With its head office in Kingstown, Saint Vincent and the Grenadines, Extrasum is an online trading broker that offers multiple financial instruments for online trading via the MT5 platform. There are multiple account options that are tailored to meet the individual trading needs of traders.
Extrasum Review, Pros & Cons
- MetaTrader 5 trading platforms
- Multiple tradable assets
- Educational resources
- Unregulated broker
- Located offshore
- No USA clients
- Not the tightest spreads
- Not the lowest commissions
- No standalone trading tools
- No MetaTrader 4 trading platforms
In this detailed Extrasum review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Extrasum is an online trading broker that operates the straight-through processing (STP) execution model, routing their clients’ trades through 12 large liquidity banks to ensure swift execution. Following its registration in 2017, the broker has witnessed a steady growth, with about 3,679 registered users as of 2019. The broker offers multiple tradable assets, such as forex, metals, and commodities for online trading via the sophisticated MetaTrader 5 trading platform. Traders also enjoy access to educational resources and a client support team.
Extrasum is a trading name of Extrasum Inc., which is incorporated in and registered by FSA Saint Vincent and the Grenadines as an international Forex Broker Company with the registration number: 24360 IBC 2017. However, the broker is not regulated by any known financial authority at the moment. Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
Extrasum does not provide its services to residents of the USA, Japan, Sudan, and North Korea, or any country or jurisdiction where the use of such services would be contrary to local laws.
Some Extrasum features and products mentioned within this Extrasum review may not be available to traders from certain countries because of legal restrictions.
Extrasum provides traders with the advanced MetaTrader 5 trading platform. The platform has an intuitive interface and is packed with a range of useful features to ensure a seamless trading process. It also supports automated trading using Expert Advisors. The broker provides the MetaTrader 5 trading platform as a desktop application for windows and Mac computers, a web version that can run directly on most modern web browsers, and a mobile app that is developed for Android and iOS devices.
Extrasum Trading Tools
There are no standalone trading tools on the broker’s website presently.
The broker’s website contains some educational videos and an FAQ section that offers instant answers to the most common questions that traders have.
Extrasum provides traders with a wide range of trading instruments, including currency pairs, crude oil, precious metals, indices, CFDs, and commodities.
Extrasum Accounts & Fees
Extrasum offers the following trading account types:
This is designed for the beginner traders. It has an initial deposit requirement of $25, maximum leverage of 1:200, and spreads starting from 0.8 pips.
An initial deposit of $100 is required to commence trading on this account type. It has low spreads from 0.6 pips and leverage of up to 1:200 whilst charging zero commission on trades.
With an initial deposit of $500, the Standard Account offers a seamless trading process with competitive spreads and zero commissions. The maximum leverage is capped at 1:100.
Raw Spread Account
To operate this account type, traders must have a minimum deposit of $1,000 in their trading accounts. It offers raw spreads from 0 pips, maximum leverage of 1:100, and charges a commission of $12 per lot on trades.
Seasoned traders who are willing to trade with higher amounts can open this account type with a minimum deposit of $25,000. It has a leverage of up to 1:100 and spreads starting from 0 pips.
Demo accounts are also provided for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this Extrasum review. It is imperative to ensure that you check and understand all of the latest information before you open an Extrasum broker account for online trading.
Extrasum offers a client support team that can be contacted through telephone, email, Live Chat, social media, or by completing the call back request form on the broker’s website.
Extrasum Deposit & Withdrawal
Extrasum allows traders to deposit and withdraw funds to and from their trading accounts using any of the following payment methods:
- Wire transfer
- Credit/Debit cards
- Online payment processors
The broker does not accept third party deposits, whereas the transaction processing time is dependent on the payment provider or method.
Extrasum Account Opening
New traders are welcomed to open a trading account by clicking on the ‘Create Account’ button and filling out the form.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
Extrasum is an STP broker that provides traders with the MT5 platform for trading of multiple financial assets. They provide traders with educational resources and a customer support team. There is also a wide range of trading account types to suit clients of all levels.
However, they are unregulated, and this could deter most potential traders from opening an account with them. You can see a list of regulated brokers on our best brokers page.
Trading leveraged products such as Forex and CFDs carry a high level of risk and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. It is possible to lose some or all of your initial investment, and therefore you should not invest money that you cannot afford to lose.