Customers of TheExchangeBank are encouraged to “fulfill their potential and own the future they deserve.” It’s a nice story that could happen if the brokerage was legitimate.
Customers have no guarantees that their profits will be paid out or that they will receive a refund of their initial deposit because TheExchangeBank is not regulated.
Find out everything in this in-depth TheExchangeBank review.
To add to that, we strongly advise you to avoid fraudulent brokers like FinancialCentre, Spartan-Trade, and PrismCapital.
Is TheExchangeBank a Reliable, Licensed Broker?
TheExchangeBank is a purportedly anonymous cryptocurrency trading platform based in the United Kingdom. If a company wants to offer Forex and CFD trading from this country, it must first obtain an FCA license. We found nothing about the broker TheExchangeBank after searching the databases.
Simply put, we’re dealing with another con artist who claims to have been in the business since 2009. Of course, this is a lie designed to gain the trust of inexperienced investors.
Reasons to Avoid Using an Unlicensed Broker
If you want to start trading and maximize the security of your funds, look for brokers who have Tier 1 licenses from the FCA, ASIC, BaFin, CONSOB, and other regulatory bodies. Only then will you be certain that you will be reimbursed if an issue arises.
There are no such guarantees with scheme firms like TheExchangeBank. If the company disappears with your money, you must seek an alternative money-back solution.
Is TheExchangeBank a Trustworthy Broker or a Scam?
TheExchangeBank is not a legitimate provider of financial services. The company claims to offer cryptocurrency trading services from the United Kingdom, but it lacks a valid FCA license. Withdrawal reviews that are negative indicate that you should not trust the brokerage.
What Are Traders Saying About TheExchangeBank?
There are numerous withdrawal issues because the company is not legitimate. Customers are reporting them in TheExchangeBank reviews as well.
Before investing, we recommend that you conduct due diligence and review the firm’s comments. Then you’ll have a good idea of what to expect when dealing with the brokerage.
In the case of this broker, reviews confirm what we already suspected: the company steals clients’ funds and blocks their access to their trading accounts.
Trading Markets Offered by ExchangeBank
TheExchangeBank only permits trading in the cryptocurrency market. While specializing in a specific asset is not necessarily a bad thing, it is disappointing to see such a poor offering of digital currencies traded against fiats (USD, EUR, AUD).
You can get your hands on some basic cryptos like BTC, ETH, XRP, and 20 others. This is significantly less than what brokers who offer a variety of markets can offer.
This is yet another reason to avoid the TheExchangeBank trading scam.
What Trading Conditions Does TheExchangeBank Provide?
The company’s trading terms were not specified. Here’s an excerpt from the FAQ:
“The company reserves the right to charge “client” fees where any work is performed by the analyst or account manager representing The Exchange Bank.”
As a result, you will be charged up front for the potential service of unknown quality.
The minimum deposit is still unknown. The Silver account starts at $10,000, but we can only hope that newcomers do not require such a large sum. However, the FAQ only specifies the maximum, not the minimum, amount you can begin with. You should be able to obtain that information after being contacted by broker employees who will assess your financial situation.
What Is the Leverage and Spread of the Broker?
The spread, as well as other fees and commissions, have not been disclosed. As a result, you have no idea about trading costs.
The leverage against regulatory rules ranges from 1:200 to 1:400. The UK FCA allows retail traders to use leverage of up to 1:30, demonstrating yet again that TheExchangeBank is not licensed.
Methods of Funding and Withdrawal at ExchangeBank
The company accepts three payment methods:
Transfer by wire
The firm charges no fees and has a $100 minimum withdrawal amount. To make a deposit, however, you must contact an account manager.
Please avoid the scammers Kapital Consult, ACE FX, and Win iCoin by remembering their names! Also, always investigate the history of internet trading organizations before investing!
Why Is Using Cryptocurrency Risky?
Crypto payments are untraceable and cannot be charged back. As a result, once the funds leave your wallet, they’re gone forever expert you hire crypto recovery experts.
Scammers have taken advantage of this fact extensively in recent years. Knowing that the wallet’s anonymity would protect them, they did not hesitate to steal every penny from their customers.
TheExchangeBank Broker Scammed You? – Let Us Hear Your Story
Please notify us if you have been scammed by TheExchangeBank. Our chargeback specialists may be able to help with the refund. Schedule your free consultation today and let’s get started.
But What Exactly Is A Chargeback?
If you made a deposit with your debit or credit card, you have up to 540 days to file a chargeback dispute. It is a procedure in which your bank recovers funds directly from the merchant. Please contact us right away for more information.