Fraud Alert: Exnova Blocks Client's Account After Cancelling His $10 Withdrawal Request

Forex traders often face withdrawal issues with brokers. While delayed or failed withdrawals due to technical problems might be expected, repeated refusals, lack of updates from brokers, and even blocked accounts, are warning signs of potential scam brokers. A recent client complaint against forex broker Exnova reported the latter situation.

Client: “Exnova Blocked me for withdrawing money from my account”

In the client complaint, Exnova is accused of being a scam and refusing to allow withdrawals. When the client attempted to withdraw just $10 from his account, Exnova canceled this request citing an "Internal error".

Afterward, the broker blocked the client's account. The most ridiculous twist is that the client’s attempt to register again failed, displaying a prompt that Exnova is currently unavailable in his country.

Exnova also became unresponsive to emails seeking a follow-up with regard to his blocked account.

According to the client, he initially deposited $250, but as of December 26, 2024, moments before his account was blocked, his deposits totaled $2,880 since December. However, he couldn’t contact Exnova to get his investments back.

Exnova’s response to the incident

On the same day the client's complaint was submitted, Exnova responded, advising the client to email the support team and expect a response within 48 hours. However, the client's previous emails went unanswered, casting doubt on Exnova's assurances.

It is unclear whether the customer sent another email to Exnova, as no further updates have been received. We also forwarded the complaint to Exnova without further response.

Beware: Exnova is an unregulated broker

Exnova claims to be operated by Digital Smart LLC, which is allegedly registered in Nevis. Nevis lacks a dedicated regulator overseeing forex brokerage activities and has been associated with reports of money laundering and tax evasion due to its lax regulations and minimal investor protections.

Additionally, Exnova asserts that its payment transactions are managed by Digital Smart Cy Limited, purportedly registered in Cyprus. However, only a company registration number is presented, not a license number. It's important to note that a company registration number does not equate to a regulatory license. Upon investigation, Digital Smart Cy Limited is not licensed by the Cyprus Securities and Exchange Commission (CySEC).

Exnova fails to provide any other valid licensing information to confirm that it is properly authorized or regulated. Our investigation has identified its unlicensed status as a forex broker.

Victim’s warning

In his complaint, the client warns others to imagine the potential impact on their hard-earned money and urges all victims of Exnova to reach out and share their experiences. He emphasizes the importance of preventing financial damage to other potential traders.

BrokersView also advises traders to avoid Exnova, citing its unregulated status and the reported incident, which has highlighted fraud risks associated with this broker.