Ex-Cap is a trading platform that claims to be a global broker. The company promises its clients security of funds, premium support, and amazing opportunities on the markets. However, we are not very convinced by these empty promises. In this short review, we will take a look at whether it is a scam or a legitimate company.
- Ex-Cap General Information
- Registration and Client Portal Review
- Ex-Cap Trading Conditions
- Account Types Review
- Trading Platform
- Ex-Cap — Deposit and Withdrawal of Funds
- Additional Options
- Is Ex-Cap a Scam?
- Legal Information and License
- Ex-cap.com Domain Info
- Contacts Review
- More Details
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Ex-Cap General Information
|+41 22508 3121
+44 121512 2164
|Suite 305, Grifith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
|Up to 1:200
Registration and Client Portal Review
Ex-Cap’s website is quite primitive, actually. It doesn’t even look like the company spent a lot of money on it. The design is very simple, with a minimalist white background and a minimum of information. However, there is still a lot of self-promotion and assurances to open an account on the platform. The positive aspects of the website include the fact that it is available in several languages and that it contains legal information. However, there is very little information about the company itself.
Ex-Cap’s registration form is fairly standard. You will need to provide your personal information, including your name, email address, and phone number. You will also need to come up with a password. If you have a promo code, you can enter it at this time.
Once you have submitted your registration form, you will receive a confirmation email. Click on the link in the email to activate your account. Once your account is activated, you will be able to log in to the Ex-Cap Client Portal.
However, most of the features in the client portal are unfortunately unavailable until you have completed the verification process. The broker immediately requires you to provide documents. At least, at first glance, all the necessary functions are available.
Ex-Cap Trading Conditions
Now it’s time to see how well Ex-Cap lives up to its claim of being a global broker. Does it really offer such great trading conditions that it is suitable for traders of all levels and from many countries?
Account Types Review
Ex-Cap offers three types of accounts: Basic, Classic, and Individual. Unfortunately, there is no demo account available on the platform. Also, there is no information about the specific minimum deposit requirements.
The Basic account offers spreads of 1.5 pips and a commission of $5 per lot. The Classic account removes the commission but offers spreads from 1 pip. The Individual account offers spreads from 0.0 pips, no commission, and even the help of a personal manager. The leverage for all accounts is 1:200, which is quite high. In addition, the company promises that all client funds will be held in segregated accounts.
As you can see, Ex-Cap’s trading conditions are not that impressive. There are almost no additional services and the minimum deposit is unknown.
Ex-Cap does not provide any information about how the platform will be provided to traders. Judging by the lack of download links, only the web version will be available. Of course, trading on it will only be available after verification.
Here are some specific examples of the platform’s features:
- The design is very basic and uninspiring.
- The information is presented in a very cluttered and confusing way.
- There are not many indicators available.
- The charting tools are not very intuitive.
Overall, the Ex-Cap web platform is not a good choice for traders who are looking for a powerful and user-friendly trading platform.
Ex-Cap — Deposit and Withdrawal of Funds
The issue of deposits and withdrawals is very interesting. In particular, we noticed that the broker’s documents mention that clients can transfer funds from credit and debit cards. However, there is no such option in the client portal. The only available options are cryptocurrency gateways, including several exchanges. Of course, it is implied that these funds can also be withdrawn using the same methods. However, there is no detail. And it is not possible to check all of this in the client portal without verification, as we have already said.
Verification is a mandatory process for all Ex-Cap clients. You will need:
- Submit a copy of a government-issued ID, such as a passport, driver’s license, or national ID card. The ID must be a valid, current document that includes your name, date of birth, and a photograph.
- Submit a copy of a document that proves your address. This could be a utility bill, bank statement, credit card statement, lease agreement, or mortgage statement. The document must be dated within the past three months and must include your name and address.
- Also, the broker may need a copy of a document that proves your source of funds. This could be a bank statement, tax return, investment statement, pay stub, or letter from a financial institution.
Ex-Cap is relatively stingy with additional services. We only know that if the company has a promo code, then it should theoretically have a referral program as well. However, there is no mention of this on the website. Of the additional services, Ex-Cap focuses heavily on personal support. In particular, the broker mentions that some traders will have access to the services of a personal manager. However, we would be skeptical of these claims. It is simply unclear what the composition of this team of managers is. The website does not reveal a single name. In general, everything remains completely anonymous, including the identity of the company’s manager. So if any unknown people with unverified credentials are giving you advice, be skeptical.
Is Ex-Cap a Scam?
As anyone who cares about their finances knows, protecting their money is of utmost importance. So, let’s take a look at how Ex-Cap measures up to its claims about protecting client funds and other important things.
Legal Information and License
Ex-Cap claims to be regulated by the Financial Services Authority of Saint Vincent and the Grenadines. However, this jurisdiction is not considered to be a reputable place to establish a brokerage business, especially from the perspective of traders. In addition, the SVGFSA recently tightened its registration rules, requiring brokers to obtain a license from the country in which they intend to operate.
As for Ex-Cap’s license, the company claims to be licensed by the MISA regulator. Indeed, there is a license number T2023327 in the MISA registry. It is issued to Future Finance Group LLC. By the way, if you click on this name, you will surprisingly open the website of another broker, Falcon.Broker. In general, it looks exactly the same as Ex-Cap. Even the footers on these two platforms are the same. Probably, we can even conclude that both of these projects belong to Future Finance Group LLC.
However, the most important thing here is that it is very easy to obtain a MISA license. It is enough to just pay a few thousand dollars. Remember this when you open an account on any of the mentioned platforms.
Ex-cap.com Domain Info
The domain name for the Ex-Cap website was registered in September 2022. This is actually consistent with the company’s incorporation date. So, its legal information can be considered accurate. However, we cannot help but note that this is a very short operating period. Experts even advise paying attention only to brokers that have passed the five-year mark.
Ex-Cap offers contact numbers and email for communication. However, these contacts are exactly the same as those of Falcon.Broker from the previous section. This is strange and confusing, and it is inconvenient for traders for several reasons.
First, it is unclear which company is actually providing the support. Is it Ex-Cap or Falcon.Broker? If it is Ex-Cap, then why are they using the same contacts as Falcon.Broker? If it is Falcon.Broker, then why are they using the Ex-Cap name? Second, it is possible that this is a sign that the two companies are not legitimate.
The fact that all client funds are stored in segregated accounts is really interesting for us. Even if the funds are segregated, there is still a risk that the company could use funds from one broker to support the other broker. Especially if the company becomes insolvent or if it is involved in fraud.
To further protect your funds, it is important to ensure that the two brokers are regulated by reputable financial authorities.
Ex-Cap offers to contact them via phone number or email. The broker’s office is located offshore, so it is unlikely that it is a physical office and you will be able to visit it.
Pros and Cons
- Segregated client funds.
- A variety of trading instruments.
- Registered in a questionable jurisdiction.
- Licensed by a questionable regulator.
- Very short operating history.
- Shares the same contact information as another broker.
- Owned by the same company as another broker.
Frequently Asked Questions (FAQ)
The broker offers CFD trading without any additional options.
The minimum deposit on this platform is unknown.
Trading with any broker is risky, but Ex-Cap has several red flags, including its questionable license. So we cannot call it ф safe broker.