Online trading has become increasingly popular, and with its popularity, there has been an increase in the number of online trading brokers. Unfortunately, not all of these brokers are trustworthy, and some of them can be downright fraudulent. One such company that has raised red flags is exchange.co.uk. In this review, we will take a closer look at exchange.co.uk and determine whether it’s a scam.
Exchange.co.uk is one of the newest online brokers that offers trading on foreign exchange and cryptocurrencies. The company offers a trading platform that allows traders to trade in various markets using a range of financial instruments. The exchange provides leverage of up to 1:500, which is quite high.
Is exchange.co.uk Regulated?
Exchange.co.uk is not regulated by any financial regulatory authority. The lack of regulation implies that the company can run unchecked. We first tried to check on their website and other sections. But, we did not find any details about their license. Then we tried to find other regulatory websites such as FCA, FNMA, etc. There we also did not find any details.
These 5 companies don’t include this broker. It is clear that they are not registered or authorized with FCA.
Warnings from Financial Regulators
Several financial regulators have warned against investing with exchange.co.uk. In June 2021, the Financial Conduct Authority (FCA) in the UK warned the public against investing with the firm. The regulator stated that the company was operating without its authorization and advised investors to stay away. Another regulator, the Cyprus Securities and Exchange Commission (CySEC), has also warned investors about exchange.co.uk. CySEC stated that the broker was illegally offering its services to traders in the European Union.
What Currency Pairs Do They Offer?
Exchange.co.uk offers a range of currency pairs, including major, minor, and exotic currencies. Traders can trade up to 70 pairs, including USD/CAD, EUR/USD, AUD/JPY, and GBP/USD.
Exchange.co.uk provides customer support via email, phone, and live chat. However, several traders have complained about poor customer support. Some traders have reported that they had to wait for days to get a response to their queries.
Exchange.co.uk offers its proprietary trading platform, which is web-based and can be accessed from any device with an internet connection. The platform is user-friendly and offers a range of trading tools, including charts, technical indicators, and economic calendars.
What Do Traders Think About exchange.co.uk?
Several traders have reported negative experiences with exchange.co.uk. Many have reported being unable to withdraw their funds after making a deposit. Some traders have also complained that the broker takes too long to process withdrawal requests. Additionally, some traders have reported that the broker makes unauthorized trades on their accounts, resulting in significant losses.
What To Do If You Get Scammed?
If you believe you have been scammed by exchange.co.uk or any other broker, you should take the following steps:
- Contact the broker and try to resolve the issue.
- If the broker does not respond or refuses to help, contact your bank or credit card company to dispute the charges.
- Report the broker to the financial regulator in your jurisdiction.
But these are a long process and if you want an immediate solution, you should contact us. We will provide you with a free consultation and service recommendations to help you in recovering the lost fund.