WikiFX Review: worrisome facts about Emextrade

Emextrade is not a reliable financial partner, or a trustworthy broker, no matter what it says on its website. It would be best if you avoided Emextrade – and here is why:

Emextrade Regulation & Safety of Funds

First lets search Emextrade on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/9872684462.html), Emextrade currently has no valid regulatory license and the score is rather negative.

Besides, according to what is shown on the official website, the broker operates from:

Dominica does not regulate its Forex markets – and therefore, brokers from the country are mostly scammers that are looking to run their schemes without retaliation from their victims or the government. There is no proof that Emextrade is not one of them – much less that it can provide you with any of the protections for you funds that a stricter jurisdiction like the UK can – things like a Negative Balance protection policy and access to guarantee funds. Stick to companies that can – stick to licensed brokers!

Emextrade Trading Platform

Emextrade provides access to industry standard trading platform Metatrader 5 – as well as a web-based piece of software that lacks most of MT5s features, notably automated trading. Here is what the platforms look like, starting with Metatrader 5

And here is the web-based platform:

On Emextrade's trading conditions – both platforms feature unacceptable spreads, with the web one having ones of 3 pips on the EURUSD and the MT5 distribution ones as high as 8.1 pips! Meanwhile, spreads with legitimate brokers are no higher than 1 pip in general.

There is also the issue of the 1:200 leverage Emextrade offers – since such amounts have been banned by most regulatory bodies around the world, most brokers that still have them available are not licensed, just like Emextrade.

Emextrade Deposit & Withdrawal

Emextrade accepts deposits through credit cards and several cryptocurrencies – the latter are final, but card allow you to file a chargeback on any payment within the last 540 days. This could prove crucial, as we have no idea what withdrawal fees the broker charges:

And the worst part is that you cannot even withdraw any of your profits – that is because Emextrade has made that explicitly impossible under the following clause:

It states that profits made with the bonuses Emextrade issues are not eligible for withdrawals – but there is no way to know what profit was made using what money in practice! This clause and ones like it are only in place to make withdrawals of profits impossible in practice.

Similarly, while withdrawing your bonus seems possible, it can only be done if you execute a turnover of 25 times the deposit and the bonus issued – and that is not practically achieavable.

Conclusion

In a nutshell, it's not wise to invest in Emextrade. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.