EXolid Review – Stay Away From This Scam Broker

EXolid claims to be a perfectly legit broker and shamelessly presents itself as such. In reality, if you’ve been contacted by EXolid and you rejected it, the fraudster is going to behave like an obsessive ex-girlfriend that keeps calling you online.

Don’t worry, the EXolid Review will be your wingman this time. The truth about this broker is about to come out and you’ll never consider returning calls again. Let’s get into it!

On top of that, we seriously recommend you not to invest in the fake brokers OnspotBNK, SwissRoi, and Invest Think. Do not trade with these unlicensed brokers if you want to save your money!

EXolid – Unlicensed And Risky Brokerage?

First and foremost, we have to address the legal status of EXolid, which claims to be from the UK but doesn’t mention its owner company. This fraudulent broker had the audacity to say that it adheres to the financial market rules set forth by the UK’s Financial Conduct Authority (FCA). 

Furthermore, upon reading the legal section, i. e. the Privacy Policy to be specific, we found an alarming claim. Says here that regarding the collection and use of data, clients can contact a Spanish agency. Now, what does Spain have to do with a UK-based broker? Very shady. The only explanation we could think of is that EXolid copied this from someone else.

EXolid is a fraudulent financial provider that claims to be operating from the UK and mainly targets traders from Germany, Spain and Sweden.

Lies About Financial Conduct Authority (FCA) Regulation

Famous for its strict policy and uncompromising attitude, the FCA is not a regulator to be taken lightly. Using the magic of a few clicks, we checked the website of the authority for EXolid and, as expected, there’s nothing on the financial swindler.

Thus, it’s evident that the address is fake. If EXolid lied about the most important information when it comes to validity and legitimacy, we wonder to which lengths this vile scheme goes.

Warning From The Russian Central Bank

We’ve exposed the unscrupulous broker for lying but now it’s time for a flanking maneuver. This just goes to show the depth of the scheme. The FCA didn’t have anything to say about EXolid but the Russian Central Bank certainly did. Here’s a warning issued against our con artist. 

Details About The EXolid Trading Platform

When talking about its trading software, EXolid keeps mentioning ‘platforms,’ as in plural. Allegedly, these are award-winning platforms that offer multi-asset trading. We’re sorry, but this is all really vague. The only platforms we could think of that fit that description are Meta Trader 4 and 5.

However, the product that clients are getting is nothing more than a web-based platform. Aside from some basic charts and tables, there’s nothing else worth mentioning.

AnyDesk, Team Viewer or Aeroadmin

EXolid explored all the possible ways to steal clients’ money. For those unfamiliar with AnyDesk, Team Viewer and Aeroadmin, these are apps that allow one user to access the PC of another. Imagine the chaos that this crooked fraud could cause if it gained access to the info you have on your desktop.

What Сan Be Traded?

EXolid claims to offer the following assets:

• Forex pairs – EUR/USD, USD/JPY…
• Stocks – Apple, Coca-Cola, Facebook…
• Energies – oil, natural gas…
• Metals – gold, silver, platinum…
• Indices – Dow Jones, Dax, S&P500…
• Futures – wheat, soybeans, cotton…
• Crypto – no examples. 

We have reasons to doubt this list. Since the broker is unregulated and anonymous, there’s no guarantee that you’ll get to trade all this. Also, the trading platform itself is unsafe, it could very well be manipulated to simulate fake trading.

Does the Broker Use SSL? – Secure Socket Layer

An SSL is a security protocol that creates an encrypted link between a web server and a web browser. We checked whether EXolid has an SSL certificate. It does but there’s a catch. It was issued by Let’s Encrypt, for free. Your data is not as protected as you might think.

For businesses handling sensitive data such as credit card information, a Sectigo certificate is a much better option.

What Do We Know About EXolid Account Types?

Our illicit broker says it offers six different account types:

• Start – EUR 250, welcome bonus;
• Bronze – EUR 5,000, 40% bonus;
• Silver – EUR 10,000, 50% bonus;
• Gold – EUR 20,000, 60% bonus;
• Platinum – EUR 50,000, 80% bonus;
• Exclusive – EUR 100,000, 100% bonus.

Of course, it wouldn’t be your typical scammer without bonuses. These deceptive accessories have been banned by regulators. If you are interested in why that’s the case, read this:

Read it again carefully and you’ll realize how easily the fraudulent broker can use this against you when you request a withdrawal. Achieving such a high trading volume is unrealistic, especially if you’re a beginner.

Can a Trader Use a Demo Account?

No. EXolid does not offer traders a demo account. The broker keeps lining up red flag after red flag. Any legitimate broker would provide you with a demo account so you can get insight into their offer. If it’s unavailable, know there’s a snake in the grass.

Additionally, we strongly advise you to avoid the fraudulent brokers Solar Markets, Northern Bits, and Meteor Trade.

Leverage, Spreads, and Fees

• EXolid says it does not charge any fees whatsoever.
• Leverage caps at 1:50, which is surprisingly within the regulatory limits.
• Spreads start out at 0.4 pips for FX major pairs, which is great.
• Taking everything into consideration, the trading conditions are really favorable but the broker’s unregulated status is still problematic.

High Minimum Deposit and Withdrawal Terms

The minimum deposit is EUR 250. That’s quite a large amount to invest with an unlicensed broker. There’s no segregated account, meaning your funds won’t be stored in a reliable bank. There are two available payment methods with EXolid – credit cards and wire transfers. As mentioned, it’s allegedly all free of fee.

Scammed by EXolid Broker? – Let Us Hear Your Story

We get why someone fell for this trap. After all, it does look quite tempting, with good trading conditions and all. Worry not, there are two possible ways to get a refund and we’re going to talk a bit about them. Ever heard of a chargeback or a recall?

A Chargeback And A Recall?

• If you’ve deposited funds via credit card, then you can request a chargeback.
• Do so at your issuing bank within 540 days.
• The same can be done for wire transfers, which is known as a recall.
• But, if the transaction is complete, then it will not work.