Stay far away from ExIndex! In our ExIndex review we will tell you why we think this broker is definitely a scam. If you want to start trading online we recommend you try a more reputable trading platform – you can try Bitcoin Revolution with a trusted broker.
In this review, I will discuss an ambiguous broker ExIndex. Choosing a suitable brokerage firm is the most crucial step in your trading career as it may decide whether you will have a smooth trading experience or not. So before choosing the right one for you, do your complete research, Continue reading this ExIndex review to make sure that you do not fall for them as they appear to be a big fraud.
Lack of Regulation
The first thing you should look for in a broker is regulated, as it may sometimes be the key difference between a legal organization and a fraud. Regulated ones are required to obtain a license, which implies they are subjected to regulation, rules, and standards, and can be held liable for their activities. Unregulated firms are not subject to the same rules, so you should avoid doing business with them. The most serious issue you’ll encounter with ExIndex is that it’s unregulated and lies about its location.
If you look at their website, you’ll notice that they have a London, United Kingdom office address. A broker must obtain a license from the (Financial Conduct Authority) FCA in order to operate in the United Kingdom. However, the broker is not listed anywhere in the regulatory authority’s web database. This indicates that the brokerage is either faking its location or operating unlawfully from the United Kingdom, both of which render the platform inappropriate for you.
Furthermore, a closer examination of ExIndex’s services reveals that the company is ineligible for FCA licensing since it violates several of the regulator’s standards.
Blacklisted by Spanish authorities
ExIndex already has a problem with lack of regulation, but you will see that it can get even worse. Not only in the U.k but also in Spain, the firm is working without a license. As a result, the Spanish regulatory authority has issued a warning regarding the company and its conduct.
ExIndex is offering its services to customers in Spain despite not having a license, according to CNMV (National Securities Markets Commission), which supervises brokers in Spain. As a result, it has been banned.
Deceptive Bonus Policy
To begin with, the thing that ExIndex offers trading bonuses to their clients is a major issue, as bonuses are illegal in most countries due to their harmful character. They came with conditions, which caused regulators to issue a ban since it was not in the best interests of customers. This is also true in the United Kingdom, where ExIndex proclaims to be headquartered.
ExIndex is therefore doing a violation of FCA’s bonus policies. Furthermore, a closer examination of their trading bonus reveals it to be simply malicious. If you read the legal documents on the broker’s website, you’ll notice that traders are not allowed to withdraw earnings earned through trading bonuses.
This suggests that there is a separation between the funds that traders deposit and the trading bonuses they receive, as well as the profits generated by each. The issue is that there’s no practical way of separating the money, which means you won’t be able to keep profits earned from your funds and bonuses. As a result, ExIndex will be able to block all of your withdrawals and you’ll be powerless to stop them.
Throughout the study of ExIndex, things only become worse because the broker charges the most outrageous fees you’ll ever see. To begin with, they have said that no withdrawal will be permitted until you have satisfied a certain turnover requirement, which is something that no respectable broker would do. It is never forbidden for traders to withdraw their own funds.
Second, if you withdraw money before you’ve reached the required turnover, you’ll be charged a 10% fee. Furthermore, they charge 35$ for the withdrawal, which is excessive given that most competent brokers now drop withdrawal fees just as a gesture of good faith. ExIndex, on the other hand, does not do so and instead tries to get as much benefit as possible.
ExIndex’s mediocre trading software, which is common among scam brokers, is merely the icing on the cake for you to conclude that it’s not a reputable broker.