Broker Review: Is Exnova Legit?

About Exnova

Founded in 2021, Exnova is an unregulated broker. it offers ease of use and a variety of assets. The platform, managed by Digital Smart LLC and registered in Nevis and Cyprus, allows users to trade in over 250 assets, including company shares, currencies, commodities, and potentially cryptocurrencies.

Regulation Status

A significant point of concern for potential investors is the brokers unregulated status. It lacks oversight from major financial regulatory bodies. Exnova claimed it is registered in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen. In addition, WikiFX has given this broker a low score of 1.35/10. please be aware of the potential risks.

Minimum Deposit & Account Types

Exnova offers four major account types to its traders. They are Standard, Premium, Islamic, and Demo. The minimum deposit, spreads, leverage, and tradable products vary across account types. The Standard account can be opened with a minimum deposit of $250. The spread for this account is from 1.2 pips. The minimum deposit for a Premium account is $25000. The spread for this type of account is from 0.1 pips. The Islamic account offers a minimum deposit of $1000. And the Demo account is completely free. Traders can use it for practice goals.

Leverage

Leverage up to 1:500 is what Exnova offers. However, leverage ratios vary across different assets based on their risk profile. The maximum leverage offered on major forex pairs is 1:30 for Standard accounts.

Spreads & Commissions

Exnova offers competitive spreads that start from 0.1 pips on certain instruments for Premium account holders. For Standard accounts, spreads start from 1.2 pips on forex pairs and vary depending on the instrument. There are no separate trading commissions charged, as Exnova makes money from the spreads.

Deposit and Withdrawal

Exnova offers a range of deposit and withdrawal options, including bank transfers, electronic wallets, and credit/debit cards, with no fees for deposits but a 2% charge on withdrawals after the first free one each month. Withdrawal requests are processed within up to 3 working days.

Trading Platform

Exnova offers a powerful and intuitive trading platform designed to make investing easy and accessible for everyone. Here are the key features and functionalities of the Exnova trading platform:

User-Friendly Interface: The platform is designed to be intuitive and easy to navigate, making it suitable for both beginners and experienced traders.

Extended Functionality and Advanced Trading Tools: Exnova provides a range of advanced trading tools to enhance the trading experience.

Community and Social Trading Features: The platform includes features like live chat, trader sentiment, and community live deals, allowing users to engage with a broader trading community.

Risk Management Tools: Tools such as Stop Loss/Take Profit, Negative Balance Protection, and Trailing Stop are available to help traders manage their risks effectively.

Convenient Deposits and Withdrawals: Exnova offers convenient and commission-free deposit and withdrawal options.

Educational Resources: The platform provides educational videos, step-by-step instructions, and helpful community chats for new traders.

Mobile App: Exnova also offers a mobile app, enhancing the convenience of trading on the go.

This platform is designed to cater to a wide range of trading needs and preferences, emphasizing ease of use, community engagement, and effective risk management.

Customer Support

Exnova offers robust customer support services to ensure a seamless trading experience. They provide 24/7 support, catering to clients across different time zones and trading schedules. The support team is capable of assisting in multiple languages, making it accessible to a global audience.

Conclusion

Overall, Exnova is an unregulated broker with a low score. We dont advise you to invest in this broker as the potential risks are obvious. Please do more research and make yourself comfortable before making a final decision. If you want more information about certain brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX App to find your most trusted broker.