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The United Kingdom’s Financial Conduct Authority has issued a warning against Exove Tech in October 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Exove Tech. This company claims to offer a wide range of trading services, including forex, stocks, commodities, indices, and cryptocurrencies. But is Exove Tech a scam or a legit broker? In this review, we will examine the features, pros, and cons of Exove Tech and help you decide whether it is worth your time and money.
What is Exove Tech?
Exove Tech is an online trading platform that was founded in 2018. According to its website, Exove Tech is registered and regulated in Estonia, and has offices in London, Dubai, and Hong Kong. The company says it has over 250,000 clients worldwide and offers access to more than 1,000 trading instruments across six asset classes.
Exove Tech claims to provide a user-friendly and secure trading environment, with advanced technology and tools, such as web-based and mobile platforms, social trading, market analysis, educational resources, and customer support. The company also says it offers competitive spreads and commissions, fast execution, and multiple payment methods.
What are the advantages of Exove Tech?
- Variety of trading instruments: You can trade forex pairs, stocks, commodities, indices, and cryptocurrencies with Exove Tech. This gives you more opportunities to diversify your portfolio and find profitable trades in different markets.
- Multiple account types: Exove Tech offers four account types to suit different levels of experience and investment goals. The account types are Basic, Silver, Gold, and Platinum. Each account type has different features and benefits, such as leverage, spreads, commissions, bonuses, signals, webinars, and account managers.
- Social trading: Exove Tech allows you to copy the trades of other successful traders on its platform. This can help you learn from their strategies and improve your own trading skills. You can also share your own trades and earn commissions from your followers.
- Educational resources: Exove Tech provides a variety of learning materials for its clients, such as e-books, videos, articles, tutorials, glossary, and FAQs. These resources can help you understand the basics of trading and enhance your knowledge of the markets.
- Customer support: Exove Tech has a dedicated team of customer service agents who are available 24/7 via phone, email, live chat, and social media. You can also contact your personal account manager for any queries or issues related to your account.
What are the disadvantages of Exove Tech?
- Lack of regulation: Although Exove Tech claims to be regulated in Estonia, there is no evidence of its license or registration number on its website or elsewhere. This raises doubts about the credibility and safety of the broker. Moreover, Estonia is not a reputable jurisdiction for online trading regulation and does not offer much protection or compensation to investors in case of disputes or insolvency.
- Negative reviews: A quick search on the internet reveals that many clients have complained about Exove Tech’s services and practices. Some of the common issues reported are difficulty in withdrawing funds, hidden fees and charges, aggressive marketing tactics, poor customer support, and manipulation of prices and trades.
- High minimum deposit: Exove Tech requires a minimum deposit of $250 to open an account. This is quite high compared to other brokers who offer lower or no minimum deposits. This may deter some traders who want to start with a smaller amount or test the platform before investing more.
- Limited payment methods: Exove Tech only accepts deposits and withdrawals via credit/debit cards and wire transfers. This limits the options for traders who prefer other methods such as e-wallets or cryptocurrencies.
Is Exove Tech a scam or legit?
Based on our research and analysis, we cannot recommend Exove Tech as a reliable or trustworthy broker. There are too many red flags and risks associated with this company that outweigh its potential benefits. We advise you to avoid Exove Tech and look for other brokers who have a proven track record of regulation, reputation, transparency, and customer satisfaction.
What to Do If You’ve Lost Money with Exove Tech?
If you have been scammed by Exove Tech or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.