Beware Of Low Rating Forex Brokers Like ExtrendCap - Scamming Might Be Their Main Goal

WikiFX | 2022-11-24 13:47

Abstract：Forex brokers today are not scared to defraud customers, even if they are regulated by a specific regulating organization. As we all know, forex trading has become a popular choice for many people owing to the high returns and variety of possibilities to get effective forex signals. As a result, many people are intrigued and want to try their hand at forex trading.

Beware Of Low Rating Forex Brokers Like ExtrendCap - Scamming Might Be Their Main Goal (1).png

Forex brokers nowadays are not afraid to scam people even if they are under the regulation of a certain regulatory body. As we all know that forex trading has become the alternative to many due to its good returns and abundance of opportunities to get good forex signals. And because of that, many individuals are curious and would like to try their luck in forex trading.

In this article, WikiFX would like to share with the public the incident that happened to traders involving ExtrendCap as a broker who scammed many investors.

ExtrendCap Overview

ExtrendCap is a Forex broker that is based in Australia that offers Forex, Commodities, Indices, and CFDs.

Is ExtrendCap Regulated？

Since the broker is based in Australia, we tried to check on the Australian Financial Regulator (ASIC) official website about ExtrendCap.

Based on the result, ExtrendCap has been registered under the ASIC regulations, and it can also be seen based on their domain name, www.extrendcap.com that the broker is new in the forex business industry. The company's domain is registered just this year.

How ExtrendCap become a scam broker to its traders？

Their traders have submitted a report against ExtrendCap about their illegal doings and dodging investors from making withdrawals.

Let's take a look at one of the complaints submitted to WikiFX by their trader.

This broker tried to withdraw some of the funds from the account. But after the request has been submitted, the trader has been told to double the funds before the funds can be withdrawn. Now, it is very obvious to the trader that the broker is a scam and wants to have more funds.

In the end, the trader is telling the public to beware of somebody who recruits them and offers them good returns by doing forex trading like Extrend Cap.

Here's where you check out more of ExtrendCap complaints from its traders: https://www.wikifx.com/en/exposure/exposure/1661468729.html

Let's take a look more at Extrend Cap that is very suspicious to everybody.

WikiFX still adding brokers until now on the platform. The platform has over 40,000+ brokers listed both regulated unregulated and cloned brokers. Now, we found out that ExtrendCap has a cloned website that has a domain of https://excaptal.com/ that might be under the management of the real domain www.extrendcap.com. If you look at the design of the website, the 2 websites are identically the same which will convince the traders that the website is the real website. If real broker takes care of their investors and maintains their credibility with the public, they are definitely the ones who put the business down to those who operate illegally.

Site 1: extrendcap.com

Site 2: excaptal.com

Let's see how WikiFX rates ExtrendCap

Due to the unlawful doings did by ExtrendCap recently to its traders. WikiFX rated ExtrendCap 3.53 even though it is ASIC regulated. A certain trustworthy broker must be regulated by other regulatory bodies as part of their credibility to investors.

The score of the WikiFX to a certain broker is comprised of how trustworthy the broker is.

Conclusion,

Illegal forex brokers are everywhere, they have ways to feed their desires. WikiFX always and always tells the public to do an in-depth investigation before starting forex trading. The WikiFX app is a great help in knowing if the broker is good by looking at its regulatory status and its rating.

Check out for more of ExtrendCap here: https://www.wikifx.com/en/dealer/1661468729.html

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Fraud Alert Scam Alert Forex Broker knowledge Broker

Related broker

Not Regulated

ExtrendCap

Company name：EXTREND CAP INTERNATIONAL PTY LTD

Score

1.47

Website：https://excaptal.com/

2-5 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.47

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