EXCO

EXCO is an online trading broker registered in Saint Vincent and the Grenadines, operating under the domain excotrader.com. According to the company description, it was founded in 2020 (though corporate records list the incorporation date as March 19, 2021). The broker is not regulated by any major financial authority, as confirmed by our records, despite claims on its website referencing registration with the 'FSA' (Financial Services Authority) — a regulator that does not exist in Saint Vincent and the Grenadines. This discrepancy is a significant red flag for traders.

The broker's registered address is Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines. EXCO maintains a social media presence on Facebook, Instagram, and LinkedIn. The broker categorically does not offer services to residents from certain restricted areas, though the exact list is not specified on the site. Our scam risk score for EXCO is 75 out of 100, indicating a severe risk due to the lack of regulation and conflicting information.

EXCO offers two account types: EXCO ECN and EXCO STP. The ECN account has a minimum deposit of $100 and offers leverage up to 1:500, with spreads starting from 0.5 pips and a commission of $2 per side. The STP account requires a $50 minimum deposit, also features leverage up to 1:500, and has spreads from 1 pip with no commission. Both accounts use market execution and allow trading in commodities and indices, with no limit/stop levels. Cryptocurrencies are also listed as an instrument in our known facts, though the account comparison table on the website only mentions commodities and indices.

Note that the live account opening page on the website mentions leverage up to 1:1000, which contradicts the official account specifications. This inconsistency, together with the unregulated status, may confuse traders. The broker provides demo accounts for practice, as per the company description.

EXCO exclusively offers the MetaTrader 4 (MT4) platform, a widely used trading platform in the retail forex industry. MT4 is available on desktop (Windows), web, and mobile (iOS and Android). The broker highlights fast order execution, real-time quotations, and advanced trading tools. It claims over 1,500 instruments are available, though the exact number and full list are not transparently displayed.

The instruments offered include CFDs on indices, commodities, and cryptocurrencies. The contract specifications page provides details such as rollover tables, swap rates, and holiday schedules for these products. The broker emphasizes that it provides 'a wide range of financial instruments' but does not specify equity CFDs or forex pairs, which are common among brokers. This limited offering may not suit traders looking for a broader product range.

EXCO supports multiple deposit methods, including bank transfers, credit/debit cards, cryptocurrencies, and e-wallets. For Nigerian clients, specific bank accounts are provided with Zenith Bank and Access Bank in Naira, USD, and Euro. The broker claims instant deposits and processes withdrawals on the same business day if requested during working hours (Monday to Friday, 8 am to 7 pm).

The withdrawals page outlines a 5-step process involving logging into the Trader's Room, adding bank details, and requesting a withdrawal. The broker, however, does not clearly state any withdrawal fees or processing times beyond the same-day claim. While the broker claims funds are held in segregated accounts and offers negative balance protection, these assertions are unverifiable without regulatory oversight.

Our records show that EXCO is not regulated by any financial authority. The broker's website states 'Registered by the FSA' in the footer, but Saint Vincent and the Grenadines does not have a Financial Services Authority (FSA); the local regulator is the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Furthermore, the address 'Sterling Technology Hub, Unit 1, Station 19, La Place Creole Building, Rodney Village, Rodney Bay, Gros Islet' appears on the website, which is in Saint Lucia, not Saint Vincent. This geographic inconsistency and the vague regulatory claim are serious concerns.

Without a credible regulatory license, traders have no access to dispute resolution mechanisms, compensation schemes, or independent oversight. The high leverage of up to 1:500 (or even 1:1000 as claimed elsewhere) amplifies the risk of significant losses. FXCanary assesses the scam risk as severe (75/100), advising extreme caution. Traders should consider only well-regulated brokers for capital protection.