Exness review—is Exness a scam?
Before answering that, here’s what you need to know:
Exness is regulated by several top-tier regulatory bodies including the:
- Cyprus Securities and Exchange Commission (CySEC) – www.exness.eu.
- Financial Conduct Authority (FCA) in the UK – www.exness.uk.
- Financial Services Authorities of Seychelles, a second-tier regulator.
Yet a lot of people claim that it is a scam and similarly, many people maintain that it’s a credible broker. These conflicting opinions confuse new investors trying to make an informed decision.
So, What’s The Truth About Exness?
In this unbiased Exness review, we’ll take a closer look at the purported brokerage firm, examining its credibility, red flags, and client experiences. Ultimately, you’ll have a clearer picture of whether the purported Exness broker deserves your trust or skepticism.
With that said, let’s dive in by first answering the question: is Exness a scam?
Answer: Exness appears to be a shady broker who quietly engages in selective scamming. This purported broker may be targeting a few traders at a time, subtly siphoning funds through tactics such as:
- Manipulated trade outcomes.
- Deliberate withdrawal denials.
- Unexplained slippage.
These deceptive practices may be orchestrated just subtly enough to avoid widespread detection.
While many clients praise Exness on Trustpilot, many others condemn it on Reddit, citing poor user experience, withdrawal issues, and trading manipulation causing clients to lose money.
I believe that it might only be a matter of time before its seemingly selective fraudulent practices come to the attention of its regulators.
Before I Delve Deeper Into This Exness Review You Need To Realize That:
A well-regulated broker may still act unethically toward some clients. Being regulated by multiple top-tier regulators indicates that a broker meets certain industry standards e.g. :
- Undergoing regular audits
- Keeping clients’ funds in segregated accounts.
- Maintaining sufficient capital reserves.
- Offering dispute resolution mechanisms.
However, this doesn’t necessarily imply ethical behavior in all aspects of the business.
Regulation mostly covers core financial practices, not every aspect of customer experience.
It’s worth noting that Trustpilot reviews may not always reflect the truth about customer experience, misleading new traders. This is because such reviews are sometimes solicited by companies and can skew positive due to active reputation management or review gating.
Read the following posts to learn more about how the review platform sometimes offers unreliable reviews.
2. DualTrade Review.
3. Trustpilot – a dawning realization that it’s a scam!
On Reddit, feedback about brokers tends to be a bit more trustworthy. This social discussion forum normally attracts clients with positive experiences and those with negative experiences or who suspect unethical practices.
In the case of the Exness app or broker, more clients report that it’s a scam. Only a handful of traders defend it, suggesting that the broker generally has a questionable reputation.
Exness MT4 & MT5
The Exness MT4 feature seems to be a worthwhile functionality that offers traders significant benefits such as:
- Powerful analytical tools.
- Support fully automated trading using Expert Advisors(EAs).
- High customizability with several third-party features for enhanced capabilities.
However, some user reports paint a different picture, raising a red flag.
The complaints majorly revolve around subtle and selective issues that affect a portion of users at any given time. These issues include:
- Repeated unexplained slippage during critical market movements, even under normal or stable market conditions, raising eyebrows.
- Potential trade manipulation whereby stop-loss or take-profit levels are triggered despite data from credible third-party sources showing that market prices did not actually reach the necessary levels for that.
The same can be said about the Exness MT5 alternative.
Notably, these issues seem to occur inconsistently with some traders experiencing them frequently whereas others never do.
This has led me to believe that Exness may target certain traders while leaving the majority untouched to maintain its public image. So, just because your friend has had a good experience with it doesn’t necessarily imply that you too will.
A Negative Exness Review Thread On Forex Peace Army
Many broker review platforms and blogs seem to be showering the Exness broker with too much praise that doesn’t seem genuine from the heart. However, a popular forum called “Forex Peace Army” exposed the dirty side of this so-called broker last year. This was done through a discussion thread that was started by a user going by the name “Indonesia Trader”.
Indonesia Trader, a senior trader with years of experience operating through various brokers, publicly expressed serious concerns about Exness, labeling it a “red flag broker.”
According to him, he deposited approximately $800 into an Exness trading account but encountered significant difficulties when attempting to withdraw the funds. The withdrawal process reportedly became problematic.
Initially, the withdrawal button on the platform was disabled.
Exness had requested documentation to verify that the deposit originated from an account in his name. Despite submitting all required documents and having the withdrawal function reinstated, his subsequent withdrawal attempts were rejected.
In response to the rejection, Exness cited the need for “adequate trading activity” before allowing a withdrawal. Indonesia Trader noted that this justification was questionable, as he had already conducted 44 open transactions within less than a month, an activity level he believed should have satisfied any reasonable withdrawal conditions.
The trader expressed concerns that Exness might use arbitrary or shifting criteria to block withdrawals.
To compound the frustration, the complaint button was disabled, forcing the trader to rely solely on email communication, which was being met with delayed responses.
This frustrated trader finished by advising other traders to exercise caution regarding this purported broker. He pointed out that a trustworthy broker should allow traders to withdraw their funds freely without unreasonable conditions or halts.
Final Thoughts
This honest Exness broker review reveals a broker that walks a fine line between regulation and controversy. While Exness is licensed by top-tier regulators like CySEC and the FCA, growing complaints point to a pattern of selective misconduct, including trade manipulation and withdrawal denials.
Despite positive Trustpilot ratings, deeper scrutiny, especially on forums like Reddit and Forex Peace Army, suggests troubling inconsistencies. The Exness broker may maintain a clean image for the majority while quietly exploiting a minority. Ultimately, regulation doesn’t guarantee fairness.
To sum up, this unbiased Exness review sheds light on a platform that, while seemingly compliant on the surface, may be engaging in behind-the-scenes practices that hurt select customers.
The contrast between glowing reviews and alarming user complaints cannot be ignored. Although regulation provides a layer of oversight, it does not eliminate the risk of unethical behavior.
Therefore, traders are urged to proceed with caution, especially if unexplained slippage or stalled withdrawals begin to surface in their personal trading experience.
Report Exness Scam
Do you wish to expose a scam after reading this eye-opening Exness review? Go to this page, or email scamread@scamreader.info to report the scam and seek help. Until next time, stay alert.