Excotrader review – broker with great trading experience
Excotrader is a Forex broker that operates globally and offers financial services to investors and market speculators. EXCO is a relatively young Forex broker, founded in 2018 and quickly establishing itself as a reliable broker by winning multiple awards. EXCO focuses on developing a strong traders’ community to support its growth. They have an award-winning mentoring program for traders and offer various learning opportunities for free.
Excotrader is a Forex broker that offers multiple trading instruments including Forex, cryptocurrencies, commodities, indices, etc. you can trade all these assets on MetaTrader 4 trading platform or the company’s home-built platform EXCO Prime. EXCO Prime offers social trading and copy trading as well. It is possible to trade with EXCO from all devices and operating systems. Web Trader will additionally help in this matter.
EXCO review – a quick background summary
Founded in 2018 in Saint Vincent and Grenadines, RSG Finance Ltd. operates Excotrader’s website and has registration number 25143 IBC 2018 by the Registrar of International Business Companies. Despite being relatively young on the Forex scene, Excotrader already won some awards including Wealth Management Education 2022, Top Mentoring Program 2022, Best ECN Forex Broker Africa 2021, and Best Forex Educator 2021. Broker holds registration in Saint Vincent and Grenadines and offers trading services to many international traders. The services and products described on their website are not offered to citizens of E.U. member states, The United States, Canada, Japan, Turkey, Australia, Iran, and North Korea. They teach and mentor beginners to build a community of successful traders. This guarantees that they make revenues in the long term from commissions and spreads. This is a very healthy practice for any broker who wants to establish themselves as a long-term successful, reputable business.
Support at Excotrade is very responsive and live chat will solve almost any challenges and questions. When testing, the live chat responses, and answers were quick and polite. In case of need, they will contact you directly. The website is multilingual and offers extensive educational support and market research materials. There are also FAQs section available.
How is your safety guaranteed?
The safety of the client’s funds is the number one priority when selecting a reliable broker. Excotrader offers negative balance protection and clients’ funds are in segregated accounts. While segregated accounts are great for the company not to use clients’ funds, a negative balance offers protection, not losing more than your funds while trading. Leveraged trading is risky, and sometimes it is possible to lose more than the account balance, this is prevented by negative balance protection measures. To prevent accounts from going negative, Excotrader implements 30% Stop Out levels for both ECN and STP account holders.
Reviewing EXCO – steps to get started
It is convenient to start trading easily when you have a great strategy. Excotrader offers an intuitive and responsive website that can be accessed from anywhere, and all the steps are just one click away. Web trading terminal doesn’t require installation. Registration is fast and secure. You will need to provide personal information such as email and phone number, like with all other brokers. After which, additional documents are required for the verification process. ID card and address verification documents are enough for this procedure.
Depending on the trader’s trading style, Excotrader offers two account types, which makes it easier to choose. Both accounts offer almost the same terms, with slight differences in spreads and commissions. This is important for different trading styles.
EXCO also offers Demo accounts for beginner traders and pros who want to test new strategies and brokers’ data feeds. Virtual funds will allow you to experience live account-like trading.
EXCO offers two account types, EXCO ECN and EXCO STP. Both accounts offer similar terms, with the only difference being spreads start from 0.5 pips for ECN and there is a $2 commission for each lot traded. On EXCO STP, spreads are from 1 pip and there are zero commissions.
There are also account access levels depending on the trader’s deposit size. Traders with high deposits can get more personal and VIP services from EXCO. Levels are $50, $500, and $1500. On a basic level, which are accounts with a $50 deposit, only basic indicators and expert advisors and webinars are available. For pro-level with $500 deposits, traders can access additional features including Premium Expert Advisors, Mentoring, Dedicated Account Manager, Access to Seminars, E-learning, Trading Signals, Bonuses, and Discounts. For VIP accounts with more than $1 500, all the previous features are available together with Direct Access to Market Experts, Exclusive Events, and 1 to 1 Trading Sessions.
EXCO also has PAMM accounts for investors who don’t have time for trading.
Excotrader review – available assets
EXCO offers numerous asset classes, including Forex, cryptocurrencies, commodities, and indices. Cryptocurrency deposits and withdrawals are also accepted. Let’s start with Forex, there are 35+ currency pairs available for trading. And with spreads as low as 0.5 pips, and 1:500 leverage, even scalping is possible. Which is trading multiple trades in a day for small profits. As for cryptocurrencies, there are four of them available, and they can be deposited or withdrawn if necessary. Bitcoin, Ethereum, Litecoin, and Tether are enough to trade on cryptos. Other than these there are 45 CFDs available for Gold, Silver, Stock Indexes, Oil, and Other Commodities. CFDs or contracts for difference are very popular speculative instruments. They enable traders to trade underlying assets without owning them. This makes it easier to make a profit no matter if the market is in a downtrend or uptrend. Despite these advantages, CFDs are risky asset classes and should be traded with caution. For experienced traders, CFDs offer unique opportunities to make profits from various assets without even owning them. It is known that more than 75% of CFDs traders lose money, this is why CFDs are popular among pros and not beginners.
Trading platforms EXCO
EXCO prime and MetaTrader 4 are two trading platforms offered for EXCO traders. MT4 doesn’t need any introduction and is an advanced professional trading platform with the ability to use robots and custom indicators together with its vast community resources online. EAs and hedging are allowed on EXCO. MT4 comes with numerous in-built indicators and drawing tools, enough to analyze price action comprehensively. MQL5 language which is native to MT4 is a comprehensive programming language for developing custom indicators and Expert Advisors. Excotrader has its own trading platform. One more advantage of MT4 is its user credentials could be used on all devices where MT4 is installed, be it for iOS, Android or Windows. EXCO Prime is also an extensive trading platform focused on social trading and copy trading. Traders can use EXCO’s trading platform to follow successful traders and even copy their trades. Exco Prime offers all basic functions to start trading without interruptions and challenges. Additionally, live trading sessions are conducted to further teach trading. Trading platforms are available for all devices including Android, iOS, iPhone, MAC, and Windows. For Linux users, the web browser is only a solution.
Deposits and withdrawals reviewed at EXCO
When it comes to deposits and withdrawals, there are plenty of options available on Excotrader. There are more withdrawal methods than deposits. This is great because, for many Forex brokers, this is the opposite. This adds to EXCO’s credibility. For deposits, the options include wire transfer, Visa/Mastercard, Dusu Pay, Bitcoin, Ethereum, Litecoin, Tether, Payment Asia, and Local Payment Systems. For withdrawals, additional methods are added to depositing methods including Verve, DragonPay, and DirectDebit. Withdrawals can be made on the same day if submitted during working hours and days: Monday through Friday, 8 am to 7 pm. To make a quick comparison, many other brokers require more than 1 business day to process the withdrawals, while for EXCO they are processed on the same day; and there are more withdrawing methods than depositing ones.
Conclusion – is Excotrader a legitimate broker?
Despite being founded in 2018, EXCO has already got multiple awards in 2021 and 2022. There are more options for withdrawals than deposits, and withdrawals are processed on the same day. The broker offers MT4 and EXCO Prime as trading platforms. EXCO Prime has social and copy trading functions and is great for following and copying successful traders. In addition to social trading, Excotrader also offers award-winning mentorship programs to increase the successful traders’ base. Leverage is 1:500 with negative balance protection and segregated accounts for client funds.
To sum things up, Excotrader is an award-winning young broker focused on mentorship, social trading, and copy trading. The broker tries to build a successful traders’ community for long-term stability. The chance of them being a scam is very low according to all the data we have gathered.