Excelmarkettrade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://excelmarkettrade.com/register, about the company's legal and temporary regulatory information, the company's address 600 Lexinton Ave 13th Floor, New York, NY 10022, United States United Kingdom.
Excelmarkettrade Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Platinum
Classic
ExcelMarketTrade Forex Broker - Complete Information Guide
1. Broker Overview
ExcelMarketTrade is an offshore brokerage firm that claims to provide trading services in various financial instruments. Although specific details about the company's inception are difficult to verify, it is suggested that ExcelMarketTrade has been operational for a limited time. The broker's headquarters is purportedly located in the Seagram Building, 600 Lexington Ave, 13th Floor, New York, NY 10022, United States. However, searches reveal no registered entity by this name at the stated address, raising concerns about the legitimacy of the claims made by the broker.
ExcelMarketTrade is a privately held entity, which usually indicates a lack of transparency often associated with unregulated firms. The primary market serviced by this broker appears to be retail forex trading, targeting individual investors looking to trade in forex, CFDs, and other financial instruments. The company claims to have a vast client base of over one million users worldwide, but such assertions are often viewed with skepticism due to the lack of verifiable data.
The development history of ExcelMarketTrade is unclear, with no significant milestones or achievements documented in public records. The broker operates under a business model typical of many offshore firms, focusing primarily on retail forex trading and offering various financial products. However, the absence of credible regulatory oversight and the dubious nature of its claims warrant caution for potential investors.
2. Regulatory and Compliance Information
ExcelMarketTrade is not regulated by any recognized financial authority, which is a major red flag for potential investors. The broker falsely claims to be regulated by the Financial Conduct Authority (FCA) in the UK, a statement that has been debunked by several sources. The lack of regulation means that there is no oversight to protect investors, and clients may find it difficult to seek recourse in case of disputes.
The broker does not provide any regulatory license numbers, and there is no information available regarding the validity or scope of any claimed licenses. Furthermore, the company does not appear to participate in any investor compensation schemes, which typically provide a safety net for clients in the event of broker insolvency.
ExcelMarketTrade has not disclosed any specific Know Your Customer (KYC) or Anti-Money Laundering (AML) compliance measures, raising concerns about the security of client funds and the potential for fraudulent activities. The absence of such protocols is common among unregulated brokers, making it imperative for traders to exercise extreme caution.
3. Trading Products and Services
ExcelMarketTrade offers a range of trading products, although the specifics are often exaggerated or misleading. The broker claims to provide access to a variety of forex currency pairs, including major, minor, and exotic currencies. However, the exact number of currency pairs available for trading is not disclosed, and potential clients should be wary of such omissions.
In addition to forex trading, ExcelMarketTrade purportedly offers Contracts for Difference (CFDs) across various asset classes, including indices, commodities, stocks, and cryptocurrencies. The broker's marketing materials suggest that they frequently update their product offerings, but there is no concrete evidence to support these claims.
The broker primarily targets retail clients, but there is little information available regarding institutional services or white label solutions. The lack of transparency surrounding the trading products offered raises concerns about the broker's credibility and reliability.
4. Trading Platforms and Technology
ExcelMarketTrade claims to support the widely-used MetaTrader 5 trading platform, which is known for its advanced trading features and user-friendly interface. However, there is no independent verification of the platform's availability or functionality, leading to skepticism about the broker's offerings.
The broker does not appear to have developed any proprietary trading platform, which is often a hallmark of established and reputable brokers. Instead, they rely on third-party platforms, which may not be fully integrated with their services.
ExcelMarketTrade also claims to offer mobile trading applications for both iOS and Android devices, allowing clients to trade on the go. However, the details regarding the functionality and user experience of these apps have not been disclosed, leaving potential clients in the dark.
The execution model employed by ExcelMarketTrade is unclear, with no specific information available regarding whether they operate as an ECN, STP, or Market Maker. Additionally, the broker does not provide any information about their server locations or technological infrastructure, which are critical factors for ensuring fast and reliable trade execution.
5. Account Types and Trading Conditions
ExcelMarketTrade presents a limited number of account types, with the standard account requiring a minimum deposit of $1,000. The broker claims to offer competitive spreads and commissions, but specific details regarding these trading conditions are not readily available.
There is no mention of advanced account types, such as VIP or professional accounts, which are commonly offered by more reputable brokers. Furthermore, the broker does not provide information about special account features, such as Islamic accounts or corporate accounts.
The minimum trading lot size is not explicitly stated, and potential clients should be cautious about the lack of transparency surrounding these key trading conditions. The leverage offered by ExcelMarketTrade is also unspecified, which can significantly impact a trader's risk exposure.
6. Fund Management
ExcelMarketTrade claims to support a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. However, the broker does not specify the minimum deposit requirements for different account types, making it difficult for potential clients to plan their investments.
The processing times for deposits are not disclosed, and there is no information regarding any deposit fees that may apply. This lack of clarity is typical of unregulated brokers, who often impose hidden fees that can erode a trader's profits.
Withdrawal methods and limitations are also vague, with no clear information provided on the withdrawal process. The broker claims that the minimum withdrawal amount is $500, but many clients report difficulties in processing withdrawals, a common complaint associated with fraudulent brokers.
7. Customer Support and Educational Resources
ExcelMarketTrade claims to offer customer support through various channels, including email and possibly live chat. However, the specifics regarding availability and response times are not detailed, which raises concerns about the quality of customer service.
The broker does not provide a comprehensive list of supported languages, which can be a barrier for non-English speaking clients. Furthermore, the absence of educational resources such as webinars, tutorials, or market analysis services indicates a lack of commitment to trader education and support.
Traders looking for tools such as calculators, calendars, or signal services may find that ExcelMarketTrade does not offer adequate resources to assist them in their trading endeavors.
8. Regional Coverage and Restrictions
ExcelMarketTrade claims to operate in various markets, but the specifics of its regional coverage are unclear. The broker does not provide detailed information about its operational offices or the countries it serves.
There is no indication of any specific countries or regions from which clients are excluded; however, the lack of regulation suggests that traders from jurisdictions with stringent financial regulations should proceed with caution.
Overall, the dubious nature of ExcelMarketTrade raises significant concerns about its legitimacy as a forex broker. Potential investors should conduct thorough research and consider alternative, regulated brokers before making any financial commitments.
In summary, the ExcelMarketTrade broker presents numerous red flags that should not be overlooked. The combination of a lack of regulation, vague trading conditions, and limited customer support suggests that this broker may not be a suitable choice for traders seeking a reliable and trustworthy trading environment.
Kevin CHU
United Kingdom
Although the company seems to have only been established for a year, the website can no longer be opened. I don't know if it changed the url or if it's closed.
37130
2022-12-07