User Reviews
More
User comment
3
CommentsWrite a review
Score
Add brokers
Comparison
Quantity 16
Exposure
Score
Regulatory Index0.00
Business Index5.89
Risk Management Index0.00
Software Index6.13
License Index0.00
No valid regulatory information, please be aware of the risk
Single Core
1G
40G
More
Company Name
EXTREND CAP INTERNATIONAL PTY LTD
Company Abbreviation
ExtrendCap
Platform registered country and region
Australia
Company website
Company summary
Pyramid scheme complaint
Expose
Require to pay 20% personal income tax to withdraw.
Even if you request a withdrawal or inquire when the money will be deposited, the answer is only "yes", it's a scam.
I opened an ExtrendCap account under the guidance of a group called LINE's beginner investment learning group, and after several transactions, I was refused a withdrawal request. Even if you ask for a small amount, it will be refused. I don't understand.
This is the old Shenghui group that was shut down! They will not release my funds to me saying that I must send double the amount I am wanting to withdraw in order to “unlock” my account and get my money! This is not a legitimate way to do business. If I send them double the money it will all be kept and I will receive none! please help!
The exchange used scammers to induce deposits, but did not allow withdrawals.
The platform holds the player's money, does not allow withdrawals. Then keep silence and don't reply to the player's messages
They won’t allow me to withdraw. They want me to add 2X my account balance in order to withdraw but I know better. Aileen Sum in Toronto will try to recruit you! Be careful! She is a scam artist working for them and needs to be stopped and brought to justice!!
before 1st withdrawal, i asked about the entire charges and all, but was informed no charges, at 1st withdrawal request, ask me deposit what i have inside to verify my capital. after doing so, i deposit more and after earning requested to with all USDT44138. but was told due to 3rd party credited to my account, they suspect AML and request me to pay back USDT20000 via deposit. i did so and request to withdraw my fund of USDT44138. but now they say that i need to pay bank charge of 25% due to exchange rate charge by bank. Till date, I was requested to pay more and more but still unable to withdraw my funds.
The exchange appropriates traders' money, does not allow withdrawals and does not respond to traders' complaints.
The exchange keeps my 110,000 usd and won't let me withdraw since September 20th. When I write a lot of complaints, they continue to scam, convince me to remove the post to pay???
This platform is the former shenghui platform. I told the platform that shenghui did not withdraw the money from me, and extrendcap told me that there was a 30% service fee. If I wanted to withdraw money, because extrendcap told me that their company had acquired shenghui!
EXTREND CAP: Dear user, your withdrawal has been submitted for filing. The system prompts that your account has reached the personal income tax threshold. The tax rate is 5% (1832USD). Please complete the tax payment within 7 working days. After the tax payment, the financial department will Immediately through your withdrawal, your withdrawal request will be transferred to your wallet account. Me: I want to pay taxes EXTREND CAP: Dear user, taxes and fees have been checked Your relevant information has been submitted, please wait patiently for 24 hours for review! Me: It has been audited for 8 days, why haven’t you passed the audit yet? Are you a fraudulent group? Have you achieved your goal and resorted to any means to get us to pay taxes?
I made a withdrawal from Thursday and my account has been deducted but no money has been sent to my bank account yet
The trading platform holds the trader's money, and does not allow withdrawals for unreasonable reasons. The exchange does not solve the problem, on the contrary, it also threatens the trader
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
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!
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 |
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.
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 |
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.
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.
.
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 |
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.
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.
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.
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 |
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
Pros | Cons |
24/7 customer support | Reports of poor customer support |
Live chat feature | Lack of response to inquiries |
Communication via Line | |
Email support |
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.
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.
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.
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.
More
User comment
3
CommentsWrite a review