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EX SOT Limited (ex-sot.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! EXSOTLimited scam works by getting you to believe you can become rich by trading with them.
EX SOT Limited Review
Anyone interested in online trading will be familiar with scam brokerages. They have become notorious for their activities and numbers of victims are ever growing. What does this tell you? This shows that you have to be extremely cautious when you are gearing up to start your own online trading journey.
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It is a misconception that you can immediately spot a scam broker just by checking out their website. In most cases, this does not apply. Instead, you have to look for the warning signs, as this EX SOT Limited review will show, which requires some effort on your part.
The biggest mistake that people make is that they dive in headfirst into the online trading world and do not focus much on the brokerage. Therefore, they end up paying the price for it by falling into a trap.
Unless you want to go through the same scenario, it is better to take things slow and assess a brokerage before making up your mind about it. There is no shortage of opportunities in the financial markets and there will be plenty for you to explore later as well. As long as you choose the right brokerage, you will be able to make the most of them.
If you make the wrong decision just because you are in a hurry, you are likely to end up empty handed. It is undoubtedly better to be safe than sorry and this is true in the case of an online broker as well. The first time you come across EX SOT Limited, you are likely to be blown away because it advertises itself as an international forex brokerage that can facilitate every trader.
It claims to offer forex, indices, crypto, stocks and indices and a good set of trading conditions. It may look good at first glance, but appearances can be misleading and this certainly applies to EX SOT Limited.
When you begin assessing EX SOT Limited carefully, you will come across some prominent warning signs that cannot be ignored. Let’s go over them.
False licensing claim
A look at the EX SOT Limited website shows that the brokerage claims to be regulated by the International Financial Services Commission (IFSC), which is the regulatory authority of Belize. It is known as a strict regulator, so this should be a good thing, but you have to verify this claim. A search of the online register of the IFSC with EX SOT Limited’s name is going to turn up empty because the broker is clearly lying about its regulatory status.
In addition, when you check out the address that EX SOT Limited has given on its website, it shows that it is operating from the Netherlands. This is also another false claim because the Dutch authorities are very strict. A number of offerings at EX SOT Limited are against the regulatory framework in the Netherlands, which means this is also a lie.
No bonus policy mentioned
The fact that EX SOT Limited is offering bonuses should itself be considered a warning sign because this practice has been banned in a number of regions around the world. Trading bonuses are no longer accepted in Europe, the UK, Australia and other jurisdictions because they are considered exploitative. They come with strings attached, which has resulted in a ban.
Not only are trading bonuses offered at EX SOT Limited, but the problem is that it has not mentioned its bonus policy. This is worrisome because it means that they might introduce a policy later on and there will be nothing you can do about it. Most platforms use bonuses as an excuse for limiting withdrawals of their clients, or for demanding more deposits.
Lack of trading platform
What is the most important offering of an online broker? It is the trading platform that you use to connect with the financial market and for executing your trades. A variety of platforms have been advertised in the presentation on the EX SOT Limited website, including the MT4, MT5 and cTrader, which are some of the leading platforms in the market.
But, when you try and download the trading platform offered at EX SOT Limited, you will find that these are just trial versions of the trading platforms that are available on the websites of their respective developers. It means that EX SOT Limited itself does not have any trading platform, so there can be no trading. What is the point of signing up with EX SOT Limited when you cannot trade?
While trading conditions offered by a brokerage are quite important, they will not make a difference in the case of EX SOT Limited because it does not have a trading platform. Since you cannot execute any trades, it does not matter what kind of trading conditions you are given. Nevertheless, even if you check them out, they will show you some more warning signs. How?
The leverage ratios that EX SOT Limited is offering are a big warning sign because they go as high as 1:500. Such leverage levels are considered extremely risky and many regulatory bodies around the world have introduced limits on leverage that can be given to retail traders. This applies to the European Union, including the Netherlands, where EX SOT Limited claims to have an office.
This is just more proof that EX SOT Limited is not a genuine brokerage at all and is trying its level best to exploit you.
Lying about payment methods
When you take a look at the payment methods that are supported by EX SOT Limited, you will be pleased to see that it is offering a number of options for you to choose from. These include wire transfers, Skrill, Neteller, WebMoney and Bitcoin and Ethereum. All of this sounds good until you try to make a deposit. This is when you discover that this is a lie.
The only payment method that’s actually functional at EX SOT Limited is crypto payments i.e. bitcoin and Ethereum. If you try to make a payment through the other methods advertised, you will be asked to get in touch with the account manager.
All of the warning signs that you will come across at EX SOT Limited are an indication that you are not dealing with an authentic platform.