is exness a good forex broker?
Hi and welcome to Babypips - I’ve moved your thread from “Beginners Questions” to “Brokers”.
To answer your question: it depends which branch, which of their separate-entity companies holds your account.
As with many brokers that size, they have several legally separate companies regulated in different countries. Don’t make the mistake of imagining that “if one’s ok they’re probably all ok.” That isn’t how it works (and that’s actually why they do it this way!).
From your perspective, just about the only important thing is where your account is regulated. If it’s regulated by the UK’s FCA or by CySEC in Cyprus, you don’t need to worry, because in the event of a dispute you’ll have a real regulator available who can help you and has the power to do so, and if that’s taken care of, the other details aren’t very important to the safety of your funds.
If your account’s “regulated” only in the Seychelles, South Africa, Curacao & Sint Maarten, British Birgin Islands, Mauritius and/or Kenya (all of these are another way of saying “unregulated” because they’re pretend regulators without the power, ability or willingness to help customers) then the position’s very simple: don’t touch those accounts.
All the people you’ll ever see posting in forums online who have had “Exness problems” had accounts “regulated” in these places, not in the UK or Cyprus.
It’s about as simple as that.
Before you send them a penny, check by which regulator your account will be regulated. By comparison, nothing else really matters, because if you get that right, anything else is ultimately correctable anyway.
By the way, you don’t need either to be British or to live in the UK to be legally proected by both the UK’s FCA or by the the Financial Ombudsman Scheme or by the the UK government-backed funds guarantee (check this out for yourself on their websites).
All the above might sound unusual, or even surprising, if you’re unfamiliar with the industry, but it’s how things work in the forex broker industry.
The safe regulators are the ones in the UK, USA, Switzerland, Australia and anywhere in the European Union.
There are many hundreds of decent, respectable, safe, properly regulated brokers to choose from. Almost nobody ever needs to use a dodgy, not-properly-regulated, questionable one licensed or “regulated” in Africa or on some Pacific or Caribbean island you’ve barely heard of!
This applies to Exness and to countless other firms who run multiple separate broker companies all under one business name without telling customers clearly that that’s what they’re doing.
Hope it helps - good luck!
2 Likes