funds. Being unregulated means that this brokerage company is not in compliance with the strict rules of jurisdictional regulators. In order for a broker business to be fully regulated, they have to meet certain conditions.
As we could check aforehand, Aextrade.com doesn’t exist in the AFM database, so that means this is another fraudulent broker. Like other scammers plotting to steal the money investors are willing to deposit, we have no reason to think differently about the unlicensed Aextrade.com.
Trading Platform Used by Aextrade Broker
Most scamming schemes include having a manipulated trading platform. That serves to convince unsuspecting investors that their funds are being traded and growing. It is no different with this unscrupulous broker that claims to provide users with a fast, reliable, and multifunctional platform.
In truth, the trading platform offered is a ridiculous and overly simplified version of MT5, probably designed just to leave an impression of reliability and professionalism. Since it is so, the best option is to just stick with top broker companies that offer legit trading software adjusted to beginners and professional traders alike.
Aextrade Deposit and Withdrawal Method
One positive aspect of this website is that it allows deposits to be made via credit cards and wire transfers. That is if it is true at all. If it is, this means that it is possible to get your money back in case you ask for a withdrawal of funds through your bank. Timeframe for that is up to 540 days.
On the other hand, the minimum deposit amount is too high. Aextrade.com asks for $250 to be initially deposited in order to start trading. This is suspicious and more characteristic of scammer websites. Regulated brokers sometimes have a $0 deposit required or it’s just very small, $5 for some and up to around $100 for others.
How Does the Scam Execute?
Once an unsuspecting victim makes an initial deposit, they will be contacted by an eloquent and well-trained fake broker. Their aim is to convince the client to invest further. The main tool they use to convince less informed investors is the promise of huge profit, easy and fast.
None of this is actually true. And while the customer is poisoned by an idea of trading that isn’t even happening, their hard-earned money goes to the scammer.
Please never install suspicious software on your device that is meant for remote control. The fraudulent broker will take your money and disappear with it, without giving you a chance to restore your funds.
A List Of The Top Forex Brokers
It is understandable when an investor without some basic knowledge of brokerage makes the mistake of choosing the wrong broker. However, this can easily be avoided. The basic step is to check with the jurisdictional regulator if that broker is fully regulated. If they aren’t in the regulator’s database, that’s a warning sign.
Also please always check reviews, ratings, and what cyber security experts say about every particular broker.
In case you are looking for some more recommendations and are still indecisive, please use the information given to you in the table below.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FPMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
After confirming that this company is unlicensed and unregulated, we can conclude that this is another scamming scheme. Its main reason for existence is to steal investments from less informed or less knowledgeable traders who are interested in investing.
For that very reason, it is important to inform yourself well and thoroughly. Then you will be able to choose your broker based on facts and ensure your funds are safe.
Always go for brokers that have a long tradition and have been operating for a long time. Newly registered brokerage firms are less reliable and they may not have enough reviews and ratings.
Don’t despair in case you were a victim of cyber theft. As soon as possible do refer to local authorities and change your credit/debit cards.
Were you willing to share your experience and knowledge of scammers with us, please do so. One of the ways of stopping fake brokers is getting the word out there and raising awareness.
FAQs About Aextrade Broker
Is Depositing Safe and Secure?
Aextrade, com is stating that depositing is safe and secure but since it’s a non-regulated broker, funds are not safe or secure.
How Long will it Take to Process my Withdrawal Request?
The website claims it takes up to 10 business days to process a withdrawal request.
How to Verify Your AEX Account?
Aex demands clients verify their account by uploading identity proof like a picture of a passport or some other government-issued ID.