Exness is a well known forex broker and has also built a strong brand for company itself until now. Since then, Forex Exness has received many negative (or so-called scandals) and positive comments. Especially thing called Exness is a scam, it sounds a bit generic. Reviews come from all types of traders from beginners to more advanced pros. So, I will give some gathering and experience and below for you to easily shape reputable Exness ? or Exness is a scam.
Exness is rated “Average” from Forexpeacearmy
First, for you to better understand whether Exness is a scam or not, you can refer to large community of reviews here in many places if you search through google. As in it, I show you where reviews from trusted communities get a lot of attention like forexpeacearmy.com, which is currently rated at “Average” by Exness, which is 3 stars out of 5 stars. As you can see in image below.
This community is quite reputable. Because, distinguish between members and visitors. Your post needs moderation to avoid denigration or slander.
Negative comments in trading Exness
I will quote a few comments on forexpeacearmy.com regarding withdrawals at Exness.
Commenter #1: My “Sell limit or Buy Limit” order can’t place an Order and it doesn’t show Blue, when I have placed order correctly. I am placing Orders correctly, I don’t know why it is malfunctioning.
Commenter #2: Exness manipulated trading orders. I deposited 10$ and earned 60$. But suddenly in another transaction they wiped my whole account with one action. A strong candle to upside even when market is heavily bearish.
This person comment #3: I was trading with Exness for almost a year of trading until my account was deactivated last month.
There aren’t any margin calls on equity easing down to $1700 and now support after a month of review failed to pinpoint the issue. There is no zero or negative equity as defined.
Forex knowledge related explanation
For person number 1: Exness you should remember accounts such as: Standard, Cent, Zero, Pro when opening an order, you must follow Stop Level.
For person number 2: this person’s account has increased 6 times from 10 usd to 60 usd, but it is not clear how time. Because he didn’t speak. For me usually an investor who trades on a small account will use high leverage. Result in a sublime or infamous account. At Exness is also a Market marker.
For person #3: this person is almost same as #2, except that he doesn’t get a “Margin Call” and ends up burning his account without realizing it.
What licenses and regulations does Exness have?
Legal issues are one of most important prerequisites in protecting investors’ capital and pockets. I will mention some of issues of Exness related to legal protection for investors.
Forex Exness licenses
In general, Exness has 4 types of licenses that you need to know about:
Exness (UK) Ltd is licensed by UK Financial Services Authority (FCA) under license number 730729. domain exness.uk
Exness (Cy) Ltd is registered number 178/12 by Republic of China Securities and Exchange Commission (CySEC). management domain exness.eu
Nymstar Limited is licensed under Seychelles FSA Financial Services Authority number 8423606-1.
Another regulation is Spain’s CNMV and Italy’s CONSOB. But perhaps those regulations are not very important to Vietnamese traders, so I temporarily ignore them.
Investor protection agency under Nymstar Limited
Yes, Exness has an FCA standard license. But, it’s certainly not for all customers. Specifically, customers in Asia can only open accounts at Nymstar Limited. As such, it is under the control of the Financial Services Agency (FSA) and the ability to protect investors is not appreciated. But Exness is not a scam, as it is clear that the company is still operating internationally under the FCA and CySEC licenses mentioned above.
Where is Exness located? What country is Exness from?
Exness operates brand Nymstar Limited registered office at F20, 1st floor, Eden Plaza, Eden Island, Seychelles.
Exness servers often lose signal at times of need
It is difficult to answer that Exness loses its effect at times when traders think it will be too good a point, too good to take profits on opened trades. Or customer needs to stop loss of trading orders right away but can’t. Here are some related to signal loss.
Due to loss of connection to the customer’s Internet or 3G, 4G signal
You try to check if your internet is stable, on other devices can also connect to internet. In fact, signal of internet connection lines such as wifi of Vietnamese carriers from past to now also sometimes drops a lot.
But, if you have capital, you can try to cross it by signing up to buy 3G or 4G of a certain carrier at same time. To see how connection status is.
Broker Exness server lost signal
In important news events such as: News of non-farm payrolls, unemployment rate or any other hot news. At these times, market is often volatile (about 5 minutes before and after important news) and illiquid. Or owner of Broker Exness intentionally like that.
Order was not executed at price trader selected
There will be 2 cases, one is due to liquidity source and other is Forex Exness.
Spread on float rate is more than usual
When an investor trades on any forex trading pair or precious metal pairs or any other trading pair. Then traders must know that: When you “buy”, Exness broker will “sell” and vice versa. If you use MT4 platform, by default you only see a bid price (Bid) on price chart only, without displaying ask price (Ask). Therefore, if you look directly on price chart with your eyes, there are times when spread is widening you are not clear in this case.
However, you can still customize “Ask” price line to appear on chart by opening MT4 and going to Tools >>> Options >>> Charts >>> Show ask line.
*Also note: there are trading pairs that are inherently illiquid such as: exotic trading pairs, sub-trading pairs, cryptocurrencies. Then possibility of dilatation is very common and even amorphous.
Market price is actually correct but order is not matched
That is, price market, regardless of whether there is a difference, is more or less stretched. But low buy price counter and high price counter went right and exactly that price should have been matched by customer’s order but ended up not being matched.
I myself am a “trader” based on experience and some cases of other individuals. As inferred and contrasted, I think: “Yes, there are cases where market price should match but not match”. In that case, even if difference is wide, it is still difficult to accept.
Exness withdrawal policy is strict
According to Exness’s deposit and withdrawal policy up to now. Certainly, after opening an account and making a deposit, customers will not have problem: “Deposit today, withdraw tomorrow”. According to Exness regulations, customers must trade with a certain volume??? after depositing capital.
As such, customers should note before depositing test capital Forex Exness broker for test trading on “real” money. If you, deposit too much but a few days later are not satisfied with withdrawal, it is really quite difficult. >>> Policy set by Exness against money laundering.
Exness did not have a clear withdrawal policy
If so, you trade as usual. That is, deposit and have volume generated by Exness standards. After that, withdrawal of interest will not put your account on “blacklist”.
According to what has been documented by itigtrader, Exness has been unclear in its clients’ profit withdrawal policy. Answers from support staff are really unreasonable.
ITIGTrader also agrees, Exness has a pretty fast withdrawal speed, which can be said to be fastest among brokers today. The earliest withdrawal can be less than 1 hour from withdrawal request.
Conclusion Exness scam or not?
Trader’s capital is also “life” of client. As above, we have mentioned an inadequate Exness withdrawal policy. Surely will make investors will not be able to rest assured with their money. So you have to consider a lot before making a big capital investment at Exness. This, not every IB consultant will tell client.
However, Exness is clearly an established and active forex broker in international market. Although Exness has a regulation under most prestigious body FCA today, but this protection does not apply including Vietnam. Although it is less strict, it cannot be said that Exness is a scam.
Exness is not a scam broker and is a reputable forex broker, because of reviews from Forexpeacearmy and views of itigtrader outlined above.
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