de | cn | ru

ExxonFX Review – is it scam or safe?

ExxonFX Review  – is www.exxonfx.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz ExxonFX
ExxonFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Bronze £100 0.01 lot 1:100 3 pips
Silver £100 0.01 lot 1:100 3 pips
Gold £100 0.01 lot 1:100 3 pips

 

ExxonFX has three types of live trading accounts, but at first sight there is no difference between them, at least in terms of the main trading conditions. There are differences in the extras such as personal account manager, news alerts and free private VPS, available for the holders of Gold accounts.

 

The broker says on its site that clients can choose to trade on fixed or floating spreads, without providing further details. A comparative table shows that the floating spread on the most traded pair: EURUSD is from 2.2 pips.

 

The company's trading portfolio consists of forex pairs and CFDs on indices, gold, oil, stocks, bonds and commodities.

 

 

The Company. Security of Funds

 

Company Country Regulation
 Revolution Markets LP UK None


ExxonFX is owned by Revolution Markets LP, a company which is based in the UK, but is not regulated by UK's Financial Conduct Authority (FCA). It obviously targets European investors, as the Italian regulator CONSOB has issued a warning against it. 

 

There are plenty of unregulated brokers and we advise our readers to avoid them. As a general rule such companies do not offer any client protection and in case something goes wrong, their clients lose their deposits. Worse still, there are brokers who are a scam and employ various tactics to avoid honoring the withdrawal requests and simply disappear with their clients' money. 

 

It is always safer to deal with properly regulated brokers, although some regulators are much better and strict than others. An example for robust supervision is the one provided by the FCA and the Australian Securities and Investment Commission (ASIC).

 

 

Trading platform

 

ExxonFX offers two trading platforms: the eternally popular MetaTrader 4 (MT4) and the less popular Sirix web-based platform, developed by Leverate.

 

Sirix has many features like one-click trading, advanced charting tools, analysis, customizable interface, social trading, etc. There is also a web version and mobile applications for smartphones and tablets. In this case the broker provides only the browser version.

 

MT4 is available as a desktop and mobile application for the clients of ExxonFX.

 

 

Payment methods

 

ExxonFX does not provide many deposit options. The broker accepts payments through credit and debit cards, bank transfer and the online payment system Skrill.

 

 

Conclusion

 

 

ExxonFX is one of the hundreds of unregulated brokers vying for the clients' money. Frankly, we could not find a reason to choose it over another similar broker. First off, there is not much difference between the trading accounts. Their trading conditions are not very impressive either. Perhaps the only upside of ExxonFX is the offering of two trading platforms, but it is by far not the only broker to provide such a choice to its clients.

 

 

Pros Cons
MT4&Sirix Scarce information on trading conditions
  Unregulated
  Low leverage

 

 

Latest news about ExxonFX
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for ExxonFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru