Exness Forex – Is it a Scam or a Safe Broker?
Exness is considered a safe and reputable forex broker with a strong track record, regulated by multiple authorities, providing traders with confidence in its legitimacy.
Whether new to forex trading or relatively seasoned, working closely with legit forex brokers leverages your potential to make money and minimizes risks. There has been a notable mushrooming of new forex trading brokers in recent times. You ought to always tread with care as a forex trader! Lest you fall into the hands of scammers. Exness forex is among the rising lead brokers in the forex market.
The broker has stirred the attention of forex traders in recent times due to its consistent growth. Most forex traders looking for a reliable platform to trade through would appreciate an honest review of this emerging forex giant. The reviews are essential before making any decisions. Exness broker is a regulated company operating in multiple countries. In this article, we delve into the company profile of Exness forex broker. Read on for a comprehensive review of this leading international CFD and FX broker.
Is Exness Safe? Is Exness Legit?
The number of forex scams reported daily globally is staggering. Yet despite these readily available statistics, people still fall into the trap of fraudsters at an alarming rate, at the expense of millions of dollars in losses. Undertaking a background check before engaging with a broker is the surest way to stay safe.
A forex trading broker can be a firm or an individual. Brokers act as intermediaries between the investor and the security exchange. Every legit broker should be registered by one or multiple financial regulatory organizations globally. The question of safety and legal status should be at the core of your background check. Here're some essential details you should know about Exness forex broker before engaging with the dealer.
Is Exness Legit?
Every forex trader grapples with the question of legal conformity when looking for a forex trading broker. You want to be sure that the broker is compliant with the rules and regulations governing your specific jurisdiction. Exness is among the few brokers that meet the legal stipulations needed before licensing.
Exness offers a list of licenses under which it operates on its official website. Exness is a licensed broker under the Financial Conduct Authority in the United Kingdom. The broker operates under registration number 730729. The United Kingdom has some of the most stringent regulatory frameworks. The fact that Exness is a registered operator in the jurisdiction confirms the company as a legit player in the forex market.
Is Exness Legit in My Country
Most forex traders prefer to deal with brokers who have stipulated jurisdictions. Before you consider a long-term partnership with a forex trading broker, you may need to know if the entity has the license to operate in your region. The best part about Exness is that the broker has trading rights in several countries. The website offers more insights into specific countries where the broker operates.
Seychelles
If you are domiciled in Seychelles, you can safely trade under Exness. The broker operates as a registered dealer under the Seychelles Financial Services Authority (FSA). Exness uses the dealer identity name "Nymstar" for most countries outside the European Economic Area (EEA), including Seychelles. This means that in countries such as Seychelles, the broker uses the less popular name Nymstar.
Curaçao and Sint Maarten
Exness has express brokerage rights in the CBCS jurisdiction. The company bears the license number 003LSI in Curacao. Exness uses the operator identity "Exness B.V. within this area. Are you a forex trader living or working in Curacao and Sint Maarten? You can now trade safely through Exness. The broker is fully registered under the Central Bank Curacao and Sint Maarten.
Countries Outside the European Area
Exness has brokerage licenses in several countries outside Europe. In most of these countries, it operates under Venico Capital Limited. You may receive services in specific zones under Exness but through Venico capital limited in this region.
Mauritius
Forex traders can safely transact under Exness broker but through Tortelo limited in Mauritius. The broker operates under registration number 176967 as a full-service dealer. Mauritius' Financial Service Commission is the licensing body that guarantees all forex traders the legal protections necessary when dealing with Exness in Mauritius.
United Kingdom
Exness has a massive foothold in the United Kingdom. The broker is a licensed dealer in the country under the Financial Conduct Authority. FCA is the prudential regulator for all financial services in the United Kingdom.
Is Exness legal in Uganda? Is it safe?Is Exness Safe to Use or Scam?
In the year 2018, Exness registered a trading volume of close to $375 billion. A platform with such high-value trading returns needs robust safety mechanisms to guarantee traders the requisite safety standard. Exness continues to take proactive measures aimed at improving the safety and protection levels available to traders.
Investor protection ensures that funds deposited in any forex broker's platform remain safe in case of any eventualities. The idea behind the investor protection clause is to limit the extent of liability at all times.
Exness' Investor's Protection Fund
When trading forex, your primary concern as a trader is the safety of your deposits. Exness is among the few brokers in the market with a robust investor protection program in place. The broker utilizes the concept of segregated funds to keep traders' funds safe and secure.
The broker also utilizes strict internal policies and procedures to separate Exness' funds from the investor's funds. Segregation of funds ensures that customers' funds remain intact at all times regardless of emergent challenges such as bankruptcy. The broker has also set various security features to keep the platform safe from external influences. Such measures include defining the official communication platforms used by Exness.
Exness Background
Exness forex broker is among the oldest players in the currencies exchange market. The company has been in operation since 2008. During this period, the broker has managed to consolidate close to 120 currency pairs. The broker trades in cryptocurrency, stocks, energy, metals, and currencies.
Currently, Exness has a trading turnover of close to $325.8 billion. The broker also has legal permissions to operate in several countries. Exness currently operates with licenses by regulators including CySEC, FCA, and FSA. Exness doesn't participate in broker ratings. However, it remains one of the highest-ranked competitors in the market.
Exness Pros and Cons
Every good platform has some salient concern. Exness offers reliability for traders to invest and make money. However, it also has some underlying challenges that are worth a mention.
👍 Exness Pros
• Exness Offers Free VPS Hosting
VPS enhances security improves scalability is highly reliable. Allowing investors to access the VPS hosting for free makes Exness one of the most preferred brokers.
• Instant Withdraw
Delays are a common concern with most brokers. However, Exness allows instant withdrawal on a 24/7 basis. Convenience is among the best reasons why investors prefer the platform.
• Segregated Fund
Most traders fear the possibility of losses in case the broker files for bankruptcy. Exness understands this risk. The broker uses segregated accounts to protect such investors and remedy any losses.
• Multiplicity
Exness stands out as one of the few forex brokers with multiple trading platforms. Apart from having multiterminal media, the company has recently introduced mobile platforms to diversify access.
👎 Exness Cons
Exness broker has a few areas of concern.
• Limited Customer Service
The broker doesn't have a 24hour customer service platform. The lack of a standby team at all times creates a loophole in case of urgent concerns.
• Language Barrier
The Exness website currently only offers some critical sections, such as the training recourses section in English. The failure to have other languages incorporated is a significant letdown for new investors from non-English speaking countries.
Summary
Investing in forex is a lucrative undertaking. However, it takes in-depth scrutiny of all the gray areas before making the final decision to invest. Exness forex broker has carved a niche as a leading brokerage company. Prudence demands that a trader undertakes scrutiny of all the dynamics surrounding a company before investing through it.
This article offers a comprehensive assessment of Exness broker! But the trader also needs to verify the information before going all out to invest. You can also rely on available reviews online about Exness. The reviews will offer you further insights into how this broker operates. With this information, you can now go all out and make money.
FAQs
Is Exness legit FX broker?
Yes, Exness is a legitimate FX broker! Exness is a licensed broker having met all the EEA registration requirements.
Is Exness regulated?
Yes, Exness operates within the regulations of multiple regulatory bodies. They include FSCA, FSA, CySEC, FCA, and CBCS.
Does Exness allow registration in all Countries?
Exness allows clients in most countries in Asia, Africa, America, and Europe. However, it's essential to visit the broker's official website for clarification on the specific jurisdictions the broker accepts clients.
Is it safe to partner with Exness?
Yes, it's safe to trade through Exness. Besides the broker being a legit player in the Forex trading industry, Exness also has robust internal security measures to protect clients. The company further has segregated funds for clients. Such a policy guarantees traders' interests in case of unforeseen circumstances such as bankruptcy.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.