Long Review
Introduction
In 2021, Digital Smart LLC established Exnova with its headquarters in Limassol, Cyprus. The company started by registering in Nevis and Cyprus. Exnova's trading platform offers access to more than 250 assets, including Forex, commodities, stocks, and cryptocurrencies.
Exnova acts as a broker, providing a solid online trading platform with various features to enhance the trading experience. It allows traders to explore and participate in global financial markets with ease. The forex broker is easy to use for all types of traders, whether experienced or new. They provide a demo account for new traders to practice before trading live. The platform offers numerous tools to help users make informed trading decisions.
This detailed Exnova forex broker review will examine all key aspects of Exnova's operations, helping readers decide if it's the right choice for them.
Supported Countries
Exnova claims to be a global player in the financial market and thus accepts clients from all continents. The broker accepts traders from Albania, Algeria, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Azerbaijan, Nevis, Cyprus, Belarus, Belize, Benin, Bermuda, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, Brunei Darussalam, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island, Colombia, Congo, Cook Islands, Costa Rica, Côte d'Ivoire, Curaçao, Djibouti, Dominica, Dominican Republic, East Timor, Ecuador, Egypt, El Salvador, Equatorial Guinea, Falkland Islands, Faroe Islands, Fiji, French Polynesia, Gabon, Gambia, Georgia, Ghana, Greenland, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Honduras, Hong Kong, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, and Kyrgyzstan.
Other accepted countries include Laos, Lebanon, Lesotho, Liberia, Macau, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Marshal Islands, Mauritania, Mauritius, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nauru, Nepal, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Nigeria, Niue, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Qatar, Rwanda, Saint Lucia, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Solomon Islands, Somalia, South Africa, South Korea, Sri Lanka, Suriname, Swaziland, Taiwan, Tajikistan, Tanzania, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, United Arab Emirates, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, Virgin Islands UK, Western Sahara, Yemen, Zambia, Zimbabwe.
However, it is worth mentioning that Exnova does not accept clients from certain countries and regions. These include Afghanistan, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Iran, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, North Korea, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom, United States.
Customer Service Rating
Exnova has garnered a remarkable reputation on Trustpilot, boasting a stellar TrustScore of 4.3 stars out of 5 from a total of 109 reviews. Customers have lauded Exnova for its straightforward account opening process, which many consider to be one of the easiest in the industry.
Furthermore, reviewers have commended the platform for its simplicity combined with a robust set of analytical tools. Traders appreciate the ability to easily set stop loss/take profit and trailing stop orders to adhere to sound risk management practices. The platform's speed and responsiveness have also been widely praised, with no reported instances of lag.
Many users have expressed admiration for Exnova's accessibility, as it allows traders to get started with as little as $1, making it an attractive option for those looking to start small. Those who have explored Exnova's free demo account have found it to be highly responsive, fast, and user-friendly.
However, Exnova hasn't been without its challenges, as evidenced by a few negative reviews. One user raised concerns about the platform's legitimacy, claiming it's nearly impossible to receive real-time updates on the broker system. Another criticized Exnova for having an unusually slow withdrawal process. Additionally, some users have found it difficult to obtain relevant trading information from the broker's website, although they note that the situation improves once an account is created.
Exnova Forex Trading Platforms
Exnova takes pride in its proprietary trading platform, known for its user-friendly interface and robust security features. Accessible via desktop applications, web browsers, and mobile apps, Exnova's platform ensures convenience for users.
However, it's important to note that Exnova doesn't offer popular trading platforms like MetaTrader4 and MetaTrader5, which might concern traders accustomed to these industry favorites.
Exnova WebTrader: This is tailored to deliver a seamless and efficient trading experience. Its user-friendly interface caters to both novice and experienced traders, offering a range of trading tools such as charting software and trading journals. The WebTrader platform provides real-time market data, enabling informed decision-making. With one-click trading and customizable charts, traders can execute trades swiftly and tailor their visualizations according to their preferences. Moreover, in-depth market analysis tools and drawing options like trend lines and Fibonacci retracements empower traders with valuable insights. Exnova also provides free trading signals generated through advanced algorithms, aiding traders in decision-making. Additionally, the platform offers risk management tools like Take Profit/Stop Loss to minimize trading risks. The mobile trading platform is available for download on Google Play Store and Apple Store, catering to both Android and iOS users.
Types of Trading Accounts on Exnova
Exnova provides traders with the flexibility to choose a trading account tailored to their expertise level. The platform offers two main types of accounts, although it's challenging to find detailed information about them on the Exnova website. This lack of transparency may deter traders who prefer to verify information before signing up.
Demo Account: This allows traders to hone their skills risk-free. With access to up to $10,000 in virtual funds, users can practice trading without financial consequences. This account is ideal for beginners looking to gain hands-on experience and familiarize themselves with the platform's user-friendly interface. Traders can replenish their demo accounts at any time, making it a valuable learning tool.
Real Account: This enables traders to use actual funds for trading. With a minimum deposit of $10, this account grants access to over 250 tradable assets. Offering a spread of 1.2 pips and leverage of 1:500, the real account empowers traders to engage with all available assets in their portfolio. Convenient deposit and withdrawal options make it easy for traders to manage their funds and capitalize on successful trades.
Trading Denominations on Exnova
Exnova offers clients the flexibility to choose from various currencies to denominate their trading accounts, such as EUR, USD, BRL, COP, PEN, AED, EGP, and more. This diversity enables clients to trade without being restricted by their location or local currency. In comparison to other brokers, Exnova stands out for its inclusivity, making the platform accessible to a broader global audience.
Company Structure
Founded in 2021, Exnova is a promising brokerage firm operating as a modern trading platform, offering a diverse selection of over 250 assets for trading. Based in Limassol, Cyprus, it is owned by Digital Smart LLC, registered at Lighthouse Trust Nevis Ltd, Suite 1, A.L. Evelyn Ltd Building, Main Street, Charlestown, Nevis.
The payment transactions aspect of this broker is managed by DIGITAL SMART CY LIMITED with company business number: HE 410889. While the broker lacks an About page on its website, its user-friendly interface and availability in up to 20 languages demonstrate its commitment to a global clientele. Exnova facilitates trading in assets like Gold, Indices, Stocks, and Crypto, with the added perk of weekend trading for crypto assets.
Despite its relatively young age, Exnova has garnered recognition in the financial industry, winning accolades such as the Fastest Growing Broker Latin America and The Most User-Friendly Broker in 2022, and the Best Mobile Trading Platform in 2023, highlighting its emergence as a strong and reliable forex broker.
Exnova Forex Licenses and Regulatory Compliance
Exnova operates without holding any regulatory license from financial regulatory institutions. This lack of oversight could pose concerns for potential clients considering trading on this platform. Without regulatory supervision, Exnova has the freedom to operate as it sees fit, which may lead to negative consequences for its customers.
Exnova Customer Protection
Without regulatory oversight, the level of customer protection provided by Exnova could be somewhat restricted. However, Exnova asserts to provide its clients with Negative Balance Protection and Trailing Stop features.
The broker's website is secured with SSL certificates, and clients have the option to enable two-factor authentication for added security. It remains unclear whether Exnova offers any compensation scheme for its clients.
Customer Service
Exnova offers clients a limited number of ways to contact its support team. Clients can use the provided email address ([email protected]) to send inquiries. While some online reviews mention phone numbers and a live chat feature for contacting support, these options were not readily found on the broker's website during this review. Nevertheless, Trustpilot reviews indicate that Exnova has a responsive and knowledgeable support staff who are ready to assist clients with practical solutions. However, the limited communication channels with the support team are considered a drawback by many traders who prefer the flexibility to connect through multiple means.
Trading Information
Exnova offers various trading tools, including signals, and indicators. However, hedging is not permitted on the platform. Clients benefit from variable spreads starting at 0.1 pips on forex pairs, varying by instrument.
Exnova doesn't charge separate trading commissions but earns from the spreads. Major currency pairs have tighter spreads, while minor pairs and CFDs have wider ones. Stocks and ETFs typically have slightly higher variable spreads. Assets have specific opening and closing times based on the client's account type.
It's important to note that Exnova has underlying charges, including swap fees. These can range from 0.01% to 0.5%, rising to 1.7% in extreme cases for positions held overnight. On Fridays to Saturdays, swap fees triple. If there's no account activity for at least 90 days, a maintenance fee of €10 per month is charged.
In cases where a client deposits and withdraws over 80% of the total amount without trading, Exnova may withhold fees associated with the transactions. Additionally, a $20 administrative fee is charged for account closure if the client is below the legal age of maturity in their country. Exnova can also levy a $20 administrative fee for document fraud, such as providing inaccurate information or using fraudulent means during verification procedures.
Tradable Instruments
Once again, the absence of a dedicated page on its website for available instruments is a drawback. Potential clients cannot easily find what this broker offers, as the broker appears to conceal its tradable assets until clients register an account.
However, traders still have access to over 250+ tradable instruments, including
Forex pairs
Gold
Indices
Stocks
Crypto.
Exnova's forex brokerage offers a reasonable range for traders to diversify their portfolios. In comparison to other major brokers, the platform seems to lack in terms of the number of tradable assets available, as other platforms provide access to thousands of assets.
Exnova Forex Leverage
Exnova offers its clients a variable leverage of up to 1:500. The leverage available for a particular instrument depends on the trader's account and the time of the trade. Higher leverage is attractive to traders because it can amplify potential profits. However, it's important to note that higher leverage can also increase a trader's losses.
Deposits and Withdrawals
The deposit and withdrawal processes on Exnova are simple, offering various payment options. However, the company applies a conversion fee of up to 3% for each transaction.
To comply with Anti Money Laundering (AML) and Know Your Customer (KYC) Policy, third-party deposits and withdrawals are not permitted, and the depositor's name must match the client's name.
Deposits
Deposit methods available on Exnova include ACH or SEPA Transfers, PayPal, Skrill, Visa/Mastercard, Bank Wire, and Crypto (Deposit only). Apart from the options already listed, traders also have access to alternative payment methods such as Boleto, Pix, Advcash, Perfect Money, and Webmoney. All deposits are commission-free on Exnova with transaction time often taking less than 24 hours.
Withdrawals
The same methods available for depositing are available for withdrawal on Exnova. The average withdrawal process takes 2-3 business days depending on the method used and day of the transaction. It's important to mention that Exnova charges withdrawal fees at its discretion, which could deter potential clients.
The withdrawal fee ranges from 2% to 10%, with the maximum fee being 10% of the total transaction. Exnova provides a detailed breakdown of its withdrawal fee charges in its General Fees page
Exnova Trading Education and Training
Exnova offers an intermediate level of education for its clients, accessible through a comprehensive section on its trading platform. However, this section is not available on the broker's website and can only be accessed by registered clients.
Traders can stay informed about current events in the financial industry by visiting the News and Analysis section. Exnova provides various educational resources, including articles covering a wide range of trading topics such as tips, interviews, market updates, charting guides, trading stratagies, economic calendars, and explanations of indicators.
FAQs
Is Exnova a Scam?
Exnova Forex broker operates without regulatory oversight and does not hold any regulatory license from financial regulatory institutions, which may raise red flags for some traders. Regulatory oversight typically provides a level of protection and assurance for traders. Without such oversight, Exnova operates at its discretion, which could potentially impact customers negatively.
Secondly, examining customer reviews, particularly on platforms like Trustpilot, reveals a mixed sentiment towards Exnova. While some reviewers praise aspects such as the platform's ease of use and customer support, others express dissatisfaction with issues like withdrawal processes and transparency.
How do I open an Exnova trading account?
The onboarding process on Exnova is simple and requires just a few minutes to open an account. To do this, follow the steps below:
To get started, go to the official Exnova website using your web browser. Make sure it's the real site to avoid scams.
Next, look for the "Create an Account" button on the homepage and click on it.
Fill in your basic info like your name, email, and a strong password.
You might need to confirm your email by checking for a message from Exnova and following the instructions.
In addition, Exnova will ask for more details to verify your identity, known as KYC verification.
For extra security, Exnova clients can set up two-factor authentication.
Once your account is set up and verified, you can deposit money into it. Exnova offers different ways to do this, like bank transfers or cards.
Now that your account is funded, you're ready to explore the trading platform. Take some time to check out the assets and tools available for trading.
Conclusion
The Exnova forex trading platform offers a decent experience for traders, catering to various preferences and expertise levels. However, the platform lacks the more popular MetaTrader 4 (MT4), and MetaTrader 5 (MT5) trading tools. Regardless, with its proprietary WebTrader trading platform, traders can access powerful tools and a carefully selected array of financial instruments across various asset classes, including forex, spot metals, stocks, crypto, and indices.
Regarding trading accounts, Exnova provides some form of flexibility with options like the Real and VIP account. Each is tailored to different trading styles and preferences. Importantly, the minimum deposit requirements are accessible, starting at just $10, making it welcoming for both beginners and experienced traders.
Leverage options vary depending on the trader's location and the specific entity they operate under. Traders outside the EU enjoy leverage as high as 1:500. Exnova also maintains competitive spreads with a somewhat complex fee structure. Traders should be aware of the various fees charged by this broker.
A downside for this broker firm is that it lacks regulatory oversight, which can be a considerable red flag for many potential clients. With no regulatory oversight, it is unclear the effectiveness of the security protocols claimed to be in place by this broker. The broker operates under a negative balance protection to ensure clients’ funds are safeguarded against adverse market movements. In addition, the numerous positive online reviews on platforms like Trustpilot seems to reinforce Exnova’s credibility and reliability as a trading platform.
