The online forex and CFD broker Exante has been operating since 2011. The broker is part of the company Exante Ltd, which is in Malta. The company holds the appropriate license with the Malta Financial Services Authority, allowing them to operate as a fund manager. With Malta being part of the European Union, this registration allows Exante to offer their services to any EU citizen due to passporting rights.
Many Traders Can’t Get Started with Exante
There is a very high floor for traders looking to invest with Exante. The broker requires a minimum deposit of $10,000 to open an account. Many online brokers like AroTrade need only $100. It’s clear that Exante is angling for some big fish. They also only accept wire transfers to fund accounts, no credit cards or other payment methods. The broker also has a demo account available for traders who want to check them out. The demo account gives users access to $1,000,000 of virtual funds to get to know the platform and their spreads.
Exante Spreads and Leverage
Exante offers only variable spreads, and these spreads are generally favorable. The EUR/USD spread, often used as a benchmark, is about 0.3 pips. This sounds too good to be true, and it is. The broker also charges commissions on top of their spreads, 0.5 pips for each trade. With this in mind, their spreads are about average. The broker gives users leverage of up to 1:50, much higher than is recommended for novice traders. The ESMA mandates that brokers only provide leverage of up to 1:30. However, the broker might be legitimately bypassing this rule by only offering “professional” accounts.
Custom Trading Platform
The broker doesn’t have the popular MetaTrader 4 platform, instead opting to develop their own. While this platform can’t match the myriad of features of MetaTrader 4, it is much better than those made by other brokers. It is available in-browser, for both PC and Mac, and as an app for iOS or Android devices. The layout is intuitive and easy to understand, with many features that make trading easier.
Reports of Difficult Withdrawals
While everything appears to be on the up and up with this broker on the surface, there are some worrying client reviews online. The most frequently cited complaint is difficulty making withdrawals. Some users say that they faced unreasonable requests to verify their identity to make a withdrawal, effectively cutting off their funds.