Why is Exness an exchange that has existed on the market for a long time but there are still rumors of fraud? Will such a reputable exchange cheat money from real players? To know clearly about Exness scams or not. Invite traders to join EX Trading to find out the answer in the article shared below.
What is a scam Forex trading platform?
The problem of fraudulent Forex exchanges is also there, but not non-existent. That’s why many traders are quite hesitant before participating in trading. So what is a scam trading platform? A Forex exchange operating underground and without a license is a sign of fraud.
Besides, if the exchange does not clearly state the terms and conditions of transactions publicly on the website. That proves that the exchange’s operations are not transparent. In addition, a scam Forex broker will have hidden fees and policies that are not clearly stated. And yet, there are also exchanges that try to inflate themselves, offering advantages and strengths but in reality they are not like that.
A problem that often occurs is before traders open an account and deposit money into the exchange. The exchange will be very friendly and enthusiastically supportive. However, after the transaction, they will try to make it difficult for you to withdraw money or not be able to trade smoothly.
Another worrying sign is that the broker will be evasive when asked about the advantages of certain investments or strategies. A reputable forex broker will take the time to explain how your money is and should be invested. But if you feel that the Forex exchange does not want to answer those issues. Then you may be encountering a scam exchange.
How to avoid encountering scam platforms
To know if a Forex exchange is a scam or reputable, look at that exchange’s license. If you want to know Exness scams or not, you can do the same. A forex license is a certificate of legal operation of the exchange, issued by large and reputable financial agencies in the world.
In each country, there will be a financial agency responsible for licensing and managing foreign exchange trading activities in the country. For traders, trading at a Forex exchange will be more secure when that exchange is licensed by domestic agencies.
The largest and most reputable financial institutions will have stricter regulations than other institutions. Therefore, a forex broker licensed by these agencies will be much safer. To ensure your capital is protected and you can trade with peace of mind, please only choose licensed brokers.
>>>See more: Exness review: Trading platform chosen by experts
Several Forex licenses from major financial agencies in the world
- US license: NFA, CFTC.
- UK license: FCA
- Cyprus license: CySEC
- Australian license: ASIC
- German license: BaFIN
- Swiss license: FINMA
- Austrian license: FMA
- South African license: FSB
- New Zealand license: FSP NZ
- Japanese license: JFSA
- Hong Kong license: SFC
- Singapore license: MAS
Once you have a legal operating license. That exchange will of course confidently show off the license they have. If your trading exchange is unlicensed or finding their license is very difficult. Be careful of their reputation because it seems untrustworthy.
What about the Exness exchange? Does Exness have a license? Of course, there is. Exness has licenses from many financial agencies such as CySEC, FSA, CBCS, FSC, FSCA, FCA, and CMA… Based on these licenses, surely you can answer for yourself whether Exness is reputable.
Where do Exness scam rumors come from?
Exness has many licenses and has been operating for more than 15 years. Why are there still rumors of fraud? Actually, some traders encounter problems during the trading process. And when they encounter problems, they don’t know how to solve them, so they think of Exness Scams. Let’s find out the truth about the issues that led to those rumors.
1. Cannot withdraw money
There are some users who are blocked by Exness from withdrawing money. Of course, when they cannot withdraw money, they will think Exness Scams. Most people, when faced with problems, will blame others and not think it’s because of them.
Most traders choose to play Exness because the exchange promises to bring an instant deposit and withdrawal system. But what happens when you withdraw money that doesn’t come back immediately? They feel betrayed and deceived.
But that’s not the case. According to Exness regulations, withdrawals can be received immediately or within 24 hours. In some cases, Exness did not process the withdrawal immediately because it discovered a problem. Maybe the exchange discovers that your account is not used for trading but for money laundering. The exchange will immediately block your withdrawal activity to check for clarity.
To resolve this issue, please contact Exness customer service. Exness experts will review and resolve it for you.
To avoid not being able to withdraw Exness money, you should avoid the following:
- Don’t withdraw money in a hurry.
- Deposit and withdraw Exness money to the same account.
- Verify your Exness account to increase your account’s reputation.
Those are errors of not being able to withdraw money from Exness. If you operate transparently and follow the exchange’s regulations, you don’t have to worry about Exness keeping the money. So don’t rush to judge Exness as a scam.
>>>See more: Open Exness Account: Latest guide for new traders
2. Spread expansion problem
This is due to the trading strategy of traders. Sometimes when you trade rare currency pairs, Exness’s spread will fluctuate strongly whenever there is unexpected news. Every exchange widens spreads, not just Exness. The point here is that you need to review your trading strategy.
There are also cases where Exness leverage was changed or the exchange closed orders unreasonably. But actually, it is because traders lack real knowledge or miscalculate that leads to losses. This is also a common occurrence when trading Forex. Not an Exness scams at all.
So is Exness a scam?
As the original article shared. Exness has been licensed by many reputable financial agencies. Including licenses from the three largest foreign exchange management agencies in the world: FCA, FSCA, and CySEC. Therefore, saying the Exness scams is baseless. This is a reputable Forex exchange and operates very transparently and professionally.
Why doesn’t Exness have a license in some countries?
Exness not only operates in many major markets around the world. It is still active and has a large number of traders. So, it has been operating for a long time but why doesn’t Exness have a license in some countries?
That’s because these countries have not yet issued foreign exchange trading licenses to any international Forex exchanges. Forex trading can still be very risky and complicated so there is no foreign exchange license to issue Forex trading platforms.
Overall, saying that Exness is a scam is incorrect. Although Exness does not have a license from some countries, it has many reputable Forex licenses from major financial agencies around the world. So it cannot deceive players.
Epilogue
Above, EX Trading has provided evidence of rumors about the Exness scams. We also shared the reason why there was that rumor. What traders need to do here is to learn a lot of knowledge and accumulate a lot of experience before playing Exness. As for Exness, this is an extremely reputable and trustworthy exchange.
