Allegations of Leverage Manipulation by Exness

User Complaint: Manish Mansata

“On 23rd Jan 2024, my broker, Exness, unexpectedly changed the leverage on my XAUUSD trade without any prior notification. I had 105 open sell positions, and due to the leverage change, my account was exposed to significant risk.

To mitigate this risk, I requested a hedge position (buy trade) be opened in my account. However, my broker refused to do so and instead provided me with an “offquote.” Within minutes, my account was wiped out, resulting in a total loss of $42,000.”

Exness Response

Greetings Manish,

We always strive to ensure our customers have the best possible experience. We have requested your details through Trust Pilot’s Find Reviewer. Please share with us your details, and we will look into your case.

Best Regards,
Exness Team

In response to Manish Mansata’s allegation of unexpected leverage changes and subsequent account wipeout, Exness has requested additional details to investigate the matter further. The broker has assured that they aim to provide the best possible experience for their customers.

User Complaint: Ahmed Jutt

“I trusted Exness more than any broker, but they broke that Trust. It’s 21 March 2024.

1️⃣. Gold (XAU/USD) hits all-time high of 2211, and I was the one who opened my positions in limit order. So the market pumped, so what they did is not just they didn’t execute the order but also remove it from the Limit order.
2️⃣. My positions were fully hedged at that point. The thing they do is to increase spread 3 times the amount it should be on a (PRO Account). So imagine you are fully hedged, and they increase the spread, so the balance on account gonna be changed for that time. In a PRO account???That is a very shameful behavior, and today my trust is gone. Shame on Exness.”

Exness Response

Greetings Ahmed,

We apologize for the inconvenience caused while using our platforms. We always strive to ensure our customers have the best possible experience. We have requested your details through Trust Pilot’s Find Reviewer. Please share with us your details, and we will look into your case.

Please reach out to us here so we can assist you further: https://shor.by/contactexness

Kind regards,
Exness Team

In this case, Ahmed Jutt has accused Exness of failing to execute his limit order on gold during a significant price movement and increasing the spread on his hedged positions in a pro account. Exness has acknowledged the inconvenience and requested additional details to investigate the matter further.

Evaluating the Allegations

While the allegations of leverage manipulation are serious, it is essential to approach them objectively. Exness has consistently maintained that they strive to provide the best possible experience for their customers and has requested additional details from the traders to investigate the reported incidents thoroughly.

However, it is also crucial to acknowledge the potential impact of such practices on traders’ accounts and the erosion of trust in the broker. Transparent communication from Exness, as well as adherence to regulatory standards and industry best practices, is necessary to address these concerns effectively.

Tips for Traders

Regardless of the outcome of these specific allegations, it is always advisable for traders to exercise caution and due diligence when selecting a broker and managing their trading activities. Here are some tips to consider:

1. Understand the broker’s leverage policies, including any potential changes or limitations during specific market conditions or news events.
2. Maintain detailed records of trades, including screenshots and transaction logs, in case of disputes or irregularities.
3. Implement risk management strategies, such as stop-loss orders and proper position sizing, to minimize potential losses.
4. Stay informed about regulatory updates and industry best practices regarding leverage and trading conditions.
5. Consider diversifying your trading portfolio across multiple brokers to mitigate potential risks associated with any single broker.