Updated on February 23, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Extick due to the issues we've identified.
Is Extick Scam or Legit Broker? ▲
Trading with Extick is strongly discouraged due to its unregulated status and the significant risks it poses to investors. Extick emerged on the online trading scene in July 2018, presenting itself as a provider of CFD and Cryptocurrency trading opportunities. Despite claiming an operational base in London, UK, it operates under the ownership of PPSAI GROUP LIMITED without the necessary regulatory clearance.
In the UK, offering financial services mandates possession of a license from the Financial Conduct Authority (FCA). Extick, however, lacks such authorization, rendering its operations illegal within the country. This absence of regulation is a critical indicator that Extick cannot be considered a safe or legitimate broker for traders.
Extick positions itself as a platform facilitating the trade of digital assets through a straightforward, web-based interface. For a firm to legally offer financial investment services, it must not only maintain sustainable operations but also adhere strictly to various regulations that ensure the security of trading conditions. This regulatory framework is enforced by the FCA in the UK, requiring firms to secure an FCA license before commencing trading operations. Regrettably, Extick has failed to obtain such licensure or authorization, casting doubt on the legitimacy of its business practices and the safety of investor funds.
Although Extick is relatively new to the market, and there is yet no direct evidence of fraudulent activities, operating without a license is a glaring red flag. This non-compliance suggests a lackadaisical approach to legal and financial standards, potentially jeopardizing the interests and funds of investors.
Our comprehensive review strongly advises investors and traders to steer clear of Extick and other unregulated brokers. The absence of transparent regulation, unclear trading conditions, and the lack of easily accessible contact information should serve as significant warnings. Typically, entities with such characteristics are involved in investment scams. Traders are encouraged to engage with brokers regulated by reputable authorities such as those in the UK or Australia.
Extick Update
Recent investigations reveal that Extick's website is no longer active, indicating a cessation of its trading services. Despite this development, we urge caution and recommend against engaging with any proposals that may emerge from this entity or similar unregulated brokers. The closure of the website does not eliminate the potential risk of scams or the possibility that such entities might reappear under different guises.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Extick Review 2024
