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Contract reading

What Exness legally published, but does not want you to read

Every clause below is published by Exness itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Exness (SC) Ltd

sole discretioncomplaintsprofit voidinghidden feeevent of defaultdeemed acceptancelanguageshort deadlinewithdrawalsassignment

Exness can cancel your profits on suspicion, for sharing a location or device, or for using too much of the leverage it sells. Withdrawals can be paused under thresholds it does not publish. Its help centre promises no payment fees and no swaps on Islamic accounts, and the contract reserves both. Negative balance protection is written into three documents.

Back to Exness

Contract risk

Money at risk
7.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning7
Notice7

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical3 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals can be paused on rules Exness keeps internalCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to dispute a trade5 working daysAccount limit. Jump to the clause this comes from.Terms change on five business days' notice, or none$10Fee on an unused account. Jump to the clause this comes from.Small leftover balances can go to a $10 fee

What the documents say

21 clauses worth knowing about, worst first, each quoted from Exness's own files

01

If Exness suspects your trading was abusive, it can cancel your profits and give back only your deposit. Suspicion is enough, and trading during abnormal market conditions is on the list.

Why this matters

A profitable account can be reduced to what you paid in, without notice and without any outside review. Exness alone decides whether you did something wrong and what to take back.

Exhibit 1CriticalHarder than usual

If the Company suspects that the Client has carried out trading: (a) which can be characterized as excessive and/or without legitimate intent and/or in bad faith, in order to profit while taking on minimal or no risk;
Clause Part A 11.1 (O) in Client Agreement, p.26
Read from the broker's site on Archived copyOpen the reference
02

Exness treats your account as part of a prohibited technique if it shares a location, IP address or device with other accounts. It can then declare every trade on those accounts invalid and block accounts that belong to another client.

Why this matters

If you trade on the same home Wi-Fi as a relative who also uses Exness, both accounts are exposed. Your profits can be cancelled over a link you never chose to make.

Exhibit 2CriticalHarder than usual

multiple account operation which includes (i) accounts operating from the same location, (ii) using/indicating the same IP address / ID / phone number / etc, (iii) multiple accounts displaying the same deposit and withdrawal patterns, (iv) accounts showing similar or identical trading patterns or (v) accounts sharing the same device or any other forms of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits or losses garnered as invalid.
Clause Part C 2.5 in Client Agreement, p.52
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  • Same clause as Exhibit 3Both rest on the list in Part C 2.5, which ends with every trade declared invalid, whether the trigger is a shared address or leverage that Exness itself sells.
03

Exness sells unlimited leverage, which lets you open positions far larger than your deposit. Its contract lists use of excessive leverage as a prohibited technique that can void your trades, and never says how much is excessive.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Exness sets the leverage limits itself, and its help centre says higher leverage lets traders earn more. If you use what it sells and win, the contract still lets it call your trading excessive and cancel the profit.

Exhibit 3CriticalRarely seen

use EAs or algorithmic trading strategies in bad faith, hedging in bad faith, use of excessive leverage, 'expected' price gap abuse, trading on off-market quotes
Clause Part C 2.5 in Client Agreement, p.51
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must cap leverage for retail clients at 1:30 on major currency pairs and must give negative balance protection. Exness (SC) Ltd offers unlimited leverage, then reserves the right to void profits for using too much of it.

Exness is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingA broker normally controls leverage by capping it in the account settings. Exness sets the cap, removes it entirely on some accounts, and also keeps the right to treat using that leverage as abuse, with no figure that marks the line.

04

Exness aims to process a withdrawal within three business days, but only where feasible. It can refuse or delay a withdrawal on suspicion, and pause your withdrawals under risk thresholds it does not publish.

Why this matters

Your money can sit in your account while Exness decides, and most of these holds have no outer time limit. After closing an account, Exness can keep back any amount for any period it considers necessary.

Exhibit 4CriticalHarder than usual3 working days

the Company shall process the transaction request without undue delay and, where feasible, not later than three (3) Business Days, if the following requirements are met:
Clause Part B 7.9 in Client Agreement, p.46
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 1A suspected default both opens the power to cancel your profits and lets Exness hold your withdrawal until it decides the matter is resolved.
05

Exness can charge you an investigation fee when it merely suspects abuse or any breach of the agreement. The contract sets no amount. The only cap is your available balance, and the same sentence mentions cancelling profits from your whole time as a client.

Why this matters

A suspicion can cost you more than the trades in question. Exness sizes the fee by its own costs, and the fee is due immediately and comes out of your account.

Exhibit 5CriticalRarely seen

The Company reserves the right to impose and charge the Client an investigation fee for any type of verified or suspected abuse, fraud, prohibited trading activity, chargebacks or violation of any term of this Agreement either against the Company and/or any related third party.
Clause Part A 6.9 in Client Agreement, p.17
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client the costs and charges of a service before providing it. This clause sets no amount and leaves the size of the fee to Exness's own cost estimate.

Exness is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingA penalty for abusive trading normally reaches the profit from the trades concerned. This fee pays for Exness's own investigation, has no stated amount, and can reach your whole balance.

  • Worse together with Exhibit 2The same suspected prohibited trading that voids your trades can also trigger a fee that reaches whatever balance is left.
06

Exness makes accounts from Islamic countries swap-free, meaning no swap (the overnight financing charge), and promises this in Arabic. Its English contract lets it apply swaps retroactively if you hold positions for a long time period, which it never defines.

Why this matters

If you chose Exness for a swap-free account, you can be charged for past positions later. The contract also allows administration fees on open positions, and Exness's help centre lists overnight administration fees of up to $300 a lot.

Exhibit 6WarningHarder than usual

The Client who has a Swap free Client Account may not hold his floating positions for a long time period and hence gain profits. In such an event, the Client must close the floating positions and Swaps will be applied retroactively.
Clause Part E 5.10 in Client Agreement, p.67
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  • Worse together with Exhibit 15The Arabic promise sits in a translation that clause 20.1 says has no legal effect, so the English retroactive swap clause is the one that binds.

Exness can turn a winning account back into a deposit

Three routes in Exness's client agreement and business terms let it cancel profits it has already credited. The triggers are a suspected default, accounts sharing a location, IP address or device, and pending orders placed before news. Each can end with your deposit returned and your gains removed, and Exness alone decides whether the trigger applied.

Profit voiding1 clause flagged

A pending order is an instruction to trade when the price reaches your level. If you place it before economic or market news, Exness can call it erroneously placed and delete the position or change its price.

Why this matters

The business terms give no time window for before, so any order placed ahead of a scheduled release is exposed. A winning position opened by that order can be deleted at Exness's discretion.

Exhibit 8CriticalHarder than usual

Pending Orders are considered to be erroneously placed or modified in the following cases:
Clause 2.9 (a) in General Business Terms, p.16
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Short windows to object, and Exness's records decide

Exness gives clients two business days to object to a trade confirmation and 45 days from an incident to reach the Financial Commission. Its own server logs are the main evidence, and only the English text binds it. Repeated or heated complaints can count as a default.

Complaint barriers5 clauses flagged

A trade confirmation becomes final unless you object in writing within two business days of receiving it. A message in the trading platform counts as received the moment Exness sends it.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Miss the window and the confirmation is conclusive unless the error is obvious on its face. Check your confirmations every day, because silence counts as acceptance.

Exhibit 7CriticalHarder than usual2 working days

Trade confirmations shall, in the absence of manifest error, be deemed conclusive unless the Client notifies the Company in writing to the contrary within two (2) Business Days following the day of receipt of the said trade confirmation.
Clause Part D 5.3 in Client Agreement, p.60
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What it costsA confirmation that reaches you on a Monday is final unless your written objection arrives by the end of Wednesday. A Friday confirmation closes on Tuesday.

If Exness rejects your complaint, you can take it to the Financial Commission, a private dispute body Exness belongs to. The contract gives you 45 days from the incident to do it, while Exness's own review can last 90 business days.

Why this matters

A complicated complaint can still be open with Exness when your 45 days run out. Count from the incident itself, not from Exness's answer, and note that the clause points to a paragraph 17.5 the agreement does not contain.

Exhibit 10WarningHarder than usual45 days

In the event that the Client and the Company cannot settle any dispute as per the procedures mentioned in paragraph 17.5, the Client is entitled to apply within forty-five (45) days from the date of the incident for resolution of the dispute to the Financial Commission.
Clause Part A 16.6 in Client Agreement, p.36
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What it costs90 business days is 18 working weeks. The 45 days for the Financial Commission run out after about six and a half weeks.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must give a final answer to a complaint within eight weeks, and the client then has six months to take it to the Financial Ombudsman Service at no cost. This contract gives you 45 days from the incident to reach the Financial Commission.

Exness is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 2 working daysExness acknowledges your formal complaint and gives you a reference number.Complaints Handling Policy 3.4
Within 10 working daysExness aims to send you the outcome of its review.Complaints Handling Policy 3.4
Up to 21 working daysThe latest date for an answer in an ordinary case, counted from when you lodged the complaint.Complaints Handling Policy 3.5
45 days after the incidentYour window to take the dispute to the Financial Commission closes.Client Agreement Part A 16.6
Up to 90 business daysThe limit for a complaint Exness classes as grossly complicated.Complaints Handling Policy 3.5

Exness's complaints policy lets it treat your repeated complaints, constant contact with staff or hostility as an Event of Default, its trigger for harsh penalties. That can mean a blocked account or a terminated agreement.

Why this matters

Pressing a complaint that matters to you carries a risk to your account. Exness can also dismiss a complaint that contains an affective appraisal, its phrase for emotional language.

Exhibit 11WarningRarely seen

If a Client engages in spamming activities such as incessant communication with employees during an ongoing investigation or after receiving a Response, including a Final Response, submits the same complaint multiple times, or demonstrates hostility towards employees, the Company retains the right to pursue any action specified in the Client Agreement such as without limitation consider this as an Event of Default that may encompass blockage of Client’s accounts or termination of the Client Agreement.
Clause 4.10 in Complaints Handling Policy, p.6
Downloaded from the broker's site on Open the reference

Our readingA complaints policy normally sets out how a firm answers complaints. Turning the client's own conduct while complaining into a contractual default, with account blocking as a possible result, gives the firm power over the person complaining.

  • Worse together with Exhibit 1A default is what unlocks the power to cancel profits, so a dispute about your money can end with less of it.

If you complain, Exness's server logs are the main evidence, and quotes from other brokers are not considered. In disputes about prohibited trading, Exness decides at its sole discretion and calls its decision final.

Why this matters

Screenshots of another platform's prices will not help your case, so keep your own records of every trade. The complaints policy does keep your right to go to court.

Exhibit 12WarningHarder than usual

The Server Data, Database and Server Log-File are the main information source in the case of any complaints. If the Server Data, Database and Server Log-File have not recorded the relevant information the Client refers to, the argument based on this reference may not be considered.
Clause 2.8 (b) in General Business Terms, p.15
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  • Worse together with Exhibit 7You get two business days to object to a trade, and when you do, Exness's own server log is the main evidence of what happened.

Exness's help centre runs in more than a dozen languages, but the contract says translations have no legal effect. Its final answer to your complaint comes in English, or in French or Creole if you ask.

Why this matters

A promise you read in Arabic, Spanish or Vietnamese is not one you can enforce. Read the English version of anything you rely on.

Exhibit 15NoticeStandard wording

Translation or information provided in languages other than English, is for informational purposes only and does not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
Clause Part A 20.1 in Client Agreement, p.37
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The fees Exness says it does not charge are in its contract

Exness's client agreement reserves three charges that its public pages leave out or deny: payment fees, retroactive swaps on swap-free accounts and an investigation fee. The help centre says, in English and Arabic, that Exness charges no deposit or withdrawal fees and no swap on Islamic accounts. The investigation fee has no set amount and is capped only by your balance.

Cost disclosure1 clause flagged

Exness's help centre says, in English and Arabic, that it charges no deposit or withdrawal processing fees. The client agreement lets Exness charge for both and pass every payment and transfer charge on to you.

Why this matters

Check the fee shown in your Personal Area each time you pay, because the contract sets no amount and no cap. Exness can also charge commission on deposits and withdrawals it treats as questionable.

Exhibit 9WarningStandard wording

The Company may charge the Client for carrying out operations to pay in/withdraw funds. The amount of charge for paying in/ withdrawal of funds depends on factors such as the transaction sum, the type of transaction, the transaction currency, the system of payment etc.
Clause Part A 6.7 in Client Agreement, p.17
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Exness can rewrite most of your contract without telling you

Exness must give five business days' notice before changing its client agreement. Every other document in the contract, from the general business terms to the complaints policy, can change without notice. A website posting counts as received within an hour.

Unilateral change1 clause flagged

Exness can change the client agreement on five business days' written notice. It can change every other document in your contract, including the business terms, bonus terms and complaints policy, without notice at all.

Why this matters

A notice posted on Exness's website counts as received an hour after it goes up. Bonus, order handling and complaint rules can change before you have read the new version.

Exhibit 13WarningHarder than usual5 working days

Unless provided differently elsewhere in this Agreement, the Company has the right to amend the terms of the Client Agreement at any time giving to the Client at least five (5) Business Days Written Notice prior to such changes.
Clause Part A 9.2 in Client Agreement, p.22
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What it costsA notice sent on a Monday lets a change to the client agreement take effect the following Monday.

A failed identity check counts as a default at Exness

Exness can demand documents, source of funds or a video call at any point in the relationship. Its client agreement makes failing any such request, as Exness judges it, an Event of Default. Until verification satisfies Exness, it can refuse your deposits and withdrawals.

Identity checks1 clause flagged

Exness can ask you at any time for documents, proof of residence, source of funds or a video call. Failing any KYC (identity check) request, as Exness alone judges it, is an Event of Default.

Why this matters

A default opens the same powers Exness has over suspected abuse, including cancelling profits. Until Exness is satisfied with your verification, it can also refuse your deposits and withdrawals.

Exhibit 14WarningHarder than usual

The failure of the Client to perform any obligation due to the Company including but not limited to the obligation of the Client to adhere to the Anti-Money Laundering (AML) Regulations and to submit any identification documentation and/or any other information required by the Company, and/or satisfy any other request for KYC verification, including but not limited to video call verification, and as determined in the Company’s sole discretion;
Clause Part A 11.1 (B) in Client Agreement, p.25
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  • Worse together with Exhibit 1Clause 11.1.B makes a failed KYC request a default, and a default is what lets Exness cancel profits under clause 11.2.

Exness bonuses are light on conditions and heavy on discretion

Exness's bonus terms run to five pages, set no trading volume requirement, and let you withdraw profits made with a bonus. Exness can still remove any bonus at any time without notice. Withdrawing below a bonus's minimum balance deducts it automatically.

Bonus terms1 clause flagged

Exness can deduct a bonus from your account whenever it chooses, without telling you first. Withdrawing below the minimum balance a bonus requires removes the bonus automatically.

Why this matters

A bonus that disappears also lowers your margin, the money holding your positions open, which can trigger a stop out. Profits you made with the bonus stay yours to withdraw.

Exhibit 17NoticeStandard wording

Bonus funds can be deducted from the Trading Account at any time without prior notification of the Client, at the Company’s sole discretion.
Clause 13 in Bonus Terms and Conditions, p.3
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Seychelles law and Seychelles courts

Exness (SC) Ltd contracts under Seychelles law, and disputes are settled in the courts of Seychelles. Its BVI and Curaçao sister companies use their own courts in the same way, which is normal for offshore brokers. Exness can also transfer your account to another company on five business days' notice.

Governing law1 clause flagged

Your contract with Exness (SC) Ltd runs under Seychelles law, and disputes are settled in the courts of Seychelles. The BVI and Curaçao companies use their own courts in the same way.

Why this matters

Suing Exness means a court case in Seychelles, wherever you live. Exness can also transfer your account to another company on five business days' notice.

Exhibit 19NoticeStandard wording

All disputes and controversies arising out of, or in connection with the Agreement shall be finally settled in the courts of Seychelles.
Clause Part A 16.1 in Client Agreement, p.35
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Exness takes the other side of your trades

Exness's key facts statement says the company is at all times the counterparty to client trades and sets all prices and trading conditions. The client agreement says some orders may go to a third party instead, depending on the account type. We could not find the conflict of interest policy the agreement lists.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty1 clause flagged

Exness's key facts statement says the company is at all times the counterparty to your trades, the other side of every deal, and sets every price. The client agreement says some orders may instead go to a third party, depending on the account type.

Why this matters

Where Exness takes the other side, your loss is its gain. We could not find the conflict of interest policy that the agreement lists, which should explain how Exness manages this.

Exhibit 18NoticeStandard wording

that means that the Company is at all times the counterparty to the client trades and any CFD trades entered into with the Company can only be closed with the latter.
Quoted in Exness Key Facts Statement - Contracts For Difference, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must keep a written conflicts of interest policy and give clients a description of it. Exness's client agreement lists such a policy among its documents, and we could not find it.

Exness is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

No monthly inactivity fee, but small balances can be swept

Exness's client agreement sets no recurring inactivity fee, and its help centre says it charges none. An inactive account can be archived after 3 days and its agreement ended without notice. After that, a balance of $10 or less can be taken as a termination fee.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

The client agreement sets no regular inactivity fee. But once Exness ends your agreement, a leftover balance of $10 or less can be taken as a one-off Termination Handling Fee.

Why this matters

Withdraw everything before you stop trading, because Exness can end an inactive account's agreement without notice. Its key facts statement also lists inactivity and dormancy fees that no document prices.

Exhibit 16NoticeStandard wording$10

If, for 3 (three) calendar days, there are no trades or non-trading operations (including agent operations) on a Client Account , then the account may be archived.
Clause Part B 6.1 in Client Agreement, p.44
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What it costsTerminated with $8 in the account, you can lose all $8 to the fee. With $50 left, clause 10.7.B rules the fee out.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 3 without activityExness may archive the account. The money in it stays yours and you can ask to restore it.Part B 6.1 and 6.4
Day 30 with pending ordersPending orders on an inactive account may be cancelled automatically.Part B 6.6
Inactive for a period Exness choosesExness may restrict the account or end the agreement at once, without notice. Withdrawals stay open.Part B 6.5
After termination, balance of $10 or lessExness may charge a one-off fee of up to $10, which can take the whole remaining balance.Part A 10.7

Exness's best-known licences belong to companies that do not hold your account

Exness's corporate site leads with its FCA and CySEC licences. Retail clients of its global business contract with Exness (SC) Ltd in Seychelles, Exness B.V. in Curaçao or Exness (VG) Ltd in the BVI. Client money is segregated, Exness keeps the interest, and no government compensation scheme applies.

Licence fit2 clauses flagged

Exness's corporate site leads with its FCA and CySEC licences. Your contract is with Exness (SC) Ltd, licensed by the Seychelles Financial Services Authority. Exness's client portal says it does not serve EU or UK residents.

Why this matters

The ombudsman and compensation schemes that come with an FCA or CySEC licence do not apply to your account. Our separate investigation of Exness covers what each licence is worth.

Exhibit 20NoticeStandard wording

The Agreement is entered by and between Exness (SC) Ltd (“the Company”) on the one part and the Client (which may be a legal entity or a natural person) who has completed the Account Opening Application Form (hereinafter called the “Client”) on the other part.
Clause Part A 1.1 in Client Agreement, p.5
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Our own capture of exness.org, taken on Oct 22, 2026The claim, on Exness corporate site, Governance and global operations pageVisit this page on the broker's siteDownload the full size image file

Exness holds your money in a client account kept apart from its own funds. It keeps any interest, and may place your money with third parties that can claim a lien, a legal hold, over it.

Why this matters

If such a third party fails, Exness may only have an unsecured claim on your behalf. Exness's help centre says no government-backed compensation fund covers its clients.

Exhibit 21NoticeStandard wording

Any money that the Company receives from the Client will be held in a separate client money bank account and will be kept segregated from the Company’s own funds.
Clause Part B 1.4 in Client Agreement, p.41
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts, and eligible clients can claim from a statutory compensation scheme if the firm fails. This contract keeps segregation but names no compensation scheme.

Exness is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The help centre says Exness charges no deposit or withdrawal processing fees, while the client agreement lets Exness charge for both.

Said in public, in English

No, we do not charge deposit or withdrawal processing fees.

Exness Help Center, English article on payment processing fees

In the contract · clause Part A 6.7

The Company may charge the Client for carrying out operations to pay in/withdraw funds. The amount of charge for paying in/ withdrawal of funds depends on factors such as the transaction sum, the type of transaction, the transaction currency, the system of payment etc.

02

Arabic readers are told Exness charges no processing fees, while the English contract lets Exness debit every payment and transfer charge from their account.

Said in public, in Arabic

لا نفرض أي رسوم على معالجة عمليات الإيداع أو السحب.

Word for word in English: We do not charge any fees for processing deposit or withdrawal operations.

Exness Help Center, Arabic version of the payment processing fees article

In the contract · clause Part B 7.12

All payment and/or transfer charges may be borne by the Client and the Company shall debit the relevant Client Account for these charges.

03

Exness promises Arabic-speaking clients no swap on overnight trades, while its English contract lets it apply swaps retroactively to positions it judges held too long.

Said in public, in Arabic

تضمن هذه الحالة بدون سواب عدم فرض أي سواب على الصفقات المفتوحة طوال الليل.

Word for word in English: This swap-free status ensures that no swap is charged on trades held open overnight.

Exness Help Center, Arabic article on swap-free status for Islamic countries

In the contract · clause Part E 5.10

The Client who has a Swap free Client Account may not hold his floating positions for a long time period and hence gain profits. In such an event, the Client must close the floating positions and Swaps will be applied retroactively.

04

The help centre says swaps start when swap-free status ends, while the contract lets Exness recover swaps for the whole period the account was swap-free.

Said in public, in English

Once a swap-free status is discontinued, swap charges will be applicable for current and future open orders.

Exness Help Center, English article on swap-free status

In the contract · clause Part E 5.13 (b)

to correct and recover any un-accrued Swaps and any related un-accrued interest expenses and/or costs pertaining to any and all of such client’s Swap-free trading Accounts during the period for which such Accounts were Swap-free trading Accounts;

05

The help centre presents higher leverage as a way to earn more, while the contract lists use of excessive leverage among techniques that can void every trade.

Said in public, in English

Traders can earn significantly more with less margin using higher leverage, but losses are also amplified.

Exness Help Center, Leverage article, which lists 1:Unlimited among the available settings

In the contract · clause Part C 2.5

use EAs or algorithmic trading strategies in bad faith, hedging in bad faith, use of excessive leverage, 'expected' price gap abuse, trading on off-market quotes

06

The corporate site leads with FCA and CySEC licences, while the company a retail client contracts with holds a Seychelles licence.

Said in public, in English

We are licensed by top regulatory authorities, such as the FCA (UK), CySEC (Cyprus), and FSA (Seychelles), ensuring compliance and secure financial services.

Exness corporate site, Governance and global operations page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of exness.org

In the contract · clause Part A 1.2

The Company is authorized by the Financial Services Authority of Seychelles with Securities Dealer’s License Number SD025.

What changed quietly

Exness's documents have not been reviewed before, so no changes can be shown yet.

  • ADDEDClause Part A 6.9 · 22 December 2022/ 019 to 24 July 2026 /039

    The investigation fee is not in the December 2022 version of the client agreement and is in the July 2026 version.

    The Company reserves the right to impose and charge the Client an investigation fee for any type of verified or suspected abuse, fraud, prohibited trading activity, chargebacks or violation of any term of this Agreement either against the Company and/or any related third party.

  • ADDEDClause Part A 11.2 (I) · 22 December 2022/ 019 to 24 July 2026 /039

    In December 2022 a default let Exness block, close or terminate, and the July 2026 version adds the power to cancel your profits and return only your deposit.

    The Company has the right to seize and/or reverse and/or cancel any profits/losses that may have been earned/made through Transactions associated with the Client’s Account and/or to return solely the initial deposit amount to the Client's Account, excluding any profits that have been generated;

  • ADDEDClause Part C 2.5 · 22 December 2022/ 019 to 24 July 2026 /039

    The December 2022 version had no list of prohibited trading techniques, and the July 2026 version voids every trade on accounts that share a location, IP address or device.

    multiple account operation which includes (i) accounts operating from the same location, (ii) using/indicating the same IP address / ID / phone number / etc, (iii) multiple accounts displaying the same deposit and withdrawal patterns, (iv) accounts showing similar or identical trading patterns or (v) accounts sharing the same device or any other forms of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits or losses garnered as invalid.

  • ADDEDClause Part C 2.5 · 22 December 2022/ 019 to 24 July 2026 /039

    Use of excessive leverage was not a prohibited technique in the December 2022 version and is one in the July 2026 version.

    use EAs or algorithmic trading strategies in bad faith, hedging in bad faith, use of excessive leverage, 'expected' price gap abuse, trading on off-market quotes

  • REWRITTENClause Part B 6.1 · 22 December 2022/ 019 to 24 July 2026 /039

    Exness can now archive an account after 3 days without activity, whatever its balance, where in December 2022 it took 30 days and a balance under $10.

    If, for 3 (three) calendar days, there are no trades or non-trading operations (including agent operations) on a Client Account , then the account may be archived.

  • ADDEDClause Part A 10.7 (A) · 22 December 2022/ 019 to 24 July 2026 /039

    The termination handling fee of up to $10 is not in the December 2022 version.

    The Termination Handling Fee shall be an one off fee of up to Ten US Dollars (USD $10.00) or the equivalent sum (depending on the Currency of the Client Account).

  • ADDEDClause Part D 3.13 · 22 December 2022/ 019 to 24 July 2026 /039

    The power to suspend withdrawals under internal risk thresholds is not in the December 2022 version.

    Pursuant to the Company's risk thresholds as internally defined by the Company depending on the Client’s trading activity and for the Client's protection, the Company reserves the right, at its sole discretion, to undertake any of the following actions, which include but are not limited to: (a) refusing to accept new orders from Clients, in whole or in part; (b) suspending internal transfers by Clients; and (c) suspending withdrawals by Clients for a limited period as defined by the Company.

  • REWRITTENClause 3.6 · June 2025 /08 to July 2026 /09

    Only the name of the unit giving Exness's final answer changed, so the complaint deadlines are the same as in June 2025.

    A Response issued by the Complaints Handling Unit should be considered as ultimate and definitive, with no opportunity for further escalation of the matter to any function or individual within the Company (the “Final Response”).

The documents this reading is based on

13 files, all published by Exness. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Exness publishes.

How this reading was done

Every clause above was read out of a document Exness publishes itself

This reading was published on .

Documents
8 of 13downloaded from the broker's site, and 8 read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded
Marketing pages
8public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in

Who the contract is with

Exness (SC) Ltd

A retail client of Exness's international business contracts with one of three companies, and the footer of the client portal shows which: Exness (SC) Ltd in Seychelles, Exness B.V. in Curaçao or Exness (VG) Ltd in the British Virgin Islands. Exness (SC) Ltd holds Seychelles FSA licence SD025 and is also authorised by South Africa's FSCA as an over-the-counter derivatives provider. None of the three is the FCA or CySEC licensed company named on Exness's corporate site, and the client portal says Exness does not serve residents of the EU or the UK. Payments run through Danibrook Investments Limited, a Cyprus company under common control with Exness (SC) Ltd. None of the documents in this review names Exness Technologies Ltd.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Exness writes negative balance protection into its business terms, risk disclosure and key facts statement, so a stop out cannot leave you owing money. The bonus terms are five pages long, set no trading volume target, and let you withdraw profits made with a bonus. The client agreement sets no recurring inactivity fee, keeps archived balances yours, and commits to a withdrawal target of three business days. Most documents carry a version label, and the help centre states that no government compensation scheme covers clients.

This review covers Exness (SC) Ltd's client agreement, general business terms, bonus terms, complaints policy, key facts statement, risk disclosure, privacy policy and anti-money laundering note in full. All of them are PDFs on www.exness.com. The legal documents index that Exness's client portal links to would not open, so whether it lists exactly these files is unconfirmed. The conflict of interest policy, confidentiality policy and API terms that the agreement names were not found, and the partnership agreement is not covered. For Exness (VG) Ltd and Exness B.V., the client agreements are covered only for the clauses discussed. The wording matches, under BVI and Curaçao law. The privacy notice and cookie policy on exness.org come from Exness Global Limited and cover website visitors, suppliers and event guests, not trading clients. Marketing claims quoted here come from Exness's help centre and its corporate site. The trading pages on www.exness.com are not covered. The only earlier client agreement we could compare is the December 2022 version held by the Internet Archive, so a clause we mark as added since then may have arrived in any later version. Help centre articles change often, and the unlimited leverage article was updated on the day of the review.

How to check any of this yourself

Every quote above links to the Exness file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Exness publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Exness on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 22, 2026.

If you represent Exness and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Exness. Whether its licence is real and current is a separate check on the broker profile.

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