Warning! ExcoFinance is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Excofinance, or EXCO, seems professional, yet our expertise says otherwise. This broker, like many other before it, hides skeletons in its closet. Just how big these skeletons are? Read the review to fin out.
RSG Finance Ltd, the holding company behind the broker is registered within St.Vincent and the Grenadines which is fine, but does not do the users any good. St. Vincent and the Grenadines’ own Financial Service Authority has issued a warning that they no longer regulate forex and CFD brokers. Even if the company is registered in St. Vincent and the Grenadines, it makes no difference. What matters is the fact that SVG does not regulate Forex and CFD brokers, meaning that that EXCO is UNREGULATED, and probably a well thought off scam.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
The leverage offered to us once we opened a live account was 1:100, while the EUR/USD spread was 0.7-0.8 pips on average. The trading assets as per the trading terminal are forex pairs, indices, commodities, crytpo, stocks, and ETF’s. Overall the trading conditions are quite reasonable for a scammer broker.
The only available language is English.
The broker has included the Exco platform, an alleged proprietary trading terminal. The platform features some great aspects: one-click trading, bulk order closing, some chart management tools, live news fees, economic calendar, and pending orders. Overall, a stable terminal.
There is talk of commissions in the legal documents connected to spreads, yet nowhere on the website does the broker clearly state what these numbers are, in typical scammer broker style.
EXCO MINIMUM DEPOSIT
There are three ways to fund an account, according to the payment section: MasterCard, Visa, and Wire Transfer. We were able to continue with just $1, meaning that there is no minimum deposit.
This broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advice to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
EXCO WITHDRAWAL TIME AND FEES
Without depositing, we were unable to get a hold of any withdrawal info from the trading account. However, the Terms and Conditions revealed that all withdrawals of fund fees will be covered by the client:
There is no other source of withdrawal information to be found.
ADDITIONAL FEES AND TAXES
First we have a clause that covers certain shady aspects worth mentioning. The company can change is commissions and fees at any time it wants WITHOUT notifying the client. Then there are the undisclosed spread charges that we mentioned, wire transfer fees charged by the broker to the client. The final paragraph gives the broker the right to deduct a fee from the “Customer’s Trading Account”. This whole clause is just another way of taking as much money from an account as possible:
The customer, as of accepting the legal documents, agrees not to issue chargebacks for any credit card payments. (Note that chargebacks are one of the few ways to get your money back in time from illegal brokerage firms.) If a chargeback is made, the broker will penalize the user by $250. It goes on, saying that should the client refuse to pay said $250, the company will file legal actions against the user. A completely scandalous clause!
The next ludicrous clause states that the broker will give you back your money when requested in 61 days if the user has not done any transactions in her or his trading account. The broker is dastardly enough to explain that it will not return the money until 61 days have past because users can request a chargeback within 60 days of being scammed.
We continue with what is another amazingly brazen clause that permits the broker to claim all of the user’s funds should he or she lie dormant for more than 6 months.
Lastly, we have an extensive indemnification clause that takes care to absolve the broker from all the harm it causes its users. Mind you, we have attached only a third of the entire clause:
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, regularly hiding fees in the TC as is the case here. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of manipulating the mass of novice traders, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Understand that they will use these details to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a charge back with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
EXCO is a complete scam, and there is nothing else to it. If you cherish your funds you will never deposit here! Stay away from this one!