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Extrasum review and ratings

Established 2017
Location Saint Vincent and the Grenadines
Regulation None
Offices Kingstown, Dubai
Broker type STP
Leverage up to 1:200
Deposit from 25 USD
Spreads mid  mid
Platforms Web Specific
Instruments Currencies Metals Energies
Funding methods Wire Transfer Credit Cards Skrill Neteller UPayCard SticPay

Company information

Extrasum is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

Availability

Extrasum accepts clients from all over the world, excluding USA, Japan, Sudan, Syria and North Korea.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

60+ Currency Pairs Based on major and minor world currencies.
2 Metal Spot CFDs Based on Gold and Silver.
3 Energy Spot CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.

Comprehensive review

Extrasum is a global CFD & forex brokerage company based in Saint Vincent and the Grenadines - a popular offshore jurisdiction for forex brokers to incorporate in due to low taxes and virtually non-existent financial regulations. As a result, Extrasum is not regulated by any government agency, and traders should therefore know that they deposit funds with this broker at their own risk.

With that said, however, trading with unregulated forex brokers also comes with a number of benefits. Among these is access to higher trading leverage, an easier sign-up and verification process, and thus also the ability to trade more or less anonymously, which is important for some people.

A special thing that differentiates Extrasum from other brokers is something the broker calls “Task Trading,” which is essentially a way for traders to earn some money without depositing any of their own cash. According to the broker, clients who want to become task traders will have to apply and then go through a 15 day testing period where they have to demonstrate their trading skills. For skilled traders who get approved, various “tasks” will be assigned by the broker, and upon completion participants can allegedly earn payouts of up to USD 5,000 per month.

Moving over to trading instruments, Extrasum, like all forex brokers, offers a decent selection of currency pairs to trade in, with more than 60 such pairs to choose from. When it comes to other assets, however, the choices with this broker are much more limited, with only gold, silver, oil and natural gas to trade as CFDs. Extrasum is, in other words, one of just a few brokers we have reviewed here on FX-List that does not offer any stock indices, cryptocurrencies or single stocks for trading.

In terms of trading platforms that clients can use, Extrasum relies solely on the MetaTrader 5 (MT5) platform, originally released by the Russian firm MetaQuotes Software in 2010. Although the platform is now quite a few years old, it still remains very popular and has a large user base all over the world. As a result, offering this platform is an extra benefit that has the potential to lure over traders who have previously used the same platform at other brokerages.

The account types offered by Extrasum includes the four following regular trading accounts:
– Nano Account, with $25 minimum deposit and spreads from 0.8 pips
– Micro Account, with $100 minimum deposit and spreads from 0.6 pips
– Standard Account, with $500 minimum deposit and spreads from 0.5 pips
– Raw Spread Account, with $25,000 minimum deposit and commissions of $12/lot

In addition to the account types mentioned above, Extrasum also offers a Managed Account, where the broker itself places orders on behalf of the client. However, keep in mind that this is a somewhat controversial and risky practice, in particular when using unregulated brokers like Extrasum. If funds are lost, or returns are otherwise not as good as promised, there is really nothing a single client can do about it other than switching over to another broker.

All trading accounts with Extrasum can of course be funded with major payment cards like Visa and MasterCard, in addition to the commonly accepted e-wallets Neteller, Skrill, Sticpay, and UPayCard. Cryptocurrency deposits, however, are not accepted by this broker.

In conclusion, it is worth reiterating that trading with offshore forex brokers that are unregulated is a risky endeavour. It is a fact that many traders have lost money this way, and some have even experienced that their broker refused to honor withdrawal requests and essentially walked away with their money. To avoid getting into such a situation, it’s important to only trade with forex brokers you fully trust. If Extrasum does not live up to these expectations, you may therefore instead choose to trade with a bigger and more reputable forex broker regulated in countries like Australia or in the EU.

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