Exnova is an online Options trading broker that provides users with 250+ tradable assets and a unique trading platform that “meets all the needs.” The platform offers trading of stocks, cryptocurrencies, commodities, forex, digital, and binary options. On Exnova, users can engage with a seamless trading platform with various trading tools up for grabs.
In this Exnova review, we are going to be taking a look at all of the positives and negatives of trading on the broker, including discussing its trading platform, regulations, and special features. At the end of this review, you will know for sure if Exnova is the best broker for your binary options trades.
What is Exnova?
Exnova is a binary trading platform based in St Vincent and the Grenadines, and managed by its parent company, Digital Smart LLC based in Charlestown, Nevis. The platform provides an exhaustive trading platform where users have access to trade binary options, forex pairs, commodities, cryptocurrency, and stocks with 250+ assets.
Exnova is a trading platform that prides itself on its comprehensive trading platform and provides users with complimentary features for a seamless trading experience. The platform is very user-friendly and easy to navigate for new users. The broker offers trading that will suit both beginner and expert traders.
As far as trading platforms go, Exnova provides a quality trading experience. Although the platform does not integrate the MetaTrader software into its platform, trading on the broker is still one of the best on the market, with trading tools and indicators for analysis, including MACD, Bollinger bands, Oscillators, and many more.
For regulations, the platform needs to provide regulatory information, which means that it is not a well-trusted broker. Licenses make it possible for users to trust the safety of their funds in the hands of any broker. Although Exnova has received excellent reviews on its services and safety of funds, having no regulatory information makes Exnova seen as an unregulated platform. This could be a major drawback for potential traders.
When it comes to user excellence and reviews, Exnova is a fast-rising platform with a 4.4* review by users. Both its web terminal and mobile app have received great reviews. The broker was awarded the best mobile trading platform in 2023 by the International Business Magazine.
There are two major account types on the platform, the demo account, and the live account. Trading with a demo account comes with $10,000 of virtual funds, which users can access at any time to perfect their trading skills, or better understand the markets.
For the live account, users invest real money into trades and trade for real profits on the markets. The minimum deposit for a live account is $10, and users can begin trading with as little as $1.
Exnova does not provide bonuses for users to earn passively but provides special features for users to enjoy. These features include educational materials for new or inexperienced traders to learn about the platform, as well as trading signals for users to capitalize on markets and make profits.
Pros and Cons
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ User-friendly platform | ❌ Does not offer bonuses |
| ✅ 250+ tradable assets | ❌ Not enough information on the website |
| ✅ Fast and reliable trading platform | ❌ No MetaTrader software |
| ✅ Demo account available | ❌ Limited Payment methods |
| ✅ Offers educational resources | ❌ Unregulated platform |
| ✅ Multiple language support | |
| ✅ Provides trading tools and indicators |
Exnova Regulations & Licenses
Exnova is a new and fast-rising options broker. This relatively new platform does not provide much information about its operations and jurisdictions. There is currently no information on the platform concerning licenses and regulations, making many users tag it as an untrustworthy broker. This is largely because regulations help build the trust of users, assuring that the broker is under checks by financial bodies. This also helps users stay confident in investing their funds in a platform.
However,
Exnova Trading Platform
One of the most ideal aspects of Exnova is its trading platform. As a young platform, the broker has been commended greatly for its seamless platform that is fast, and easy to configure. With Exnova, users are entitled to two unique trading platforms. There is the web platform and the mobile app. Users are free to trade on either of the platforms at their disposal.
Web Platform
Exnova has a default web platform where users can enjoy a seamless trading experience. The web platform provides a user-friendly interface that appeals to the distinct preferences of traders while meeting their individual needs.
Exnova comes with its inbuilt trading platforms and does not integrate the MetaTrader software onto either its web or mobile app platforms.
The web trading platform offers real-time market data, offers dynamic tools for analysis, including chart types and various indicators to choose from. These tools aid traders in their analysis and enhance trading decisions. They include Oscillators and Bollinger bands, drawing tools such as Fibonacci retracements, and free trading signals.
What’s more interesting is the trading platform’s One-click trade function that allows users to execute trades with a simple click.
Mobile Platform
Exnova provides a mobile trading app for all devices. The mobile platform has received lots of commendations from users and was awarded as the best mobile trading platform by the International Business Magazine.
Although there isn’t much of a difference between the web platform and the mobile trading platform, users can still access their data with a few clicks on their mobile devices.
The features on the mobile app include access to 250+ assets, a demo account, and multiple trading instruments. This includes binary options, forex, cryptocurrencies, and many others.
Users can access the mobile app by downloading it on Android Play Store and
Apple Store.
Exnova Tradable Assets
Exnova offers a variety of trading assets and markets for users to engage with. These assets include:
Cryptocurrencies: Traders can delve into the exciting world of digital currencies. ExNova provides access to a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and other altcoins.
Forex & CFDs: ExNova enables traders to participate in the global forex market. ExNova also offers CFDs on indices, commodities, and individual stocks.
Commodities: ExNova allows users to trade commodities such as Crude, Oil, Gold, and Silver.
Binary and Digital Options: ExNova provides options trading, including binary and digital options. These instruments allow traders to predict whether an asset’s price will rise or fall within a specified time frame.
Exnova Account Types
There are two major account types available on the broker, the Demo account, and the Live account. These account types are flexible and can be interchanged by users at anyone.
Demo Account
Like most brokers, Exnova provides users with a demo trading account. This affords users of all stages to fully maximize learning with live market data without losing any real money.
The demo account comes with access to $10,000 of virtual funds for practice at any time. The demo account is free to all new members on Exnova and only requires the user to register on the platform to begin using it. This kind of trading is risk-free. The whole point of the demo account is to get users accustomed to the trading interface of the broker, advance their trading skills, and be sure of themselves getting into the real markets.
The virtual funds made available on the Exnova demo trading account are renewable if lost during practice. Users can also practice using various instruments and assets available on the platform. When a trader feels fully ready to dive into the real markets, then they can go on to make a deposit and begin live trading.
Live Account
On Exnova, users can convert from the Demo account to a live account whenever they are ready. The live account is suitable for both beginners and expert traders alike. To begin trading on a live account, users only need to deposit a minimum of $10. The live account comes with all of the features available on the demo account, including trading signals, and real-time profits.
With the live account, users risk more when trading, and have to be sure of their positions before entering into trades. They also have access to easy deposits and withdrawals. Trades can also start with as little as $1.
Getting Started With Exnova
Exnova has one of the quickest and easiest ways for new users to register and start trading. All you need is an active email address and a strong password. Here’s a more detailed guide on getting started with Exnova:
- Register with Exnova: The very first thing you need to do is to register with the broker. You can register by going over to the website clicking on the Get Started option on the top right of the screen and following the process. Alternatively, you can scroll to the bottom of the page and fill in the registration form where you will be asked to fill in your country, email address, and form a strong password. With that, you have opened an account on Exnova.
- Verify your email address: You will be required to verify your email address with a code that will be sent to your mail. You don’t have to do anything but click on the verify email icon that will appear.
- Deposit into your account: The next step is to make a deposit using one of the payment methods available on the platform. Users can begin depositing from at least $10.
- Begin Trading: The final step is to begin trading. This includes downloading the trading app –although you can continue trading without downloading it– choosing an asset to trade with, conducting your analysis, opening a trade, watching the open trade, and finally closing the trade after the required profit has been made, or when the trade has hit a stop-loss.
Exnova Fees
As a relatively new binary broker, Exnova has already made its mark in the trading world, attracting numerous traders with its excellent services. Here’s what you need to know about Exnova’s fees and commissions:
Spreads: Exnova offers low spreads, starting from 1.0 pip. Keep in mind that spreads can vary based on market conditions and the specific asset type.
Commission: On Exnova, certain accounts attract commission fees due to the weight of trades being carried out. VIP and Platinum account holders pay fees that differ by trading size and the asset being traded.
Swap Fees: Like most trading platforms, Exnova levies swap fees on traders who hold their positions overnight. These fees range from 0.01% to 0.05%, and in some cases, up to 1.7% of the investment value.
Inactivity Fee: Exnova charges an inactivity fee on all accounts that have not been traded in 90 days. The fee charged on guilty accounts is 90 Euros, which can be easily avoided when users decide to trade consistently within the space of 90 days.
Underage Account Closure Fees: Closing an underage account results in a fee of $20.
Additional Information:
Exnova offers a rich asset selection, making it appealing to traders. Spreads on crude oil can be as low as 0.04 pips, providing a cost-effective trading experience.
Exnova Deposits and Withdrawals
Exnova provides a limited amount of deposit and withdrawal options for users to choose from. Although the payment methods are regulated, there are not enough choices for a wider audience to select from.
Exnova Deposits
Depositing on Exnova is a fast and easy process and one that reflects in the account immediately. The minimum deposit amount per transaction is $10 from which users can begin trading. Some of the deposit methods include:
Payment Methods:
- Bank Transfers: users can do a direct wire transfer from their respective accounts. This method is not suitable for users in all countries.
- Credit and Debit Cards: Easily make use of debit cards, including Mastercard and Visa cards to make instant deposits.
- Electronic Wallets: Electronic wallets such as Skrill, Neteller, advcash, and Paypal wallets are used to make deposits.
- Cryptocurrencies: Users can also make deposits through cryptocurrencies like Bitcoin, Ethereum, and many other options.
There are no fees attached to making deposits on the broker. Deposit durations are usually instant, although some methods may take longer time to process, but will reflect within a day.
How to Make a Deposit on Exnova
To make your first deposit on Exnova, all you need to do is:
- Sign Up: Create a trading account on Exnova.
- Log In: Access your Exnova trading account.
- Navigate to Deposit: Click on the deposit option in your account dashboard.
- Choose Payment Method: Select your preferred method.
- Enter Amount: Specify the deposit amount (starting from $10).
- Confirm Deposit: Verify and confirm the deposit. After making a deposit, you can now go on to make your first trade and earn profits.
Exnova Withdrawals
Withdrawals on Exnova are a direct opposite of the deposit process. Users can withdraw funds at any time, without any delays. There are currently no withdrawal limits on the broker. Here are some of the withdrawal methods on the broker:
- Bank Transfers
- Cards
- Electronic Wallets
- Perfect Money
- AdvCash
- Cryptocurrencies
Withdrawals can take up to 1-3 business days on Exnova. As for fees, Exnova charges fees for withdrawals based on the method being used, as well as the withdrawal amount in most cases. Typically, withdrawals incur a 2% fee of the withdrawal amount by Exnova. Some payment methods generally warrant higher fees than others, such as bank transfers.
How to Withdraw Money on Exnova
- Log In: Access your Exnova trading account.
- Withdrawal Option: Click on the withdrawal option in the Trade Room or on your profile page.
- Choose Payment Method: Select your preferred withdrawal method.
- Enter Amount: Specify the withdrawal amount.
- Submit Request: Confirm and submit your withdrawal request.
Exnova Additional Features
Some of the additional features of Exnova include its educational materials, community chats, weekly newsletters, and Free video tutorials.
Educational Materials
Exnova provides several trading guides around different trading topics for new or inexperienced traders. This is to help them grasp the rudiments of trading on the broker, including topics such as risk management, and trading strategies.
Weekly Newsletters
The broker provides a weekly newsletter that tells a report of the markets, in a bid to help traders maximize the trends, and also for those who may seek to improve their trading skills. The broker also organizes an economic calendar where valuable info on the economy that may affect the markets is shared. This is also to aid traders in their analysis of the markets.
Community Chats
With the community chat feature on the trading platform, users can reach out to other prominent traders on the broker. This helps to build a sense of community and togetherness, as traders get to learn from the trading expertise of others on the markets.
Free Video Tutorials
Exnova also provides videos that help to improve trading for all levels, on its website. The video tutorials are completely free and can be accessed at any time by the users on the brokerage.
Exnova Alternatives
Just in case you’re wondering if there are any alternatives to trading on Exnova, we have compiled a list of alternative options brokers for you to try out. This is especially true if you do not think of Exnova as the best option for you.
Here are the alternatives to Exnova:
- Pocket Option
- IQ Option
- IQCent
Pocket Option
IQ Option
IQ Option is among the top-rated binary options brokers in the market today. The broker offers an intuitive user platform with a fast-paced trading platform, and access to 300+ assets. Among other things, the broker is the perfect place for beginners or expert traders.
Iq Option offers several trading tools for users to select from, including indicator tools such as Bollinger bands, Ichimoku Cloud, Belkhayete timing, and many more. This helps to aid traders with conducting proper Technical Analysis.
The broker is easy to access and offers a payout percentage of up to 90%. It is an easy signup process, with access to a demo account and $10,000 of virtual funds for practice.
Pocket Option
Pocket Option is an elite options broker that has been offering great customer service for almost a decade. What makes it stand out among other brokers on the market –among other things– is that it is recognized in more than 90 countries, including the USA, and the UK.
Pocket Option offers a payout range of up to 95% on trades, a fast and reliable trading platform, and integrates the MT4 and MT5 into its platform. It also provides a free demo account for new users, as well as bonuses for extra earnings.
Pocket Option is a great platform for you to consider, in case you are seeking an alternative to Exnova.
IQ Cent
IQ Cent is a user-friendly platform that offers trading of binary options with a strong trading platform. If you are looking for a broker with access to more than 100 trading tools, then you should consider IQ Cent. The platform offers a great trading platform for trading multiple instruments, including CFDs, Forex, binary options, and cryptocurrencies, among others.
Trading on IQ Cent offers payouts of up to 87%, which is high when compared with other brokers on the market. There are over 100 tradable assets to select from for trading on the broker, with trading timeframes spanning from 5 seconds to 30 minutes.
Additionally, it also offers a copy trading platform, with bonuses of up to 200% of the initial deposit up for grabs.
Exnova Customer Support
Exnova provides customer support through various support means such as live chat, email support, and a direct line for calls. Users can reach out to the support team on a 24/7 basis to report issues or complaints.
Final Verdict
Exnova offers a rich and growing trading environment for its users from all over. As a young broker, many of the reviews and awards that the broker has received may set it up to compete with the more popular options brokers on the market.
Unfortunately, a major flaw of Exnova is the lack of vital information concerning its operations, as well as its regulations. This makes it difficult for the broker to earn the trust of certain traders who prioritize having licenses and regulations.
Overall, Exnova is a good platform to trade with, and you can trust that your funds are secure while trading on the app or website.
FAQs
Does Exnova take fees for trades?
Yes, Exnova charges fees for trading. The fees differ based on the instrument traded and the traded amount.
Can I trade cryptocurrencies on Exnova?
Yes, you can trade crypto assets on Exnova. The cryptocurrencies available include BTC, ETH, LTC, and many others on the market.
Is Exnova a regulated platform?
Exnova has not released any details concerning its regulations. It can only be said that the broker is yet to be regulated.
What is the minimum deposit for Exnova?
The minimum deposit on the platform is $10. After that, users can begin to trade with as little as $1.
