Expochains broker has quite an unimpressive website. Nothing here made us want to invest, from the boring design to the lack of vital information.
What’s worse, the company displays a large range of red flags, which will be detailed in our Expochains review.
Don’t miss anything, and keep your funds safe!
|Broker Status:||Unregulated Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||CSSF, Finanstilsynet, FSMA|
|Broker Owner:||ExpoChains Ltd|
|Headquarters Country:||Luxembourg (allegedly)|
|Mobile Trading:||Not Available – only via app|
|Minimum Deposit:||10,000 USD|
|Crypto Trading:||Available – BTC, XRP, BCH|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex / Commodities / Indices / Shares / Cryptocurrencies|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is Expochains a Trading Scam to Avoid?
Short and plain – yes. Expochains is a trading scam you should definitely avoid. The company is allegedly owned by ExpoChains Ltd, registered in Luxembourg.
For this to be true, it would need CSSF approval to conduct financial business. As you can already guess, there’s no such license. In addition, we’re given a UK phone number, so just for the sake of a good investigation, we searched the FCA register for the Expochains regulation. Once again, we were left empty-handed.
Finally, Luxembourg has been an EU member since 1958, meaning that all the brokers registered in the country must comply with ESMA rules. One such rule is regarding the leverage cap that cannot exceed 1:30 for retail traders.
Since leverage on CFDs can be quite risky, the European Union decided to limit it and enable investors better risk management. However, Expochains allows leverage up to 1:1000, directly violating the MiFID directive and exposing your funds to exceptionally high risk.
With this being said, let’s take a look at all the regulatory warnings against Expochains trading scams.
Expochains is an unregulated financial fraud falsely claiming to reside in Luxembourg. The company is on the blacklist of Luxembourgish CSSF, Norwegian Finanstilsynet, and Belgian FSMA.
Warnings Against Expochains Broker Scam
Expochains was exposed as financial fraud in December 2022 by the Luxembourgish regulator, CSSF. Since the company falsely claims to have its HQ in the country, CSSF stated that such an entity is unknown to regulators and is not supervised by them.
This same warning was later republished in Norway and Belgium, being the final evidence of Expochains misconduct.
Where Is Expochains Broker Scam Active?
Expochains website has been active since the 28th of September, 2022, according to the GoDaddy WHOIS database. The majority of complaints have come from:
According to SimilarWeb records, this website is mainly active in Belgium, which is confirmed by the FSMA warning. Wherever you are, ensure you decline any offers and, if already involved, file a report against the scam.
Supported Trading Platforms – Available Trading Software
We tried reviewing the Expochains trading platform but weren’t successful at it. In order to access the allegedly unlimited trading opportunities through their WebTrader, you first need to register an account. And right after registration and before platform access, this brokerage demands payment. While we were ready to do it, we weren’t prepared to invest the funds.
Since this is the case, we were unable to confirm if there’s a platform and which one. The section about account types indicates that customers have access to MT4 and MT5. However, since there are no download links, we’re sure it’s just a hoax.
Scammers often abuse the names of third-party trading platforms like MetaTrader or cTrader for their own benefit, luring inexperienced retail traders such as yourself into fraud.
Expochains Mobile Trading App – Can I Download It?
Expochains says to offer a desktop app but doesn’t mention any mobile apps. Hence, we believe that there are no Android or iOS apps whatsoever.
With the entire offer being bogus, it’s not surprising that they didn’t bother to provide any benefits for their users but only steal the money.
What Can I Trade With a Broker?
If you trust their web page, you can trade in the following:
- Forex (Currency pairs) – EUR/USD, USD/ZAR, NOK, SEK
- Indices – DJIA, NASDAQ, FTSE100
- Shares – Amazon, Alibaba, Nvidia
- Commodities – gold, natural gas, crude oil
- Cryptos (Cryptocurrencies) – BTC, LTC, USDT
However, none of this can be verified without platform access, so exercise caution.
Fees and Spreads
According to Expochains account types, the spread is the same for all, starting at 1 pip. Traders pay the FX trading fee for the Bronze account, while other accounts are commission-free.
Once again, this cannot be confirmed.
Trading Accounts Overview
You can choose one out of the five accounts on offer, those being:
- Bronze – $10,000
- Silver – $25,000
- Gold – $50,000
- Premium – $50,000
- Black – Consult Senior Analyst
As you can tell, this broker requires a whopping $10,000, which is absolutely unacceptable, especially for beginner traders.
Additionally, only Premium and Black account users can access all trading instruments, while leverage ranges from 1:100 to 1:1000.
Is Expochains Demo Account Available?
As mentioned, the brokerage demands payment right after you register your account. Expochains Demo account is not an option, not even a platform preview.
Simply put, they want your money, and they want it now. They will say whatever it takes and sell anything you want to hear to get ahold of your funds. Then, you will realize the harsh truth – your broker is a fraudster, and there’s no way back without legal aid.
How to Withdraw Your Profit From an Expochains Account?
According to the website, the Expochains withdrawal request should be submitted through the Client Area. Then, the company takes 2 business days to process and approve the request. If they ever do. The available payment methods are:
- Debit/credit card
- Wire transfer
While this may sound limiting, it’s quite a good thing. If you’ve used your card, you can request a chargeback within up to 540 days.
In case of a bank transfer, you can recall the transaction or report the case to your bank’s fraud department. And we can help.
Scammed by Expochains Broker? – Talk To Our Experts Today
If Expochains broker scammed you, it’s time to get help. Fighting online scammers is not an easy task, but Global Fraud Protection has years of experience. Our chargeback experts have received numerous threats, but we won’t give up on justice!
Book a free consultation today; let us evaluate your case and bring back what’s rightfully yours!
All In All, Don’t Let the Scammers Get Away for Free!
Is Expochains a Legit Broker, and Should I Invest In It?
Expochains is an unregulated trading fraud. If you have already invested a penny in this scam, contact us immediately for assistance with a refund.
What Is the Expochains Minimum Deposit?
Expochains requires an exceptionally high initial deposit of $10,000 for the Bronze account.
Can I Trade Crypto and CFDs With Expochains Broker?
You can trade crypto and other CFDs, but due to the broker’s illicit status, we advise against it.