This review is a result of months spent with Extrasum. The review team had gone through an exhaustive examination of the broker’s services and offers to help the aim of rendering a pointed and well-informed assessment of the firm as a brokerage.
An organic search of reviews for the firm rendered alarming preliminary findings for Extrasum. One of the most glaring critiques that it had received from a number of review sites is its nature as an offshore Forex broker. Trading with offshore financial institutions is usually seen as high-risk.
Another thing that turns people off is Extrasum’s base of operations being in St. Vincent and the Grenadines. These regions are considered red flags by many as there are a number of financial institutions that go unlicensed within the region.
But of course, to brand Extrasum as one of these brokerages is simply a sweeping generalization and is therefore unfair to the firm.
As this is the case, the review team would be looking into the following facets:
- Regulation
- Fee structures, Spread, and Leverage
- Trading instruments and offered trading platform
About Extrasum: Offshore Setup and Lack of Regulation
Another obvious red flag is the absence of a regulatory body in Extrasum’s operations. Going back to the point raised earlier, brokerages that come from the Saint Vincent and the Grenadines are usually thrown with doubt. One of the reasons as to why that is, is because the regions simply does not regulate Forex trading. The local government had already made this known to the public.
Such lack in regulation and being in an offshore setup poses high risks in trading. These being laid out, it is easy to see why some traders stay away from this brokerage.
Offers and Services
Fee Structures, Spreads, and Leverage
Extrasum provides a spread of only 0.8, something that the review team had observed to be twice as low as the industry standard. This alone serves to dampen any interest, latent or otherwise, that potential customers might have toward the firm. The leverage is at 1:200 which is decent. It must be noted however that it does serve the goal of hiding the undesirable probability of losing more than the minimum deposit.
The minimum deposit is what the broker holds as enticing as it is only pegged at $25. This is considerably low by industry standards.
Deposits and withdrawals may be done through credit cards and wire transfers. However, there is a condition to be observed for withdrawals through the latter. A total of 3,000 USD is the minimum amount that a client is allowed to withdraw. On the other hand through the former, the withdrawal fee is not directly stated by the site’s terms and conditions.
These facts may either:
- Prove the company a shady firm or
- Prove that they may simply need to improve on disclosure
Either way, it is not looking good for the brokerage.
Trading Instruments and Offered Trading Platform
The review team had to consult an extraneous site to know the exact trading instruments that Extrasum actually trades. It is already known to trade Forex as with what was discussed prior. For this cause it trades a total of 60 currency pairs, a decent number.
The firm also gives access to the Commodities and the Gold and Silver markets.
Considered wise by the review team, the firm had enlisted the assistance of MetaQuotes to provide the MetaTrader 5 platform.
The fifth iteration of the MetaTrader platform, MT5 has a number of trading tools and features for the more advanced traders.
Extrasum Customer Reviews
Gathered across the worldwide web, the following quoted reviews paint a not-so pleasant picture of the trading community’s experience with Extrasum:
From:
SAGAR.K,
Mumbai, India,
Jan 19, 2020
Extrasum Not giving money back
Extrasum have suspended withdrawal option from wallet. This is showing the status of company. I don’t think they will ever enable this option as they are doing this like scammers. If this company is regulated they should not have stopped trading from 16 Dec 2019 and told customers that exchanges are closed due to new year holiday as new year holiday is of two days only one on 25 th dec christmas and New year on 1st jan. This is showing the status of company. They are like scammers. I have all info about this company. Will go to court if my money is not back
Romania,
Romania,
Sep 24, 2019
Withdrawal suspended and false advertisement…
I started to trade with this company Extrasum Inc like 2-3 weeks ago and i have deposited 100 EUR. I ended up to gain almost 18k EUR because of the big moves that took place in the financial markets (US30, Gold, GBPUSD – moves of hundred of pips) and yesterday i wanted to withdraw 4k eur…Suddently my account was blocked and suspended and their explanation was: For sure you made arbitrage, because otherwise you couldnt made that profit….
But let’s do an imaginary exercise and realise that with a leverage of 1:500 you can easily scale up even if you start with 100 EUR, and the recently big moves in the market helped me a lot.
I also need to specify that i am trading manually and i am only using some indicators that are giving me the signals to put my trades….The trades are following the trend and therefore the trades are kept open for several hours to days in some cases.
Why i wanted to open a real account with them was because i saw them advertise like they are real STP, but based on my chat with the Finance Agent – Kevin, he told me that the trades are not sent to any counterpart (LP – Liquidity Provider, ECN, Aggregator etc) which obviously mean that this broker is a market maker. I don’t care that is a market maker but their advertisement is FALSE and everyone knows what this means…(don’t treat it as an instigation).
Everyone can do what they want, i have just presented my experience with these guys !
Anonymous
Website and app can not be accessed
Website and app can not be accessed. Where are you extrasum??? What happened to the announcement made last july31?
Who is included as investor/complainants here about the case in court, please share info how to go about it. Share some information pls.
Anonymous
No Payout from extrasum. Bad customer experience .
Hello, I didnt received the payout yet . It has been stuck so long. I am from INDIA
No response from emails to. And below Username
“Stef” is FAKE . username has posted similar review on multiple accounts
Anonymous
Please settle my principal amount on…
Please settle my principal amount on this month I face a lot of financial problem i pray to extrasum and team please release my fund as quick as possible already August end September running please send announcement on which date you settle our investment amount
Reviews from: https://www.trustpilot.com/review/extrasum.com
The Takeaway
With the points raised through this review and the customer testimonies gathered, it can be conveniently assumed that Extrasum is not a good brokerage to trade with. However, the readers are still advised t take the claims written in this review with a grain of salt and practice due diligence in researching further.
