I would say that Exness has the best conditions you could dream of: Incredible spreads that are as good as best ECNs like LMAX or DUKASCOPY without any fee, and amazing swap rates (Maybe the best you can find). And you can have 30% rebates on top of this (I was with BestForexCashback, which had always been great). I told myself a few times that it was too good to be true, and unfortunately I was right, but at the same time, I was stupid too (won't change anytime soon I guess) and continued trading anyway as everything was fine for approx 6 months.
Then, as I was making too much profit I guess, happened what obiously would happen: I got SCAMED !
One part of my trading was arbitraging EURO against LITUANIAN LITAS by selling EUR/USD and selling USD/LTL, as the exchange rate is quite fixed. Was making profit, and earning good swap on USD/LTL shorts during the time I was keeping the positions open.
What EXNESS did is that they simply *DISABLED* trading on the USD/LTL pair, so I got stuck with more than 9 lots on USD/LTL shorts, and couldn't do anything anymore: Impossible to close any order, open new ones, change TP or SL. Of course, they did this without any notice. I emailed, chatted, and did whatever I could to make them let me manage and close my positions. Nothing to do, they kept on telling that they did not disable the trading on the pair, but that I couldn't close the positions due to 'low liquidity' on the pair. Of course we are talking of a 'market maker' account, not an ECN one, so THEY are the counterpart of the trade. And according to them, it's the 'low liquidity' too that prevents me to change the StopLoss or TakeProfit of trades. And MT4 returns a 'TRADING DISABLED' message ... Anyway, nothing to do.
Only solution seemed to let THEM close the positions. They tried to make me accept to cancel all the trades too. So, there was 2 possibilities according to them: Close all the positions at market price, or close the positions that were attempted to be closed, and couldn't due to the 'low liquidity' problem, at the attempted close price. Seems not bad ... (I asked by chat and email a lot of times for them to confirm which trades that would be and at which prices, they never answered. Or they answered I would get an email with the information, which I never got)
One friday afternoon, to resolve this issue, I accepted by chat to close *ALL* (I always asked for *ALL* positions of my account to be closed at once so that USD/LTL and EUR/USD trades which hedge each other are closed at the same time) positions as the cross beetween the 2 pairs was favorable to me. Seems that in fact it was too favorable to me, as they waited, waited, and didn't close the positions when I asked. I asked again, kept on asking, and one hour later, still nothing was done. When price was far less favorable for me, I wanted to cancel the close of the trades, as they did nothing for more than 1 hour !!! And they kept on saying that they would close the trades at the close of the market, at the last available price. I refused and refused as it would be the absolute worst prices for me, with the highest spreads, but they didn't seem to take in consideration my request and said they would do it, and that I had no choice ... Nice !
Anyway, probably the conditions weren't bad enough (was really better than usual for a WE close), as they finally didn't do it ;)
Next week, I emailed them again to try to solve the issue. I tried to tell them that I would at least like to have the trades closed WHEN I ask it if I can't close them myself when I want and at the price I want because they disabled trading on the pair (which is already unacceptable). I finally agreed to already close trades that were attempted to be closed by my EA at the price of the attempt, which was in my favor. I checked my logs, and there were 2 trades with a close try at better prices than actual market price on USD/LTL, so why not start bu this ? *BUT* what they did, is that they closed one of this 2 trades at a WORSE price than the attempted close price and ANOTHER trade (not the good one) which wasn't attempted to be closed at a SILLY price which instantly gave a very huge loss !!! In fact they took the trade with the BIGGEST running loss and closed it at price far above actual market price.
When I emailed them with my logs and explained they made a mistake, they didn't want to hear anything. I politetly asked for them to cancel this operation then, as it didn't match what was attempted to be done and they never were able to reply to all my request to at least let me know what they would do, and close everything at market price. They refused and if I wasn't 100% sure until then, became obvious that they did what they did on purpose.
At this point, I wanted to try to withdraw what I could from my account, so asked them to close *ALL* account transactions, even if they would chosse the worst moment, as I had no choice ... And what they did finally is that they waited during a big market move (during ECB press conference) and only closed the USD/LTL trades, not the EUR/USD ones, so I had 9 lots of EUR/USD trades open ALONE in a directional bet. They just closed at the right moment so that even I was monitoring my account, I got another HUGE loss in a few seconds.
Tried to do my best to get out of the situation, gained again some of the lost money and got everything closed.
I then went on their website to do a withdrawal of what was remaining after all this and their 'AUTOMATIC WITHDRAWAL' that they adverstise everywere seems to stop to be automatic when you try to withdraw more than you deposited ... So didn't get my withdrawal.
That's all the story (quite long, but tried to keep it the shorter I could). Don't get fooled by EXNESS good conditions, EXNESS is a *SCAM* !!!!! I had a stable 3000 MBB (a metal currency account) equity on my account, and growing with swap earned each day, which was approx 4100 EUROS. I now will try to advertise this story everywhere I can to warn other traders of EXNESS behaviour, and try to get this back by filling a complain with FDR. Hopefully it was only profits, I withdraw deposited money before, but that was months and months of hard work ;(
I have all chats / emails / logs / account statements / screen captures to prove everything.
Funny note: Not sure what it exactly means said like this, but article 3.2.a of EXNESS client agreement states that: 'The Client is obliged to realize his right to open/close position in the terminal of the Company'.
Don't worry DrVodka. You can be assured that what need to be done WILL be done. Currently all evidence is provided on a FPA scam case, and Exness is supposed to answer. Curious to see what they will say. Maybe they will accept to compensate, who knows ?
Hi Hugoo. Thank you for you support. Here you will find attached a screen print showing how their 'automatic withdrawal' advertised everywhere stops to be automatic when you want to withdraw more than your deposited. Translation of comment you can see in French means: 'No need to worry, transaction will be processed as soon as possible' ;)
As for my case, you can find the whole story with every details on Forex Peace Army (sorry to advertise another website here on MyFxBook !) 'Scam folder Alert' as I'm currently uploading everything there. It's quite long, so don't want to repost it everywhere.
James, no, not for the moment. People at Exness seems to be totally stupid. At least their answers are. Are they, or do they act like this to buy some time ? I'm not sure ... Anyway, no solution for the moment. I will post here when there are some new developments.
ForexScam posted: report this on Forex Peace Army too.
I have posted every details of the story on FPA, in the Scam Alert Folder. You can have a look there if you want. It's just becoming better lately, I have got a good part of my money back just yesterday. Will post more about it soon.
Weren't they marketing for the ECN Arbitrage Bot at one point? ( off topic) .
I don't know. And I only had a 'Market maker' account, maybe their ECN account is working correctly ??? I'm not sure.
Who in their right mind would trade such a bizarre cross pair, your asking for trouble. There will be limited liquidity and all that comes with a product not high in volume and participants. Early in the rule book, trade with major or at least known pairs as there is volume and major players. I can understand what you were trading and your method, but really mate cant you just stick to more logical pairs. Im on the fence with this one. Hope they refund you, but let it be a lesson to everyone dont trade products with low volume or few participants
We are all faced with a series of great opportunities, brilliantly disguised as unsolvable problems - John W Gardener
I can only agree with the OP. One time I was stupid enough to open an account there. Luckily I only funded it with a very small amount of money, because I already had a bad feeling after first getting in touch with their 'support' desk. They didn't even seem to be able to help me with a straightforward question about a wire transfer. At one point I thought I was chatting with a bot, but it actually turned out to be a real person (unfortunately).
Then there is the ridiculous withdrawal fees with a minimum fee of $40.
The reason for opening an account with them was because of the good reviews on FPA. After trying to post a negative review it didn't get published on FPA, so reviews on there are not reliable either.
Don't touch this broker with a ten foot pole if you are any serious about trading.
Jaypipin posted: Who in their right mind would trade such a bizarre cross pair, your asking for trouble. There will be limited liquidity and all that comes with a product not high in volume and participants. Early in the rule book, trade with major or at least known pairs as there is volume and major players. I can understand what you were trading and your method, but really mate cant you just stick to more logical pairs. Im on the fence with this one. Hope they refund you, but let it be a lesson to everyone dont trade products with low volume or few participants
That's a whole different discussion. It's about them allowing him to trade this pair and then suddenly changing their minds and not allowing clients with open positions on the pair to close them.
I agree Ruben, and first glance at their website gives one the heebie-jeebies. I would stick with the top brokers and if your unsure or cautious go with white label. Find them on currenex' website. Again trust you get the settlement Mevo ;)
We are all faced with a series of great opportunities, brilliantly disguised as unsolvable problems - John W Gardener
ForexTU-James: I recovered a part of my money (All details on FPA). I finally (only) lost around 1000 EUROS in this story that I probably won't ever see again. I will write to New Zealand Financial Service Providers service to let them know how a company registered with them behave and to Cysec in Cyprus because Exness is seeking an European Licence there.
About liquidity, it's an absurd excuse, even very exotic pairs have at least 2 or 3 million liquidity all the time. Only problem with exotics is that the spread is higher. And Ruben answer to you about that is 100% correct. Thanks Ruben ! ;)
Ruben: Totally agree with you. I guess we all have to learn that the hard way to really understand how all this works. I remember how I was asking myself what slippage was at the very beginning. My first very badly choosen broker soon teached me ;)
I'm not related with them at all (except being a customer), but I would say Oanda is a great choice for a beginning. I would rate them as the most honest market maker around. And their support is always helpful when needed. Exness support is just unbelievable, and I know you're not exagerating at all by writing what you wrote. I've been there ;)
I fully agree with Ruben regarding his comments on XE Markets - According to me, they are also very strange on their bonus trading system.
I funded my account with $5k and received a welcome bonus of $1.5k - after a few month, my account was showing $17k around and I decided to withdraw a short part of my 'work' done. So, I requested a withdraw of $3k which was executed, but the whole bonus was removed. Then, as I didn't touch my initial deposit on which the bonus was calculated, I asked the help desk to give me an explanation for this. They mention as soon as I withdraw, even $5, they will cancel my bonus as it is the company policy.... BUT, I can fund more money and I will get a new very 'exciting' bonus.
So, the meaning of this : They are only looking for loosing traders who keep on adding some more money into their account as they probably need to get some fresh money inside
Why is it like that : a simple explanation can be that they are running out of cash to pay the different withdraw, so that's the reason they are pushing so hard to get some new fresh money inside.
The Management called me regarding this problem and they just told me off and explained this is all brokers procedure.
I just withdraw my entire account and will keep on woking with my other brokers who are very reliable.
Not sure it suits your post, but this is an other point to show the 'honesty' of this broker - AVOID THEM !
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.