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ExonFX Review: A false IFSE-Regulated Trading Platform

ExonFX Review: A false IFSE-Regulated Trading Platform

ExonFX (exonfx.com) offers over 53 currency pairs and has unlimited leverage. However, with their false IFSC regulation claims, we had to investigate the platform further. Exon FX is another offshore platform that plans to take your funds. We believe exonfx.com is another exit scam. As soon as the platform has its fill, it will later break down. Signs have already started as withdraw becomes a problem. Here’s our detailed EXONFX REVIEW.

About ExonFX

Is ExonFX legit or a scam?

On the about us page, ExonFX claims to have been operational since 2010. Members get the promise of having modern trading tools and the best trading conditions. So far, nothing of the sort can be seen on the platform.

There have been withdrawal delays with the platform failing to inform the reason behind it. You should be aware of such types of trading platforms. As soon as they have your funds, their next option is to block access to funds.

The question remains, how do you find the red flags before you even sign up? That’s what we are here for. To show you the numerous red flags that naïve investors might fail to see. We feel it’s our duty to expose such platforms.

You need to invest with creative investment strategies that provide results. These could be groundbreaking investment platforms that offer real ROI. It would be best if you considered investing in Coin staking, DeFi, and Masternoding.

The platform in question has been parading itself as regulated. But, unfortunately, we couldn’t see any documents to prove their compliance. And these are some of the red flags you should look for in a trading platform.

Your priority is to find the best and safest way to invest. And this means doing due diligence. You should try and find out the experience of other investors before you sign up. It will help you make a more informed decision.

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Accounts ExonFX

ExonFX offers six different account types for investors to choose from. The six include Basic, Silver, Gold, Platinum, VIP, and Algo Fund. Each of the accounts comes with a different set of features.

Here’s more on each account;

Basic

With the basic account, investors must deposit €200. The account lacks crucial features such as robots and MQL access. Leverage for crypto trading is set at a minimum of 1:2 and a maximum of 1:4.

Silver

There’s a minimum acceptable deposit of €1,000. The account comes with a crypto commission of 5 percent. You also don’t get access to MQL or any trading robot. It seems all these accounts are for seasoned traders.

Gold

For the gold account, investors must deposit €5,000. There’s a commission on crypto, which is quoted at 4 percent. The type of spreads on forex with all accounts is set at variable. You get technical analysis reports with the account.

Platinum

There’s a minimum acceptable deposit of €20,000. Users also get access to unlimited educational materials. The minimum spread in forex is slated at 2,4, with members getting analysis insights and 1-on-1 support.

VIP

For the VIP account holder, there’s an initial deposit of €50,000. In addition, members get to enjoy robots and crypto commissions of 2 percent. In addition, the platform avails a custom-made trading platform on all accounts.

Algo Funds

There’s an Algo-fund style of account with members getting a platform manager. You can easily download the trading conditions on these accounts. From what we can see, unlimited leverage is a huge problem.

Accounts and Packages ExonFX

Account Features

Without information on acceptable leverage, investors are risking their funds. There’s no maximum leverage which is bluntly put, a high-risk investment move. Regulators have put a lid on leverage for a reason.

In Europe, the maximum leverage on crypto and forex trading is set at 1:100. On the other hand, retail traders in the United States have to use maximum leverage of 1:50. High leverage means losing more funds when you make an unfavorable trade.

Account Managers

Although the platform calls them platform managers, these are call agents who act as account managers. All these people do is call you and claim to have a profitable stock to buy. All you have to do is buy in and let them make a profit for you.

Of course, once you give them funds, you won’t hear from them again. The platform moves quickly to replace them with a new manager. You end up losing your funds and trust with the platform’s management team.

Bonuses and Commissions

Although there are no bonuses on the platform, the platform does offer commissions on crypto. Regulators are against platforms that offer bonuses and commissions. These commissions will later be used against you when withdrawing funds.

The platform will claim you must be a long-term trader to withdraw these commissions. For it to happen, you must invest more with the platform. You will only withdraw the commission amount but not the whole amount in your account.

Business Holder

We have no information on the actual names of the people running the show. What we have is a name of a company that runs the platform. Hopgate Ltd is the name listed at the disclaimer of their homepage.

There’s no such company registered under the Company House UK registry. With the contact information indicating residence in the UK, we checked with the register. We also don’t find any registration documents for the platform.

Exon FX Trading Platform

Contact and support

You should make sure you test how fast a platform responds to emails or phone calls. In this case, don’t expect any quick response using either of these two communication channels. All that we have is a platform that won’t help you make any contact.

We have seen this type of communication system before. The platform tries to control the communication process. It’s easier for them to contact you as the platform has your contact details during the registry.

Deposit and Withdrawal channels

Members fund their accounts using bank and wire transfers. The platform accepts bank and wire transfers. However, we don’t recommend you fund any of these accounts. Withdrawing funds from Exon FX has become a major pain for members.

No one has made it this far for the past three weeks. The platform is unable to answer queries regarding withdrawal issues. We also suspect the platform is holding information regarding crypto assets.

ExonFX License and Registration

The IFSC does not license ExonFX. These are false claims meant to show compliance. We don’t see any documents that prove their regulatory compliance. Without any regulatory framework, the platform is free to operate as they wish.

And that’s why there’s no cap on maximum leverage. IFSC doesn’t have any platform licensed with the above name. You should check with regulators to confirm whether a platform’s license details are visible.

Fund Protection ExonFX

Your funds are far from safe with a platform that lacks a clear compliance structure. In addition, the platform fails to offer insurance cover for deposits made by investors. And this clearly puts your funds at risk.

Mobile Trading Platform

Are funds safe with exonfx.com?

Those who prefer trading on the have a problem with the mobile trading app. Most claim it’s unstable and slow at executing trades. These are some of the technical flaws that you will likely experience with the mobile trading platform.

Our Verdict

After seeing the flaws and red flags, we highly suggest you stay away from the platform. There’s no need to risk it all with a platform that fails to get a proper registry.

Your next best move is to sign up with the best investment platforms. These platforms offer insightful ways of investing.

Feel free to leave any comment or drop us an email.

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