Aextrade Review – Stay Away From This Fraudster
Do you think that Aextrade is a suspicious broker? You are not far from reality! This so-called broker is lacking in regulation and many other things. Similarly, they are extremely risky and mostly run frauds. It is an ordinary event for them to pop up around the web and try and trick traders. So, you should stay alert.
If a company lies about its location or regulation, you can be sure there is something phony about it! Let’s hop into this Aextrade review for more details!
|Company||Wallwood Capital Management Ltd|
|Address||Amsterdam, The Netherlands|
|Warning||CNMV, ESMA, AFM, ATVP, FSMA|
Aextrade Regulation and Funds Security
The most critical data about a financial services provider is its regulatory status. Licensed FX brokers offer detailed information about which business runs them, where it is based, which jurisdictions it is licensed in and which regulatory bodies control their actions.
According to the footer, the organization behind Aextrade is named AEX Trade. There is nothing more to it. Also, the firm claims that it is authorized and regulated by an organization called the European Security Exchange Brokerage. There is no such organization, by all means. Aextrade provides a link to an alleged license that leads to an anonymous site posing as this bogus regulator.
The contact address is allegedly in the Netherlands. To work as a broker in this jurisdiction, a business must hold the proper license from the Netherlands Authority for Financial Markets. No official broker using this label and domain can be seen in the regulator’s database.
If you plan to invest in monetary instruments, you should beware of the many bogus brokers creeping online.
Note: There is a warning against this broker issued by the Spanish regulatory body CNMV. In addition, it was republished in other countries as well.
Aextrade Trading Platform Overview
This fake broker claims to offer platforms such as MetaTrader 4 (MT4), the most popular one in the industry. However, the installation file is, frankly, the most recent MT5 version of the software. But more significantly, this software is not configured for this broker at all. The platform points to demo software for a broker called Admiral Markets.
This is a legitimate broker working in Europe that has no ties to Aextrade. There are many fake brokers using the demo version of Admiral Markets’ software.
Notably, there are a bunch of legit, regulated brokers that allow their clients to use MT4 and MT5. These venues have distinguished themselves as industry standards because they offer a broad spectrum of features.
Note: It’s wise to leave negative reviews about Aextrade broker and other fake brokerage platforms. This stops the spread of these websites involved in fraudulent trading activities. Seeing many complaints about the broker helps restrain the list of fraud victims.
Aextrade Account Types Offered
If you may be wondering, there are exactly four Aextrade account types. Let’s dive into them:
- Bronze Trading Account
Each account has various spreads. On the other hand, the last two accounts have commissions on FX trading.
Deposits and Withdrawals from Aextrade
Aextrade broker apparently offers bank transfers, Revolut, AllPaySoft, and crypto assets. You cannot confirm whether this broker actually uses these payment options as you will get an error message.
Tricksters of this kind usually promote multiple payment methods, but only truly use crypto assets. The reason for this is that crypto transactions are much harder to track.
Legit brokers generally offer a broad selection of transparent payment options. That includes bank transfers, cards, and established e-wallets such as PayPal, Skrill, Advcash, Neteller, or Sofort. This goes without saying!
Methods Used to Commit the Scam
Bogus forex brokers often have many phony tactics. The truth is, you will see a number of withdrawal complaints and issues. Aside from that, there are abnormal fees. Keep in mind that there are incredibly high fees that range above 20%. Those fees will be called withdrawal processing fees most of the time.
Also, there’s always some type of profit fee. Fraudulent sites want you to pay these in advance before initiating any withdrawal request.
Similarly, there are unreasonable warranties that guarantee returns. Here’s another famous scam technique that you should be mindful of. Fraudsters will always promise enormous profits. Be aware that trading with highly leveraged instruments entails considerable risks. Any broker scam will try to persuade you that your returns are guaranteed.
Stay with brokers regulated in the EU, the US, the United Kingdom, and Australia. These companies need to post a warning about the percentage of people who lose cash on their platforms. This truly goes without saying!
Hopefully, this Aextrade review provided some kind of value to you. Our goal is to prevent as many people from losing their funds.
Aextrade broker doesn’t have any regulations, and their platform is poor. Also, the address is completely fake too. Finally, there are many complaints and negative reviews about this firm. Please stay away from it.
FAQs About Aextrade Broker
Is Aextrade a Trustworthy Broker?
No. The Aextrade broker is not trustworthy at all. They are just another trading scam.
Is My Money Safe at Aextrade?
Due to multiple complaints about this firm, your money will never be safe with Aextrade.
What Are The Funding Methods for Aextrade?
Aextrade broker apparently offers wire transfers, Revolut, AllPaySoft, and crypto assets.