Read our full Exness review below.
WHAT IS EXNESS?
Found in 2008, Exness is a respectable forex and CFD brokerage firm with its headquarters located in Limassol, Cyprus. This online broker is regulated by FCA, CySEC, and others.
At Exness, clients can trade a range of trading instruments, such as currency pairs, Energies, Indices, CFCDs on Stocks, Metals and seven cryptocurrencies.
The broker also offers a variety of trading platforms to its traders, including MetaTrader4, MetaTrader5, plus mobile trading platforms.
Exness, in an award-winning brokerage firm that has gained popularity over the years in the market due to the tailored investment solutions and Financial Services it offers. Founded in 2008, the company is based in two main offices located in Seychelles.
With over 70,000 active client accounts globally, Exness, one may wonder what has attracted such a huge clientele base to this company. This is owed to the fact that they offer flexible types of accounts and various financial instruments to suit different clients’ strategies.
The fact that Exness operations are regulated and overseen by the UK’s Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC) makes it very attractive.
Exness has been in the market since 2008 and was founded by like-minded professionals; having been successful in their operations and winning multiple awards, it has raised interest among people who want to know how this multi-million brokerage firm operates on their day-to-day basis, thus the reason for this review.
Currently, the company has expanded its clientele base and operation to various countries. The recent introduction of social trading regulated by their own rules also came as an added score for the company putting their competitors on toes. Exness exited all their retail operation in the UK reason being they wanted to focus on Business-to-business operations.
All its operation was relocated to Seychelles, thus enabling Nymstar, which is Exness subsidiary, to accept global clients with little restrictions.
Exness is said to have favorable terms making it accessible to all traders. Their account also is suitable even for beginners, and with just a minimum of 1USD, you are good to go. The broker has shifted a lot of its focus to Asian countries traders and allows for maximum leverage to be 1:2000. This is for some reason which is best known to them. Their Pro Accounts gives the best trading deals for most traders, with minimum commissions or free spreads of just 0.6pips.
Exness has declared the usage of their client’s funds for their own income generation and thus makes us wonder if any investment normally takes place. Not raise the alarm as there is no proof of any wrongdoing, but the red flags show a potential indication of simulated trading space. This transforms to the company banking on the losses of their clients, which are the revenues used with the broker.
The pure forex traders on Exness have been provided with access to the market-leading 107 currency pair, but those using MT5/MT4 as their trading platforms are out of the equation. Without the help of third-party add-ons, Exness lacks a competitive edge. Their main strength is In-house research and education, and their excellent customer service in various languages is a plus.
Before investing in any Brokerage firm, it is your responsibility to weigh the positives against the drawbacks and conclude for yourself if you will invest or not. This article will give you a detailed review on some topics concerning Exness, so if you are searching for some information on the brokerage firm, look no further.
Here are some Pros and Cons of using Exness as your brokerage firm:
PROS & CONS
- Exness is suitable for both professionals and beginners. Its standard account is also good for beginners.
- It is a global broker with its main offices located in Cyprus, Seychelles, and UK.
- It is based on the Meta Trader Technology
- They offer an advanced range of Analysis and research tools.
- They provide variety account types which include ECN, Islamic and Mini
- They are highly regulated and compliant with their regulators. The regulators are FCA, CySEC and others.
- They provide excellent customer services through their email, live chat, phone, and other platforms.
- They have a solid array of different financial instruments including more than 120 Forex pairs.
- The leverage for their European clients is restricted at 1:30
- It does not provide multi-currency accounts
- It has a small number and less variety financial instruments as compared to other brokers.
GO Markets Broker Review
Exness Forex Markets Coverages are among the most comprehensive in the market today. It provides 107 currency pairs, Energies, Indices, CFCDs on Stocks, Metals and seven cryptocurrencies.
Their coverages are attractive that any pure forex traders will find them outstanding, as they are complemented with twelve commodities and seven crypto currencies. Also, the diversification of cross-asset exists via index CFDs and 40 equity. Exness provides its traders with a selection of market-leading asset choices, while disappointing its equity traders with minimal choices.
Exness trading platform choice provides the selection between the market leaders MetaTrader4 and MetaTrader5 plus mobile trading platforms. Also, they offer MT4 WebTerminal which allows the clients access from any device.
Here are some of the advantages of these trading platforms provided by Exness:
- They provide user friendly software
- They both support Web, Desktop and Mobile platforms
- They provide both MT4 and MT5.
- They have no limits on strategies and allow for Technical Analysis
- The platforms support various languages
While looking at their trading platform, let us look further into Web trading and desktop platform when using Exness. That is how the MT4 and MT5 behave while using either:
While both trading platforms are known in the industry, MT4 is said to be a more convenient and functional platform which is recognized by both retail and professional world traders. MT5 is a more advance version of MT4 and has very powerful features providing new possibilities. Both platforms can be accessed via Web Trading, which is free to install and download via their browser.
MT5 and MT4 supports all devices including MAC and PC, so Exness has provided variety in choice when selecting what device, you may prefer to use. Either can access the IR industry standard platform or their MT5 which is a more developed version.
The accounts provided by Exness features 80 currency options and more, they also have instant payment options. They basically have Standard Cent accounts which is great for small size traders, Standard Account, and profession Accounts. Let us look at the account provided in detail:
- Standard Cent Account – Exness has created favorable account for each of their clients at different levels. The standard Cent account is great for new forex Traders who are looking to learn without taking much risk. With just 1USD as minimum deposit, micro-lots are unlocked, and spreads are as low as 0.3pips. Using this account only Metals and currency can be traded and MT5 is not supported.
- Standard Accounts – This account also requires a 1 USD as minimum deposit and has trading condition, the only difference between this account and the Cent account is that this can access more assets and MT5.
- Raw Spread Account – This account requires a minimum deposit of 500 USD and 3.50 USD as commission but spread from zero pips. It is available on MT5.
- Pro Account – This is a single execution account provided by Exness, the minimum deposit required for this account in 500 USD and the spreads are from 0.6pips with no slippage. It is also available on MT5.
- Zero Account – The minimum deposit required for this account is 500 USD and a commission of 3.50 USD, it also guarantees 0 pips spread on 95% of that trading day on 30 pairs. It is also available on MT5.
HOW TO OPEN AN ACCOUNT
No matter the page you are using, the Exness new account application form is normally located on the right sidebar, which might create an unpleasant user-experience on the website. The first step of opening an account can be completed by traders by submitting their country of residence and an email address that is valid. Then one is required to choose a password for protection and security purposes of their account.
Account verification is a secondary mandatory procedure as per their regulation which is fulfilled by submitting a trader’s ID copy and a document that gives proof of residency.
- First open an account-this is by completing the registration forms on their website
- Verify your details- the next step is for activating and protecting your account through details verification
- Deposit Funds-getting ready to jump into the trading opportunities when they become available
- Start trading-open your account and start trading
To get an Exness Demo Account, first you will need to create an account. The Demo account has 10,000 USD and to kickoff you should install metatraders5 for windows users and other versions are available for those using Mac, Android, and Linux.
SOCIAL TRADING AND COPY TRADING
Initially Exness did not have social trading; it was launched recently and has gotten a lot of attention from traders globally. Social trading is not new in the Forex world as other brokers have been using it for the longest time. So, let’s understand what these two terms mean in detail.
Exness Social Trading: Social Trading is where new traders follow and are allowed to copy professional traders on a platform both earning from a profitable trade. So, whenever the professional trader being copied makes a move the novice trader will do the same with their account.
Exness Social Trading is not like any other social trading platform they have set their own rules which makes it simple and easy to practice than the others. Their social trading platform targets a true investor who doesn’t know how to trade but they are able to apply the investing strategies of experiences traders.
On the Exness website they have spelt out the rules of social trading as it will take place between two parties which are the, the investor- who is said to be a copy trader who uses Social trading service to choose and browse trading strategies which are created by experienced traders who are known on their site as Strategy Provider .
The strategy provider profits from trades if the investor follow their strategies, they earn commission at a rate set between 0-50percent. Exness has made it to be attractive and a win, win situation for both parties; the commission is attained when the trading period ends.
Copy trading is a part of social trading where the trades of a trader are copied to a particular investor account. Investors are allowed by Exness to start copying even when the market is not open, a copying co-efficient is factored. Two account that of a strategy and investor are normally bound together.
Benefits that a client can get from using Exness Social trading:
- It provides an opportunity for new traders to use strategies of experience traders thus making it easier for them.
- It allows the investor to choose a trader of their choice.
- It allows a trader to start trade at a minimum balance. That is no large investment is required to start this trade.
- The Strategy provider can gain some commission from this trade as the investor gains profit.
- Transaction of funds can be done immediately
- It allows copying of multiple traders’ strategies on the same account
COMMISSIONS & FEES
Just like many other brokerage firms Exness draws a fee from spreads, their fee is normally the difference between the sell and buy of an instrument.
Exness charges commission only on two of their professional accounts which are the raw spread accounts and the zero account at the industry standard rate of 3.50 USD per lot. There spreads are low when compared to their competitors.
Like many Brokerage firms, Exness also provide the use of leverage, this may increase a chance for potential gains due to its possibility of multiplying the initial accounts balance.
The level of leverage that is provided usually depends on the instruments which a client is trading and is also defined by the regulatory restrictions and the trader personal level of proficiency.
The FCA and CySEC having lowered the leverage levels, the maximum leverage that can be used by a retail trader are:
- 1:30 for major currencies,
- 1:20 for minor ones
- 1:10 for commodities.
This is not the same all over as Exness being a global entity it may allow for higher leverage ratios of up to 1:1000 depending on a country. Before using leverage, it is important to learn how to use leverage the right way, this is because it may increase potential loses and in various instruments it has different features.
WITHDRAWALS AND DEPOSITS
Exness allows for instant withdrawals and instant deposits with no commission chargeable, several electronic payment systems. Funds can be deposited using several ways like bank wire transfers, Credit Cards, Neteller Skrill and other online payment systems.
Exness also has a system which allows its clients to automatically withdraw funds using some different electronic payment systems. Traders have 24/7 control of their account; withdrawals are made using the same method that is used when depositing funds.
Exness has been rated to have efficient customer services to their clients. Client’s phone support is provided 24/5 in thirteen languages and in English and Chinese customer support is 24/7.
Other forms that are provided for client contact include live chat, phone, and emails and call back services. Other support provided by Exness is posted in their updated financial news and they have given free access to their library on their website.
SAFETY AND SECURITY
Exness has ensured that protection of their investors is provided; they run their operations in adherence with rules which are set by strict regulatory bodies like the Financial Conduct Authority (FCA) of the UK and Cyprus Securities and Exchange Commission (CySEC).
Its operations are also regulated by other small jurisdictions but those two major stamps the FCA and CySEC enables it serve customers throughout the EU.
The regulated companies which operate under the Exness banner are members of various compensation schemes that are responsible for covering traders in the instance where the broker becomes insolvent. Members of Exness in the UK are entitled up to the GBP of 85,000 in case the company becomes insolvent.
Exness has ensures though that their client funds are kept safe in various segregated bank accounts using tier 1 banking institutions.
Exness cashback/rebates are where a portion of the transaction cost is usually paid back to the client on every trade that results into a lower spread. Each broker gives a different cashback rates for different instruments and account types.
Exness rebates is important for any Forex Traders as it increases the profitability of the trader while cutting down on costs.
The cashback works when a new or existing account is linked to you the broker pays part of the spread to the person who referred the customer.
Exness offers their traders with in-house research which is the best asset that they possess. They provide a weekly Forex Data Segment which is an in-depth analytical material that has information on trading ideas and upcoming events. Also informative is their bi-weekly technical analysis where their trades are well described and can be used as a research tool by novice traders.
Each report provided by Exness is made up of charts and written contents. Also, another item that complements the in-house research is their web TV stream offered by TV Central. The live news feed completes the research service given by Exness.
Exness also is conscious about the education of their new traders has they have on their website the Exness Academy. It provides trading education and can be found in three levels according to experience. This is perfect as new traders find the information in their level easy to use as they gradually become better in trading.
Available on the Exness education site is video education which is available in five different languages including Arabic, Thai, Indonesian, English, and Vietnamese. These videos are very handy in providing vital concepts that each forex trader need to know and understand.
Exness also holds frequent webinars in Arabic, English, Thai, Vietnamese and Indonesian. The webinars normally cover a range of topics which prove useful to new traders. Registering for an Exness webinar does not need an Exness account but a user must provide their email address. Exness also offers free Demo account.
Exness has a long history of operation and has been recognized and awarded several times in different aspects like trading technology, Customer satisfaction and its overall rankings recognizing its achievements.
Exness won the Best Global Forex Customer Service in 2019, Best Global Forex Trading Experience 2019, the Most Trusted Global Forex Broker 2019, and the Global Forex Awards.
Exness takes active role in social responsibility, and acts as an honored sponsorship partner with other organizations. Exness currently sponsors Real Madrid and Cristiano Ronaldo who is one of the best football players.
As of the date of writing this article there are no known promotions by Exness.
In the Exness Forex contests there are some features which enable their customers to be able to compete and win valuable prizes in the Forex Trading Contests that are usually performed time and again. Traders of various countries should first check for the possibility and availability to engage on the Exness website.
SAFE OR SCAM?
To ensure that invested funds are protected, when choosing a company for a long-term partnership a professional trader should take into consideration the company trading conditions.
The investor should also make sure that the company they are investing in complies with the given country of origin legal requirements and the internationally recognized financial standards.
Exness also has taken steps in covering their clients by being a member of the Investor Compensation Fund, which makes it safe for its clients. In an event of insolvency, the compensation scheme will cover the clients where the broker fails to meet its financial obligation.
Generally Exness represents a good brokerage firm to trade forex, cryptocurrencies and commodities for UK, EU and international residents.
This review portrays that Exness is highly regulated and does secure legit business with streamlined trading environment. This is according to our research and based on the regulatory bodies that oversee their operations. These regulatory bodies which stamp their operation instill confidence in the traders and, they are registered with some compensation scheme which ensures that their clients will get back their money in case of insolvency.
Exness also provide various trading platforms giving their clients an opportunity to either use MT4 and MT5 an also their software can be used on various devices. Also being an award-winning brokerage firm of various titles, it goes without saying that they are good in what they do.