Is Extick a reliable and trustworthy crypto broker? What role do regulation authorities play?
“Wanna be wealthy? Let’s trade with us and you will be” – the central message you can find on the various brokers’ websites. They promise that you 100% earn money with their platform. But you should be careful. Not only because trading is a very unsafe sphere, but because of frauds. Trading is the most monetary area. They deceive and profit from trusting people.
To avoid scammers you should examine brokers thoroughly before start trading with them. Our task is to help you in this matter. We study various trading brokers and then return our verdict whether you can trade with them or not.
Today our aim is to understand is Extick worth to trade with. It’s a cryptocurrency trading broker. Extick was launched in July 2018, so it’s new and inexperienced. Let’s make Extick review and look into the whole issue in more detail.
What Do They Offer?
The broker offers a variety of CFD and Cryptocurrency. Also, it offers commodities, stocks and indices. Any combination of the above-mentioned offerings is available. They have a variety of financial instruments and this is probably almost the only advantage of Extick broker. But they don’t offer any of the Forex for trading.
There’s something hinky even that they have poor advertising and their site is not informative. We couldn’t find any necessary information about the amount of minimum deposit or minimum bet size. How can ordinary man, wanting to try trading, choose the trading broker without this information? Before start trading one should know about rates and whether this broker is trusted.
The whole time, we analyzed trading brokers, we realize one of the most important facts – the reliable one shows its info publicly and everything you can find about the company is perfectly clear. And if it is an honest broker you will find information about its regulation in the public domain on the Internet.
They do not offer any demo-account, which makes difficult to understand – is it worth to invest?
We can add to the disadvantages of the broker the following:
- There is no margin trading;
- Forex is not available;
- We get only disadvantages to Extick. Difficult conditions, hard payment rules, confusing set of rules puzzle the clients of the broker. The absence of information pours gas on the fire.
So, they offer a lot of headaches and concerns about your money that can disappear at any moment.
They claim that they have a lot of advantages, but in fact, those are just words. To avoid problems it’s better to trade with licensed brokers.
Why Do We Give Value and Important Meaning to The Regulation and Possession of a License?
Everything concerning money and other financial issues should be regulated. There are numerous authorities in various countries to control the activity of such companies including trading brokers. It’s clear that the license application is a very difficult task and some companies avoid the procedure. But this means that if they want to avoid a lot of paperwork and paying taxes they can be very tricky. Maybe they will cheat and will not give your money back. So the license is the guarantee that they are not scams and it’s safe to trade with them.
Different countries have different financial controlling authorities. For example, in the United Kingdom, there is The Financial Conduct Authority (FCA) and САЕС in the United States. They manage the activity of financial institutions and make them obey the rules. Being under regulation means that a company has a certain responsibility and obligations to its clients.
All we know is that Extick is not under the regulation of any agency. PPSAI GROUP LIMITED owns Extick and allegedly has a registered office in Great Britain, namely in London. So they are to follow FCA rules, but they don’t.
Security of your funds is questionable.
Some companies, to avoid taxes, register as offshore on various Isles, which offer such services. It cannot be judged because sometimes it’s the only way to earn money for isles without resources. So they lure people with money to register there and gain favorable terms. But for trading brokers, it’s essential to obey a financial authority. It shows the willingness of them to cooperate. Extick doesn’t show any willingness even to work.
Platform They Offer
They offer a strange and unknown financial platform which we don’t know. We find the information about the platform on the websites of various shady brokers. This one is used in famous scams as Trade Capital, so the fact suggests that it is suspiciously. They claim that this platform is user-friendly and simple in comparison with others. Why don’t use well-known and widely used Meta Trader? Looks like fraud pattern and financial grandstanding.
What Is Our Final Conclusion?
We cannot advise you Extick broker, because it’s likely to be a scam. The answer to the question “Is Extick legit”, unfortunately, “no”. We tried to figure out are there any positive Extick reviews? Our team failed because we cannot manage it and all reviews we found was negative and underwhelming.
They use the unreliable platform, so it’s ridiculous to trust your money to such brokers. You are to avoid such an obvious scam and trade with reliable and safe trading brokers.
We may offer you one of the most trustworthy traders we invest with. Our team learned how to trade with them and now we continue to earn money with them. All the information about them is public record and you can find any fact you wish. Numbers connecting with deposits are on their website and you can examine them at any time.
We suspect that the broker is aimed at committed individuals but beginners. Because experience traders when starting study the broker may understand that this one is suspicious.
Remember the fact that operation without any license and regulation authorities is the best way for scams to earn money and to profit from credulous people. Be aware of such crooks. Nobody else can save your money beside you.
To avoid problems it’s better to trade with licensed brokers.