Exness quits, dumping Russian traders
“What a shame! It used to be a decent broker,” forex forums are flooded with such remarks. At the same time, Russian clients do not always term the broker by kind words. The company used to be one of the leading brokers. It has barred access to Russian residents since March 2021. The broker’s exit from the Russian Federation ended up with blocked clients’ accounts, frozen money withdrawals, and termination of technical support. Positive comments on the broker’s services still can be found on the Internet. Some of them were left this summer. It proves that Exness is still interested in the Russian trading community. However, fresh evidence confirms the opposite.
Basic details on Exness
The Exness brand comprises a group of companies regulated under different jurisdictions. The official website refers to 7 such regulators, including the FCA (the UK), the CySec (Cyprus), the FSCA (the SAR), and others. Importantly, opening an account with Exness, a trader makes a Client Agreement with Nymstar Limited whose legal address is the Seychelles and which is supervised by the appropriate watchdog.
At present, traders from Russia cannot open an account with the broker. As of August 2021, brokerage services with Exness are unavailable to Russian traders. The website is not supported in Russian, though the broker claims that Russian clients can still receive customer support in their native language. Nevertheless, some Russian traders who opened accounts earlier continue their cooperation with this forex broker.
Exness offers the following advantages:
Food for thought
Clients have left a great deal of reviews of the broker on the Internet. Notably, positive comments on the cooperation with the broker were posted long ago. Nowadays, on some forex-related portals traders still speak well for Exness’ stability and stringent regulations, albeit this does not relate to its activities in Russia. Almost everyone who traded with the broker complains about forced closure of their positions and accounts. Moreover, the company did not allow them to withdraw their funds. So, Exness just ditched its Russian clients. Trading accounts have been blocked, money has gone, and customer support is unavailable anymore. Hence, traders come to a conclusion that Exness has ceased its operation in the Russian Federation. Alas, the truth is that the company is dead for Russian traders, having left a trail of bitter disappointment, blatant fraud, and plenty of breached clients’ agreements.
The agreements contain crucial paragraphs which seem to be neglected by traders from Russia. These paragraphs set out conditions under which a client’s account can be frozen without prior notice.
Besides, the information on the official website is hardly true to reality. For example, the broker points out that traders can work with a deposit through bank cards such as VISA, VISA Electron, Mastercard, Maestro Master, JCB (Japan Credit Bureau) within 3-5 days. However, according to the feedback from clients, the broker does not permit them to withdraw their funds to bank cards.
Feedback from clients
Clients have left a great deal of reviews of the broker on the Internet. Notably, positive comments on the cooperation with the broker were posted long ago. Nowadays, on some forex-related portals traders still speak well for Exness’ stability and stringent regulations, albeit this does not relate to its activities in Russia. Almost everyone who traded with the broker complained about forced closure of their positions and accounts. Moreover, the company did not allow them to withdraw their funds. So, the Exness just ditched its Russian clients. Trading accounts have been blocked, money has gone, and customer support is unavailable anymore. Hence, traders have come to a conclusion that Exness has ceased its operation in the Russian Federation. Alas, the truth is that company is dead for Russian traders, having left a trail of bitter disappointment, blatant fraud, and plenty of breached clients’ agreements.
They barred access to my account without a valid reason. You would rather avoid it!
Exness quit Russia. Before that, it decided to make some monkey business. On March 1, 2021, it wound up its services in Russia citing the lame excuse of low trade volumes. I’ve made 50 trades with them this year. Don’t get involved with them! Someone says they are moving to Asia. Asian traders, please stay away from them! This is a pure scam and a breach of clients’ rights.
They still withhold my money. I cannot reach out to their customer support. What a nuisance, even though the money is modest!
Andrey, June 25, 2021
Today, I’ve found out that the trading platform doesn’t enable opening any trading positions. In the client’s log, they informed me that trading is unavailable. I entered the Client Area and saw the message: “From March or April 21, 2021, the brokerage services are not delivered for clients in the Russian Federation. They are requested to close all positions and withdraw money.” Why on Earth didn’t they send any notice by email or sms? Why didn’t they call me? I seldom log on to the Client Area, once in a few months. So, I didn’t see this message. Now I’m not able to close any positions. My last trade was opened last week. The worst thing is that I’m not able to take out my money. I applied to customer support, but haven’t received any reply yet.
Daniil Chernov, June 8, 2021
Indeed, the broker is getting worse and worse. They close my deals themselves whenever they want and then customer support keeps silent.
Ruslan, April 23, 2021
Withdrawal to a bank card is impossible as this option is blocked. I’m trying to take out my money to the usdt wallet, but they refer me to a bank card. I’m in a gridlock! I don’t know what to do! No answer from customer support!
This broker is a scam! I made a deposit through a bank card. Now I cannot withdraw my money as they have disabled this feature for Russian traders. They also barred my withdrawal to WebMoney citing the provision according to which deposits and withdrawals should be made through the same bank card. It looks like a trap! Don’t deposit any money with them!
Like in the previous feedback, the client’s account and login have been blocked. Customer support has vanished. Exness has abandoned Russia, though active accounts can still be traded. Hence, it makes sense to search for another broker.
Stanislav, February 15, 2021
They must unblock trading accounts! Customer support is unavailable for some time!
They terminated my account and violated the Client Agreement. This is how Exness works! I used to encounter the same trouble. You guys! Grab your money and don’t even approach this broker! They dumped me because of low trade volumes. Personally, I’ve made over 50 trades this year. Exness is dying and stinking. Under the Client Agreement, they have no right to terminate your account due to low trade volumes.
Exness can still lure traders outside Russia with its beneficial trading conditions and the fact of holding several licenses from well-known financial regulators. The broker exited Russia without having fulfilled its financial commitments and having left Russian clients with memories about frozen accounts. This broker should try its best to revive its good name. If you don’t mind risky trading, you can give it a shot, though it would be better to acknowledge it is no good to be hooked by a shady broker. Please take care of your nerves and deposit!
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