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Exilon Markets Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
|Fixed Spread||$2 500||1:500||1.4 pips, fixed|
|PRO||$5 000||1:500||from 0.1 pips|
|VIP||$10 000||1:500||from 0.1 pips + $2 /lot|
Exilon Markets is an offshore broker offering the accounts listed above. Although the trading conditions seem ok and trading is done on the popular MetaTrader4 platform, we don’t recommend this broker as a trading partner. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this low score.
Exilon Markets Advantages
Attractive spreads, up to 1:500 in leverage
Exilon Markets offers up to 1:500 in leverage, which is typical for offshore brokers. We consider the availability of high leverage as an advantage, as some traders enjoy using such. Yet, keep in mind that the higher the leverage, the greater the risk, and this is the reason why the leverage available to retail clients is restricted in most jurisdictions.
Another possible benefit of Exilon Markets is the seemingly low cost of trading – spreads fixed at 1.4 pips on majors are lower than most fixed-spread forex brokers offer, and the floating ones are even better. Then again, the cost of trading is not the most important thing to look for in a forex broker. Instead, we urge traders to focus on the company’s reliability, which means a license issued by a trustworthy financial authority.
As we already mentioned, the platform of choice at Exilon Markets is the good old MetaTrader4 (MT4). The MT4 hardly needs and introduction, as most traders know it and praise it for its ease of use, reliability, and advanced functionality. It is very popular for its top-notch charting and automated trading bots, called Expert Advisors
Good selection of assets
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Another potential advantage of Exilon Markets is that the broker offers good selection of assets for trade. It includes many currency pairs from all over the world and a wide variety of CFDs, including indices, commodities, precious metals and stocks. It seems that only cryptocurrencies like Bitcoin are missing from the broker’s product portfolio.
Exilon Markets Disadvantages
Registered offshore, blacklisted by the CNMV
Exilon Markets allegedly owned and operated by Exilontrade Ltd., a company registered in St. Vincent and the Grenadines. This offshore zone is a popular forex broker destination for providers looking for low registration fees and taxes, as well as freedom from all kinds of regulatory requirements and oversight.
In other words, brokers in this offshore zone are not subjected to a licensing regime, nor to any oversight on the part of a governmental agency. That is why offshore brokers are not entitled to operate on heavily regulated financial markets like those in the USA, Canada, the EU or Japan.
Yet, many of them target residents of the above-mentioned countries, and we found out that Exilon Markets is no exception to that. The broker is blacklisted by the Spanish financial watchdog, the CNMV. This is a sign of trouble because the broker obviously targets European investors without being authorized. What is worse, in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.
Demo spreads too good to be true
When we tested the broker’s MT4 in demo mode, we found the benchmark EUR/USD spread floating around 0.1 – 0.2 pips, and no commission whatsoever applied.
Exilon Markets’s demo MT4. Click on the image to view larger.
Actually, spreads that low are just too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. Yet another possible explanation is that this broker is simply a scam and manipulates the platform, so check out the link below.
MT4 provided by a third party
Another disturbing fact about Exilon Markets is their its platform is provided by a third party, PHP Financials Solutions Inc. (See the image above). This is a worrisome sign because 4xbanks uses MT4 provided by the same company, and this broker is related to the notorious Up4x group.
Extra fees, minimum withdrawal set
We also found out that clients of Exilon Markets cannot withdraw less than $100, and those who haven’t executed at least 5 trades, are charged with extra withdrawal fees. This is not a common practice among forex brokers, and is certainly unfavorable to traders.
Exilon Markets is an offshore broker that obviously targets Spanish-speaking investors. While the trading conditions seem fine, this broker lacks a lot in terms of reliability – it doesn’t hold a legit license and was blacklisted by the authorities in Spain as a potential scammer. All in all, traders should direct themselves to better trading options to which we have linked throughout this review.
And finally, here is a summary of this review of Exilon Markets:
|Generous leverage, attractive spreads||No financial regulation|
|MT4 available||Spreads too good to be true|
|Good selection of assets||MT4 provided by a third party|
|High initial deposit|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
I am a victim of ExilonMarkets, what to do ?
ExilonMarkets scammed you more than $3000 ? File a Complaint and Get Your Free Professional Consultation.
If you are on this page it’s that you are probably a victim of ExilonMarkets. You can’t withdraw your money, you are asked for money to withdraw or their support doesn’t answer you? It’s normal because it’s a scam. If you haven’t found a solution with your bank, we will explain the procedure to recover your money.
What makes us think ExilonMarkets is a scam.
ExilonMarkets is a broker that has already received a warning from the Spanish financial authorities (CNMV) because it offers trading in Spain without any licenses. It’s forbidden for a broker to offer trading when you don’t have licenses. It acts like many fraudulent brokers, once your money deposit, you can’t withdraw. To avoid absolutely if you don’t want to be scammed.
How to get my money back ?
You only have to register for free on MyChargeBack which is a company that fights against online scammers. After analyzing your registration, you will have a proposal by MyChargeBack. If you accept the proposal, your procedure to get your money back will start. It’s currently the only company offering a money recovery service with over 90% success. Many people don’t know that a recovery company exists but now you know that there is one that can help you.
We advise you before any investment in trading to take your time to choose a broker. Always look at several reviews on the same broker to be sure because brokers pay for fake reviews. Take the time to choose and never trust before doing research. Trading has always been a world with scammers and it will continue to be so unfortunately.
Feel free to leave a comment.
If you have a bad experience with this broker, leave a comment to help others avoid being scammed. We receive threats from many fraudulent brokers but nothing will stop us to help you.
Exilon Markets review – 5 things you should know about Exilonmarkets.com
Beware! Exilon Markets is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Exilon Market is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT4 trading platform and a generous leverage of up to 1:500. The required minimum deposit is quite excessive at $2500 which is ten times the industry average.
Exilon Market regulation & safety of funds
On the brokers website we read that the broker brand has a registered address in Saint Vincent and the Grenadines which is a well-known offshore zone and a preferred location for shady brokerage. However, we find no mention of the company’s name.
We read it is “regulated” by the local Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, not even mentioning the name of the company is cause for concern since this means that the website is basically anonymous and the people behind it answer to no viable authority.
On top of all this, while researching the broker on the web we came upon an official warning issued by the Spanish authorities regarding the brokerage. It reads that CNMV suspects Exilon of being involved in scam operations and further in providing financial services without proper authorization. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Exilon Market trading software
However, putting all this aside – the brokerage does provide the MetaTrader 4 trading platform which we always view favorably e since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Here is a screenshot:
However, there are a couple of problems worth pointing out. First of, the platform is actually provided by a third party – PHP trading – which isn’t uncommon in Forex trading but it isn’t something we condone either. Furthermore, the spread is supposedly only 0.2 pips which is quite low, as a matter of fact too good to be true. We are inclined to suspect that this isn’t the actual spread since no brokerage could hope to yield a profit with so low a spread. All this outlined further leads us to conclude that Exilon Markets means trouble and traders should steer clear of the broker.
Exilon Market deposit/withdrawal methods and fees
Going through the website we are unable to discern what the available payment methods for clients are. Usually in Forex trading clients may deposit or withdraw via Visa, MasterCard and e-wallets such as Skrill or Neteller.
Going through the terms and conditions of the brokerage we did find any provisions worth noting. There is a minimum withdrawal amount of $100 and furthermore, clients will be charged with unspecified withdrawal fees. This is quite nerve-wracking since it leaves a loophole for the broker to charge as much as it wishes.
Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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