Exness Broker Review 2023
Founded in 2008 by CEO Petr Valov, The Exness trading Group has become an award-winning retail FX trading brand with regulatory licenses in various countries. With offices in the United Kingdom, Cyprus, Seychelles, South Africa, Curaçao, and the British Virgin Islands, the business has grown to employ over 500 staff and boasts the accomplishment of reaching a monthly trading volume of $1 and $2 trillion, with more than 260,000 live accounts. Transparency and honesty is a key strategy of the company, underscoring its values and approach to shaping a responsible and respected organisation.
The company has been regulated by Capital Markets Authority of Kenya 162, CySEC 178/12, FCA (UK) 730729, FSA (Seychelles) SD025, FSC (BVI) SIBA/L/20/1133, FSC (Mauritius) 176967, FSCA (South Africa) 51024 and The Financial Commission 22.07.2021.
In October 2018, Exness trading decided to close its retail operations in the UK and Cyprus due to a lack of competitiveness and other factors. However, the company still operates in the UK and European Union to offer financial services for professional institutions.
Key Points of Exness
|Regulations||SFSA, CBCS, FSC, and FSCA|
|Time to open an account||1 day|
|Number of available base currencies||44 Raw spread account|
Exness Pros and Cons
|A Global Brokerage Firm with Locations in South Africa, the United Kingdom, and the Seychelles||No USA Clients allowed|
|Competitive Spreads||Different trading conditions can be applied depending on the entity|
|Swap-Free/Islamic Account Provided|
When it comes to trading fees, Exness has a complex system tailored to the five different account types. Each account has its own terms, commissions, and fees structure. According to experienced traders, the Pro account offers great conditions with a commission-free mark-up of 0.6 pip on EUR/USD, and no trading commission.
For beginners, the Standard account is the ideal option as it requires a minimum deposit of $1 and gives a maximum leverage of 1:2000. This account is optimized for honing one’s trading skills for an economical fee.
|ECN commission||$3.50 commission per lot per trade/raw account||$3.50 commission per lot per trade||$3.00 commission per lot per trade|
|S&P 500 CFD Spread||N/A||0.4||0.5|
|Apple CFDs||0.9||$3||$0.02 cents/share|
Account opening and Exness login
Navigate to Exness.com and click on ‘Open Account’. Select the country you reside in, as it will determine which payment services are available to you. Input your email address, create and confirm a password that adheres to the given guidelines, and enter an optional partner code (if it is invalid, the field will be cleared for you to try again).
After opening an account, you can get in using the exness login button.
If you are not a citizen or resident of the US, make sure to tick the corresponding box before clicking ‘Continue’ to enter all the required information.
At Exness, you have a range of account types available. The most accessible levels of accounts are the Standard and Standard Cent solutions, which both require no deposit for the account to open. These have the minimum trade size of 0.01 lot and the maximum trade size of 200 lots with unlimited leverage.
A Pro, Raw Spread or Zero account must be funded with a qualifying deposit to activate. You may also be asked to provide documents as part of Know Your Customer (KYC) compliance requirements when making a deposit. There is an Islamic account available, which includes no swap or rollover charges.
The minimum deposit is $10, which is a great option for new traders. Demo accounts are also available for testing out your strategies.
Live trading accounts can offer exposure to approximately 50 base currencies, including the US Dollar (USD), Australian Dollar (AUD), South African Rand (ZAR), and Kuwaiti Dinar (KWD).
Deposit and withdrawal
Adding or extracting funds to an Exness trading account is free of charge. Multiple options are available for cashin/out including traditional banking methods like Wire Transfer, to Bitcoin and Tether, as well as credit/debit cards, Neteller, Perfect Money, WebMoney, and Skrill. The time it takes to process the transaction may vary, with some payment systems supporting instant withdrawal.
Web trading platform
Exness Terminal, an HTML 5 web application developed solely by Exness, is a user-friendly web platform that keeps all data and information encrypted for security purposes. Compatible with Windows, Linux, macOS, iOS and Android, Exness Terminal gives access to all MT5 accounts and allows clients to analyse market performance using candle, bar, and line chart types. In addition, users can take advantage of pending orders such as buy limit, buy stop, sell limit, sell stop, take profit, and stop loss.
Mobile trading platform
The Exness Trader App is available to download and use on both iOS and Android devices. It supports all MT5 trading accounts, and offers users a variety of chart types, including line and candle charts. Users can also access a range of features, such as the ability to place pending orders, with options including buy limit, buy stop, sell limit, sell stop, take profit, and stop loss orders. Additionally, you can take advantage of indicators, trading signals by Trading Central, as well as moving averages, Bollinger Bands, and Parabolic SAR indicators.
The app is capable of dealing with timeframes including M1, M5, M15, M30, H1, H4, and D1. System requirements for iOS include version 14.5 and above, while Android requires version 5.0 and newer.
Desktop trading platform
The Exness MetaTrader 4 desktop trading terminal offers a robust range of features and tools. It has over 200 trading instruments, 5 trading accounts, 6 pending order types, 50 pre-installed indicators, 9 timeframes and 3 chart types, multiple languages, instant and market execution, high security and encryption, free unlimited leverage, low spreads from 0.0, trailing stop, technical analysis, custom indicators, Expert Advisors (EAs) and Scripts.
The terminal is available for Windows, macOS and Linux. Traders can also use the MT 5 platform.
Markets and products
At Exness, traders can access a variety of financial markets including Forex, Metals, Cryptocurrencies, Energies, Stocks and Indices. All of these instruments come with their own contract specifications, such as average spread, margin requirements, and swap size.
|Stock Index CFDs||11||25|
Exness Social Trading app offers an opportunity to copy trades from other qualified traders. Exness clients can use their existing accounts to start using the app, and can be both an investor and a strategy provider.
To get started with investing in strategies, follow these steps:
- Log into the Social Trading app.
- Browse and choose a strategy that interests you.
- Check out the strategy’s statistics.
- To copy the strategy, tap Start Copying.
- Select the amount you wish to invest. Make sure it is higher than the minimum level of investment set by the strategy provider.
- You have now successfully copied a strategy.
Exness trading provides dedicated customer support in sixteen languages. The support specialists are available 24/7 in English, Chinese, Thai, Vietnamese, and Swahili. Local support hours may vary.
If you need assistance and cannot find the answers you are looking for, you can contact the support team via live chat. Alternatively, you can reach out via email at email@example.com. If you would like to speak to the international support team, you can call on +35725030959.
Support options at Exness
The education section at Exness broker is extremely limited. There are only a few basic educational materials available, such as a glossary of trading terms and a few basic tutorials. There is no comprehensive educational program or any advanced materials to help traders learn more about the markets or trading strategies. Furthermore, the educational materials are not regularly updated, meaning that traders may not have access to the latest information.
Regulation and safety
The activities of Exness company are regulated by the Cyprus regulator CySEC, which has issued them a license with the number 178/12. Exness (UK) Ltd is also regulated by the UK Financial Regulatory and Supervisory Authority and holds a Financial Conduct Authority (FCA) certificate with the registration number 730729.
The broker’s activities are monitored by supervisory committees, who can take part in disputable situations and apply sanctions, including the revocation of the license, in case of violations.
Exness offers all traders chance to trade on the well-known MT4 and MT5 platforms. The company is regulated in multiple countries, including by the well-respected FCA and CySEC authorities. With different account types, minimal deposit requirements and an extensive education hub, Exness provides a comprehensive service and a superior trading experience.