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Exen Markets Reviews: is Exenmarkets.com a Scam or Legit Broker?
After doing some research, we found out that a lot of traders are reporting ExenMarkets and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.
It’s always important to know what other traders are thinking about a broker before using it and we can say that they are not saying good things about ExenMarkets.
What do regulators say about ExenMarkets ?
This is the most important thing you need to know about a broker before using it. Is ExenMarkets regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
ExenMarkets is an unregulated broker located at 111 Old Broad St, London EC2N 1AP, UK.
They can be contacted by email to [email protected]
You should definitely avoid any unregulated or offshore broker and ExenMarkets is one of them.
Have you been Scammed by ExenMarkets ?
Have you been victim of this company ? Did you lose money with them ? Everyone does mistakes. Don’t worry, you are not alone, and we are here to help you.
Our team of experts is available 24/7 in order to help you recovering your hard-earned money.
After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.
Chargeback is the solution
As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.
Not a lot of people know that, but there is a high probability of getting your money back when you build a Chargeback case as long as it is built correctly from the beginning to the end.
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Exen Markets Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading accounts and conditions
|Trading account||Min. deposit||Max. leverage||Spread|
Exen Markets is a UK-based forex broker that offers five trading accounts. As you can probably guess by the gaps in the table above, the broker has not made clear its trading conditions. Yet, our main concern with it is the lack of forex broker license. Below, you may find all the details on Exen Markets and why we don’t recommend it as a trading partner.
Exen Markets Advantages
Wide variety of assets, many coins
This broker offers wide range of forex pairs and CFDs on precious metals, commodities, stocks, indices and cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and IOTA. Still, considering that Exen Markets is not a regulated financial services provider, you’d better check out the below link, if you are one of the many investors drawn to cryptocurrencies.
The other possible benefit of trading with Exen Markets (provided that it is not a scam) is the option to use quite generous leverage ratios, reaching 1:200.
As most of you probably know, margin trading multiplies both the profits and the losses in forex, so be careful with high leverage levels and make sure you have a good risk management strategy.
Exen Markets Disadvantages
No financial regulation
Although Exen Markets’ website features an address in the UK, it mentions nothing about regulation, and we could not find Exen Markets Ltd. in the FCA’s register. All financial services providers operating in the UK have to be licensed by the Financial Conduct Authority (FCA) or another European financial regulator.
We keep reiterating that trading with unregulated brokers hides a lot of risk. There may be commingling which means that the brokerage may mix together the finances of the firm and clients’ funds. What is worse, the broker may simply stop answering your e-mails and phone calls and disappear with your money. That is why the lack of legit forex broker license is always considered a huge disadvantage.
No clarity on trading conditions, no demo
As we mentioned in the beginning, Exen Markets has not disclosed essential parts of its offer, such as the spreads, leverage levels, etc. We always view the lack of such important information like the trading costs as a negative, but having in mind the regulatory status of the brokerage, it is no surprising.
A test-drive of the broker’s trading platform is also unavailable, so we can safely conclude that this broker is not transparent with its trading conditions and pricing.
MetaTrader not supported
Exen Markets uses a web-based platform that is very popular among brokers focusing on cryptocurrency trading. We have dubbed it “Scamex”, because all these brokers are shady and unregulated.
The platform itself is simple and easy to use, however, the charting and analytics cannot be compared with those of the MetaTrader4 (M4T). Besides, Scamex does not offer any automated trading options, while the MT4 is very popular for its Expert Advisers (EAs).
Although we believe that the cost of trading is not as important as the security of your investment, a forex broker’s spreads are still essential.
As it became clear, Exen Markets has not disclosed any trading costs, but the spreads we saw on the broker’s platform are way above the industry’s average, floating around 3.5 pips on EUR/USD.
Exen Markets’ MT4. Click to view larger.
Most forex brokers offer spreads within the range of 1.0 – 1.5 pips for this pair, and many of them are reliable and licensed ones. That is why we would advise you to select a brokerage from the below link:
Exen Markets is yet another forex broker operating without a legit license and showing every possible sign of scam. Many traders fall victims to all kind of investment frauds each day, make sure you’re not the next one. To this end, you’d better only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
To sum up the strong and weak sides of Exen Markets:
|Wide variety of assets||No financial regulation|
|Solid leverage||No clarity on trading conditions, no demo|
|MetaTrader not supported, high spread|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Exen Markets Review – 5 things you should know exenmarkets.com
Beware! Exen Markets is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Exen Markets says to be a UK broker, offering a selection of forex pairs and various CFDs on indices, commodities, spot metals and even crypto coins like Ethereum, Litecoin, Ripple, Bitcoin Cash, IOTA and Bitcoin, with five account types, leverage as high as 200:1 and a web based trading platform.
When we opened their web based platform the spread on the benchmark EURUSD pair floated about 3,5 pips, which is way above the levels traders would usually consider attractive with a standard account – under 1,5 pips for sure – and yet this is not our main concern with Exen Markets, but the fact that they are simply not regulated, and that makes the risk of trading with them unacceptably high.
Exen Markets regulation & safety of funds
As we understand from their presentation Exen Markets is owned and operated by Exen Markets Ltd., which is supposedly base in the UK. Bear in mind that UK is one of the most rigorously regulated markets in the financial sector and basically all companies that provide any financial services there, should be registered with the local Financial Conduct Authority (FCA) .
Unfortunately, when we checked the FCA registers, we were not able to find Exen Markets there and that means they operate on British soil illegally.
Also, as the UK is still a part of the EU, that means Exen Markets is not regulated by any other European regulator such as BaFin in Germany or the Cyprus Securities and Exchange Commission (CySEC) either, because a license from any national regulator in EU would have meant a registration with the FCA as well.
Thus Exen Markets appears not to be authorized to operate on the European market as well.
Exen Markets deposit/withdrawal methods and fees
Exen Markets says they accept payments with bank wire and debit and credit cards like VISA and MasterCard, but they mention nothing about e-wallets like Skrill for example, and that is worth mentioning, because of the new anti scam policy adopted by the money transfer company. Currently Skrill partners only with brokers, holding legit licenses. As we already noted Exen Markets is not a regulated broker.
Also beware of any trading bonuses that Exen Markets might offer you, because they will invariably come with a certain minimum trade volume requirement, which unless fulfilled, will be used as an excuse to deny your withdraw requests.
The practice of offering trading bonuses is quite controversial in general as too often scammers use them as a pretext to refuse any payments.
Also, take a note that Exen Markets says to be processing withdraw requests within 7 to 10 business days and that is highly unusual as well. Most brokers will process your withdraw request within 24 hours.
Otherwise the minimum deposit requirement of 250 USD is in line with what most other broker would ask.
How does the scam work?
If you have ever wondered how scammers hunt for new victims, one of their favorite channels are the so called robo scam websites like Bitcoin Profit and Brexit Trader where you may get hooked by a promise of fast and easy returns, with a small and “risk free” investment. At least that is what the cheese video ad will be telling you. And if you do register by leaving your e-mail and phone, instantly you will be redirected to the web page of one of the numerous offshore, unregulated brokers, where you will be invited to deposit about 250 USD.
And your first trades will go smoothly and in no time the money in you account will seem to have doubled. That however will not be real. Scammers will be simply manipulating your account with the sole intention to trick you to invest more. And so would suggest your “senior account manager” as well. He or she will be calling you on a regular basis with trading signals and advises, but the true message will be like this – if you really want to make some real cash you will surely have to invest more, like at least 10 000 USD.
And many traders do invest that kind of money, without ever realizing they have been scammed until the day they decide to withdraw some of their funds. Than, all of a sudden it turns out they can not, because of some minimum trade volume requirement, they have agreed with without realizing, when they have accepted their welcoming bonus in the first place. Certainly the pretext to cancel your withdraw requests might be different, but the result will always be the same – you will not be getting a single penny back.
What to do if scammed?
Probably the best chance you have to retrieve your deposit is to file for charge back with your credit card company. Fortunately, under their new anti-scam policy, both VISA and MasterCard now allow their clients to file for a charge back within 540 days.
And if somehow scammers have managed to get to your personal banking details like credit card numbers and online banking password, immediately change the password and cancel your credit card.
Finally, if you are approached by the so called recovery agencies, do not trust them. Those people will not recover your money but will simply charge you some fees in advance and basically that is how the story will end.
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