EXANTE Fraud: Full Review

The Summary Module: For A Quick Overview Of Your Account's Status

The Summary module displays information concerning the account's current status.

It displays all the positions you have opened and their primary information. This information is updated in real time.

The EXANTE terminal offers a comprehensive suite of tools and features that cater to both novice and experienced traders. Its modular design and customisable interface make it a versatile platform that can adapt to your trading needs. Plus, its wide range of modules, from the Bond Screener to the Exchange module, offers you a multitude of ways to navigate the financial markets.

EXANTE Mobile App

From Declaration to Payout

Understanding the journey of dividends from declaration to payout is essential. Here's a step-by-step breakdown of the process:

• Declaration: A company announces dividends from a stock, typically following the Annual General Meeting (AGM). 

• Record date: The company sets a record date and informs shareholders through a press release. All shareholders on record until this date are entitled to receive dividend payments.

• Ex-date: The day after the record date is known as the ex-date, from when the stock trades ex-dividend. This means if you buy stocks after this date, you won't receive the next payment. Instead, the seller gets the dividend.

• Payout date: This is when you receive dividends in your account, usually a month after the record date.

You can find information on dividend paid and tax applied in the Transactions section of the Client's Area.

Tax Implications on Dividends

The tax on dividends is governed by the law of the country where the traded company is registered and listed. As an 'execution only' service provider, EXANTE is neither a withholding agent nor a tax agent. 

The proceeds from transactions with financial instruments or corporate actions are passed to clients in the exact amount received from EXANTE's counterparties, minus any withheld taxes. 

As a qualified foreign Intermediary (QI) to the IRS, EXANTE is obligated to collect W-8 forms from all clients who could potentially receive US source income in the form of dividends. 

Failure to submit this form will result in a maximum withholding rate of 30% applied to foreign entities or individuals. However, once you submit a valid form, you can benefit from the tax treaty applicable to your specific tax residence.

Key Takeaways

• If you hold shares until the company-defined ex-date, you're eligible for dividends.

• Dividends are automatically credited to your account on the payout date.

• Any applicable taxes are debited in a separate transaction.

• The tax on dividends follows the law of the country where the traded company is registered and listed.

• As a QI to the IRS, EXANTE must collect W-8 forms from all clients who could potentially receive US source income in the form of dividends.

Trading with EXANTE is more than just buying and selling shares. It's about understanding the entire process, including dividends and their tax implications. Armed with this knowledge, you can make more informed decisions and maximise your trading potential.

EXANTE Fees

EXANTE's trading fees are structured in a way that they only apply to actual trades. This means that you can trade any number of instruments starting from one traded unit. The size of the minimum traded unit varies by instrument, and this information can be found on the EXANTE trading platform. 

Stock & ETF Trades

Trading fees for stocks and ETFs vary across exchanges. For instance, on the main US exchanges, the maximum rate is 0.02 USD per share. European exchanges have varying fees, ranging between 0.02% to 0.18%. Major Asian exchanges also have their own fee structure, with rates ranging from 0.1% on the Tokyo Exchange to 0.1927% on Hong Kong Exchanges.

Futures & Options Trades

Futures and options trades also have varying fees across exchanges. The main US exchanges charge from 1.5 USD per instrument. European Exchanges have a fee of 1.5 EUR per instrument. Other exchanges like the DGCX, HKEX, OSE, ASX, and SGX have their own fee structures.

Real-Time Feed Provision

EXANTE charges a fee for the provision of real-time feed from certain venues. You can subscribe to any of the enlisted markets via the Client’s Area. The fees vary depending on whether you are a retail or professional client.

Cash Conversion Fee

EXANTE charges a fee for cash conversion. This is 0.25% on all major currency pairs, except for EUR/USD, where the rate is 0. For the rest, the rate is 0.4%. When converting through the Account Summary module or with automatic currency conversion, no additional fee is applied.

Bond Trading

EXANTE allows you to trade both private and corporate bonds with fees starting at 9 bps for a range of bonds. This includes both European and US Corporate/Government bonds.

Currency Pair Trading

If you wish to trade currency pairs, live market spreads start at 0.2 pips. However, keep in mind that for holding a negative position in cash, you will be charged interest, depending on the currency of the position. 

Overnight Fees

Overnight fees apply to short positions and FX. They depend on the market and are constantly changing. Current overnight fees can be found in the Client's area. 

Manual Execution Fee

Note that the fee for manual execution of voice orders amounts to 90 EUR/GBP.

Service Fees

EXANTE does not charge for transfers to EXANTE or for transfers between your own accounts and subaccounts within EXANTE. You can use leverage when trading with EXANTE for free. However, EXANTE may charge various commissions for specific actions. 

• Inactivity fee: 50 EUR/GBP per month for accounts with no trades within the last 6 months, no open positions, and a balance under 5,000 EUR/GBP.

• Withdrawal fee: 30 EUR/GBP or an equivalent per transaction.

• Deposit fee: None.

• Margin trading fee: None as long as Margin Utilization is below 100%. If exceeded, a fee equivalent to 100% p.a. on the exceeded value is charged daily. 

• Shorting stocks: Approximately 12% of the transaction.

• Manual execution: 90 EUR/GBP for voice trading in case you place phone/email orders.

• Fees for trades: Variable, applied by the issuing exchange.

• Overnight fees: Variable, can be found in the client's area.

• Interest: Variable, applies as a fee for holding negative positions in cash.

• Custody fee: 0.3% annually, applies to bonds.

Remember, these fees may change at the discretion of the exchange. It is always important to stay up-to-date with the current fee structure applicable to your account by checking your Client's Area regularly.

Converting Funds on the EXANTE Platform

EXANTE offers the option to convert your funds directly on their desktop platform. You can do this by clicking ‘Account Summary’ on the top toolbar -> ‘Cash Balance’ -> right click on the row of the currency you wish to convert (‘Convert To’). Alternatively, click ‘Instruments’ on the top toolbar -> choose ‘Cash’ from the groups of instruments -> place an order. This allows you to convert existing funds to additional currencies.

The EXANTE deposit process is fairly straightforward and flexible, offering a variety of currencies to deposit in. However, it's important to be aware of the minimum deposit requirements, the time it takes for the bank to process your transfer, and the rules regarding third-party transfers.

4. Choose your preferred currency. EXANTE supports withdrawals in EUR, USD, GBP, CHF, CZK, and PLN.

5. Fill out the withdrawal form and press Send withdrawal request.

6. To confirm your withdrawal request, you'll need to use two-step authentication (Google Authenticator) or an SMS code sent to your contact number.

Please note that it usually takes one business day to approve a withdrawal request. However, bank processing might take up to five business days and might require additional fees, which EXANTE doesn't determine.

Minimum Withdrawal Level at EXANTE

EXANTE doesn't impose any limits on the amounts clients can withdraw from their accounts. There's no minimum withdrawal amount, while the maximum amount is naturally limited by the amount of free funds currently available on the account. 

How Long Does It Take to Withdraw Your Funds?

Typically, it takes no more than 24 hours to approve your withdrawal for execution. After that, it may take 3 to 5 business days for funds to be transferred by the bank to your account.

EXANTE Security

EXANTE has established a reputation for its robust security measures. It's clear that the company is committed to ensuring the safety of its clients' personal data and financial assets. Let's delve into the specifics.

Data Privacy and Protection

One of the first questions that comes to mind is, "Does EXANTE share my personal information with third parties?" The answer is a resounding no. EXANTE stores all personal data on its internal servers, and it doesn't share this information with any third parties. This commitment to data privacy is reassuring, as it means that your personal information is kept confidential and secure.

When it comes to data security, EXANTE is also compliant with the General Data Protection Regulation (GDPR). This means that they adhere to strict standards when it comes to data protection and privacy.

In-house Trading Platform

EXANTE has developed its trading platform without relying on third-party solutions. This is a significant security advantage, as it reduces the risk of data breaches and other security issues that can arise from using third-party software. 

Data Erasure

What happens if you want all your data to be erased? If you decide to end your relationship with EXANTE, you can request the complete erasure of your personal data. However, as a regulated financial institution, EXANTE is required to retain your data for a minimum of six years for anti-money laundering and counter-terrorism purposes. 

Financial Security

In addition to data security, EXANTE also prioritises financial security. As an EU-regulated investment firm, EXANTE complies with the MiFID II Directive and meets all associated legal requirements, protocols, and policies. 

EXANTE works with major European banks and relies on Tier 1 liquidity providers for clearing. They also have multiple counterparties for each financial instrument to ensure smooth operations. For commodities trading, deals are executed directly at the corresponding exchanges.

To further enhance asset protection and risk mitigation, EXANTE employs segregated accounts. This means that client funds are kept separate from the company's own funds, providing an additional layer of financial security.

Anti-Phishing Measures

Phishing is a common online scam where fraudsters attempt to steal personal information by posing as legitimate entities. EXANTE takes active measures to protect its clients from such threats. They implement administrative and technological measures to safeguard client data processed through their information systems.

In conclusion, EXANTE's commitment to security is evident in their comprehensive measures to protect client data and financial assets. As a trader, I find this commitment reassuring and believe it contributes significantly to the platform's overall reliability and trustworthiness.

What happens if EXANTE closes?

As a trader, it's crucial to understand what could happen if your chosen brokerage, in this case EXANTE, were to unexpectedly close its doors. While this scenario is unlikely, it's always best to be prepared and understand the potential implications. 

The Liquidation Process

If EXANTE were to cease operations, a standard procedure would kick in. The court would appoint an administrator to manage the liquidation process. The physical offices would be shut down, and all operations would stop. The administrator, in collaboration with the firm, would then review all documents, records, and books to ensure everything is in order.

The supervisory authority, whose role is to oversee the process, would step in to verify the accuracy of the firm's records. If everything checks out, the next step would be to transfer client accounts to another brokerage firm. 

Client Account Transfer

The transfer of accounts is typically arranged by the supervisory authority and the administrator. As a client, you would be notified about the transfer. You would then have the option to continue with the new broker or select a different service provider according to your preference. 

In some cases, you might be required to file a claim with the appointed administrator for the repayment of your assets. 

Investor Compensation Fund

In certain circumstances, if you fall under the protection of an investor compensation fund, you could be entitled to a direct repayment of your assets. This would be within the limits set by the respective investor compensation fund. This process is typically handled out-of-court, simplifying the procedure.

EXANTE's Measures

To reassure its clients, EXANTE, a fully licensed investment company, complies with MiFID II (Markets in Financial Instruments Directive). In accordance with MiFID II requirements, EXANTE separates clients’ and the Company's assets. The clients' assets are held on segregated accounts at trusted custodians, and EXANTE does not have access to these assets. 

Key Takeaways

• In the event of EXANTE's closure, a court-appointed administrator would manage the liquidation process.

• Client accounts would be transferred to another brokerage firm.

• Clients may be eligible for direct repayment of assets if they fall under the protection of an investor compensation fund.

• EXANTE separates clients’ and the company's assets, ensuring client assets are safe.

EXANTE encourages its clients to regularly check on the company's legal status and licences in the state registries. It's also recommended to maintain organised records of your assets and accounts, either as hard copies or electronic records of holdings, account statements, and trade confirmations. 

While the closure of a brokerage firm like EXANTE is unlikely, it's important to be prepared and understand what such a scenario would entail.

Real EXANTE Customer Reviews

In this section, you can read reviews about EXANTE before trusting the company with your money. The reviews received from real customers of the broker are especially important. These customers have actually invested their money and can judge EXANTE based on their own experience.

The reviews are published with the spelling and punctuation of the authors.

Shirley W. Michaels

"I will start with the pluses, lots of tools as well as free quotes, and paid ones are cheaper compared to interactive brokers.

But the minuses want a perpetually glitchy platform updated weekly, but from that the glitches don't get less, tech support that doesn't solve the problem but makes you the extreme one instead of solving the problem they are looking for in you, My main problem is that the technical support is not solving the problem, but making you the last one, instead of solving the problem they look for you."

Bohemian rhapsody

"How I withdrew money from Exante. I applied in the morning; a couple of hours later, the money was withdrawn from the brokerage account. The next day it already came to my bank.

The commission of bank and broker was $30.

Everything went brilliantly! That way, in everything else, there would be no price to pay for this (in this case) Broker with a capital letter!"

Andrew

"Great company, trading since early 2019. I withdraw money via bank transfer in just 1-2, the commission is acceptable. Personal manager is always in touch + tech support - round the clock".

JosephVi

"Transparency of transactions, no slippage, no manipulation of my funds. All this speaks only in favor of Exante. This is so far the best broker I have worked with."

Matisov

"Not a lot of breed entry €10k, but worth it. I enter stocks and futures from one account, and there are also bonds, funds, etc. It is convenient that they have a common P&L".

ClydeMcFarland

"I strongly recommend it, and this is why:

- America, Europe, futures, bonds, and other - all in one window- support 24/7- withdrawal to the bank account strictly by documents.

If all my documents are in order and if you are serious about trading, then EXANTE is the right broker for you".

Valent

"The minimum deposit of 10 thousand euros is probably the only thing that can cause problems, quite a big one. Otherwise, there are no problems with the broker. Exante has already established itself on the financial market as a reliable broker. The well-organized process allows traders like me to make excellent profits from trading in the financial market."

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From all the information in this review, we can conclude that EXANTE broker is a reliable brokerage company with a European brokerage license and state insurance of client funds. The company provides access to the broadest range of stock exchanges and financial instruments. Additional advantages of EXANTE broker - convenient modern terminal, high level of support service, and low commissions.

Conclusion

EXANTE is a global broker that offers a wide range of trading instruments, clear rates and commissions, and dedicated customer service. However, it does have its drawbacks, such as a high minimum deposit and lack of automation in certain areas. As a trader, it's important to weigh these pros and cons before deciding whether EXANTE is the right broker for you. 

Remember, trading involves risk and it's crucial to understand the terms and conditions of your broker before you start trading. Always do your due diligence and make informed decisions. 

FAQ

1. What is EXANTE's minimum deposit?

The minimum deposit for retail clients is 10,000 EUR. 

2. What trading instruments does EXANTE offer?

EXANTE offers a wide range of trading instruments, including stocks, ETFs, bonds, futures, and options. 

3. What kind of court case SEC with EXANTE?

The U.S. Securities and Exchange Commission (SEC) accused nine clients of EXANTE, of illegally trading based on accessed press releases in 2010. However, EXANTE has proven to be uninvolved. They've got systems in place for market monitoring and oversight. The SEC eventually dropped the lawsuits against them and closed the case. 

4. What are the pros and cons of trading with EXANTE?

The pros include margin trading, clear rates and commissions, a dedicated manager, and a broad offering of markets. The cons include a high minimum deposit and lack of automation in options trading and reporting.