Is Exopip Legit or Scam?
Exopip appears to be a scam broker and should be avoided. Here’s a breakdown of the red flags:
- No Regulation: A legitimate broker will be licensed by a reputable financial authority. Exopip lacks such licensing and has been flagged by the Financial Commission as unauthorized.
- High Minimum Deposits: Exopip’s minimum deposits start at a hefty €10,000, significantly higher than reputable brokers. This could be a tactic to lock in larger sums from unsuspecting victims.
- Unclear Fees: Exopip doesn’t disclose crucial information like spreads and withdrawal fees, making it difficult to assess true trading costs.
- Suspicious Practices: The mandatory referral code requirement for account creation is highly unusual and raises concerns about legitimacy.
Company Overview
Feature | |
Country | UK (Claims) |
Regulation | None |
Guaranteed Funds | No |
Segregated Accounts | No |
Negative Balance Protection | No |
Services or Products
Exopip claims to offer forex, stocks, commodities, and cryptocurrencies. However, the lack of transparency surrounding fees and trading conditions makes it difficult to evaluate the actual services provided.
If you have lost money to companies like AssetAce, or AUSFITS; please report it to us on our Report a Scam form.
Trading Platform & Leverages
Exopip doesn’t clearly state the trading platform used. Reputable brokers typically offer industry-standard platforms like MT4 or MT5. Exopip boasts high leverage (up to 200:1), which can amplify both profits and losses. Leverage should be used cautiously, especially by beginners.
Spreads and Cost of Trading
Exopip remains silent on spreads, a crucial cost consideration for traders. Reputable brokers offer competitive spreads on various instruments.
License and Regulations
This is a critical area of concern.
- Legal Warning Against Exopip: The Financial Commission, a self-regulatory body, has issued a warning against Exopip for operating without authorization. This is a major red flag.
- Importance of Regulations: Regulation by reputable authorities like the Australian Securities and Investments Commission (ASIC), CySEC, or Financial Conduct Authority (FCA) ensures broker accountability and protects client funds. Unregulated brokers pose a significant risk of fraud and loss of investment.
Deposit and Withdrawal Methods
Exopip claims to accept bank transfers, credit/debit cards, and cryptocurrencies. However, withdrawal fees and processing times remain undisclosed. Reputable brokers typically offer clear information on deposit and withdrawal methods and associated fees.
Exopip Pros and Cons
Pros | Cons |
None Identified | No legitimate forex license |
Falsely claims registration in the UK | High minimum deposit requirements |
The Financial Commission warning | No reliable trading software |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers operate outside the financial regulations that protect traders. Here’s why it’s risky:
- Funds at Risk: Unregulated brokers might not segregate client funds, putting your money at risk if the company goes bankrupt.
- Manipulation: Without regulatory oversight, an unregulated broker could manipulate prices or prevent withdrawals.
- No Dispute Resolution: If you encounter problems, there’s no recourse through established financial channels.
Client Feedback
There’s limited reliable client feedback available on Exopip. This further fuels suspicion about the platform’s legitimacy. Established brokers often have a wealth of client reviews on reputable websites like Trustpilot.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to a scam broker can be challenging. However, reporting the incident to relevant financial authorities can help prevent others from falling victim. Reviewsadvice can help raise awareness about suspicious brokers like Exopip.
While Reviewsadvice can’t directly recover lost funds, we can connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:
- Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
- Recovery Specialists: Connecting you with services to potentially get your funds back.
- Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
- Disappearing Brokers: Help find experts to track down the broker and guide your next steps or You Can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
Exopip exhibits numerous red flags, including a lack of regulation, dubious claims, and unclear fees. When choosing a forex broker, prioritize safety and transparency. Opt for a reputable, well-regulated broker with a proven track record. Don’t be tempted by unrealistic promises or high leverage offered by unregulated platforms.
