Edxm is a forex and CFD broker that claims to offer a safe and reliable trading environment. However, there are a number of red flags that suggest that Edxm is a scam.
Company Overview
Edxm is a relatively new broker, having been founded in 2022. The company claims to be headquartered in Belize, but there is no evidence to support this claim.Â
Team
The company’s website does not list any contact information for its management team. They should provide their team’s details to show their legitimacy. But,we did not find any details about their team.
Services or Products
Edxm offers trading in a variety of forex and CFD instruments. However, the company does not disclose its trading conditions, such as spreads and commissions. This is a major red flag, as it makes it difficult for traders to assess the true cost of trading with Edxm.
License and Regulations
Edxm is not regulated by any major financial regulator. This means that there is no government body to oversee the company’s activities and protect its clients. This is a major risk for traders, as it means that they have no recourse if Edxm goes bankrupt or simply disappears.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to the same regulations as regulated brokers. This means that they are free to engage in fraudulent or unethical practices, such as refusing to pay out profits or manipulating prices.
Second, unlicensed brokers are often located in jurisdictions with weak financial regulations. This makes it difficult for traders to get their money back if they are scammed.
Legal Warning Against Edxm
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against Edxm. The FCA has warned that Edxm is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about Edxm online. Some traders have complained that they have been unable to withdraw their funds from the company. Others have said that they have been misled by Edxm’s marketing materials.
Feedback About Their Trading
The feedback about Edxm’s trading is mixed. Some traders have said that they have been able to make profits with the company. However, others have said that the spreads are too high and that the trading conditions are not favorable.
Feedback About Their Customer Service
The feedback about Edxm’s customer service is also mixed. Some traders have said that the customer service representatives are helpful and responsive. However, others have said that they have had difficulty getting in touch with customer service and that the representatives have been unhelpful.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Edxm or another forex broker, there are a few things you can do. First, you should contact your bank and report the fraud. You should also file a complaint with the FCA.
You can also seek help from Reviews Advice. Reviews Advice is a company that specializes in helping people who have been scammed by forex brokers. We can help you get your money back and hold the scammers accountable.
We will provide you with free consultation and recovery service recommendations to help you recover the lost fund.
Final Thought
Edxm is a scam broker that should be avoided. The company is not regulated by any major financial regulator and there are a number of red flags that suggest that it is not a legitimate business. If you are considering trading with Edxm, we urge you to reconsider. There are many reputable brokers out there that offer safe and reliable trading services.
