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ExTick Review - is it scam or safe?

ExTick Review - is extick.com scam or good crypto CFD broker?

RATING: 1 / 1 REVIEWS ExTick
ExTick is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage* Spread
Standard Not specified 1:20 around $80 BTC/USDT

 * According to the information on the broker's website. Its platform shows a different thing.

 

ExTick is a cryptocurrency broker that does a rather poor job at presenting its offer to the public. We couldn’t find any information on different account types, spreads, nor minimum deposit required on its website. On top of that, we have major concerns regarding the credibility broker. Read the entire review to get all the details.

 

 

ExTick Advantages

 

Many cryptocurrencies covered, various pairings

Probably the only possible benefit of using this broker is the fact that it offers trading in wide range of Contracts-For-Difference (CFDs). Its product portfolio covers a lot of cryptocurrencies, indices, commodities and stocks, and all kinds of pairings between those are possible. The financial instruments in the platform are arranged in 5 categories: crypt vs. crypto, crypto vs. USDT, Indices vs. BTC, commodities vs. BTC and Stocks vs. BTC. Note that ExTick does not offer any forex pairs for trade.

 

 

ExTick Disadvantages

 

Not regulated

ExTick is a trademark of PPSAI GROUP LIMITED, a company allegedly headquartered in London, UK. It operates another brokerage brand, Traders4ever.

 

While it is true that many jurisdictions still haven’t regulated cryptocurrency venues like crypto-exchanges, this is not the case with CFD providers like ExTick.  Yet, the latter is not authorized to provide financial services by the UK’s Financial Conduct Authority (FCA), nor by any other governmental agency.

 

The fact that ExTick does not fall under any regulatory oversight means that its clients have no assurance for the security of their funds. 

 

No MetaTrader

ExTick offers its services on a web-based trading interface that is not unknown to us. We have reviewed a number of brokers providing the same trading platform, and all of them are shady and unregulated. Some of those are really scams - Trade Capital, XCoinBroker, to name a few. 

 

Surely, many traders will miss the advanced charting package of MetaTrader 4 or MetaTrader 5, thir support for automated trading via Expert Advisors (EAs) and the extensive back-testing environment.

 

 

>> Find some of the best MT4 brokers here <<

 

 

No clarity of trading conditions, no testing service

ExTick gives no information on its trading conditions and neither does it provide a test-drive of its trading platform. This is actually a typical thing for scam brokers. We had to open a live account (without depositing anything) to be able to see the spreads.

 

 

The broker's web-based platform. Click to zoom in.

 

No margin trading, despite the claims

Although it claims to provide leverage up to 1:20 on its website, when we opened ExTick’s platform, we saw that the levels are 1:1. This probably means that the broker does not provide trading on margin at all.

 

 

Conclusion

 

ExTick does not seem like a good choice of a brokerage. It has not presented its offer well, and instead of the MT4 uses some unproven platform associated only with shady companies. Yet, our most serious concern regarding ExTick is that it does not fall under any regulatory oversight, which means that every dollar invested with it is at risk.

 

We suppose this broker targets crypto enthusiasts who are not well-acquainted with financial markets, as ExTick will hardly tempt any experienced trader, given its offer and the lack of regulation. Those of you willing to trade in digital assets should be aware that there are far better options - major reliable crypto exchanges, as well as licensed forex brokers that offer trading in cryptocurrencies in the form of CFDs.

 

 

>> Trade Bitcoin with a regulated forex broker <<

 

 

To sum up the above:

 

Pros Cons
Many cryptocurrencies covered, various pairings Not regulated
  No MetaTrader
  No clarity of trading conditions, no testing service
  Margin trading not available
  Forex trading not supported

 

Latest news about ExTick
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Traders` reviews for ExTick

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Probably scammed by Extick

Invested £7000 (9100$) with Extick a few weeks ago. They performed trades for me and now my account stands at just 151$ in credit. Some of the later trades look highly questionable showing substantial losses. I have not been successful in closing my account and cannot even get my 151$ returned to me. I think I have been duped big time and lost everything invested.

Mr Walker 12/10/2018
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