Thinking of getting into business with MT5EXPO? Here is what you must know about this broker. Carefully read this review to find out if mt5expo.com is the trading platform you will want to trade with.
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About MT5EXPO
MT5EXPO is an offshore brokerage company with a lot of promises for traders. The address of the broker is missing on its webpage. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.
There are claims of regulation from known financial regulators like Cyprus Security and Exchange Commission (CySEC), and Seychelles Financial Securities Authority (FSA).
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments MT5EXPO claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
mt5expo.com: Reasons to Avoid This Broker
Firstly, mt5expo.com is a platform with no financial authority overseeing its financial services. We discover this broker is not worth your money as Cyprus Security and Exchange Commission (CySEC)has warned against brokers claiming regulation and license. See below.
Secondly, we noticed mt5expo.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
MT5EXPO leaves us with no specific information on processing days nor withdrawal fees. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
MT5EXPO claims no minimum deposit.
As for the payment methods, the broker accepts only cryptocurrency. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
MT5EXPO Platform
MT5EXPO offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
MT5EXPO Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is mt5expo.com a Reliable Broker?
No, mt5expo.com is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.