Overview of Exnova
Exnova, established in 2021 and unregulated, is a modern trading platform designed for a broad range of investors, offering ease of use and a variety of assets. The platform, managed by Digital Smart LLC and registered in Nevis and Cyprus, allows users to trade in over 250 assets, including company shares, currencies, commodities, and potentially cryptocurrencies.
With features like a minimum deposit of just $250, a free demo account, and 24/7 multilingual support, Exnova caters to both new and experienced traders, emphasizing accessibility and continuous development in the trading experience.
Regulatory Information
A significant point of concern for potential investors is the broker's unregulated status. It lacks oversight from major financial regulatory bodies. This absence of regulation can pose substantial risks to traders, as unregulated brokers often lack the stringent compliance and transparency standards set by established regulatory authorities. Investors dealing with unregulated entities may face challenges in seeking recourse in case of disputes or malpractices.
Thus, it's imperative for traders to exercise caution and conduct comprehensive due diligence before engaging with such brokers.
Pros and Cons
Pros:
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User-Friendly Interface: Exnova's platform is designed for ease of use, making it accessible for both beginners and experienced traders.
Low Minimum Deposit: With just a $250 minimum deposit, Exnova is an accessible option for traders with varying capital sizes.
Diverse Asset Range: Offers a variety of trading options including company shares, currencies, commodities, and potentially cryptocurrencies.
Practice Account Option: The availability of a free demo account allows users to practice and develop their trading strategies without risk.
24/7 Multilingual Support: Provides round-the-clock support in multiple languages, catering to a global user base.
Cons:
Unregulated: Exnova is not regulated, which may raise concerns about security and reliability.
Limited Advanced Features: May not offer advanced features that are available on other platforms, potentially limiting experienced traders.
Limited Educational Resources: The platform might lack comprehensive educational materials for beginners.
Potential Geographic Restrictions: There could be restrictions on the availability of services in certain countries.
Limited Information on Trading Conditions: The website provides limited details on trading conditions like leverage and spreads, which are crucial for informed trading decisions.
Market Instruments
Exnova offers a diverse range of trading products, catering to various investment interests and strategies. Here's a detailed look at the types of products available on their platform:
Company Shares: Investors can trade in shares of major companies, providing an opportunity to invest in well-known corporations. Examples include Apple Inc., NVIDIA Corporation, and Facebook Inc. (now Meta).
Currencies: The platform allows for currency trading, offering a way to engage in the forex market.
Commodities: Traders can invest in commodities, with examples like Crude Oil WTI, offering a way to diversify investment portfolios.
ETFs: Exchange-Traded Funds, such as the S&P 500 ETF, are available, providing a way to invest in a basket of assets.
Potential Cryptocurrency Trading: While not explicitly listed, the inclusion of Coinbase Global, Inc. suggests the possibility of cryptocurrency-related investments.
This range of products enables Exnova users to diversify their investment strategies across different markets and asset types.
Account Types
Exnova offers 4 main account types to suit the needs of different categories of traders - Standard, Premium, Islamic, and Demo. The minimum deposit, spreads, leverage, and tradable products vary across account types.
The Standard account can be opened with a minimum deposit of $250 and offers spreads from 1.2 pips, leverage up to 1:30, and access to over 250 trading instruments. The Premium account requires a $25,000 minimum deposit but offers lower spreads starting from 0.1 pips and increased 1:500 leverage. The Islamic account follows Sharia principles, has no overnight fees, and requires a $1000 minimum deposit. Finally, the Demo account can be opened free of cost and allows practicing trading strategies in a risk-free environment.
How to Open an Account？
Opening a live trading account with Exnova is quick and easy, requiring just 3 main steps.
1: Visit Exnova's website and click on “Open Account” to begin the application. You will need to fill in your personal details, contact information, and choose your account type.
2: Upload your ID documents and proof of address for identity verification purposes. This is required to comply with regulatory KYC and AML requirements.
3: Make your minimum deposit amount via wire transfer or e-wallet services like Neteller to fund your account. The deposit amount varies based on the account type selected.
Once your application is approved and deposit processed, you will receive account login details via email to access your trading platform and start trading. The entire process is online and accounts are usually opened within 1 business day.
Leverage
Exnova offers leverage up to 1:500 on major forex pairs and gold trading for its Premium account holders. However, leverage levels vary across different asset classes based on their risk profile. As per ESMA regulations, the maximum leverage offered on major forex pairs is 1:30 for Standard accounts, while most CFDs have a cap of 1:20. Higher leverage of up to 1:100 is available on crypto CFDs and minor/exotic forex pairs. Stocks and ETFs have the lowest leverage of 1:5.
Spreads and Commissions
Exnova offers competitive spreads that start from 0.1 pips on certain instruments for Premium account holders. For Standard accounts, spreads start from 1.2 pips on forex pairs and vary depending on the instrument. There are no separate trading commissions charged, as Exnova makes money from the spreads. Tighter spreads are offered on major currency pairs while wider spreads are seen on minor pairs and CFDs. Stocks and ETFs have slightly higher variable spreads. Islamic accounts have fixed spreads compliant with Sharia law.
Trading Platform
Exnova offers a powerful and intuitive trading platform designed to make investing easy and accessible for everyone. Here are the key features and functionalities of the Exnova trading platform:
User-Friendly Interface: The platform is designed to be intuitive and easy to navigate, making it suitable for both beginners and experienced traders.
Extended Functionality and Advanced Trading Tools: Exnova provides a range of advanced trading tools to enhance the trading experience.
Community and Social Trading Features: The platform includes features like live chat, trader sentiment, and community live deals, allowing users to engage with a broader trading community.
Risk Management Tools: Tools such as Stop Loss/Take Profit, Negative Balance Protection, and Trailing Stop are available to help traders manage their risks effectively.
Convenient Deposits and Withdrawals: Exnova offers convenient and commission-free deposit and withdrawal options.
Educational Resources: The platform provides educational videos, step-by-step instructions, and helpful community chats for new traders.
Mobile App: Exnova also offers a mobile app, enhancing the convenience of trading on the go.
This platform is designed to cater to a wide range of trading needs and preferences, emphasizing ease of use, community engagement, and effective risk management.
Deposit and Withdrawal
Exnova offers a range of deposit and withdrawal options, including bank transfers, electronic wallets, and credit/debit cards, with no fees for deposits but a 2% charge on withdrawals after the first free one each month. Withdrawal requests are processed within up to 3 working days.
Additional charges include a 10 Euro inactivity fee for accounts inactive for over 90 days, swap fees ranging from 0.01-1.7% for positions held overnight, and a 20 USD fee for closing an underage account. This setup ensures a balance between flexibility in funding options and maintaining a cost-effective structure for traders.
Customer Support
Exnova offers robust customer support services to ensure a seamless trading experience. They provide 24/7 support, catering to clients across different time zones and trading schedules. The support team is capable of assisting in multiple languages, making it accessible to a global audience.
Email Support: Users can reach out to Exnova's support team via email at support@exnova.com for any queries or assistance.
Live Chat: The platform likely offers a live chat feature, allowing for real-time assistance.
Educational Resources
Exnova offers a range of educational resources designed to support both new and experienced traders. These resources are aimed at enhancing the trading knowledge and skills of its users. Here's a brief overview:
Free Video Tutorials: Exnova provides video tutorials that cover various aspects of trading and platform use. These tutorials are likely to be helpful for beginners who are just starting out.
Step-by-Step Instructions: For those who prefer reading, the platform offers detailed instructions on different trading strategies and how to use the platform effectively.
Weekly Newsletter: Regular newsletters are sent out to keep traders updated on market trends, news, and educational content.
Helpful Community Chats: Exnova fosters a community environment where traders can engage in discussions, share insights, and learn from each other.
These educational resources, combined with Exnova's user-friendly platform, make it an attractive option for traders looking to enhance their trading knowledge and skills.
User Experience and Additional Features
Users generally have a positive view of Exnova, appreciating its transparent trading conditions, quick deposit and withdrawal processes, and an easy-to-use platform. The platform's performance remains stable and glitch-free even during volatile market times, which is a significant plus for traders. The range of assets, particularly stocks and cryptocurrencies, and the abundance of educational resources, are also well-received. Users highlight the platform's suitability for beginners and low-budget traders, with a minimum deal size starting at just one dollar.
Exnova offers several additional features that enhance the trading experience:
Community Engagement: The platform has a large community, and traders can utilize features like live chat, traders' sentiment indicators, and community live deals to inform their trading decisions.
Smart Trading Tools: The platform includes price movement alerts, a smart newsfeed, and a well-designed economic calendar, which can be powerful tools for informed trading.
Accessibility for Beginners and Low-Budget Traders: With a minimum deal size of one dollar, the platform is accessible to a wide range of traders.
Comparison with Similar Brokers
The below comparison highlights the key differences between Exnova, XTB, and IG, showcasing Exnova's competitive edge in spreads and leverage, while XTB and IG offer a more extensive range of products and advanced trading platforms. Exnova's streamlined account opening process also sets it apart, making it a suitable choice for traders looking for quick access to markets with tight spreads and high leverage.
Conclusion
Wrapping up, Exnova stands out in the trading landscape, offering a blend of features that cater to both beginners and experienced traders. Its efficient account setup, an array of trading tools, and a wealth of educational materials make it an accessible platform for various trading approaches. The broker's competitive spreads and high leverage, especially for Premium account holders, are attractive, but traders should remain aware of the inherent risks in volatile markets.
Exnova's dedication to a holistic trading experience is reflected in its diverse financial instruments and strong customer support, positioning it as a solid choice for those seeking a well-rounded and supportive trading platform.
FAQs
Q: What is Exnova, and what financial instruments can a trader trade with it？
A: Exnova is an online broker providing access to stocks, currencies, commodities, binary options, and digital options. Traders need to create an account, deposit funds, and select the asset they want to trade.
Q: How can a trader place a trade with Exnova？
A: To place a trade, traders log in to their accounts, select the asset they intend to trade, set the investment amount, confirm the trade, and wait for the outcome.
Q: What trading tools and features does Exnova offer？
A: Exnova offers real-time price charts, technical indicators, risk management tools, and educational resources to assist in informed trading decisions and risk management.
Q: What are the Exnova fees and charges associated with trading？
A: Exnova charges a commission on each trade, varying by asset and position size. Other fees may include spreads, swaps, and withdrawal fees.
Q: What are the risks of trading with Exnova？
A: Trading with Exnova involves high risk due to the volatility of financial instruments. Traders should have a solid strategy, manage risk exposure, and be prepared for potential losses. Exnova provides resources and tools for risk management.
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