Exness Broker Review
Exness is the brand name of an international brokerage company that operates out of two main offices in Seychelles and is a Cyprus Broker. The firm’s divided structure allows regional customers to enjoy tailored financial service and investment strategies, while the global brand provides vast opportunities for retail and primarily corporate solutions or partnerships.
The Exness website served 72,721 active traders globally as of December 2020, with a monthly trading volume of $325.8 billion, and had more than 80,000 active traders.
In this review, we are going to dig deeper on Exness. So, if you are looking to open an account with Exness, read this review first.
You can find our transparent Exness review below. Broker reviews are updated frequently!
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Pros / Cons
- 24/7 Support
- Wide Range of Forex Pairs
- Commission Free Trading
- No FSCA Regulation
- Limited Range of Stocks
Table of contents
Exness left the U.K. and E.U. regulatory environments willingly for its retail operations. Despite this reform, the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) continue to be listed as its regulators.
It should be noted that Exness’s regulatory authority only extends to the company’s business-to-business (B2B) division. All international retail clients conduct business with the Nymstar subsidiary based in Seychelles and are licensed by the Seychelles Financial Services Authority (FSA).
Exness keep Client funds separate from corporate funds and assure negative balance insurance.
Exness also makes its financial statements available on its website, with Deloitte, a Big Four accounting company, serving as its independent external auditor.
Exness offers a secure trading environment for those who cannot tolerate disruptions or downtime in their trading strategies—a critical factor in the success of algorithmic trading, but also for other traders. Moreover, consumers should have confidence in Exness’s ability to carry out its custodial and market-making duties flawlessly, as CySEC regulates it.
No broker can claim to be trustworthy if its customer service is unavailable, and Exness excels in this area. Traders with an inquiry or account problem can contact the company 24 hours a day, seven days a week, via email or phone (in any of the 13 languages supported) and via live chat or apps such as WhatsApp and Viber.
Exness Tradable products
Exness provides one of the most detailed forex market coverages seen in today’s market, with 107 currency pairs available. Active forex traders will be pleased with the selection, which includes seven cryptocurrencies and twelve commodities. There are 40 equity and index CFDs available for cross-asset diversification.
Exness, as a forex broker, provides its traders with a market-leading asset range. However, equity traders would be frustrated by the limited amount of stocks it provides.
Exness Account types
While the contract description page on the Exness website lists five account types, the Accounts category only has four, with no ECN option. The Standard Account has a $1 minimum deposit and maximum leverage of 1:2000. The Raw Spread, Zero, and Pro options all need a $200 minimum deposit, with the Pro account being the best option for most traders due to flexible trading conditions.
Average Standard Account Spreads on Majors
- EUR/USD: 1.1
- GBP/USD: 0.7
- USD/JPY: 1.0
- AUD/USD: 0.7
Opening an account
To open an account, you must first register with the broker. You will finish the first stage by providing your country of residence, a valid email address, and a password. Account verification is a second necessary procedure required by the brokerage firm, which is accomplished by providing a copy of the trader’s I.D. and one proof of residency document.
After entering your country, email, and password, you will be redirected to the My. Exness dashboard, where you can pick the trading account you want to open. You can use the My. Exness personal section to view and open new accounts and access deposit and withdrawal options, trading sites, bonuses, social trading, and other features.
Exness does not accept clients from these countries: the USA, Malaysia, Vatican City, Israel, Syria, American Samoa, Puerto Rico, and North Korea.
One of the best features of Exness is its leverage. It can provide up to 1:2000 leverage on a Standard account. However, you should be careful; as leverage is a double-edged sword.
Exness allows users to trade on the well-known MetaTrader 4 and MetaTrader 5 trading sites for Windows, Mac, Linux, and the Web.
On its MT4 platform, Exness provides users with:
- 30 built-in indicators
- There are two forms of order execution: instant and market.
- MQL4-based auto-trading
- Rates are updated in real-time.
Users of the Exness MetaTrader 5 trading platform have access to:
- View 38 built-in indicators and 22 analytical tools.
- Gain access to fundamental analysis through an integrated economic calendar and news events.
- You can see up to 21 different timeframes.
- Use MQL5 to build automated systems.
You can also trade on the Exness Web Terminal, which provides fast and easy trading functionality but has limited features.
Exness allows users to trade on the MT4 and MT5 mobile trading apps for Android and iOS systems. These are available for download directly from the broker’s website, My: Exness Personal Area, the Google PlayStore, or the Apple AppStore.
Spreads and Commissions
Exness uses a complex fee and commission system based on the five account types mentioned below. Many traders will likely find the conditions in the Pro account to be the most attractive, as the EUR/USD begins with a 0.6 pip commission-free mark-up. There are swap rates on overnight positions as well as third-party deposit/withdrawal fees.
Exness provides stock and index CFDs but no information about how it handles corporate activities such as dividends, splits, and mergers. With the most recent update to the terms and conditions on September 23, 2020, a previous inactivity fee of $5 per month no longer applies. Exness benefits directly from client losses as a market maker.
The EUR/USD in the Standard Account has a 1.0 pip commission-free spread.
The Raw Spread Account is a commission-based option that offers spreads as low as 0.0 pips for a minimum cost of $3.50 per side or $7.00 per round lot.
The Pro account allows you to trade the EUR/USD with a 0.6 pip commission-free spread.
The Zero Account displays a spread that is at or near 0.0 pips, with commissions that differ depending on the asset and overall wider spreads than the Raw Spread Account.
The commission-free Pro Account has higher spreads than the ECN Account but lower commission costs at $25. However, as mentioned earlier, the ECN account currently isn’t available.
Deposits and Withdrawals
As deposit/withdrawal methods, Exness accepts Bitcoin, SticPay, Tether, credit/debit cards, Neteller, Skrill, Perfect Money, and WebMoney. The red flag at this broker is the lack of bank wires as a funding option. Processing times vary according to payment method, but are usually marked as instant.
Exness has the most advanced payment systems for Asian countries, particularly for China, Thailand, Indonesia, Vietnam, and Pakistan. Traders in these countries can deposit using local banks, internet transfers, mobile payments, e-wallets, credit cards, and other methods. The good news is that if traders use local payment systems, Exness will pay the entire transaction fee, and they will be able to get a better exchange rate.
Bonuses and Promotions
Currently, Exness does not offer any bonuses and promotions.
Exness offers multilingual support and advertises its availability on its website, as well as via email and phone. English, Chinese, and Thai assistance are available 24 hours a day, seven days a week. The Exness Help Center tries to answer the most frequently asked questions. A live chat isn’t available, but most traders are unlikely to need much assistance.
Education and Research
Exness offers traders excellent in-house analysis, which may be the broker’s best asset. The Weekly Forex Data section contains an in-depth analysis of important upcoming events and trading ideas. The bi-weekly technical review, in which trades are well described, adds value. Each report includes high-quality written content and charts, as well as a web T.V. stream provided by Trading Central to supplement in-house analysis. A live news stream rounds out this service.
The Exness Academy has a well-designed educative section based on quality research; it is divided into three sections, each of which includes written content and videos, and is concluded with a quiz.
It is a must-read if you are a beginner, and Exness highlights the value of education before trading. With well-explained content, educational videos in five languages add another layer of value. One-hour webinars are another excellent resource for new traders. Exness provides an outstanding education plan in general.
Exness provides free VPS hosting for live accounts with at least $500 or the equivalent in another currency. You can connect to their trading terminals from a remote terminal using this feature.
Exness IB affiliate program
Exness offers two affiliate program; introducing broker and affiliate program. Through the introducing broker program, you can earn up to 40% revenue share for every trader you refer.
Join the Exness IB Affiliate Program: Join Now & Earn
Exness South Africa
As a South African, you’ll be glad to know that Exness South Africa accepts clients from SA. However, it is not regulated in the country.
Exness has over twelve years of operational experience and is currently in the process of restructuring. The first move was the voluntary withdrawal of all retail operations from the United Kingdom and Cyprus. This broker mentioned a focus on business-to-business operations and a transformation into a FinTech company, offering products and services that enable other brokers to operate.
It moved all retail activities to Seychelles, where its Nymstar subsidiary welcomes clients from all over the world with few restrictions.
Exness is open to all traders with a $1 minimum deposit. This broker attracts traders from around the world and offers maximum leverage of 1:2000.
With minimum commission-free spreads of 0.6 pips, the Pro Account provides the best trading conditions for the majority of traders.
Active Forex traders have access to 107 currency pairs, which is a market-leading number, but the MT4/MT5 trading platforms are the default versions. They lack a strategic advantage without third-party add-ons. Exness excels in in-house research and education, while in-house VPS hosting facilitates automated trading solutions. Exness offers a combination of outstanding services and with some drawbacks. Before taking the plunge, each trader must weigh the pros and cons to determine if the overall services are best for them.
Exness Review Summary
Due to the variety of accounts available, Exness offers an easy, straightforward trading solution that is ideal for both novice and experienced traders. These include commission-free, commission-based, and raw-spread accounts.
The number of currency pairs available for trading is remarkable, with various options to choose from. You can also trade on other asset groups, such as CFDs on metals, energies, indices, cryptocurrency, and U.S. stocks.
Thinking of Trading with Exness?
Is Exness a good forex broker?
With 107 currency pairs, Exness provides market-leading coverage. Depending on the account type, the pricing is reasonable, and study and education are excellent. Each trader must determine if the overall service constitutes a good forex broker.
Is Exness regulated?
The Seychelles Financial Services Authority (FSA) governs Exness’s retail operations. The U.K. Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) support Exness business-to-business division.
How do I deposit into my Exness account?
You can use Bank Card, Perfect Money, WebMoney, Neteller, and Skrill to fund a trading account.
How long does an Exness withdrawal take?
Withdrawal processing times range from instant to 72 hours. It is possible that the funds may take longer to arrive.
What is the Exness minimum deposit?
The minimum deposit is $1.
What is the maximum leverage in Exness?
Exness has a maximum leverage of 1:2000.
Is Exness regulated in South Africa?
No, the Seychelles Financial Services Authority (FSA) is the sole regulator of all retail trading activities.
Is Exness reliable?
Yes. You can find all information about this broker on their website, such as trading volume, number of active customers, client deposit, and company’s fund.
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Hein is a Forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best Forex Brokers in South Africa. Join him on his Journey!
Content Writer | Market Analyst
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