Which Aspects the Exteom Review Focuses On

Does Exteom’s website look appealing? You could say so, and it definitely doesn’t seem like an obvious scam. However, behind the mask lies a dark secret. 

The Exteom Review is an analysis of an offshore financial swindler. Here we covered this broker’s legal background, platform, trading instruments & conditions, funding methods, etc.

Is Exteom a Scam Broker?

Saint Vincent and the Grenadines (SVG). That’s the main issue we have with Exteom’s regulation or lack thereof. Exteom is run by Wirrerium LLC.

SVG is a controversial offshore domain. It’s home to many scammers. The local Financial Services Authority (FSA) does not regulate Forex trading, only the banking sector.

Therefore, Wirrerium LLC and Exteom are unregulated and extremely dangerous. But don’t take our word for it, consider the complaints of the traders that got scammed by Exteom!

Our suggestion is that you find a licensed broker, preferably regulated by Tier 1 authorities such as the European Securities and Markets Authority (ESMA), FCA, CFTC, IIROC, ASIC, BaFin, etc. Make sure your provider proudly and transparently wears the trading license on the sleeve like InvestFW.

Warning Issued by Financial Authorities

We mentioned ESMA, which is the main regulator in the EEA zone. All the regulators of EEA zone states implement the regulatory rules set by ESMA.

That also implies the Spanish watchdog CNMV, which issued an official warning against Exteom and the company behind it. Hence, Exteom is not compliant with ESMA’s regulations.

What Traders Think About Exteom

Traders are frustrated because they’ve been scammed by Exteom. It’s sad to read about it but this financial swindler managed to defraud several unsuspecting clients.

The common problems that traders had with Exteom include withdrawal issues, unjustified demand for bank account data, poor communication, etc. Here’s what traders said:

They are scammers. I have been threatened after withdrawing my participation and refusing to provide my details ID etc… Do not download an app at their request, if you do you give them access to everything about your bank account, so your money. I lost 250 euros…

• Trustpilot user, March 4, 2023.

I invested $250 with EXEOM on 20 April since then haven’t had any contact with them again. Contact numbers they call from are scans.

• Topedgefx user, April 25, 2023.

Exteom’s Platforms – Software Comparison

According to Exteom’s website, there’s one desktop platform – MetaTrader 4, a web-based platform and a mobile trader.

Let’s start with MT4. This amazing software was designed by MetaQuotes in 2005. MT4 offers an array of cutting-edge features such as automated trading, over 20 timeframes, instant execution, etc.

On the other hand, WebTrader is oversimplified and lackluster, i.e. there are no advanced tools found on MT4. We got to see Exteom’s browser-based terminal and it’s nothing special.

MobileTrader is available only for Android. In general, mobile trading offers advantages such as trading on the go but it’s no use if your broker is unregulated. If you want a legit broker that also offers MT4 and mobile trading, we suggest Swiss Markets. 

Which Financial Instruments Does The Platform Include?

Here’s an overview of the financial instruments that Exteom allegedly offers:

• Forex pairs – EUR/USD, GBP/JPY, CAD/CHF…
• Indices – S&P500, FTSE100, AUS200…
• Commodities – gold, crude oil, wheat…
• Shares – Apple, Tesla, BMW…
• Crypto – BTC, ETH, ADA…

Exteom’s Countries Of Service

Exteom was particularly active in Europe, despite not being authorized to provide services there. Here’s a list of countries where this broker looked for clients:

• Germany;
• Netherlands;
• Spain;
• Czechia;
• Switzerland.

The regulators of all these countries implement ESMA’s financial market rules. We already said that Exteom is not compliant with ESMA, which means the con artist is illicitly operating.

Account Options Offered by Exteom

Let’s make an overview of Exteom’s trading account types:

• Standard – min. deposit 250 $, floating spreads, leverage up to 1:30;
• Premium – floating spreads, no commissions;
• VIP – spreads from 1.4 pips, no commissions.

Exteom didn’t disclose the minimum deposit amounts for the latter two account types. All we know is that the Standard account costs a minimum of 250 $. The leverage for the Premium and VIP accounts can be raised depending on the client’s ability to invest, per the website. 

Leverage, Spreads & Commissions

As mentioned, the leverage for the Standard account caps at 1:30, which is within ESMA’s regulatory limit. However, the latter two accounts can offer even higher leverage.

That’s ok if those are professional accounts but we doubt it; Exteom didn’t label them as such. On the platform, we saw that the spread for EUR/USD is around 2 pips. That’s too wide to be competitive considering that the industry’s standard is 1.5 pips.

Can a Trader Use a Demo Account?

Exteom included a demo account page on the website. However, the link leads us to the live account registration page.

But there is a promo code option. We believe Exteom sends this code to those who the broker considers suitable victims. Such monkey business is common with unregulated brokers.

Terms of Service for Exteom 

Exteom provided detailed legal documentation. There’s a Privacy Policy, Terms of Business, Client Agreement, etc. It seems legit, i.e. the usual articles and provisions.

The shady broker also included AML and KYC policies and whether it’s for real, we doubt it. Judging by the complaints we found, Exteom cares little about these policies. The legal documentation didn’t mention the lack of a trading license.

What Should I Do If I Have Problems With Exteom?

If you’re having withdrawal issues or if you noticed that Exteom violated any terms and conditions, please let us know. We can help you by reporting the scammer and also help you get your money back.

Please book a consultation with us so we could together go through the chargeback process. Our team will guide you every step of the way. It’s important to act quickly because a chargeback is only possible within 540 days of the transaction.