Exteom Broker Review
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Exteom 2025 Review: Everything You Need to Know
Summary: The overall assessment of Exteom is overwhelmingly negative, with numerous red flags raised by both user experiences and expert analyses. Key concerns include its unregulated status, lack of transparency, and reports of withdrawal issues.
Note: It is essential to recognize that Exteom operates as an offshore broker, which raises significant concerns regarding fund safety and regulatory oversight. Various entities and reviews indicate a lack of accountability, making it crucial to approach this broker with caution.
Rating Overview
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 5 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Score | 2.7 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's operations and services.
Broker Overview
Founded in 2022, Exteom operates under the name Wirrerium LLC and is based in Saint Vincent and the Grenadines. The broker claims to provide a variety of trading platforms, including the widely-used MetaTrader 4 (MT4). Exteom offers access to various asset classes, including forex, cryptocurrencies, commodities, indices, and stocks. However, the lack of any regulatory oversight raises serious concerns about its legitimacy and the safety of client funds.
Detailed Breakdown
Regulatory Environment
Exteom is unregulated and does not hold any licenses from major financial authorities, which is a significant red flag. The absence of regulatory oversight means that traders using this platform have no recourse in case of disputes or issues with withdrawals. Warnings have been issued against Exteom by multiple regulatory bodies, including the CNMV (Spain) and the FMA (Austria), highlighting its status as a potentially fraudulent entity.
Deposit and Withdrawal Methods
The information regarding deposit and withdrawal methods is vague. Reports suggest that Exteom accepts various payment methods, including credit cards, bank transfers, and cryptocurrencies. However, the lack of clarity on fees and withdrawal processes is alarming. Users have reported difficulties in withdrawing funds, with many claiming that their accounts were locked after they attempted to withdraw their money, indicating potential scam-like behavior.
Minimum Deposit
The minimum deposit required to open an account with Exteom is reported to be $250. This amount is relatively standard in the industry, but the lack of transparency regarding the conditions of the account and potential hidden fees raises concerns.
Bonuses and Promotions
There is no clear information about bonuses or promotions offered by Exteom. The absence of such details could be indicative of a lack of transparency and accountability.
Asset Classes
Exteom claims to offer a broad range of trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. However, the quality of these offerings is questionable due to the broker's unregulated status and the negative feedback from users.
Costs (Spreads, Fees, Commissions)
The spreads offered by Exteom are reported to be around 2 pips for major currency pairs, which is higher than the industry average. Additionally, there are concerns regarding undisclosed fees and commissions, particularly for the standard account, which indicates a lack of transparency in their pricing structure.
Leverage
Exteom offers leverage up to 1:30, which aligns with regulatory standards for retail traders in many jurisdictions. However, the lack of clarity around higher leverage options for premium accounts raises questions about their safety and legitimacy.
Allowed Trading Platforms
Traders can access Exteom's services through the MT4 platform, which is known for its robust features and tools. However, the availability of a demo account appears to be misleading, as links lead to the registration page for live accounts instead.
Restricted Areas
Exteom primarily targets customers from various European countries, including Spain, Germany, and the Czech Republic. However, the lack of regulatory oversight means that traders from these regions may be exposing themselves to significant risks.
Available Customer Service Languages
Exteom's customer service appears to be limited, with only live chat support available. There is no information on phone support or email contacts, which is concerning for users who may require assistance.
Repeating Rating Overview
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 5 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Score | 2.7 |
Detailed Rating Breakdown
-
Account Conditions (3/10): The minimum deposit is reasonable, but the lack of transparency regarding account types and conditions raises concerns.
Tools and Resources (5/10): While MT4 is a solid platform, the absence of a demo account and limited resources for traders diminishes its value.
Customer Service and Support (2/10): The lack of multiple support channels and negative reviews regarding customer service indicate significant issues.
Trading Setup (4/10): The trading experience may be hindered by high spreads and unclear costs, impacting overall profitability.
Trustworthiness (1/10): The unregulated status and numerous warnings from financial authorities make Exteom a risky choice for traders.
User Experience (2/10): User feedback is predominantly negative, with many reporting withdrawal issues and account locking.
In conclusion, based on the Exteom review, it is strongly advised to steer clear of this broker due to the numerous red flags and lack of regulatory oversight. Always opt for regulated brokers that prioritize transparency and client safety.