EXNCM Account Types & How to Open

When we set out to review EXNCM — the trading name of Trademax Australia Limited, registered at One International Towers in Barangaroo — we expected to find a standard menu of retail account tiers, complete with spread tables and leverage options. Instead, our research hit an unusual wall: the broker publishes no verifiable account documentation, no live spread sheets, and no platform-specific breakdown on its official domain, exncpro.com. In fact, the only concrete account-related information we could confirm comes from the corporate registry and the licence records we hold on file.

That absence is itself a finding. For a firm that claims ASIC and FMA regulation, the lack of a transparent account structure is out of step with the disclosure norms we see from established Australian brokers. We are not saying EXNCM is a scam — our Scam Risk Score of 43/100 sits in the 'Guarded' zone, not the red zone — but we are saying that a trader cannot currently make an informed decision about which account to open, what they will pay, or how much leverage they will be offered. In this section, we walk through what is actually on file, what is missing, and what a cautious trader should do before funding any account.

Most brokers we review publish at least two or three account tiers — a standard account, a raw or ECN account, and sometimes a premium or Islamic variant. Each tier typically comes with a stated minimum deposit, a spread or commission model, and a leverage ceiling. EXNCM, as far as we can determine from the official domain and public records, publishes no such menu. We found no account comparison table, no 'Open Account' flow that reveals live terms, and no downloadable product disclosure statement on exncpro.com.

We cross-checked the domain against the corporate registry and the licence records we hold. The legal entity, Trademax Australia Limited, is real and was incorporated on 31 May 2023. But a real corporate shell does not automatically mean a real retail offering.

In FXCanary's assessment, the absence of a published account structure is a significant transparency gap. A trader cannot compare EXNCM's offering against a competitor, cannot calculate the cost of a trade, and cannot verify whether the broker's execution model matches their trading style. Until that documentation appears, we treat the account offering as undisclosed.

We searched the official domain and the public register for a minimum deposit figure. None is published. We do not have a verified number in our records, and we will not import a figure from third-party websites, because obscure brokers are frequently confused with similarly named entities, and a wrong number would be worse than no number.

What does the lack of a disclosed minimum deposit tell us? For a regulated broker, it is unusual. ASIC-regulated entities typically publish account opening terms, including the minimum initial deposit, in their PDS or on their website. The absence suggests either that the broker is still building out its retail offering, or that it is deliberately keeping terms opaque. Either way, a trader should not send funds to a broker that cannot tell them, in writing, how much they need to start and what they will get for that money.

Leverage is where the regulatory picture becomes genuinely important. EXNCM holds two licences on file: an ASIC Market Making (MM) licence with number 436416, and an FMA Market Making (MM) licence with number 569807. Both are listed as active in our records, though the status column is blank — we treat that as 'no adverse action on file' rather than a clean bill of health.

ASIC's retail leverage cap is 1:30 for major FX pairs, and the FMA in New Zealand applies a similar restriction for retail clients. If EXNCM is truly operating under these licences, then any retail client in Australia or New Zealand should be offered leverage no higher than 1:30. But we have not seen EXNCM's own leverage disclosure, and we cannot confirm that the firm actually offers retail accounts under these licences. The licences are for 'Market Making', which is a wholesale-facing activity, not necessarily a retail CFD offering. In our view, a trader should assume the leverage is capped at 1:30 if they are a retail client in either jurisdiction, and should be extremely wary of any offshore entity offering higher leverage under the same brand.

We have no verified spread or commission data for EXNCM. The official domain does not publish a spread table, and our records contain no fee schedule. We will not speculate on typical spreads, because doing so would be exactly the kind of guesswork that undermines a review.

What we can say is that the absence of fee disclosure is a red flag in an industry where cost transparency is the norm. Every reputable broker we review publishes at least an indicative spread range or a commission schedule. EXNCM's silence on this front means a trader cannot estimate the cost of a round-turn trade, cannot compare the broker against a raw-spread competitor, and cannot budget for slippage or overnight financing. In FXCanary's assessment, this is not a minor omission — it is a fundamental barrier to due diligence.

We looked for evidence of which trading platform EXNCM offers — MetaTrader 4, MetaTrader 5, cTrader, a proprietary web platform — and found nothing on the official domain that we could verify. The website, as far as we can tell from our checks, does not present a clear platform selection or a download link. We also found no mention of a demo account.

This is a critical gap. A broker without a disclosed platform is like a restaurant without a menu. Even if the underlying entity is legitimate, a trader cannot evaluate execution quality, charting tools, or automated trading support. We advise any trader considering EXNCM to ask directly for a platform demo before depositing. If the broker cannot provide a working demo of its platform, that is a decisive negative signal.

Because EXNCM does not publish an account application flow, we cannot describe the exact KYC steps. However, based on the regulatory environment in Australia and New Zealand, we can outline what a compliant account opening should involve. Under ASIC and FMA rules, a broker must verify a client's identity, address, and source of funds, and must assess the client's experience and risk tolerance before offering leveraged products.

A typical process would include submitting a government-issued ID, proof of address, and possibly a financial questionnaire. The broker should also provide a PDS or equivalent disclosure document. If EXNCM asks you to skip any of these steps, or if the process happens through an unregulated affiliate, that is a warning sign. We also note that the registered address — L28 One International Towers, 100 Barangaroo Avenue — is a legitimate commercial location, but we have not verified that the firm actually operates from that office, and our records show zero employees on file, which raises questions about operational capacity.

In FXCanary's assessment, EXNCM is a broker that exists on paper — with real licences and a real corporate registration — but has not yet demonstrated a functioning retail account offering. The lack of published account tiers, minimum deposits, leverage, spreads, and platform information means that a trader cannot perform even basic due diligence. Our Scam Risk Score of 43/100 reflects this uncertainty: we are not calling the broker a scam, but we are flagging it as high-risk for information asymmetry.

Our advice is straightforward. Do not deposit funds with EXNCM until the broker publishes a full product disclosure statement, a clear account comparison, and a live demo platform. If you are approached by a salesperson offering high leverage or guaranteed returns, treat it as a red flag. And always verify the licence numbers we have on file — ASIC 436416 and FMA 569807 — directly on the official ASIC and FMA registers. If the licence does not match the entity you are dealing with, walk away.