The Exchange Bank promises clients financial independence, high trading results, and reliable service. The company is registered in the UK, but this fact has been refuted many times in the reviews. We will conduct an independent analysis of the project. Is this a scam or a legal site with favorable conditions?
- The Exchange Bank General Information
- Registration and Client Portal Review
- The Exchange Bank Trading Conditions
- Account Types Review
- Trading Platform
- The Exchange Bank — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is The Exchange Bank a Scam?
- Legal Information and License
- Theexchangebank.com Domain Info
- The Exchange Bank Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
The Exchange Bank General Information
| Website | https://theexchangebank.com/ |
| Phone number | 61861879024 |
| support@theexchangebank.com | |
| Address | 2 Bartholomew lane, London, EC2N 2AX, United Kingdom |
| License | None |
| Minimum deposit | $10,000 |
| Assets | CFDs |
| Leverage | From 1:200 to 1:400 |
| Trading platform | WebTrader |
Registration and Client Portal Review
The website of The Exchange Bank invites us to realize our potential. It is not clear how to do this with a company that makes blunders in the layout of its menu and logo. They just overlap with each other. So, the first impression is not the best.
The Exchange Bank has been operating for about 7 years on the market. The founders are proud of their achievements and want to provide the most comfortable service in the online space.
However, the website does not contain important legal documents, information about employees, or a section with customer reviews. This does not correspond to the status of a global broker.
Let’s see what awaits us after login. The new user of The Exchange Bank should enter their first and last name, email address, phone number, etc. Next, he must confirm that he has read and agrees to the terms of trade, and that he is of legal age. Also, he must not be a US citizen.
After filling in the data, a client portal immediately opens. We’ve already seen it somewhere, haven’t we? Predictably, all CFDs can be traded here, not just cryptocurrencies, as was stated. Here the client can upload documents for verification, deposit the account, and place an order to sell/buy.
The Exchange Bank Trading Conditions
Theexchangebank’s goal is to bring traders to a higher level of earnings. For this, the broker offers to use low spreads, a wide arsenal of trading tools, and a unique platform.
Account Types Review
The selected tariff determines the set of services. There are currently 5 types available.
| Name | Minimum Deposit, USD | Leverage | Margin Loan |
| Silver | 10,000 | 1:200 | 25% |
| Gold | 50,000 | 1:200 | 35% |
| Platinum | 100,000 | 1:200 | 50% |
| Diamond | 250,000 | 1:300 | 75% |
| Corporate | 1,000,000 | 1:400 | 100% |
As you can see from the table, The Exchange Bank works with wealthy clients. When adding two or three functions, the cost of the account increases several times.
At the same time, the broker claims that there is no minimum payment limit. The exception is credit cards. With their help, it is allowed to transfer at least $100 to the account. What information to trust is unknown.
Trading Platform
The author’s development is used as a trading terminal of The Exchange Bank. It supports basic features such as a news section, indicators, price charts, and more.
There is no app for desktops or smartphones. Who created and controls this WebTrader is also unknown. Are there liquidity providers? Please forget this word. Obviously, the platform is more of a gaming nature, where a client trades with a robot, and not on a real interbank market.
By the way, there is no demo account here either. The Exchange Bank is so greedy that it doesn’t allow you to try out the features of their primitive terminal for free.
The Exchange Bank — Deposit and Withdrawal of Funds
You can deposit using a variety of methods:
- Visa and MasterCard
- Bank transfer
- Crypto (Bitcoin, Ethereum).
The broker does not specify the size of the commissions, but reserves the right to charge some fees at its discretion. Handy solution!
Verification
Before depositing the account, you must confirm your identity. You will need to upload this in your client portal:
- ID
- Proof of residence
- Proof of payment.
The last one probably could be a bank statement. Next, the staff of The Exchange Bank will check the documents and contact you.
Additional Options
As an extra option, one can hardly call the Education Corner. Here The Exchange Bank gives a few paragraphs of text about the financial markets and offers to watch two YouTube videos about Bitcoin. Of course, a third-party channel owns the videos.
It’s curious that in the client portal there is a certain Savings Test at 5%. The functionality is extremely poor, and the company does not describe it anywhere. Whether this offer will be added to clients in the future is also a mystery.
Is The Exchange Bank a Scam?
The client should check the reliability of the service before depositing. Obviously, the organization has some problems.
Legal Information and License
The jurisdiction of the broker is another big mystery. We have carefully studied all the policies of The Exchange Bank and have not found even a hint of the country of its residence. Of course, there are also no license numbers or scans of the incorporation certificate.
Only the contact details make it possible to conclude that the company is registered in the UK. What a shame! We have checked both Companies House and The Financial Services Register. There is no such company as The Exchange Bank anywhere.
Theexchangebank.com Domain Info
The same mess is going on with the duration of the broker. In the footer of its website, The Exchange Bank lists the year 2009. In the “About us” section, the founders of the company write that they have been working for about 7 years.
According to the Internet Archive, the domain has existed since 2003. However, in April 2022 it was still up for sale! The next snapshot is already with The Exchange Bank and dated August 2022. So the project only works for a few months.
The Exchange Bank Contacts Review
Let’s get back to contact information. The listed London addresses house the college, advertising agency, and the Bank of England. (OK, we appreciated the joke.)
Further, The Exchange Bank offers a phone number 61861879024. It’s in no way similar to the UK. Actually, it is not similar to the number of any country in the world; there is no such code. There is only hope for email, but it is probably also fictional.
Pros and Cons
- Quick registration.
- Confusing trading conditions
- No demo account
- Complete lack of legal information
- Extremely short working time
- Fake contacts.
The Exchange Bank are real scammers. They have nothing but a fresh website that is designed to lure in money from customers. It is better to forget about this company right away.
Frequently Asked Questions (FAQ)
According to the legend, the broker trades crypto assets, but there are different CFDs here.
It depends. The Exchange Bank sets the bar from $10,000 and at the same time allows you to top up your account for $100.
No, it’s not. This is a complete scam with no guarantees.
Definitely scam
Theexchangebank only wants your money! Cryptocurrency trading itself carries an increased risk. And here there are no licenses, and the whole site is bogus. So you can forget about your funds.
Don't trust theexchangebank.com
I tried to open an account here because I was tempted by the margin level. It turned out that this is a fake company that attracts money and transfers it to its account. For some reason, they only require bitcoins for a deposit, although at first, they announced different payment methods. Who can’t accept credit cards nowadays? Only crooks.
I am a fool
These guys are scammers who attract investors with a convenient service. I was shocked when they called me and offered to open an account with $10k. Of course, I refused right away. After that, they said that they could open an entry level for me for only 100 greens so that I could evaluate the trading. And then I agreed and invested in this damn company! I invested more than 2K and everything was gone. They first showed the profit, and then they blocked me. It is impossible to contact them. Terrible lesson.