ExIndex has all the characteristics of a fraud – they are unregulated, offer dubious conditions, demand exorbitant service fees, and have plenty of dodgy elements in their customer agreement. With the latest warning from established authorities, we can safely conclude that the brokerage in question is a fraud. Read this ExIndex review to know why this broker should be avoided at all costs if you wish to deal safely and avoid being scammed.
Exindex Financial Regulation
Exindex claims to have a UK headquarters, however, there is no way this is a UK-authorized broker — a few of the conditions they offer, like the promised bonus, are in direct violation of UK regulations. For another thing, an EU financial authority wouldn’t bother a licensed British broker. Exindex has recently been handed a warning by the Spanish regulatory authority CNNV, which believes the firm is delivering operations without being permitted to do so.
As long as a broker is authorized in one European Union jurisdiction, he or she can provide services in any other EEA state without needing a local license. It’s clear that this firm isn’t licensed in any EEA jurisdiction, which includes the European Union, Norway, Luxembourg, Lichtenstein, and Iceland. We can be quite certain that the brokerage is not registered anywhere because the brokerage has not disclosed any information regarding any alleged UK regulation.
Trading using unlicensed brokers is exceedingly dangerous because you won’t have recourse to any of the safeguards that legal, authorized brokers provide. To acquire a license, authorized brokers must meet a number of standards, including reporting transactions on a routine basis to guarantee openness and treating customers fairly. Working with a brokerage licensed in the European Union, the United Kingdom, or Australia – the world’s toughest jurisdictions – is your best option.
Customer funds must be kept in separate accounts by authorized institutions to demonstrate that the brokerage is not using customer funds for its own financial activities. Negative balance protection is necessary too. Firms must have a certain amount of operating capital, which is €7,30, 000 in the UK and EU and $1 million in Australia. This protects the firm’s financial stability and long-term viability. Brokerage in the UK and the EU are also required to engage in compensation systems, which means that if a broker goes bankrupt, their customers may be entitled to compensation of up to 85,000 pounds in the UK and 20,000 euros in the EU.
Exindex gives you access to a completely dysfunctional web platform. You’d be able to place an order and establish stop-loss and take-profit levels, but that’d be about it. The market giants MT4 and MT5 cannot be compared to such primitive systems. As of 2006, when MT4 debuted, these platforms have dominated the industry.
Both versions of MetaTrader are intuitive and user-friendly, but they also come with a slew of incredible features, including programmed Expert Consultants that record markets and trade instantaneously, the ability to create custom markers and trading automation tools, customizable indicators for price movement, VPSs, trading applications, a plethora of signals, and much more. In order to learn how to trade effectively, you should get familiar with the platform right away.
ExIndex Trading Conditions
The brokerage has not established a minimum investment amount. However, it would be a waste of time to waste time on fraudsters when dealing with a top brokerage is more reasonable than ever. Many excellent brokers will create an account for $100 or less, and others will do so for as low as $1.
On the broker’s platform, the spreads on EURUSD were approximately 0.6 pips, which is fantastic. However, a nice-looking spread must not be your only consideration when choosing a broker; incredible brokerage firms like XM and FXTM can provide offers that are just as favorable.
Finally, avoid anyone who claims to be a “recovery agency” and offers to reclaim your money in exchange for a fee – it’s just another form of fraud aimed at scam victims.