What is ExtonGlobal？
ExtonGlobal, a brokerage firm operating from the United Kingdom with a presence in Switzerland as well, provides trading services for forex, commodities, and cryptocurrencies. However, it's crucial to note that ExtonGlobal lacks valid regulation from recognized financial authorities, raising concerns about investor protection and financial oversight.
In the upcoming article, we will comprehensively analyze this broker's attributes from various angles, delivering clear and well-organized information. If you find this topic intriguing, we encourage you to continue reading. At the conclusion of the article, we will provide a concise summary to offer you a quick grasp of the broker's key features.
Pros & Cons
Pros:
Acceptable minimum deposit from $20 provides accessibility to a wide range of traders, including those with smaller capital.
Extensive educational resources, such as videos and articles, cater to both novice and experienced traders, enhancing their knowledge and skills.
Multiple funding methods, including credit/debit cards, wire transfers, and popular e-wallets, offer flexibility and convenience for depositing funds.
Ample customer service support channels including live chat, social media, phone, email, and a contact us form, ensure prompt assistance and address trader inquiries effectively.
Cons:
Unregulated status deters some traders who prioritize regulatory oversight for investor protection and transparency.
Commission charges applied by the broker could reduce overall trading profitability for clients.
Absence of the widely used MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms limits traders' options and familiarity with preferred trading tools and features.
Is ExtonGlobal Legit or a Scam？
When considering the safety of a brokerage like ExtonGlobal or any other platform, it's important to conduct thorough research and consider various factors.
Regulatory sight: The absence of valid regulatory oversight exposes traders to potential risks, as the broker operates without the assurance of comprehensive protection. This absence leaves traders vulnerable to uncertainties regarding financial transparency, dispute resolution, and client fund protection.
User feedback: To get a deeper understanding of the brokerage, it is suggested that traders explore reviews and feedback from existing clients. These shared insights and experiences from users can be accessed on reputable websites and discussion platforms.
Security measures: ExtonGlobal places a premium on security through robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Two-Factor Authentication (2FA) bolsters login security, fortifying against unauthorized access. Additionally, client funds are stored in segregated accounts, guaranteeing financial transparency and safeguarding against potential misuse or mishandling, thereby instilling confidence and peace of mind among investors.
Ultimately, the choice to trade with ExtonGlobal is a personal decision. It is important to thoroughly assess the risks and benefits before arriving at a conclusion.
Market Instruments
ExtonGlobal offers a diverse range of market instruments, satisfying various trading preferences and strategies.
Traders can engage in Contracts for Difference (CFDs), allowing them to speculate on price movements of underlying assets without owning them outright. With CFDs, traders can access global markets, including stocks, indices, commodities, and cryptocurrencies, enabling them to diversify their portfolios and capitalize on market opportunities.
Moreover, ExtonGlobal provides access to the forex market, the largest and most liquid financial market globally, where traders can trade currency pairs 24 hours a day, five days a week. This allows for flexibility and convenience in trading across different time zones.
Additionally, the platform facilitates trading in cryptocurrencies, including popular digital assets like Bitcoin, Ethereum, and Litecoin.
Account
ExtonGlobal caters to individuals seeking opportunities in online trading through a live account. This account allows you to start trading with a minimum deposit of $20.
However, if you specifically want to trade cryptocurrencies, you'll need to fund your account with a minimum of $250.
How to Open an Account？
To open an account with ExtonGlobal, you have to follow below steps:
Complete any verification process for security purposes.
Once your account has been approved, you can set up your investment preferences and start trading.
Leverage
ExtonGlobal offers leveraged trading opportunities across various asset classes, including forex, cryptocurrencies and CFDs.
For cryptocurrency trading, traders can access leverages of up to 1:5, allowing them to amplify their trading positions without requiring a substantial initial investment.
Additionally, for CFD trading, leverages range from 1:50 to 1:200, providing traders with the flexibility to trade larger positions and pursue greater opportunities in the financial markets.
For forex, leverage trading is also available, but leverage ratio info is not disclosed. If you plan to step into forex trading, check with the broker for clarification before commiting any real money.
While leverage can amplify profits, you should fully understand the associated risks at the same time before utilizing leveraged positions, ensuring you have adequate risk management strategies in place to protect your capital.
Spread & Commission
ExtonGlobal claims to have competitive spreads, the standard fee charged on the difference between the buying and selling price of an asset. However, they don't disclose the specific spread amounts.
There are also commissions on profits, a less common fee compared to spreads. These commissions are set at 19% of profits and invoiced at the end of the accounting period. Caught your attention is that accounts with unpaid commissions will be restricted until the fees are settled.
Trading Platform
ExtonGlobal's web-based trading platform stands as a beacon of efficiency and accessibility in the digital trading landscape. Crafted with the needs of modern traders in mind, this platform offers comprehensive access to multiple markets simultaneously. Its user-friendly interface and swift performance set it apart, providing traders with a seamless and reliable trading experience.
The platform's advanced features empower traders to execute trades swiftly and effectively, enabling them to capitalize on market opportunities with ease. With real-time market data, customizable charts, and a wide range of trading tools, ExtonGlobal's web platform caters to both novice and experienced traders alike. Its intuitive design and robust functionality make it a preferred choice for traders seeking convenience and reliability in their online trading activities.
Deposit & Withdrawal
ExtonGlobal offers various deposit methods including credit/debit cards (Visa/Mastercard), bank wire transfers, Skrill, Neteller and cryptocurrency wallets. The minimum deposit is $20 but can vary depending on the chosen method. Funds might take up to 5 business days to clear, except for credit/debit cards which are usually immediate.
Withdrawing follows the same methods but must be done using the same method used for deposit to comply with AML regulations. 48 hours are necessary for processing and an additional 3-5 business days for the funds to appear in your account.
Customer Service
ExtonGlobal offers a comprehensive array of customer service channels to assist traders with any inquiries or concerns. These include live chat support for real-time assistance, social media platforms such as Facebook, LinkedIn and Twitter for engaging with the community and receiving updates, phone support for direct communication with representatives, email for detailed queries and documentation submissions, and a physical address for those preferring traditional correspondence.
Additionally, traders can utilize the contact us form on the website to submit specific inquiries or feedback. For common questions, the FAQ section provides quick answers and guidance.
Phone: +441580492004; +41315202134.
Address:
UK: 25 North Colonnade - Canary Wharf - 29, 1 Canada Square, London E14 5AA, United Kingdom.
Switzerland: Av. des Morgines 12, 1213 Lancy, Switzerland.
Email: support@extonglobal.net.
Education
To access ExtonGlobal's educational resources on crypto trading, you'll need to register for an account. These resources include a diverse range of informative videos and insightful articles on its book page covering various aspects of crypto trading, from basic concepts to advanced strategies.
Conclusion
ExtonGlobal operates as a brokerage firm based in the United Kingdom, providing traders access to forex, commodities, and cryptocurrencies. However, the absence of regulation from recognized authorities raises concerns for investors. Therefore, if you are contemplating ExtonGlobal as broker, you should be cautious, undertake research, and explore regulated alternatives prioritizing transparency, security, and client protection.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
