Exango Review 2024 – Why This Platform Is Fraudulent

This website offers six reasons to open an account with the Exango broker. We will hit them up with six reasons why you should stay as far away as possible from these fraudsters.

Like ApexWealth, this illicit provider appears on a regulatory warning list. There are also no user reviews to prove the business is legitimate. Hence, keep reading our Exango review to learn the nasty details this platform hides from you. 

Legal Info: Is Exango Regulated?

Registered in the United Kingdom? Odd. We could not find a single entity called Exango in any of the UK’s company registers, and the Financial Conduct Authority’s database has no information either.

We did some more digging and uncovered a regulatory warning issued against this duplicitous broker in February this year. 

Namely, the Central Bank of Russia (CBR) detected “signs of an illegal professional participant in the securities market,” adding another suspicious website (globalx.company) connected to this scheme.

It’s obvious that Exango is an anonymous website and not a legitimate trading firm. Sending them money is a terrible idea.

Instead, we recommend choosing firms regulated by recognized financial authorities like the FCA (UK), ESMA (EEA), CFTC (US), ASIC (Australia), IIROC (Canada), and MAS (Singapore).

These companies follow strict regulations, ensuring they provide clients with negative balance protection, segregate funds in top-tier banks, and sometimes offer compensation schemes.

Who Are Exango’ Targets?

According to WHOIS, the exango.org website domain was created on May 5, 2023. Since then, the digital thieves behind the platform have mainly been targeting traders and investors from the following countries: 

• Germany
• Spain
• Netherlands
• Poland

These countries are all part of the European Economic Area (EEA). Therefore, their respective regulators have common, stringent laws to crack down on virtual scams and secure their financial markets. 

A key rule is that they do not allow unauthorized providers such as Exango or Corpteck to operate under their jurisdictions. Given the CBR’s warning, these phonies are not welcome anywhere.

Trader Reviews – Sharing Experiences

We checked several forums, such as Trustpilot, Sitejabber, and ForexPeaceArmy, but found no Exango reviews. The broker hasn’t received any feedback, which casts major doubt over the business.

When searching for a reliable brokerage firm, it is crucial to delve into the experiences of fellow traders and investors. Their unvarnished reviews and honest feedback can provide essential insights and help you avoid digital traps. 

Before making a new investment, take a moment to review authentic user testimonials and regulatory warning lists.

Which Trading Platform Is Available?

The website does not detail the Exango platform and its functionalities. There is no app or download link that would enable us to check it for ourselves. We assume it’s a web-based trading terminal, but the Exango login page blocked us from accessing certain links.

Generally, web platforms come with lackluster interfaces, rudimental features, and no advanced trading tools. They are also susceptible to manipulation, especially if the broker is unlicensed. 

Therefore, we recommend choosing a regulated provider that supports the same renowned third-party software like MetaTrader 4, MetaTrader 5, or cTrader. 

These platforms offer advanced features such as automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, and expert advisors.

Exango Account Types

Trading Info – Leverage, Spreads, Commissions

Regarding the maximum leverage, Exango offers 1:500, which is absurdly high. High leverage can be extremely risky and lead to devastating losses, hence the strict limits for retail clients in Europe and Australia (1:30) and North America (1:50). Don’t rush into leverage trading unless you’ve got a lot of experience.

The website purports that the spreads go as low as 0.1 pip with zero commissions. It sounds too good to be true, and given the broker’s dubious status, it’s likely a lie.

The minimum cost of opening a classic Exango account is 150 USD, which is reasonable. Nevertheless, we don’t advise you to start trading with these thieves.

Can Traders Use a Free Demo Account?

You shouldn’t risk your actual cash right away. Testing the platform with virtual funds before investing real money is wise. This approach helps you identify cyber traps in time. 

Reputable brokers understand this and always offer risk-free demo trading. Unfortunately, Exango doesn’t provide such an account, which is a huge disadvantage, especially for beginners.

Deposit and Withdrawal Process

The website does not disclose the available payment methods for depositing and withdrawing funds. There’s no FAQ section or legal documentation that would help.

If you cannot secure an Exango withdrawal, it’s time to explore other ways to recover your funds. Allow us to explain how to do this.

Suppose you funded your account with a MasterCard or Visa credit/debit card. In that case, you can initiate a chargeback through your bank, provided the transaction occurred within the last 120 days.

For wire transfers, you can attempt to recall the transaction through your bank, but only if the funds haven’t yet reached the scammer’s account. Reversing e-wallet payments involves directly contacting the issuer to request a chargeback.

Recovering cryptocurrency payments is much more challenging. Retrieving stolen digital assets requires advanced tools like CipherTrace and expert assistance. Fortunately, our experienced team is here to guide you through this complex process.

Key Facts To Consider About Exango

Let’s recap our review: Exango is an anonymous website offering illicit Forex/CFD trading services, mainly to traders residing in Germany, Poland, Spain, and the Netherlands. The platform is malicious, and the CBR’s regulatory warning testifies to that.

We do not recommend trading on such platforms due to their unregulated status. If you have fallen prey to the Exango scam, seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

FAQ Section