Is Exness scam or legit Forex broker?

Exness is a very popular forex trader in South Africa. Forex trading has become very popular over the past few years. Exness has a very large customer base. The Cyprus-based broker achieved all this popularity by its simple and easy-to-understand user experience interface. Exness made forex trading possible for a lot of people who want to do it. Exness offered promotional offers, bonuses on top of a very small deposit limit.

Exness – the most popular forex broker?

Exness has claimed the crown of being one of the best and most popular forex brokers, specifically for new brokers. Other brokers offer better services and features, but Exness has very few requirements. It provides almost premium-level features with a low deposit rate. Many new brokers can't afford to deposit large sums of money that some other brokers ask for. Exness has made Forex trading simpler for those traders.

Scamming in Forex trading

There are a lot of traders who scam the new traders using a different number of ways.

Offering tips to trade
Some brokers offer secret tips about the forex market trends and what stocks to buy. New traders fall prey to these brokers and give them their money. It would help if you remembered that brokers are only a link between the forex market and a trader.

Freezing accounts
Some scam brokers don’t initiate withdraws and use the trader's money. They make excuses about the forex market being in recession and many different things to get away with it.

Regulated brokers

Due to a large number of people being scammed every year, governments have departments that look for the safety of their people. These authorities have been given the task to stop any potential scams and keep the broker in check according to state laws.

License suspension
If a broker fails to comply with the rules of these regulatory authorities, their license is suspended, and they can't work as a broker in many countries.

Justice system
If a broker is found breaking laws and scamming people, authorities can take legal action against them in a criminal court.

Promotional services regulation
Most brokers run their scamming schemes in the disguise of promotional services. Authorities who regulate the brokers keep an eye on these schemes and make sure they are in accordance with the law.

Exness Regulation

Several different authorities regulate Exness because it is an international broker and operates in many countries.

Positives
The benefit of a broker being regulated by different regulatory authorities is that they are safer and secure for trading.

Negatives
Different authorities regulate Exness, but it is not a local broker. If a broker goes bankrupt, your funds are secure and restored, but you will have to claim them in a different country if the broker is not local.

Secure trading platform

Exness runs its system on MT4 and MT5 platforms. These are the industry standard platforms. Each user is connected to the system with a unique and different virtual connection. The funds of the users are also maintained separately, as the FSCA has established.

People scammed by Exness

There are a lot of people who Exness has scammed.

Pending withdraw amounts
Sometimes withdraws take a very long time to process, but some users never get their money. A person lost almost ten thousand dollars because the withdraw was never completed. People have been very vocal about this issue, and they have filed complaints as well.

Inconsistent trading behavior
People have noticed that sometimes, in the trading room, the graphs would fluctuate abnormally. It has made users trade and invests more money than they would and lose it.

Demo account
Exness shows unreal trading patterns in their demo accounts to lure more people instead of showing realistic designs.

Influence over authorities

A few free-lance journalists have claimed that Exness has a lot of influence over regulatory authorities like FSCA, which is why there has never been a concrete action against the broker.

Many people have filed complaints and called FSCA, but there has been no action taken against Exness.

Reasons to believe that Exness is legit

There are a lot of reasons that indicate Exness being a legit broker.

Regulated broker
Being a regulated broker, it is not easy to scam people. It can get Exness' license revoked, and legal action will be taken against them.

Review blogs
Many experts have praised Exness in their blogs and assured the customers about its legitimacy.

A large number of users
Exness is a successful broker with a large number of users. If Exness were to run a scam, it would bring havoc on the poor traders.

Popular broker
Exness is a popular broker and has won many awards and trophies. It is not possible to scam people when there are so many eyes on you.

Reasons to believe that Exness is a scam

Exness has earned a good reputation, but some people don't think that Exness is legit. With all this popularity and the features Exness offers, it is understandable that many people are considering trading with Exness and questioning the claims floating online about the broker being an alleged scammer.

Reviews
There are good negative user reviews that can't be ignored. People have been losing money to Exness.

Influence
Exness influences the authorities, so it is possible that they don't let them investigate the scam claims against Exness.

Paid promotions
Users claim that Exness pays many bloggers to write good stuff about them.

Final word

With Forex's rise in growth and popularity, we see several new brokers in the market every month. The Forex broker scene is competitive, and brokers do everything to get more customers. There has been an increase in the number of scams that these brokers run as well. This article will serve as your guide about Exness' legitimacy.

We suggest our readers not invest huge amounts in Exness trades and just stick to lesser charges. You should contact the support system immediately if your payment has been pending for a long time and file a complaint in FSCA if the support doesn't help.