Exteom is based in the shady offshore domain of Saint Vincent and the Grenadines (SVG) and offers Forex, CFD and crypto trading. Although this website looks polished and full of amazing content, there are some dark details you should be aware of.
The main focus of our Exteom Review is this offshore broker’s legal status and license, or lack thereof. We analyzed the content of the exteom.com website to expose the unlicensed fraud behind it.
In the very beginning, we must stress the fact that Exteom is not a regulated broker. Wirrerium LLC, the offshore company running this monkey business is based in SVG, which is bad news.
SVG’s Financial Services Authority does not regulate Forex trading, as satiated on the regulator’s website. Hence, SVG is not a safe trading environment.
This clearly shows that Exteom is not compliant with the regulations of the European Securities and Markets Authority (ESMA), which are in force in the EEA zone and does not possess a MiFID passport necessary for brokers to provide services in this domain.
They are scammers. I have been threatened after withdrawing my participation and refusing to provide my details ID etc. Have been stalked by phone, different phone number every time. The pressure was increased by threatening me to report to the police for “my money laundering”.
Warning: Do not download an app at their request, if you do you give them access to everything about your bank account, so your money. I lost 250 euros. Tuition fees!
Once the trader deposits funds, the scammer offers them a rigged platform in order to fool them into thinking they are trading for real and making profits.
Be careful if offered access to a private WhatsApp chat or Telegram channel. Trading scams do not choose means. Nevertheless, if you need help in recovering your funds, give us a call.
To reiterate, exteom.com opinions are negative and multiple European regulators have flagged this website as a trading scam (not ESMA-compliant). If you have any additional information regarding this broker, please contact us.
Exteom offers three platforms – MetaTrader 4, a web-based platform and a mobile trading platform. The first one, MT4, is amazing software that was designed by MetaQuotes in 2005. It offers a wide range of cutting-edge features such as automated trading, over 20 timeframes, instant order execution, advanced charting, etc.
Yes, there is a mobile trading app. The Exteom mobile trader is available only for Android. In general, mobile trading offers advantages such as trading on the go but it’s no use if your broker is unregulated. Thus, we suggest you find a licensed MetaTrader 4 broker with a mobile option.
Here’s an overview of the financial instruments that Exteom’s platform includes:
If you look at Exteom’s website, you’ll notice comprehensive education material. Of course, this whole text was probably copied from somewhere else, just like the broker’s legal documentation. Another fraudulent SVG-based broker that uses the same legal text and account types is Zigber com.
Education always comes in handy but it won’t save you from being scammed. Our review will so please contact us if you have any questions.
Let’s make an overview of Exteom’s trading account types:
The shady broker didn’t disclose the minimum deposit amounts for the latter two account types. All we know is that the Standard account costs a minimum of 250 $. We found that out from a complaint against the broker on Trustpilot. The leverage for the Premium and VIP accounts can be raised depending on the client’s ability to invest, the website states.
Exteom promises traders a risk-free demo account on the website. However, the demo account link simply leads to the live account registration page.
On the Exteom login page, there is a promo code option. We believe the financial swindler sends this code to those considered suitable victims. Such fraudulent practices are common with unregulated brokers.
As mentioned, the leverage for the Standard account caps at 1:30, which is in line with ESMA’s regulatory cap but that doesn’t make Exteom legit. The latter two accounts can offer even higher leverage.
It can only be justified if the account is professional but Exteom did not mention it. On the platform, we saw that the spread for EUR/USD was around 2 pips. That’s too wide to be profitable considering that the industry’s standard is 1.5 pips. Only the Standard account charges commission, amounts not disclosed.
We wouldn’t bet on it. Exteom did not even disclose which payment methods are available. Deposit and withdrawal fees are a mystery as well. Such lack of transparency is reason enough to avoid this broker.
According to our sources, all payments to Exteom go through crypto since it is a method that allows the scammer to remain anonymous. Tracing crypto transactions is extremely hard but it is possible with CipherTrace, a software our team uses.
Exteom is an unregulated offshore scam broker that offers Forex, CFD and crypto trading. Active since October 2022, this scammer’s main targets are traders from Germany, Spain, Switzerland, the Netherlands, and the Czech Republic.
Do not invest money in this scheme. If you already did, please book a free consultation with us and share your experience. Our team can trace your transaction using CipherTrace.
Book your consultation today and recover your hard-earned money!
The minimum deposit amount that Exteom requires clients to pay is 250 $.
Yes, Exteom’s trading platform includes both CFDs on popular assets and cryptocurrencies.
Exteom did not say how long it takes for withdrawal requests to be processed.
The minimum deposit amount that Exteom requires clients to pay is 250 $.
Yes, Exteom’s trading platform includes both CFDs on popular assets and cryptocurrencies.
Exteom did not say how long it takes for withdrawal requests to be processed.
The post Exteom Review: Learn Why This Broker Is Not Trustworthy appeared first on Global Fraud Protection.
