ExtrendCap

General Information

ExtrendCap is an online trading platform operating in Australia. However, it currently lacks regulation from valid regulatory agencies, as its license as an Appointed Representative (AR) has been revoked by the Australia Securities & Investment Commission (ASIC). This regulatory status raises concerns about the platform's reliability and the protection it offers to traders.

ExtrendCap provides access to various market instruments, including forex, metals/commodities, indices, and CFDs. Traders can speculate on exchange rate fluctuations, trade precious metals and commodities, and invest in equity indices. The availability of Contracts for Difference (CFDs) allows traders to speculate on price movements without owning the underlying assets.

One aspect to consider is the leverage offered by ExtrendCap, which can be as high as 1:500. While leverage can amplify potential profits, it also increases the risk of potential losses. A leverage ratio of 1:500 is considered quite high and exceeds the levels deemed appropriate by many regulators.

ExtrendCap utilizes the MetaTrader 5 (MT5) trading platform, offering a user-friendly interface and advanced trading capabilities. Traders can access the platform through web, iOS, Windows, and Android versions.

The platform supports multiple payment methods, including local banking, e-wallets, and credit/debit cards. However, the minimum deposit amount is not specified.

Customer support is available 24/7 through online communication, Line, and email. Traders can seek assistance in real-time, ensuring prompt responses to their inquiries and concerns.

However, negative reviews and complaints raise serious concerns about ExtrendCap's legitimacy and reliability. Common issues mentioned include difficulties in withdrawing funds, additional payment requirements for withdrawals, allegations of scams and fraud, and poor customer support. These negative reviews highlight the importance of thorough research and caution before engaging with any online trading platform.

In summary, ExtrendCap is an unregulated online trading platform operating in Australia, providing access to various market instruments and offering high leverage. While it offers the MT5 trading platform, multiple payment methods, and customer support, negative reviews and complaints indicate potential risks and questionable practices. Traders are advised to exercise caution and consider regulated alternatives for trading.

Pros and Cons

ExtrendCap offers several advantages to traders, including access to a wide range of market instruments such as forex, metals/commodities, indices, and CFDs. The platform supports high leverage of up to 1:500, which can enhance trading opportunities for those seeking higher returns. The availability of the MetaTrader 5 (MT5) trading platform ensures a user-friendly experience and advanced trading capabilities across different devices. Additionally, ExtrendCap provides multiple payment methods, including local banking and e-wallets, for convenient deposits and withdrawals.

However, there are significant drawbacks to consider. The lack of regulation is a major concern, as ExtrendCap's regulatory license as an Appointed Representative (AR) has been revoked by ASIC. This raises questions about the platform's security, transparency, and the level of oversight for traders. Furthermore, negative reviews and complaints regarding withdrawal difficulties and allegations of fraudulent practices further diminish the platform's reliability and legitimacy. Traders should carefully weigh these pros and cons before deciding to engage with ExtrendCap.

Is ExtrendCap Legit？

According to the information provided, ExtrendCap is not currently regulated by any valid regulatory agency. The regulatory status of ExtrendCap with the Australia Securities & Investment Commission (ASIC) is stated as “Revoked.” The license type mentioned is “Appointed Representative (AR).” The license number is 001296416, and the licensed institution is EXTREND CAP INTERNATIONAL PTY LTD.

It is important to note that trading with an unregulated broker carries higher risks as there may be less oversight and protection for traders. The information also mentions that there have been 13 complaints received by WikiFX about this broker in the past 3 months.

Considering the revoked regulatory status and the potential risk associated, it is advisable to exercise caution and consider alternative regulated brokers for trading.

Market Instruments

ExtrendCap offers access to various market instruments for trading:

1. Forex: ExtrendCap provides access to the foreign exchange market (FX), which includes Spot FX, Future derivatives, Forward Derivatives, and CFD derivatives. These instruments allow traders to speculate on the exchange rate fluctuations between different currency pairs.

2. Metals/Commodities: ExtrendCap enables trading in precious metals such as gold and silver. Additionally, they offer commodities trading, including crude oil, copper, and petroleum. These are considered hard commodities and are traded as contract-based tradable goods.

3. Indices: ExtrendCap allows trading in equity indices, also known as market indexes. These indices represent a collection of stocks from a particular market or sector, providing an overall snapshot of market performance.

4. CFDs: ExtrendCap offers Contracts for Difference (CFDs), which allow traders to gain access to the price movements of various companies' shares. With CFDs, traders can speculate on the price fluctuations of these shares without actually owning the underlying assets.

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Account Types

ExtrendCap says it offers multiple trading accounts, but we could not find this part anywhere.

To open an account with ExtrendCap is not troublesome, with a few steps to follow:

1. Click the “Register” link, fill up some required details on the popping-up page.

2. Upload your personal data for this brokers verification.

3. Fund your account, and start to trade with this broker.

Leverage

ExtrendCap allows traders to utilize leverage of up to 1:500. Leverage is a tool that enables traders to control larger positions in the market with a smaller amount of capital. A leverage ratio of 1:500 means that for every dollar of the trader's capital, they can control positions worth up to 500 dollars. It's important to note that a leverage ratio of 1:500 is considered to be quite high and exceeds the levels deemed appropriate by many regulators. Higher leverage amplifies both potential profits and potential losses. While leverage can enhance trading opportunities and potentially generate higher returns, it also carries a higher level of risk.

Trading Platform

ExtrendCap offers the MetaTrader 5 (MT5) trading platform, which is designed to cater to traders of all levels, from beginners to advanced users. MT5 is considered one of the best and most advanced forex trading platforms globally. It provides a user-friendly interface and ensures high security for traders.

ExtrendCap provides access to the MT5 platform through various versions:

- Web Terminal: Traders can access the MT5 platform directly through a web browser without needing to download or install any software.

- MT5 for iOS: This version of the platform is designed for Apple devices, allowing traders to trade on the full range of financial instruments offered by ExtrendCap. It includes essential technical indicators that can be customized.

- MT5 for Windows: The desktop version of the MetaTrader 5 platform, which is known for its innovative and powerful trading capabilities.

- Android for MT5: Traders can access the MT5 platform on their compatible Android mobile devices through the free Android app. It provides access to all trading analysis, technical tools, and the trading portfolio.

The availability of the MT5 platform on different devices ensures that traders can trade and monitor the markets conveniently, whether they are at their desks or on the go.

Payment Methods

ExtrendCap offers multiple payment methods for clients to make deposits and withdrawals. While the minimum deposit amount is not specified in the information provided, clients can choose from various payment options. These payment methods include:

1. Local Banking: ExtrendCap likely provides options for local bank transfers, allowing clients to deposit funds directly from their bank accounts. The specific banks and transfer details would be provided by ExtrendCap.

2. E-wallets: ExtrendCap may support various electronic wallet services, enabling clients to deposit and withdraw funds using popular e-wallet platforms. Examples of commonly supported e-wallets include Neteller, Skrill, or PayPal.

3. Credit/Debit Cards: ExtrendCap likely accepts deposits and withdrawals through major credit and debit cards, such as Visa or Mastercard. Clients can link their cards to their trading accounts and initiate transactions directly.

Customer Support

ExtrendCap says it offers 24 x7 customer support to solve its clients trading-related problems. Traders can reach out to ExtrendCap about any questions or concerns they may have about their accounts or their trading through the following methods:

• Online Communication

• Line

• Email: support@extrendcap.com

• A Contact Form

Negative Reviews

Based on the negative reviews on Wikifx, there are several complaints and allegations made against ExtrendCap. The common theme among these reviews is the difficulty or inability to withdraw funds from the platform. Some of the reviewers claim that ExtrendCap requires additional payments or taxes before allowing withdrawals, which they perceive as unreasonable and suspicious.

The negative reviews also mention the platform being labeled as a scam and allegations of fraudulent practices. Some reviewers mention specific individuals associated with ExtrendCap, such as Aileen Sum in Toronto, whom they accuse of being involved in fraudulent activities.

Furthermore, there are reports of poor customer support and lack of response from ExtrendCap when users inquire about their withdrawals or express concerns about their funds.

These negative reviews raise serious concerns about the reliability and legitimacy of ExtrendCap as a trading platform. It is important to exercise caution and conduct thorough research before engaging with any online trading platform to ensure the safety of your investments and funds.

Conclusion

In conclusion, ExtrendCap, an online trading platform operating in Australia, presents both advantages and disadvantages. On the positive side, ExtrendCap offers access to various market instruments, including forex, metals/commodities, indices, and CFDs, providing traders with diverse trading options. The platform also supports high leverage of up to 1:500 and provides the widely recognized MetaTrader 5 (MT5) trading platform, known for its user-friendly interface and advanced features. However, the major drawback is the lack of regulation, as ExtrendCap's license as an Appointed Representative (AR) has been revoked by ASIC, indicating potential risks and less oversight for traders. Additionally, negative reviews and complaints regarding withdrawal difficulties and allegations of fraudulent practices raise concerns about the platform's reliability and legitimacy. Therefore, it is recommended that traders exercise caution and consider alternative regulated brokers for their trading needs.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.

FAQs

Q: Is ExtrendCap regulated？

A: No, ExtrendCap is not currently regulated by any valid regulatory agency.

Q: What is the regulatory status of ExtrendCap with ASIC？

A: The regulatory status of ExtrendCap with the Australia Securities & Investment Commission (ASIC) is stated as “Revoked.”

Q: What type of license does ExtrendCap have？

A: ExtrendCap holds an “Appointed Representative (AR)” license.

Q: What is the potential risk associated with ExtrendCap？

A: ExtrendCap carries a high potential risk due to its lack of regulation and revoked regulatory status.

Q: What market instruments can be traded on ExtrendCap？

A: ExtrendCap offers trading in Forex (Spot FX, Future derivatives, Forward Derivatives, and CFD derivatives), metals/commodities (gold, silver, crude oil, copper, petroleum), indices, and CFDs (Contracts for Difference).

Q: What leverage does ExtrendCap offer？

A: ExtrendCap allows traders to utilize leverage of up to 1:500, which is considered high and carries a higher level of risk.

Q: What trading platform does ExtrendCap provide？

A: ExtrendCap offers the MetaTrader 5 (MT5) trading platform, available through web terminal, iOS, Windows, and Android versions.

Q: What payment methods are accepted by ExtrendCap？

A: ExtrendCap accepts local banking transfers, e-wallets (such as Neteller, Skrill, or PayPal), and credit/debit cards (Visa, Mastercard).

Q: How can I contact ExtrendCap's customer support？

A: You can reach ExtrendCap's customer support through their website's live chat, Line messaging app, or by sending an email to support@extrendcap.com.