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Exness Review – Is this Forex broker scam or legit?
My personal experience with Exness
I would like to base this review on my personal experience of trading with Exness. I want to share my experience with you.
Finding a legitimate forex broker is not a big issue as there are many trusted brokers in this industry, but finding one that suits your trading strategy best, can be a difficult task. You can read all the reviews you want, about a broker; it simply can’t tell you everything that you need to know.
I have joined several forex brokers, some of them are the biggest brands in this industry; and off course, I did my research before opening accounts with them. With every broker, I found something to be missing. I use different strategies in trading; one requires tight spreads, another one works only with 1:1000 or more leverage [using too much leverage can wipeout your whole account, but if you have a good strategy, you can use it to squeeze maximum profit from a trade while risking only small amount of money.] Anyway, my point is that I need certain features to use each of my trading strategies; for instance, I need fast-trade-execution for one of my scalping trading strategies.
After trying several brokers, I finally tried Exness and I am glad to have found this broker as it offers everything that I need. Following is a list of features I was looking for in a forex broker:
- Tight spread
- ECN account
- High leverage
- Supports multiple deposit/withdrawal options including Skrill
- Does not disallow any trading strategies
- Fast trade execution
- Good client area
- Fast withdrawal process
- Small fee
- Offer different types of accounts
- Customer Service/Support
Exness is offering fairly tight spreads in all types of accounts. I wouldn’t call these spreads the best, but they are better than what many other brokers are offering. I would give Exness 8/10 for the spreads it offers.
The ECN account at Exness is very good. The max leverage is 1:200. Spreads are very good. Exness deduct small commission on each trade. This account is very good for using scalping strategies. 9/10
Official MAX leverage advertised at Exness is 1:Unlimited, but this there are certain conditions to meet if you want to use it. The feasible option is to choose 1:1000 if you have a strategy that requires using such high leverage! 10/10
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Exness currently supports eight different methods [including Skrill, formerly MoneyBookers] for depositing and withdrawing funds. These include WebMoney, Wire Transfer, CASHU, Excard, NETELLER, and more… 10/10
As far as I know, Exness does not block the use of any legitimate strategies. 10/10
Fast Trade Execution
One of the reasons why I left several forex brokers is slow trade execution in their trading platform. If you are using a scalping or any other similar strategy, then you need fast trade execution. Exness trade execution is very good; it is much faster than many brokers I used. 9/10
Out of all forex brokers I have used, Exness has the best features in client area. You can easily create multiple trading accounts, change leverage for any account, request withdrawal, and there are many other features! 10/10
Exness is one of few forex brokers who offer Instant-Withdrawal options. You can receive funds in seconds, literally! Exness processes most withdrawal requests automatically. 10/10
Exness charges small fee, or commission, on trades you execute in an ECN account. Their fee is much smaller than what many other brokers are charging. 10/10
Exness is offering several different types of accounts. Each account has a different set of specifications. 10/10
Exness provide 24/7 support. Their live-chat representatives are very helpful. 10/10
As you can see, Exness has everything that I was looking for in a broker. It took me a while to find the perfect broker for myself, but I am glad I finally found one, namely Exness. However, it doesn’t mean that this broker is perfect for everybody; perhaps another broker will suit all your needs. It depends on what your trading strategies are and what features you are looking for in a forex broker.
My overall score for Exness is 9/10 .
Before joining any forex broker, do a thorough research; find the broker that is offering best trading conditions that suit your trading style/strategies.
There are some other features that you may find interesting; for instance, Exness, like many other brokers, is offering trading contests from time to time.
Scam or Legitimate?
You should not worry about the legitimacy of Exness. This forex broker is 100% legitimate; they can’t get more legit then this! I mean, Exness is a legit forex broker who will always pay you your own money as well as the profits you make. You should not worry about Exness scamming you as that is not even remotely possible. It is a trusted and registered forex broker.
Update: I forgot to mention the online reputation Exness have. ForexPeaceArmy is a website that I trust. If you are worried about the legitimacy of a Forex broker, then head straight to FPA. I am not asking you to blindly trust all reviews at FPA; however, they can hugely help you in your online research. Below is a screenshot of current rating of Exness at FPA:
Binary.com Review 2020 – Is Binary.com Scam or Legit?
|Name||Binary.com Review 2020 – Is Binary.com Scam or Legit?|
|Legal Entity||Binary (IOM) Ltd|
|Bonus||up to 100%|
|Full Address||Isle of Man, Douglas, 14, Victoria Road|
|Phone||+44 (0) 1666 800042|
Founded in 1999 as BetOnMarkets.com, Binary.com has metamorphosed to be one of the popular and pioneering brokers in the binary options trading industry.
The rebranding of the company to Binary.com was done in 2020 to enhance the quality of service it offers to binary options traders. Since then, the company has earned an enviable reputation in the industry and now boasts of more than 1 million registered accounts worldwide.
We did a comprehensive review of the broker to establish whether it is capable of offering healthy and quality conditions for trading.
Here are the things we found out.
Opening an account
Opening a new account at Binary.com is fast and simple. We first opened a virtual account with the broker, which comes with a free deposit of $10,000. We used the free account to try out the broker’s platform and familiarize ourselves with its offerings.
Thereafter, we upgraded to a real account and made some real cash deposit to better get a ‘feel’ of the broker. After submitting the required details, which includes identity verification documents, our account was up and running.
We noticed that the broker provides a simple and user-friendly web-based platform to traders. We easily navigated through the trading platform and monitored our portfolio in real time. Some key strengths we noticed with the platform is that it enables traders to execute orders in seconds, tailor the contracts to suit their preferences, and sell back trades at the current prices.
The Binary.com platform has over 100 assets for trading. Traders can choose from a wide variety of forex pairs, indices, stocks, commodities, and volatility indices. The binary options types offered include Up/Down, Touch/No Touch, In/Out, Rise/Fall, and Higher/Lower, with expiry times ranging from 10 seconds to 365 days for some assets.
In terms of payouts, we noticed that the broker offers one of the most lucrative and unique rates in the industry, from $1 to $50,000 based on the success of your trades.
Deposits and Withdrawals
Binary.com provides secure and convenient payment options to clients. Some of the common payment methods supported by the broker include bank wire transfer, credit cards or debit cards, Skrill, Neteller, PerfectMoney, WebMoney, and Qiwi. Payments can be made in U.S. dollars, British Pounds, or Euros.
Furthermore, the broker holds clients’ funds in segregated accounts maintained by AAA-rated financial institutions.
The processing time for deposits and withdrawals is fast and is usually completed within one working day.
Binary.com requires a minimum deposit of $5 for new accounts. In terms of bonuses, we noticed that the broker runs frequent promotions to provide traders with bonuses. After opening a live account, you will need to contact the broker to know your bonus amount.
Binary.com (previously referred to as BetOnMarkets.com) is owned and operated by a company called Binary Ltd. The broker is fully licensed and regulated and has been providing unmatched trading conditions to clients for over a decade.
The broker is under the watchful eye of several regulating bodies, including Gambling Supervision Commission in the Isle of Man, Malta Financial Services Authority (MFSA), and UK Gambling Commission. As much as most of the broker’s licenses are from gambling regulatory bodies, we noticed that it has been continually offering transparent and legitimate trading conditions to binary options brokers.
What’s more, we searched on the internet for negative user feedback and failed to get any significant proof that the broker is failing in its mission. Additionally, Binary.com has a very thorough and straightforward complaints and disputes policy, which it uses to handle any issues raised by clients professionally.
During our Binary.com review, a major drawback we learnt is that the broker lacks sufficient regulation to offer its services to traders in the U.S., Japan, Costa Rica, and Hong Kong.
Binary.com offers a quick and supportive multilingual customer service, which can be reached by phone, email, or live chat 24 hours a day.
The broker’s site has extensive resources and tools, which traders can use to sharpen their skills and become profitable from binary options trading. The site is also available in different languages, so you can choose the language that suits you the most.
Pros and Cons of Binary
- Long history of quality service delivery in the industry
- Site available in different languages
- Minimum deposit of $5
- Wide range of assets
- User-friendly trading platform
- Professional support department
- Free demo account
- Operates under regulated conditions
- Convenient and secure payment methods
- Traders in the U.S., Japan, Costa Rica, and Hong Kong not allowed
- A bit of gambling attitude towards trading
The fast and easy account opening process, innovative trading platform, secure and convenient payment options, as well as an extensive range of assets and expiry times are exciting features that make the broker stand out among the others.
Furthermore, the transparent and clear dealings of the broker together with the fact that it is regulated affirm that it is not a scam broker and does not allow fraudulent practices.
So, if you are looking for a broker with a long history of providing robust and quality conditions for trading, you can try out Binary.com.
Range of Services
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Binomo Online Binary Options Broker Review
What is Binomo?
Binomo is an online option trading broker that started operations in 2020. The broker is a subsidiary of the Dolphin Corp and is headquartered in the St.Vincent and the Grenadines under registration number 25151 IBC 2020.
with has there office located on the First Floor of First St Vincent Bank Ltd Building, James Street, Kingstown, St.Vincent and the Grenadines
Also, they work with a payment agent to secures there banking: Pollack Trade LTD (a company registered in accordance with the legislation of the Republic of Bulgaria, whose office is located at Georgi Sava Rakovski St. 96, Sredets Region, Sofia Municipality, Sofia 1000)
The platform provides contact customer support by Email [email protected]
Currently, this broker is only regulated by the International Financial Markets Relations Regulations Center (IFMRRC). The organization describes itself as a non-commercial body created to regulate services provided by brokers, dealers and other financial and investment institutions.
Binomo Platform guide:
Is Binomo a scam or legit online options broker?
One of the key features I look at when deciding whether a broker is legit or not is if they’re fully regulated by a reputable authority. As I mentioned, Binomo is regulated by the IFMRRC. I usually place preference to brokers who hold certificates from reputable authorities like CySEC, ASIC and FCA.
After combing through the Binomo website, I found that they have a pending CySEC and CPO regulation. Although it’s a good indicator about how serious the broker is about attracting traders from different parts of the globe, I’d advise traders to wait until they’re fully regulated by CySEC.
However, if you still want to try out the platform, you can take advantage of their low $10 minimum account deposit to start trading. This will enable you to try out the platform without risking a lot of money.
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General Risk Warning! your capital may be at risk
What makes Binomo stand out?
The Binomo platform is quite unique and offers several trader friendly features. One feature that really stands out is the ‘hotkey’ option. Once enabled, you can quickly issue commands such as increase/decrease investment amount and execute trades without using a computer mouse. The platform also provides many charts and technical analysis tools. This makes it easy to customize your trading interface to suit your trading preferences.
Does Binomo have any major shortcomings?
Every trader wants to have control over their investment. Binomo has a clause in their terms and conditions that seems to limit this control. According to the clause, you will have 10% deducted from your funds should you decide to withdraw before your trade turnover reaches at least twice the deposited amount.
For example, say you deposit $100 and decide to withdraw the whole amount before making trades worth $200 or more. Binomo will deduct 10% ($10) from your funds.
Should you open a Binomo trading account?
This online broker offers a demo trading account credited with $1000. This is a good place to get started in order to get a feel of the platform. You’ll only need a valid email account to open a demo account. In addition, you can easily replenish the demo account funds if necessary.
But, what does a real Binomo trading account offer?
The platform comes with a well-designed trader interface. It isn’t cluttered with a lot of features which is a great thing especially for beginner traders. Besides being able to trade directly from your browser, you can also access the Binomo platform via Android or iOS app.
Besides the demo account, there are three other account types to choose from as follows:
1. Binomo Standard Account
To open a standard account, you’ll only need a deposit of $10. Profitable trades provide a return of 85%. Withdrawals are processed within 3 working days.
2. Binomo Gold Account
The minimum deposit to open a gold account is $500. Gold account holders earn returns of up to 86% on profitable trades. This account type also attracts a weekly cashback of up to 5% and withdrawals processing of within 24 hours. Other benefits include a personal manager and advisory services.
3. Binomo VIP Account
The minimum amount needed to open a Binomo VIP account is $1000. You can receive up to 100% bonus once you open a VIP account. Returns on successful trades can reach 97% and withdrawals are processed within 4 hours. VIP account holders are also eligible for a 10% weekly cashback and other additional features not available to Standard and Gold accounts. It’s worth noting that each of these live accounts attracts a signup bonus. Bonuses are also offered to existing account holders from time to time. Binomo offers a range of tradable assets to choose from. These include currency pairs, commodities, stocks and cryptocurrencies. The number of assets you have access to largely depends on the account type you sign up for with VIP account holders having access to the widest range.
There are two option types to choose from. The turbo option allows you to enter and exit trades within a 60-second time frame. The classical high/low option on the other hand offers multiple expiry periods of 15, 30 and 60 minutes respectively.
You’re not tied down to the expiry you set at trade entry. The platform allows you to choose sequential 1 minute expiry periods of up to 6 minutes.
For example, if you enter a trade at 12.36 pm, you can set expiries of 12.37, 12.38, 12.39, 12.40, 12.41 and 12.42. There’s no limit to the number of positions you can enter at any given time. This makes it easier to maximize profits within a specific time period. You can also trade during weekends.
In order to be able to follow price trends easily, the platform’s chart can be divided up into several time frames ranging between 5 seconds and 5 minutes. By rolling your mouse wheel, you can zoom the chart in and out.
The platform also offers a wide range of technical analysis tools that allow you to keep track of trends in real time. Binomo also offers the ‘hotkeys’ tool which is unique across the online options brokers I’ve tried out. What this tool does is activate keyboard shortcuts to common commands you issue while trading.
This way, you won’t have to rely on clicking on your mouse when issuing commands thus saving time. I would however recommend you first memorize the different hotkeys using your demo account before trying them with a live account.
If you’re just getting started as a trader, Binomo provides a collection of tutorials to get you on track. These include video tutorials, a detailed knowledge base, and strategies section. Their FAQ section however isn’t as detailed as you’d expect with any online options broker.
The minimum amount you can invest in a trade is $1. The platform accepts several payment methods that include credit/debit card, QIWI, Neteller and WebMoney. Withdrawals are made to any of these payment systems. The broker doesn’t charge any withdrawal fees unless you want to withdraw funds before trading an amount at least twice your last deposit.
Binomo also regularly offers tournaments which make it easy to earn money outside your normal trades.
So what’s my opinion regarding whether you should open a Binomo account or not?
I believe the platform has made an effort to stand out as a legit online options broker. I’m a bit reserved when it comes to brokers regulated by the IFMRRC only. Their requirement that you have a trade turnover exceeding twice your deposit amount before withdrawing is also something they need to work on.
However, given that you can deposit $10 and trade with as little as $1 I consider Binomo worth trying out. But before making my final conclusion, it’s best I consider existing trader complaints as well as a breakdown of how I rate different Binomo features. General Risk Warning! your capital may be at risk
Binomo trader complaints
Due to the IFMRRC regulation, it’s safe to say that Binomo primarily targets traders from Russia and other Asian countries. This could explain why I couldn’t find any complaints from traders in Europe or Australia (Binomo doesn’t accept traders from the US).
However, I did come across a YouTube video. In it, the trader complains about not being able to withdraw profits that were tied to bonuses. This is a typical complaint I’ve come across with regard to brokers that offer bonuses to new traders. I usually advise that you first read the fine print explaining the intricacies tied to profits earned from bonuses.
How do I rate different Binomo features?
As usual, I always try to compare different online brokers based on the different features they have to offer. So based on a rating of 20, here’s my breakdown of Binomo’s features.
User friendliness and accessibility
The Binomo platform is well designed. The trading interface isn’t cluttered with many features which often negatively affect usability. The ‘hotkeys’ option also makes it easy to issue different commands using your keyboard. Opening a demo account requires only your email address. The platform is also easily accessible via browser and mobile apps. The 14 language options also make it easy for traders around the globe to access the platform.
There are 3 real account types to choose from. The Standard account makes it easy to try out the platform without investing more than $10. Each account comes with its own unique features. However, Gold and VIP accounts offer more goodies including faster withdrawals, access to more assets and better support.
Number of Assets
There are about 80 different assets to choose from. These include currency pairs, commodities, indices and cryptocurrencies.
However, the number of assets you can trade in is limited based on the account type you hold. To access more assets, you’ll need to open a Gold or VIP account meaning you’ll need to invest more of your money.
Option types and expiry periods
You can choose between turbo options and classic high/low options. The former has expiry periods ranging between 1 second and 5 minutes. The latter has expiry periods of between 15 and 60 minutes. You can also enter multiple trades at a time.
Getting started with the platform is quite easy. However, the amount of support you receive thereafter could use some improvements. Their phone support is available for 4 hours. You could still contact support through email,live chat and Skype.
Fees and effective return
Binomo doesn’t charge fees on trades executed. However, you can have 10% deducted if you decide to make a withdrawal before executing trades of at least twice your last deposited amount. Profitable trades can earn up to 87% effective return. This is considerably lower compared to other brokers who offer returns of up to 95%.
Deposits, withdrawals and bonuses
The platform accepts several payment methods including debit/credit card, Neteller, QIWI, Yandex and WebMoney. Withdrawals processing will take anything between 4 hours and 3 working days depending on your account type. Binomo also offers bonuses on deposits which can be up to 100% for VIP accounts. The turnover cap on bonuses ranges between 30 and 40 times the bonus amount. trading in Russia? We’ve found a highly rated fully regulated broker for you. Start trading with Olymp Trade now!
Binomo provides the ‘hotkeys’ feature which I found to be unique, useful and time-saving. The ability to replenish your demo account is another feature I found useful especially for new traders learning how to use the platform. Another noteworthy extra is the different tournaments offered to traders. This allows you to earn extra money outside normal trading.
Binomo is a decent online trading platform. It comes with all the features you’d expect from a broker trying to attract traders from across the globe. The platform is well designed and offers many trader friendly features.
However, there are several shortcomings that cannot be overlooked. First is the regulation issue. Being regulated by the IFMRRC only locks out many traders especially from European countries.
Their phone support could use additional live hours. The 10% fee on withdrawals made before a certain turnover is achieved is another shortcoming worth considering before investing with this broker.
Overall, I wouldn’t rate Binomo very highly. If you’re looking for a highly rated and fully regulated options broker we’ve got the right one for you. Simply click here.
General Risk Warning! your capital may be at risk
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