In the vast landscape of online trading, where fortunes are made and dreams shattered, it’s crucial to navigate with vigilance and discernment. Prepare to be enlightened and warned, as we embark on a comprehensive review exposing the alarming reality of Exallt broker. Get ready to peer into the abyss of scams and discover the intricate web they weave.
- Exallt General Information
- Registration and Client Portal Review
- Exallt Trading Conditions
- Account Types
- Trading Platform
- Exallt — Deposit and Withdrawal of Funds
- Additional Options
- Is Exallt a Scam?
- Legal Information and License
- Exallt.io Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Exallt General Information
|Address||First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines|
|Leverage||Up to 1:400|
Registration and Client Portal Review
As you navigate the virtual corridors of Exallt’s official website, a sense of unease begins to settle in. The lackluster design, adorned with a dreary gray background, fails to inspire confidence from the very first glance. Myriad self-praise and ostensible advantages clutter every page, creating an overwhelming aura of self-importance that reeks of desperation.
Curiously, the website’s language options are limited to Spanish and English, leaving one to wonder about Exallt’s global reach and commitment to inclusivity.
And let’s not overlook the abundance of mind-numbing stock images that pervade the site. Their presence serves as mere distractions, attempting to mask the void of substantial content. In fact, the scarcity of meaningful information leaves visitors perplexed, questioning the true essence and purpose of this hollow platform.
Registering an account on Exallt.io follows a rather streamlined and simplistic approach. The registration form itself is noticeably different from what one would expect from a reputable and licensed broker. It requests only minimal information, omitting crucial details that are typically required by established brokers. Strikingly, Exallt does not verify the provided phone number or email address, which raises concerns regarding the security and authenticity of the registration process.
Adding to the questionable nature of the registration process is the insistence on using a promo code during the registration process. This requirement seemingly serves to restrict access and participation. Such a practice, without transparent and valid justification, can lead traders to question the motives and integrity of the broker.
Exallt Trading Conditions
Let’s take a look at what this broker has to offer us. What if its trading conditions are really worth paying attention to?
Exallt offers a range of account types, beginning with their Test account. Interestingly, the minimum deposit required for this account is significantly higher than what one would typically consider a “test” amount. Traders are expected to deposit a substantial $5,000 right from the start, which is considerably more than what even some stockbrokers require. Moving up the ladder, the Standard account demands a minimum deposit of $25,000, indicating a considerable financial commitment. As for the Gold account, traders are required to deposit a substantial $100,000, while the VIP account demands an even heftier amount of $250,000. These high deposit requirements may deter traders, especially those looking to start with smaller investment amounts.
Moreover, the broker offers a choice between fixed and floating spreads, with the leverage increasing according to the account type. However, it’s important to note that this suggests the broker may not route trades to the interbank market, potentially limiting liquidity and market access for traders.
Upon reviewing the account types and features, it becomes apparent that Exallt’s approach lacks the unique and enticing qualities that would set it apart from other brokers in the industry.
The trading terminal offered by Exallt.io is notably inadequate in providing traders with a satisfactory trading experience. It fails to meet the standards of sophistication and functionality that one would expect from a reputable and reliable broker. Furthermore, there have been concerning reports suggesting that the terminal is primarily utilized by fraudulent brokers, further casting doubt on the platform’s integrity and security.
The deficiencies in the trading terminal have contributed to a significant decline in its overall ratings among traders and industry experts. The platform’s low ratings reflect the dissatisfaction experienced by users who have encountered limitations, technical issues, and a lack of essential trading tools and features.
Exallt — Deposit and Withdrawal of Funds
Exallt provides multiple funding options for clients, such as credit and debit cards, bank transfers, and cryptocurrencies. However, the broker fails to disclose any information regarding commission fees that may be associated with these funding methods.
Furthermore, Exallt does not provide clear details about the processing time for withdrawal requests, leaving clients in the dark about how long it may take to receive their funds.
Despite the initial requirement of additional promo codes for registration, we have reason to believe that Exallt does indeed have a verification process in place. The broker emphasizes the importance of verification, as stated in the relevant policies outlined on their website. Upon successful completion of the registration form, users are prompted to undergo the verification process.
Typically, the verification process at Exallt involves submitting identification documents such as a valid passport or national ID card, proof of address, and potentially additional documents as per the broker’s requirements. These documents are usually uploaded through the broker’s online platform or submitted via email for review. It is possible that the Client Portal provides a designated form for this purpose, allowing users to submit the necessary documents securely.
Exallt does offer an educational section on their website, although its value is rather limited. The educational resources mainly consist of generic articles that cover basic trading concepts such as leverage, spreads, and other introductory topics. Unfortunately, we could not find any substantial market analysis or research materials provided by the broker. These educational offerings are not supplemented with additional services or comprehensive market insights.
While the broker’s trading conditions do not explicitly mention a partnership program, the presence of a promo code requirement during registration implies the possibility of such a program. However, it is perplexing that Exallt fails to provide any clear information or guidance regarding bonuses or promotional offers. Traders are left to navigate this aspect on their own without proper explanations or instructions.
Is Exallt a Scam?
After conducting a thorough investigation, it is evident that Exallt lacks any remarkable features or offerings. However, our concerns regarding the broker go beyond its lackluster performance.
Legal Information and License
Upon further examination, we discovered that Exallt operates under Fluxlogy LLC, as stated in the website footer. It is essential to note that Fluxlogy LLC is registered in the offshore jurisdiction of St. Vincent and the Grenadines. Offshore jurisdictions often have looser financial regulations and oversight compared to renowned financial centers. Consequently, investors and traders may find themselves with limited protection in cases of fraud or disputes. Moreover, if any legal complications arise with a broker registered in an offshore jurisdiction, seeking legal redress can be exceedingly challenging. The legal systems and mechanisms in such jurisdictions may lack transparency and fail to adequately support investor rights, making dispute resolution a daunting task.
Exallt.io Domain Info
Another red flag arises from the “Why Us” section on Exallt’s website. While the company extensively emphasizes its advantages and strengths, it conveniently omits any information about its history and establishment. In order to determine the broker’s operational timeline, we had to investigate its domain registration. It was revealed that the domain was registered as recently as March 1st, with the registration being conducted through an anonymous registrar. Such circumstances cast doubt on the reliability and credibility of the company.
Exallt offers contact options to its clients, including a phone number and email address that can be found on their platform. However, it is important to highlight that the broker lacks a physical office location and only provides a nominal address, raising concerns about their actual presence and infrastructure.
Pros and Cons
- Short lifespan.
- Lack of license.
- Offshore registration.
- Negative reviews.
- Questionable trading software.
Frequently Asked Questions (FAQ)
It offers trading services in various financial instruments, including forex and CFDs.
The minimum deposit required to start trading is $5,000.
Evaluating the safety of a broker involves considering various factors, including regulatory oversight, security measures, and transparency. Exallt, being an unregulated broker, may pose potential risks to clients’ investments and lacks the oversight and protection offered by reputable regulatory authorities.