Should You Trade with Exness?

Exness may seem like an excellent broker on paper. It has many licenses, offers the MetaTrader 4 and 5 platforms along with demo accounts and a range of educational resources.

Usually, we recommend that you look for brokers with reliable licenses. Exness has these–or seems to–but the picture is far more complicated. It seems that the regulatory framework for this broker is shifting and that’s a cause for concern.

 It seems that they have lost a few licenses, and this gives us pause for thought. Also, they apply different standards of protection depending on where their clients are located. We think a regulated broker should protect all of their clients. 

This said you could trade with Exness and be fine. It doesn’t seem to be a complete scam broker like many of the phony financial operations we come across. At the same time, we wouldn’t take the risk or recommend this broker, despite its licenses. We’ve received verified complaints about Exness and our investigations have raised some questions.

The Good News About Exness

Exness seems to have some good qualities. As mentioned, it offers MetaTrader 4 and 5, which are the most reliable trading platforms on the market. When you trade with MetaTrader, you know you are getting real market data, as opposed to a web-based platform that can be easily manipulated. 

Exness also seems to have solid educational trading services and a demo account. Clearly, this makes trading accessible for beginners and veteran traders alike. Customer service is available 24/5 in many different languages. 

Some have noted that Exness may be lacking in a variety of trading assets and instead is focused on forex and CFDs. However, in these two categories, Exness offers 107 currency pairs and CFDs on energy, indices, and precious metals. 

It should be noted that Exness has no withdrawal or deposit fee and only a modest inactivity fee. Although its spreads on certain items, such as the EUR/USD and oil can be higher than the spreads of some competitors, in general, Exness spreads are quite reasonable. 

We’re leaving the most important “advantage” Exness provides for last because there is more to the story. People say they trust Exness because it’s a global broker with many licenses. However, we saw inconsistent information about its licensing. 

A few of the licenses it apparently has are FSCA in South Africa, where it operates, and SFSA, Seychelles. We understand that they lost their CySec license and while they operate in the United Kingdom, they don’t seem to deal with clients from there. 

One of the biggest questions we have about licensing is why would a reliable broker bother to get a license from Seychelles and have a license there when they have higher quality licenses, such as FSCA?

There Are Issues with Exness

So we will carry over the burning issue of licensing from the benefits section to the problems section, because yes, the nature and ambiguity of Exness’ licensing are major issues. However, the issues with Exness don’t stop there, there are other things that are questionable:

• Questions about licensing
• Different standards of protection based on region
• Verified negative reviews
• Dangerous leverage in some places
• Allegedly poor customer service

Questions About Licensing

Seychelles doesn’t really offer licenses. They are basically just pieces of paper. Brokers who are based in Seychelles can pretty much do whatever they want. Why would any respectable broker get their hands dirty in Seychelles? Basically, so they can play by the rules in some countries and go wild in others, which brings us to our second point. 

Different Standards of Protection Based on Region

Apparently, Exness wants to behave like a responsible broker in some areas of the world but wants to play fast and loose with the rules in other places. In areas where they hold reliable licenses, Exness offers leverage of just 1:30. However, in other countries, they endanger their clients with wild leverage of 1:1,000. This makes trading hazardous for traders. 

Verified Customer Complaints

It isn’t enough to simply check review sites and take everything written there at face value. Many negative reviews can be written by competitors and positive reviews are often made up by the company. Our clients have complained about Exness. This doesn’t mean everyone who trades with Exness will get cheated or that it’s a scam broker. However, it pays to be careful.

What are customers saying? A few have said their accounts were closed without notice, that spread differences were subtracted from their accounts, that customer service didn’t respond and that they adjusted leverage without notifying clients.  

Dangerous Leverage in Some Areas

Encouraging traders to use leverage is like giving them a loaded gun and telling them to play Russian roulette. It’s disastrous for beginning traders. Basically, it’s trading with money you don’t have. Worse yet, some customers claimed Exness changed leverage without telling them. 

Allegedly Poor Customer Service

We heard many customers say they couldn’t access their funds or saw extra charges and when they complained, they were ignored. This isn’t consistent with the glowing portrait of customer service they paint on their homepage.  

If You Need Fund Recovery from Exness or Another Broker, Talk to Us

We create these reviews to warn consumers about brokers and schemes that may be questionable. If you have an account with this broker close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts