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The WikiFX Score of this broker is reduced because of too many complaints!

ExtrendCap

Australia|2-5 years|
MT5 Full License|Regional Brokers|Australia Appointed Representative(AR) Revoked|High potential risk|

https://excaptal.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
ExtrendCap-Live MT5
Server Location Germany

Contact

support@extrendcap.com
https://excaptal.com/
290 739 Sydney Rd Brunswick VIC 3056
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Other ways of contact

Broker Information

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Company Name

EXTREND CAP INTERNATIONAL PTY LTD

Abbreviation

ExtrendCap

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 3
Previous Detection : 2024-07-16
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 13 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • AustraliaASIC (license number: 001296416) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

WikiFX Verification

ExtrendCap · WikiFX Survey

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Others

Scam broker

This is scam broker. I reported this broker to Vietnam high-tech crime prevention Police department and they said I faced with a scam broker. I opened account, deposited money and trade but I can’t withdraw money with unreasonable reason. This broker was still holding my money and threatened me

2022-09-30 22:48
Scam

Emotional fraud, unable to withdraw

I met a guy online who claimed to be living in Hong Kong and currently runs a company. After chatting for a few days, he knew that I wanted to get more money, and gradually mentioned that he had virtual currency investments in the foreign exchange market. And he is willing to teach me to invest together. During this period, he also began to pursue me, weaving together to make money, working hard for the future, and creating a better life. He will also send work photos, report whereabouts, and make him real during the call. in life. The chat started with gossip and sharing his photos. to lower my guard. soon. He told me to trade in a small amount of money together. Teach me to install MT5. Teach me to open an account and choose an ExtendCap broker in Nepal. Soon I can make money from the transaction and I can successfully withdraw. There will be a deal later. Ask me how much money I have. I didn't believe it at first. Follow him to break my guard. Offered a first-in 200,000 to me. Plus all my own money was deposited into this brokerage. The deal was very profitable at the time. Then he told me that I asked customer service if there is any bonus for new customer deposits. The customer service gave me the details of the event. I thought the amount deposited on the day would be counted. But it turned out not to be. The pre-deposited amount for participating in the event must be additionally deposited before the withdrawal can be made. I still trust him with this guidance. Keep raising money. But so far I have not been able to borrow so much money. The amount is too large. There is a lot of money in the current account. I must deposit enough money before I can withdraw. The way of depositing money is very different. Didn't wake up at first. Deposits are made to different private bank accounts. He also taught how to trade step by step. At first, there was only a small investment, and then there was income, which made me feel incredible and doubtful. In order to gain my trust and determination, he expressed his willingness to donate 24,000 USDT. With each income gradually increased, He asked me to invest more and more funds, so I invested a total of 37,400USDT one after another, until I had no more funds to invest, he again proposed to fund 20,000USDT, and I also had to raise more funds. At this time, I suddenly I felt bad, so I started talking to my friends. My friends said it was similar to a pig slaughtering dish. I was really worried. I had all the money I had borrowed, and I had loans. It was so sad... I really remind you to pay attention and be careful!

2022-09-05 23:25

    ExtrendCap · Company Summary

    Aspect Information
    Registered Country/Area Australia
    Founded year 1-2 years
    Company Name ExtrendCap
    Regulation No Regulation
    Minimum Deposit Not specified
    Maximum Leverage Up to 1:500
    Spreads From 0.0 pips
    Trading Platforms MetaTrader 5 (MT5)
    Tradable assets Forex, Metals/Commodities, Indices, CFDs
    Account Types Not specified
    Customer Support 24/7 availability via live chat, Line, email
    Payment Methods Local Banking, E-wallets, Credit/Debit Cards

    General Information

    ExtrendCap is an online trading platform operating in Australia. However, it currently lacks regulation from valid regulatory agencies, as its license as an Appointed Representative (AR) has been revoked by the Australia Securities & Investment Commission (ASIC). This regulatory status raises concerns about the platform's reliability and the protection it offers to traders.

    ExtrendCap provides access to various market instruments, including forex, metals/commodities, indices, and CFDs. Traders can speculate on exchange rate fluctuations, trade precious metals and commodities, and invest in equity indices. The availability of Contracts for Difference (CFDs) allows traders to speculate on price movements without owning the underlying assets.

    One aspect to consider is the leverage offered by ExtrendCap, which can be as high as 1:500. While leverage can amplify potential profits, it also increases the risk of potential losses. A leverage ratio of 1:500 is considered quite high and exceeds the levels deemed appropriate by many regulators.

    ExtrendCap utilizes the MetaTrader 5 (MT5) trading platform, offering a user-friendly interface and advanced trading capabilities. Traders can access the platform through web, iOS, Windows, and Android versions.

    The platform supports multiple payment methods, including local banking, e-wallets, and credit/debit cards. However, the minimum deposit amount is not specified.

    Customer support is available 24/7 through online communication, Line, and email. Traders can seek assistance in real-time, ensuring prompt responses to their inquiries and concerns.

    However, negative reviews and complaints raise serious concerns about ExtrendCap's legitimacy and reliability. Common issues mentioned include difficulties in withdrawing funds, additional payment requirements for withdrawals, allegations of scams and fraud, and poor customer support. These negative reviews highlight the importance of thorough research and caution before engaging with any online trading platform.

    In summary, ExtrendCap is an unregulated online trading platform operating in Australia, providing access to various market instruments and offering high leverage. While it offers the MT5 trading platform, multiple payment methods, and customer support, negative reviews and complaints indicate potential risks and questionable practices. Traders are advised to exercise caution and consider regulated alternatives for trading.

    basic-info

    Pros and Cons

    ExtrendCap offers several advantages to traders, including access to a wide range of market instruments such as forex, metals/commodities, indices, and CFDs. The platform supports high leverage of up to 1:500, which can enhance trading opportunities for those seeking higher returns. The availability of the MetaTrader 5 (MT5) trading platform ensures a user-friendly experience and advanced trading capabilities across different devices. Additionally, ExtrendCap provides multiple payment methods, including local banking and e-wallets, for convenient deposits and withdrawals.

    However, there are significant drawbacks to consider. The lack of regulation is a major concern, as ExtrendCap's regulatory license as an Appointed Representative (AR) has been revoked by ASIC. This raises questions about the platform's security, transparency, and the level of oversight for traders. Furthermore, negative reviews and complaints regarding withdrawal difficulties and allegations of fraudulent practices further diminish the platform's reliability and legitimacy. Traders should carefully weigh these pros and cons before deciding to engage with ExtrendCap.

    Pros Cons
    Access to diverse market instruments Lack of regulation
    High leverage opportunities Potential security and transparency concerns
    User-friendly MT5 trading platform Limited trader protection

    Is ExtrendCap Legit?

    According to the information provided, ExtrendCap is not currently regulated by any valid regulatory agency. The regulatory status of ExtrendCap with the Australia Securities & Investment Commission (ASIC) is stated as “Revoked.” The license type mentioned is “Appointed Representative (AR).” The license number is 001296416, and the licensed institution is EXTREND CAP INTERNATIONAL PTY LTD.

    It is important to note that trading with an unregulated broker carries higher risks as there may be less oversight and protection for traders. The information also mentions that there have been 13 complaints received by WikiFX about this broker in the past 3 months.

    Considering the revoked regulatory status and the potential risk associated, it is advisable to exercise caution and consider alternative regulated brokers for trading.

    regulation

    Market Instruments

    ExtrendCap offers access to various market instruments for trading:

    1. Forex: ExtrendCap provides access to the foreign exchange market (FX), which includes Spot FX, Future derivatives, Forward Derivatives, and CFD derivatives. These instruments allow traders to speculate on the exchange rate fluctuations between different currency pairs.

    2. Metals/Commodities: ExtrendCap enables trading in precious metals such as gold and silver. Additionally, they offer commodities trading, including crude oil, copper, and petroleum. These are considered hard commodities and are traded as contract-based tradable goods.

    3. Indices: ExtrendCap allows trading in equity indices, also known as market indexes. These indices represent a collection of stocks from a particular market or sector, providing an overall snapshot of market performance.

    4. CFDs: ExtrendCap offers Contracts for Difference (CFDs), which allow traders to gain access to the price movements of various companies' shares. With CFDs, traders can speculate on the price fluctuations of these shares without actually owning the underlying assets.

    .

    market-instruments
    Pros Cons
    Access to Forex, Metals/Commodities, Indices, and CFDs Potential high risk associated with trading CFDs
    Opportunity to trade in various asset classes Potential volatility and market risks
    Ability to speculate on currency fluctuations Limited availability of certain niche instruments

    Account Types

    ExtrendCap says it offers multiple trading accounts, but we could not find this part anywhere.

    To open an account with ExtrendCap is not troublesome, with a few steps to follow:

    1. Click the “Register” link, fill up some required details on the popping-up page.

    2. Upload your personal data for this brokers verification.

    3. Fund your account, and start to trade with this broker.

    Leverage

    ExtrendCap allows traders to utilize leverage of up to 1:500. Leverage is a tool that enables traders to control larger positions in the market with a smaller amount of capital. A leverage ratio of 1:500 means that for every dollar of the trader's capital, they can control positions worth up to 500 dollars. It's important to note that a leverage ratio of 1:500 is considered to be quite high and exceeds the levels deemed appropriate by many regulators. Higher leverage amplifies both potential profits and potential losses. While leverage can enhance trading opportunities and potentially generate higher returns, it also carries a higher level of risk.

    Trading Platform

    ExtrendCap offers the MetaTrader 5 (MT5) trading platform, which is designed to cater to traders of all levels, from beginners to advanced users. MT5 is considered one of the best and most advanced forex trading platforms globally. It provides a user-friendly interface and ensures high security for traders.

    ExtrendCap provides access to the MT5 platform through various versions:

    - Web Terminal: Traders can access the MT5 platform directly through a web browser without needing to download or install any software.

    - MT5 for iOS: This version of the platform is designed for Apple devices, allowing traders to trade on the full range of financial instruments offered by ExtrendCap. It includes essential technical indicators that can be customized.

    - MT5 for Windows: The desktop version of the MetaTrader 5 platform, which is known for its innovative and powerful trading capabilities.

    - Android for MT5: Traders can access the MT5 platform on their compatible Android mobile devices through the free Android app. It provides access to all trading analysis, technical tools, and the trading portfolio.

    The availability of the MT5 platform on different devices ensures that traders can trade and monitor the markets conveniently, whether they are at their desks or on the go.

    trading-platform

    Payment Methods

    ExtrendCap offers multiple payment methods for clients to make deposits and withdrawals. While the minimum deposit amount is not specified in the information provided, clients can choose from various payment options. These payment methods include:

    1. Local Banking: ExtrendCap likely provides options for local bank transfers, allowing clients to deposit funds directly from their bank accounts. The specific banks and transfer details would be provided by ExtrendCap.

    2. E-wallets: ExtrendCap may support various electronic wallet services, enabling clients to deposit and withdraw funds using popular e-wallet platforms. Examples of commonly supported e-wallets include Neteller, Skrill, or PayPal.

    3. Credit/Debit Cards: ExtrendCap likely accepts deposits and withdrawals through major credit and debit cards, such as Visa or Mastercard. Clients can link their cards to their trading accounts and initiate transactions directly.

    Pros Cons
    Multiple payment options available Specific minimum deposit amount not provided
    Acceptance of major credit/debit cards Lack of transparency on transaction fees
    Support for local banking and e-wallets Limited availability of supported e-wallets
    Possible delays or complications in withdrawals

    Customer Support

    ExtrendCap says it offers 24 x7 customer support to solve its clients trading-related problems. Traders can reach out to ExtrendCap about any questions or concerns they may have about their accounts or their trading through the following methods:

    • Online Communication

    • Line

    • Email: support@extrendcap.com

    • A Contact Form

    customer-support
    Pros Cons
    24/7 customer support Reports of poor customer support
    Live chat feature Lack of response to inquiries
    Communication via Line
    Email support

    Negative Reviews

    Based on the negative reviews on Wikifx, there are several complaints and allegations made against ExtrendCap. The common theme among these reviews is the difficulty or inability to withdraw funds from the platform. Some of the reviewers claim that ExtrendCap requires additional payments or taxes before allowing withdrawals, which they perceive as unreasonable and suspicious.

    The negative reviews also mention the platform being labeled as a scam and allegations of fraudulent practices. Some reviewers mention specific individuals associated with ExtrendCap, such as Aileen Sum in Toronto, whom they accuse of being involved in fraudulent activities.

    Furthermore, there are reports of poor customer support and lack of response from ExtrendCap when users inquire about their withdrawals or express concerns about their funds.

    These negative reviews raise serious concerns about the reliability and legitimacy of ExtrendCap as a trading platform. It is important to exercise caution and conduct thorough research before engaging with any online trading platform to ensure the safety of your investments and funds.

    negative-reviews

    Conclusion

    In conclusion, ExtrendCap, an online trading platform operating in Australia, presents both advantages and disadvantages. On the positive side, ExtrendCap offers access to various market instruments, including forex, metals/commodities, indices, and CFDs, providing traders with diverse trading options. The platform also supports high leverage of up to 1:500 and provides the widely recognized MetaTrader 5 (MT5) trading platform, known for its user-friendly interface and advanced features. However, the major drawback is the lack of regulation, as ExtrendCap's license as an Appointed Representative (AR) has been revoked by ASIC, indicating potential risks and less oversight for traders. Additionally, negative reviews and complaints regarding withdrawal difficulties and allegations of fraudulent practices raise concerns about the platform's reliability and legitimacy. Therefore, it is recommended that traders exercise caution and consider alternative regulated brokers for their trading needs.

    Risk Warning

    There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

    The information presented in this article is intended solely for reference purposes.

    FAQs

    Q: Is ExtrendCap regulated?

    A: No, ExtrendCap is not currently regulated by any valid regulatory agency.

    Q: What is the regulatory status of ExtrendCap with ASIC?

    A: The regulatory status of ExtrendCap with the Australia Securities & Investment Commission (ASIC) is stated as “Revoked.”

    Q: What type of license does ExtrendCap have?

    A: ExtrendCap holds an “Appointed Representative (AR)” license.

    Q: What is the potential risk associated with ExtrendCap?

    A: ExtrendCap carries a high potential risk due to its lack of regulation and revoked regulatory status.

    Q: What market instruments can be traded on ExtrendCap?

    A: ExtrendCap offers trading in Forex (Spot FX, Future derivatives, Forward Derivatives, and CFD derivatives), metals/commodities (gold, silver, crude oil, copper, petroleum), indices, and CFDs (Contracts for Difference).

    Q: What leverage does ExtrendCap offer?

    A: ExtrendCap allows traders to utilize leverage of up to 1:500, which is considered high and carries a higher level of risk.

    Q: What trading platform does ExtrendCap provide?

    A: ExtrendCap offers the MetaTrader 5 (MT5) trading platform, available through web terminal, iOS, Windows, and Android versions.

    Q: What payment methods are accepted by ExtrendCap?

    A: ExtrendCap accepts local banking transfers, e-wallets (such as Neteller, Skrill, or PayPal), and credit/debit cards (Visa, Mastercard).

    Q: How can I contact ExtrendCap's customer support?

    A: You can reach ExtrendCap's customer support through their website's live chat, Line messaging app, or by sending an email to support@extrendcap.com.

    News

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

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

    2022-11-24 13:47

    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.

    WikiFX
    2022-11-24 13:47
    Exposure
    Beware Of Low Rating Forex Brokers Like ExtrendCap - Scamming Might Be Their Main Goal

    User Reviews

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    Sunshine.Wang
    more than one year
    The company's website shows 403 forbidden. I don't know if my access is actually banned or just the site is down, but either way I won't and can't trade here.
    2023-02-22 11:32
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    梦中的想法
    more than one year
    It is a scam platform, the trading environment is very bad, and it has been losing money. When I want to withdraw money, it even asks me to take out a 20% withdrawal fee. I have never seen such a brazen platform, it is almost to the point of stealing money. Who will take care of this black platform?
    2022-12-13 10:24
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    0
    0
    hongnhung
    more than one year
    scam broker. can't withdraw money. This is a scam broker. use people to entice players to join. When withdrawing money, 20% of personal income tax on the total amount is not allowed to be withdrawn. use events to entice investment. The scammer will contribute money with the player but actually fake the image of the money transfer. Please stay away.
    2022-11-19 21:21
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