Exnova review 2023 – Is it a scam or not? – Test of the broker

Percival Knight Last updated: November 23, 2023

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Exnova is a binary broker with a powerful online trading platform. This broker offers several great features to traders that can elevate their trading experience. Traders also get various account types and trading tools to explore on Exnova. 

Exnova aims to provide a user-friendly and efficient trading experience for beginners and experienced traders. It has competitive trading conditions that any trader would love. But is Exnova worth a trader’s time and money? Let’s find it out.

Quick facts about Exnova:

What is Exnova? – The broker presented

Exnova is a trading platform that helps users to trade various assets online. Traders can trade stocks, forex, commodities, binary options, digital options, and cryptocurrencies using this platform. The platform offers a range of features and tools to help users make informed trading decisions.

Exnova claims to provide users with a user-friendly and secure trading environment accessible via desktop, web, and mobile applications. The trading platform also offers various account types that traders find perfect for trading according to their expertise. 

Exnova is a great broker that offers traders great trading conditions. The terms and conditions for using this online platform are great for any trader. 

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Pros and cons of Exnova

Based on our comparison with other trading platforms, I will show you the pros and cons of Exnova. As with any platform or broker, you will find some disadvantages. However, in my opinion, the advantages outweigh the disadvantages. Here are some potential pros and cons that traders can consider when deciding whether to use the platform for trading:

Pros

• Exnova offers users access to various financial instruments, including stocks, forex, commodities, and cryptocurrencies. 
• Traders can trade binary options and digital options with this broker.
• It excels in providing opportunities for diversification.
• Exnova offers a choice of trading platforms, including a web-based platform and a mobile trading application.
• Traders can use their mobile binary options trading app for iOS and Android.
• There is the flexibility to pick a trading platform that traders are comfortable using.
• Traders can access different account types depending on their trading expertise.
• Exnova offers educational resources. Traders can access webinars, tutorials, and articles to improve their expertise.
• It has great customer support that helps traders with any complexities in trading.
• Traders can use a wide range of tools while trading. 
• This online trading platform provides technical analysis tools such as trading indicators, candlestick charts + other chart types, and economic calendars. 
• The basic account type Exnova offers a low minimum deposit requirement of only $10.
• It supports multiple languages for traders from different parts of the world.

Cons

• Exnova does not offer MetaTrader suite. It is not preferred by some traders who prefer other trading platforms such as MetaTrader 4 and 5 (MT4 and MT5) or cTrader.
• While Exnova offers some educational resources, such as market analysis and webinars, the platform may not offer as much educational content as other brokers.
• The payment methods offered by this broker are limited. It may be inconvenient for some traders.
• It may not offer as wide a selection of assets as other brokers.

Is Exnova regulated and safe? Facts about the security

Exnova is a comparatively newer broker. Much information about its regulations is not available on the website. It claims to use industry-standard security measures, including SSL encryption and two-factor authentication. It protects clients’ data and transactions. 

Additionally, Exnova claims to keep clients’ funds in segregated accounts with top-tier banks, which provides an extra layer of protection for clients’ funds.

So, trading with Exnova can be safe for any trader. We detected no scam or fraud on the platform.

See all the facts about the security of Exnova here:

Test of the trading conditions/offers

Exnova offers several trading conditions that may be of interest to traders. The broker offers competitive fees to traders. 

It also offers variable spreads that can vary depending on market conditions. The spreads on major currency pairs start from 1.0 pips, which is competitive compared to other brokers in the industry.

Exnova also offers a variety of assets for trading. Traders can pick their favorite assets from forex, commodities, indices, and cryptocurrencies.

Asset types

Traders using Exnova can trade the following assets.

Forex

Exnova offers forex trading on over 31 currency pairs, including major, minor, and exotic pairs.

Commodities

Traders can trade various commodities, including precious metals and energy products like crude oil and natural gas. 

Indices

It allows traders to place trades on various global stock indices, such as the S&P 500, NASDAQ, and FTSE 100.

Cryptocurrencies

Traders can also trade on a selection of popular cryptocurrencies.

Binary options

Binary options trading is also available on this trading platform. Traders can choose their favorite underlying assets to trade with binary options. The broker also supports digital options trading. 

Account types offered by Exnova

Traders can choose an Exnova trading account according to their trading expertise. There are mainly two account types available on the platform. 

Demo account

Exnova offers a demo account for traders who wish to practice how to trade. The binary options demo account has $10,000 in virtual funds for practicing trading. It is the best-suited online trading account for traders without experience in trading. Also, traders who wish to test the trading platform or their trading strategies can choose this account type.

Real account

The real account allows traders to trade with their actual funds. Traders can trade all available assets on their real trading account. Traders can deposit funds in their real accounts and withdraw them as they earn profits.

Fees on Exnova

• Spreads: Spreads on major currency pairs start from 1.0 pips. Spreads on other assets, such as commodities and indices, may vary depending on the specific asset and market conditions.
• Commissions: Exnova charges commissions on some of its accounts, such as the Platinum and VIP accounts. The commission is charged as a percentage of the trade size and varies dependent on the specific asset being traded.
• Swap fees: Exnova charges swap fees for positions held open overnight. The swap fee is variable. Usually, the swap fee on this trading platform starts from 0.01-0.5%. A trader has to pay it depending on the specific asset being traded. Whether the position is long or short is also important when calculating swap fees.

Review of the trading platform

Mainly, Exnova offers two trading platforms to traders. Traders can choose a platform depending on their trading requirements. 

Mobile application

Exnova offers a mobile trading application to traders that allows them to trade on the go. Traders can trade on the mobile application with the same enthusiasm as on the web version. 

The mobile application contains the same features as available on the web version. 

Web trading platform

Exnova’s proprietary web-based trading platform is perfect for traders who prefer a more streamlined trading experience. This trading platform is accessible through any web browser.

WebTrader offers a user-friendly interface, real-time market data, and a range of advanced trading tools. Traders can access one-click trading, customizable charts, and in-depth market analysis.

Charting

This trading platform offered several charting tools to traders. Its charting feature helps ease the trading process. Traders can conduct an in-depth analysis before placing their trades on this platform, for example, by using the right binary trading oscillators or by using the Fibonacci retracement strategy.

Charting on this platform allows traders to access real-time charts for various assets. They can use this feature for trading forex, commodities, indices, and cryptocurrencies. These charts can be customized with a range of indicators and time frames.

Tools

Exnova also offers several trading tools that help traders with technical analysis. The top tools that traders can use for trading include:

• Technical indicators: Exnova offers many technical indicators. Traders can apply them to charts to determine market trends and detect great trading opportunities.
• Drawing tools: Several drawing tools are available on Exnova. Traders can use trend lines and Fibonacci retracements to mark important levels on their charts.
• Trading signals: The broker provides its traders with free trading signals. These signals use advanced algorithms and technical analysis. These signals help identify potential trading opportunities and help traders make more informed trading decisions.

How to trade on Exnova – Step-by-step tutorial

To start trading on Exnova, traders need to follow a step-by-step guide. Usually, traders can follow the below steps to trade on Exnova.

Step 1 – Register an account

Traders must register an account on Exnova’s website. Traders can begin by providing personal information on the signup form.

Step 2 – Verify your account

Depending on location, once registered, traders must verify their identity or email address. Identity verification usually involves providing a government-issued ID and proof of address.

Step 3 – Fund your account

Before traders can start trading, they must fund their Exnova trading account. Exnova offers a range of deposit options, such as cards or e-wallets. Traders can choose their preferred option.

Step 4 – Choose an asset to trade

After funding the trading account, traders on Exnova can place trades. Exnova offers a range of assets to trade. Traders can choose an asset they are familiar with and feel comfortable trading.

Step 5 – Choose a trading platform

Exnova offers web and mobile trading platforms. Traders can download/install the platform they wish to use on their devices.

Step 6 – Analyze the markets

A trader must examine the markets before placing a trade. Exnova excels in offering a range of tools to perform trading analysis. You can use charting tools and economic calendars.

Step 7 – Place a trade

Once traders have analyzed the markets and identified a potential trading opportunity, they can trade. Traders can pick the underlying asset they want to trade. Then, they can choose the trade size, set stop loss, and take profit levels. Finally, traders can execute their trade.

Step 8 – Monitor the trade

After placing a trade, traders must monitor it closely. Exnova offers real-time price feeds and trade execution. So, traders can monitor their trade and adjust their trading strategy if necessary.

Step 9 – Close your trade

After a trade has reached the desired profit or stop loss level, traders can close it. Traders can do this by clicking a button on the trading platform and confirming the trade closure.

Mobile apps

Exnova offers a mobile trading app for all devices. The mobile application of this online trading platform is available for free. Traders don’t experience much difference in the features offered on the web platform and the mobile application. 

Traders using the mobile app get access to several trading instruments. They can view real-time quotes, charts, and trading history. Account management is also possible on its mobile application. 

To use the Exnova mobile app:

• Download and install the Exnova mobile app.
• Log in to your Exnova trading account. Traders can create a trading account directly from the app if they don’t have an Exnova trading account.
• Fund your account.
• Select the financial instrument you want to trade.
• Analyze the chart and use the available technical indicators and tools to help you make your trading decision.
• Choose your preferred trading order type. 
• Confirm the trading order and monitor its progress.

Special features/tools

Exnova also offers several special features to traders that elevate their trading experience with the broker. Some unique features that this broker offers include the following. 

Community chats

Exnova offers a community chat feature where traders can connect with several other traders. It enables users to learn from other traders having a proven track record of success. Traders can discuss their queries and seek advice from experienced traders in these community chats.

Crypto

Exnova offers trading in various cryptocurrencies, including Bitcoin and many others. This platform also allows traders to deposit and withdraw funds in cryptocurrencies and traditional fiat currencies.

When trading cryptocurrencies on Exnova, traders can use the platform’s advanced charting tools and technical analysis indicators.

Exnova offers competitive spreads and low trading fees for cryptocurrency trading. It makes it a popular choice for traders looking to invest in this exciting market.

Market sentiment signals

Exnova offers market sentiment indicators that help traders gauge market sentiment and make better trading decisions. These indicators can include tools such as sentiment analysis, volume analysis, and order book analysis.

Free video tutorials

The broker offers free video tutorials on its website to help traders of all levels learn and strengthen their trading skills. The videos provide practical guidance that traders can apply to their trading. 

Additionally, the broker regularly updates its video library to ensure that traders can access the latest information and trends in the financial markets.

Weekly newsletter

Exnova offers a weekly newsletter that provides valuable market insights, analysis, and updates to traders who have subscribed to it. It provides valuable tips and tricks for traders looking to improve their trading skills and maximize profit.

Minimum trade of only $1

Traders using Exnova can begin trading with only $1. Even though the minimum deposit amount with the broker is $10, traders can place trades for any value starting with $1.

Demo accounts

The broker also offers a free demo account to traders. Traders using Exnova can get up to $10,000 in their demo accounts. It allows them to practice trading with much more ease. 

How to deposit and withdraw money

Traders trading on Exnova should be proficient with the deposit and withdrawal process offered by the broker. Both processes are seamless, making them a top choice for traders.

Payment methods

Exnova offers a variety of payment methods to deposit and withdraw funds. The payment methods offered can depend on the client’s country of residence. The top payment methods include:

• Credit/debit cards
• Bank transfers
• E-wallets (Skrill, Neteller, and PayPal)
• Cryptocurrencies

Other than these, traders also have the option to use Boleto, Pix, Advcash, Perfect Money and Webmoney. Once a trader chooses a deposit method to fund this Exnova trading account, he can initiate the deposit process.

Minimum deposit – how to deposit

Traders must meet Exnova’s minimum deposit requirement while funding their trading accounts. Exnova’s minimum deposit requirement is only $10.

Traders can fund their Exnova account with $10 and begin trading by placing the trade at a minimum value of only $1.

Once traders have signed up, they can proceed with the deposit process:

• Log in to your Exnova account. 
• Navigate to the “Deposit” section.
• Choose one of your preferred deposit methods.
• Follow the on-screen instructions to complete the deposit process, including entering the amount you wish to deposit and any necessary account or payment details.
• Once the deposit is confirmed and processed, the funds will be credited to your Exnova account, and you can start trading.

Withdrawal on Exnova

The withdrawal process is the opposite of the deposit process on the trading platform.

• Log in to your Exnova account and go to the “Withdrawal” section of the platform by clicking on your profile picture.
• Choose your preferred withdrawal method.
• Enter the amount and any necessary account or payment details.
• Submit the withdrawal request and wait until Exnova processes it.
• Once the Exnova withdrawal is confirmed and processed, traders will receive the funds in the designated account.

Exnova bonus explained

Exnova might offer various bonuses and promotions to its clients. However, these bonuses might involve some terms and conditions for traders. So, traders trading on Exnova should review them before accepting them. 

Additional fees

The broker might charge traders some additional fees. The top fees that a trader must pay to Exnova include the following. 

Withdrawal fees

The withdrawal fees charged by Exnova may vary depending on the withdrawal method and currency type. Some withdrawal methods may be subject to higher fees than others. 

For example, bank wire transfers may incur higher fees than e-wallets or credit/debit card withdrawals.

Additionally, some account types may be eligible for fee-free withdrawals or lower withdrawal fees. Usually, Exnova charges a withdrawal fee of 2% of the withdrawal amount. 

According to the currency, the minimum and maximum withdrawal fees at Exnova are as follows. 

Inactivity fees

Exnova charges an inactivity fee of 10 Euros per month. A trader might have to pay an equivalent amount in other currencies.

The inactivity fee gets levied on accounts where a trader has not made any transaction or trade for 90 consecutive days. To avoid this fee, traders can make a trade in 90 days.

Swap fees

Exnova charges swap fees from traders for keeping their positions overnight. The fee starts from 0.01%-0.5% and can vary according to the value of your trade.

Support and education by Exnova

Exnova provides a range of support and education resources. Here are some of the key support and education resources offered by Exnova:

• Customer support: Exnova offers customer support through a range of channels. These include live chat and phone support. The broker also offers email support to traders. Traders can contact the support team 24/7 for help with account-related issues, technical problems, or trading questions.
• Trading guides: Exnova provides a range of trading guides that cover various topics. Traders can access top-notch trading strategies and risk management psychology. These guides can be valuable for Exnova traders to strengthen their trading knowledge.
• Webinars: Exnova regularly hosts webinars that cover several topics related to trading. Traders get insight into market analysis, trading strategies, and risk management. Experienced traders lead these webinars.
• Trading signals: This broker also offers trading signals with analysis and recommendations based on technical and fundamental analysis. Traders can look for trading ideas and stay updated with market developments.
• Economic calendar: It also offers an economic calendar that provides traders with important economic events and indicators. These are valuable for traders as they may impact the markets. 

Conclusion – Outstanding broker with low fees

Exnova is an excellent online trading platform that offers a variety of financial instruments for trading. There is clearly no scam for traders. The platform offers several account types with different features and trading conditions and multiple trading platforms with advanced charting and analysis tools. 

Since trading on Exnova is safe, it can be a great choice for traders looking for a reliable platform. The broker implements measures to safeguard client funds and data.

Exnova offers several advantages for traders, such as low spreads, high leverage, and a wide range of tradable assets. However, it also has some drawbacks, like limited educational resources and high withdrawal fees for some methods. 

So, traders should carefully consider their trading needs and preferences before choosing Exnova as their trading platform.

FAQs – Frequently asked questions about Exnova: