Is Exness a scam or a legit Forex broker?
It has been over 12 years since Exness has been working as one of the top Forex brokers in South Africa and many other countries in the world. Exness has built a name for itself in the highly competitive broker industry. The credit for Exness’ popularity goes to its great marketing and promotional schemes.
The broker market is very competitive, and there are always bad people who try to scam others. In this article, we will discuss whether Exness is a scam or a legit forex broker. Our readers will have a very clear understanding of this topic at the end of this article.
Exness – History
Exness has been working for many years as a broker. It started as the UK and EU-based broker. Exness shifted to Cyprus and has been working there since then.
Exness has made millions of dollars in this business, and thousands of people still use Exness as their main broker.
Whenever you trade with a broker, the first thing you should look for is their regulation status.
The importance of being regulated is immense. If a broker is regulated, you can be 99% sure that you are safe to trade with them. If you are dealing with a regulated broker and the broker goes bankrupt, the authorities will compensate you that your funds will be safe and restored.
The brokers who are regulated by the authorities and work under a license are safer to trade with. Authorities keep a check on their schemes, and they are bound to follow legal ways.
If multiple regulatory authorities regulate a broker, it makes it even safer to trade with. The chances of running a scamming scheme are next to impossible with so many departments monitoring a broker.
The regulatory protocols require the broker to inform their customer about all the terms and conditions of their schemes. Monitoring authorities require the broker to be transparent in their business. The brokers are required to follow all the laws of the country as well.
Authorities issue licenses to the brokers that fall on their legal spectrum. License is issued after auditing the broker and checking their protocols.
Authorities can take legal action against a broker which breaks the law. A trader can also file a complaint against their broker to bring legal action against them.
If a broker is found guilty, their license is revoked, and they are trialed in court. If a broker doesn’t have a license, it means they can’t work anymore.
Segregation of funds
Regulated brokers keep the funds of the traders and companies separate from each other. The customers’ funds are also kept individually to minimize the risk of loss to a trader’s money.
Trading with a non-regulated broker is like walking on a very thin ledge. The risks are very high, and any authority does not protect you. Your funds are not secured in case the broker goes bankrupt.
Exness is one of the most famous brokers, and it is regulated. It offers the customers all the benefits of trading with a regulated broker. Traders don’t have to worry about being scammed because of the monitoring authorities.
Exness is based in Cyprus, but it is regulated by other regulatory authorities as well. Some of the major rules that regulate Exness are;
Despite being regulated by such prestigious authorities, Exness is not a local broker. It is a disadvantage for customers because if you are personally scammed or want to bring the broker to the court of law, you will have to file a case where the broker is based. The unfamiliar rules can be a problem for a trader.
Exness has not lost its license once. It has been working in compliance with all the laws and passes all the audits as well.
Exness has a pretty solid online support system to assist their traders. You can contact the support agents 24/7 on multiple different platforms and ask for help. The agents are quick, and they assist you with any trouble that you are having.
Is it a legit broker?
Considering all of the above-listed and explained parameters makes it pretty clear that Exness is a legit and regulated broker. You cannot run a scam being one of the top forex brokers.
Some many journalists and authorities are always around the corner, waiting for a broker to make a mistake so they can take them down. Brokers have to be extremely cautious.
Exness being a top-of-the-line broker, it only makes sense that many people use this broker daily and regularly invest their money into Forex trading through this broker. We have found many reviews online from the people who say that Exness has scammed them.
A large number of negative reviews about Exness are about the withdrawal problems. Exness claims its withdrawal is seamless and timely, but many people claim that they haven’t been able to withdraw their money, and Exness support doesn’t help them.
Some people say that the withdrawal has been initiated and completed on Exness’ part, but they haven’t received the money.
Losing money in trades
Many people claim that the Exness trading system is designed in a way that makes you lose your money. People blame the spreads that Exness is offering.
Is it a scam?
There has been no investigation against Exness that proved the claims of people. We believe that the Exness system can be the culprit for not letting people withdraw their money, which is unacceptable.
Overall, the claims are not sufficient proof to categorize Exness as a scam broker.
Exness is a reputable and legit forex broker that has been working for many years. Several authorities monitor Exness. Traders can trade with Exness securely. In our experience with Exness and the research we conducted; we didn’t find any proof of Exness being a scam.