EXCO

General Information & Regulation

EXCO is an online broker registered in Saint Vincent and Grenadines, with the company behind it called RSG Finance Ltd. EXCO claims to be licensed by the United States Securities and Exchange Commission (SEC), but their name is not present in the register. Obviously, EXCO is just pretending to be licensed to scam brokers.

Market Instruments

Tradable financial instruments available on the EXCO platform are forex pairs, indices, commodities, as well as cryptocurrencies.

Minimum Deposit

The minimal deposit with the broker is $5000. This is much higher than what legitimate brokers offer – they only take up to $200 to open a fully functional account. Additionally, there are even cheaper accounts available – these micro accounts can only trade with fractions of the standard lot and cost around $10 to open.

Leverage

On its website the broker claims to provide a leverage of 1:10, which is quite weird, considering that it does not allow its clients to trade whatsoever.

Spreads & Commissions

In terms of spreads and commissions, EXCO does not make this part clear. As most unregulated brokers do, this broker is trying to hide its real trading costs to scam brokers.

Trading Platform Available

Most brokers make use of the revered Metatrader 4 and MT5 platforms, which are regarded as the industry standard for their ease of use and powerful features like automatic trading. But, once again, the broker has a vary unorthodox business model which makes having a trading platform pointless as a whole.

Deposit & Withdrawal

The only funding method is Bitcoin, a very obvious scam sign! Cryptos are the favorite currency of the scammers because its virtually impossible to make a refund. The digital coin payments are totally anonymous and not governed, or supervised by any institution that can protect you in case of a scam. The minimum withdrawal amount is 40 USD and the withdrawal request is said to be processed within up to 48 hours. The charges, however, are unacceptable- 5 to 10 percents of the withdrawal amount, which is totally unfair.

Customer Service

The customer support team can be contacted in four regions including United Kingdom, Nigeria, Philippines, and South Africa. And they can be contacted though telephone, email, as well as some social media platform including Facebook, Instagram, and Linkedin.