WikiFX Broker Assessment Series | Exnova: Is It Trustworthy?

In this article, we will conduct a comprehensive examination of Exnova, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

Background:

Founded in 2021, Exnova is an unregulated online broker operated by Digital Smart LLC, with registrations in Nevis, Cyprus, and a claimed presence in Saint Vincent and the Grenadines. The platform offers a user-friendly interface and access to over 250 trading assets, including indices, currencies, commodities, and cryptocurrencies. However, the lack of oversight by any major financial regulatory authority raises concerns about investor protection, as Saint Vincent and the Grenadines does not enforce strict regulations over brokerage operations.

In addition, Exnova offers an affiliate programme through Affstore. Affstore is a comprehensive affiliate marketing platform specialising in financial products, including Forex, CFDs, binary and digital options, and proprietary trading services. It provides a range of commission structures and promotional tools.

Types of Accounts:

Exnova‘s website does not mention any type of account other than a single live account, which requires a minimum deposit of $10, and a free demo account. Therefore, it can be inferred that Exnova only offers one type of live account. However, no further details about this live account are stated explicitly on the broker’s website.

Deposits and Withdrawals:

Exnova claims to offer several deposit and withdrawal options, but the corresponding details are not disclosed on its official website.

Trading Platforms:

On the Exnova trading site, the only platform available is its proprietary, in-house-developed Exnova trading platform. The company states that the platform is built to meet industry standards and is intended to support a range of trading activities. It includes tools for order management, such as stop loss, take profit, and trailing stop loss, as well as features like charting tools, price alerts, and a newsfeed.

Research and Education:

Exnova offers free video tutorials, step-by-step instructions, a weekly newsletter, and community chats that may be beneficial for traders.

Customer Service:

Exnova provides customer service support in several foreign languages, including English, Korean, Japanese, Vietnamese, Portuguese, and others. Its support email address is support@exnova.com.

Conclusion:

WikiFX, a global forex broker regulatory platform, has assigned Exnova a WikiScore of 1.39 out of 10.

This low score is attributed to the fact that Exnova is operating without a valid licence, and much of the crucial information that should be publicly disclosed is missing from its website.

To make matters worse, WikiFX has also received several complaints about the broker, further casting doubt on its trustworthiness.

Therefore, WikiFX advises users to choose a broker with a higher WikiScore for greater credibility and security.