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ExenFX Review - is it scam or safe?

ExenFX Review - is exenfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS ExenFX
ExenFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage  Spread
Standard N/A N/A N/A

 

ExenFX is a Montenegro-based forex broker, offering trading on the MetaTrader5 platform. However, its website does not feature any company name, nor any trading conditions whatsoever. This, combined the broker’s obvious unregulated status, is the reason why we gave it such a low rating.

 

 

ExenFX Advantages

 

MetaTrader5 available

For all its faults, the brokerage at least does provide traders with access to one of the best platforms available to forex traders, the MetaTrader5 (MT5).

 

The MT5 platform has charting as good as those of its predecessor, the MT4. Besides, it also supports automated trading via Expert Advisors and is easily customizable. On top of that, users of the latest edition of MetaQuites` software, can trade in derivatives and exchange-traded stocks from the same account.

 

 

>> Looking for a better MT5 broker? <<

 

 

ExenFX Disadvantages

 

No corporate information, nor legit license

The website of ExenFX does not feature a company name, nor any mention of financial regulation. There is only some address in Podgorica, Montenegro. Anonymity and lack of regulation are very disturbing signs in the trading world, which is full of scammers, trying to rip-off naïve investors on every turn.

 

Those who decide to invest with anonymous unregulated brokers like ExenFX are open to substantial risk. The people operating the brand are not bound by any government regulator, so potential clients (or victims) have no one to turn to in case they have legitimate grievances.

 

Zero clarity on trading conditions

As we pointed out already, this forex broker does not specify any essential trading conditions. Such lack of transparency, in combination with the lack of a legit license, incline us to believe that ExenFX is most likely one of the many scam brokers, hunting on inexperienced and misinformed investors.

 

All decent forex brokerages announce on their websites the spreads and leverage levels they offer, the minimum investment they require, along with other details, such as liquidity providers, minimum trade sizes, etc.

 

No demo accounts

On top of that, most brokers offer free testing service, so that everyone can try out their platform and spreads prior to investing. However, we could not open a free demo account with ExenFX.

 

 

As you can see from the above image, it appears that the broker only accepts clients from Turkey.

 

Forex trading is quite popular in this country; however, the authorities keep introducing stricter regulations over the years. For example, the maximum leverage that can be offered by Turkish forex brokers is only 1:10. Moreover, the financial regulator has set a minimum security deposit requirement for opening a forex trading account of TRY 50 000), which is a bit steep for the average trader. On the other hand, trading with foreign forex brokers in Turkey is not allowed.

 

 

Conclusion

 

ExenFX is a forex broker allegedly based in Montenegto, but seems to target only Turkish investors, which is quite odd. The broker’s offer is extremely unclear, and so is its corporate situation and background. Investing in shady unregulated brokers like this is not recommended for obvious reasons – 99% of them are pure scams.

 

On top of that, the brokerage does not provide any information its trading conditions. Going through United its website, we kept coming across red flags and we believe that potential clients of this broker may be open to substantial risk.

 

In order to avoid being scammed, make sure you invest only with reputable and properly licensed brokers. A license granted by Australia’s ASIC or UK’s FCA provides clients of such brokers with significant assurances for the safety of their funds.

 

 

>> Wanna trade with a FCA-authorized broker? <<

 

 

To sum up the above:

 

Pros Cons
Supports the MT5 No corporate information
  No legit license
  Trading conditions not disclosed
 

No demo accounts

 

Latest news about ExenFX
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Traders` reviews for ExenFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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