Regulated by: FCA, CySEC
Exness Review & Author's Comment
Exness was founded in 2008 in Russia and has grown into one of the most popular forex brokers in Europe since then. The Company is regulated by CySEC in Cyprus and FCA in UK. The biggest strength of Exness comes in the term of wide range of account types that they offer for the clients. Traders are able to choose between six different account types which are nano account (cent account), mini account, classic account, ECN account, fixed spread account and swap-free account (Islamic account). Besides, Exness is known as one of the few forex brokers that performs transparency in its transaction operations.
On the negative side, number of markets that Exness clients are able to trade is very restricted. Forex pairs and precious metals are the only instruments offered on Exness trading platform. Therefore, you won’t have the opportunity to trade world indices, company shares, agricultural and energy commodities.
Is Exness Reliable?
A sponsor of Real Madrid, one of the most popular clubs in the world of football; this brokerage offers traders to trade in CFDs and currency pairs from a single platform. Headquartered in Cyprus, the company also has an office in the UK as well as in the islands of St Vincent and Grenadines. One of the most unique facts about the Exness brand is that it is operated by three different subsidiary companies. While the Exness (CY) Ltd controls the brand’s activities in Europe, Exness (UK) Ltd operates from the UK and the Exness Ltd works from St Vincent and Grenadines.
Being affiliated to CySEC, the brokerage firm is required to follow some certain rules as well as regulations. One of the foremost thing that brokerage firms need to follow is the requirement of minimal capital. Actually, the forex brokers need to maintain the capital of €730,000 to operate smoothly. The amount of capital required is also the same in the UK.
Plus, all the companies registered under CySEC must also be accredited by Investment Compensation Fund or ICF, an organisation that fights to protect the interest of the clients by providing them with security and maximum financial coverage of €20,000. In the UK, FCA offers a similar compensation scheme to the traders with the amount being £50,000 for every trader. Exness follows these compensation schemes and provides an additional guarantee to your funds.
Exness Account Types
The brokerage firm offers tight spreads on three different account types which are the Mini, the classic and ECN accounts. While no minimum position is necessary for the Mini account type, you can only have up to 100 positions open at a time. The spread for this account type is 0.3.
For the other two types of accounts, the spread is 0.1 and you do not need to worry about limited numbers of open positions. You will be able to open the classic account with a deposit of $2000 and the ECN type requires $300 as a minimum deposit. The execution of trade is very quick for every account. Most importantly, you will be able to access interbank liquidity with ECN accounts.
The brokerage firm offers a leverage margin of 1:2000 which indeed lowers the trade requirements and provides more flexibility to the trade management process. Exness also offers demo accounts to those who want to get used to the world of forex trading before putting their money on risk.
Exness Customer Support
Exness offers full support to its clients in different languages. As a matter of fact, the support agents of the company offer excellent support in 15 different languages including English, Russian, Chinese, Hindi, Farsi, Urdu, Vietnamese, Indonesian, Arabic, Thai, Bengali, Malay, and Tamil.
The support of Exness is pretty quick too. It usually takes less than 20 seconds to get your reply from the live chat. Even if the support executive puts you on hold to get information then also it takes just a minute to get the answers you are looking for. In other words, the live chat support of Exness is pretty fast.
When it comes to other support channels, email is pretty fast too as you get the response within two hours. The callback requests are also attended within a few hours. And if you are trying to get a social media response, you can be assured about getting a reply within a business day. In other words, the support was pretty courteous and helpful.
Exness Trading Platforms
The services of Exness can be obtained in two most popular platforms. Yes, we are talking about MetaTrader 4 and MetaTrader 5 platforms. The MT4 platform being highly popular comes with a desktop version, mobile app and it also has a web version called MT4 web terminal. As a result, it allows you to choose the best medium for yourself.
While the MT5 was developed with intention of serving as an improvement to MT4, many traders still prefer the MT4 platform since it offers to hedge. Plus, the EAs and indicators of MT4 do not work on the MT5 platform.
Exness Deposit and Withdrawals
You will get 35 different payment methods if you want to deposit or withdraw money from your Exness account. Having a wide array of payment methods, transacting money on this brokerage platform is pretty easy and quick.
Firstly, you will be able to use debit or credit cards that have been issued by Visa or MasterCard to transact money in this platform. It usually takes a day to process your payment.
You can also use the bank wire transfer to transfer money to your Exness account but it will take 2-5 days to process. Exness also offers you the chance to use E-wallets like Skrill, Neteller, PerfectMoney, WebMoney and CashU in different countries. E-wallet transactions also require the processing time of one business day.
Lastly, cryptocurrencies like tether and Bitcoin can also be used to transact money from your account.
With Exness, you will also be able to store your capital in terms of 80 different fiat currencies. In these metal currency accounts, fiat currencies are paired with valuable metals like gold, silver, palladium and platinum.
Exness Final Word
Exness is one of the most reputed brokerage firms with a golden track record. Even though they have been in the market for years now, no case of loss of funds has yet been reported. Plus, it is user-friendly and its site runs efficiently. So, you can obviously fathom why the broker’s popularity increases exponentially every year.
Regulated by CySEC and FCA. Transparent forex broker. Three different account types which are nano account (mini account), classic account and ECN account.
|Adress:||1, Siafi Street, PortoBello, Shop 1, 3042, Limassol, Cyprus|
|Phone:||8 800 555 03 23|
|Regulator:||CySEC (License Number: 178/11), FCA (Reference Number 730729)|
|MAM / PAMM Account:|
|Funding Methods:||Wire Transfer, Credit Card, Skrill, Neteller, QIWI, Webmoney, Perfect Money, CASHU, Yandex Money, Bitcoin|
|Withdrawal Methods:||Wire Transfer, Credit Card, Skrill, Neteller, QIWI, Webmoney, Perfect Money, CASHU, Yandex Money, Bitcoin|
|24 Hours Support:|
|Languages:||Arabic, Bengali, Chinese, English, Farsi, Hindi, Indonesian, Korean, Malaysian, Russian, Spanish, Thai, Urdu, Vietnamese|
|Spreads:||As low as 1.0 pips for EURUSD on Classic Account|
|Negative Balance Protection:|
|Accepts Clients from the US:|
|Supported Platforms:||MetaTrader 4, MetaTrader 5|