Exness Review 2024
Website: www.exness.com
Min. Deposit: US$ 10
Leverage: 1:30 | 1:1000
Trading Platforms: MT4, MT5
Regulation: FCA, CMA, CySEC, SFSA, CBCS, FSC BVI, FSC Muritius, FSCA
Headquarters: Seychelles, SA, UK
Founded: 2008
Regulatory Licenses:
- Exness (SC) Ltd - authorized by SFSA (Seychelles) license no. SD 025
- Exness B.V. - authorized by CBCS (Curaçao) license no. 0003LSI
- Exness (VG) Ltd - authorized by FSC (BVI) license no. SIBA/L/20/1133
- Exness ZA (PTY) Ltd - authorized by FSCA (South Africa) license no. 51024
Updated on April 8, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Exness is a renowned Forex Broker, operating under the global brokerage firm's umbrella with three main offices strategically located in Seychelles, BVI, and South Africa. This strategic division allows the firm to cater to international clients by offering a broad array of financial services and investment solutions. The global brand focuses on delivering retail, corporate solutions, or partnerships. Exness has further broadened its horizons by establishing an entity in the UK, Exness UK Ltd, which is fully regulated and concentrates on offering B2B proposals.
Exness has received multiple awards as a retail broker, owing to its stable and reliable brokerage services. It provides a conducive trading environment that is likely to appeal to a wide range of traders with its competitive spreads and transparent commission structure. The brokerage facilitates trading via MT4 and offers the opportunity to trade various CFDs and Futures across multiple markets.
Pros
Offers a favorable trading environment and is authorized by several regulatory bodies, including South Africa
Utilizes MetaTrader technology for quality execution
Provides comprehensive research, education, and analysis beneficial for different types of traders
Cons
Limited product offering, focusing only on Forex and CFDs
Absence of multicurrency accounts and differing proposals across jurisdictions
Regulatory changes and differences in broker licenses might affect trading account features
Exness has been recognized with multiple awards throughout its operational history, reflecting its continuous growth and success in various aspects such as customer satisfaction, trading technology, and overall rankings. The company has also played an active role in social engagements and has been an honored sponsorship partner for prestigious organizations, including the sponsorship of the world's number one football team, Real Madrid, and the esteemed football player, Cristiano Ronaldo.
Exness is not a scam; it operates under the legal requirements of relevant countries and is authorized by the FSCA in South Africa, offering low-risk Forex and CFD trading options. The broker's presence in multiple countries ensures that it is regulated by the necessary local authorities, allowing it to provide financial products or services within its international trading proposal. Although Exness's regulatory licenses have evolved over time, additional licenses from reputable authorities underscore its reliability. The UK entity primarily focuses on B2B business. Our trust score for Exness is 8.1 out of 10, reflecting its long operational history and solid reputation. However, given the changes in entities and regulations, it is advisable to closely review the regulatory conditions and opt for entities with stringent regulations for enhanced safety.
How are you protected?
Exness adheres to operational standards set by regulatory requirements, ensuring a high level of protection for its clients. This includes customer protection measures, segregation of funds, and participation in investor compensation schemes or funds, providing an additional layer of security for traders.
Like most Forex brokers, Exness offers the use of leverage, which can amplify potential gains by allowing traders to multiply their initial account balance. The level of leverage available depends on the instrument being traded, as well as on regulatory restrictions and the trader's personal level of experience. Under European regulation, Exness offers leverage levels of 1:30 for major currencies, 1:20 for minor ones, and 1:10 for commodities. However, Exness's global entities may offer significantly higher leverage ratios of up to 1:1000, varying by the trader's country of origin. It's crucial to understand how to correctly use leverage, as it can also increase potential losses and varies across different instruments.
Exness provides a variety of account options, catering to more than 80 currency preferences. The broker offers instant payment solutions and features several account types, including the Standard Cent Account, ideal for smaller traders, the Standard Account, and the Professional ECN Account which provides raw spreads and charges a commission per trade. Additionally, Exness allows for the opening of both demo and live accounts, enabling traders to test strategies or dive directly into live forex markets. The availability of account types may differ based on the trader's jurisdiction, reflecting regulatory and compliance variations. Overall, our expert review regards Exness's account offerings as a solid choice compared to other brokers. See the Pros and Cons of Exness Account Types below:
One notable feature of Exness is the Forex trading Contest, which offers customers the opportunity to compete for valuable prizes. These contests are conducted periodically, though availability and eligibility may differ based on the trader's country of residence. It's advisable for interested participants to verify the details and their eligibility on Exness's official website.
Opening a Real Trading Account ▲
To get started with a Real Trading account at Exness, we recommend initially practicing with a Demo account. This approach allows traders to familiarize themselves with trading strategies and the platform's functionalities before engaging in live forex markets.
The range of markets available for trading through Exness is quite broad, encompassing 107 forex currency pairs, as well as CFDs on stocks, indices, energies, metals, and cryptocurrencies. This selection is deemed comprehensive within the industry, contributing to an Exness Markets Range Score of 4.0 out of 5.0. However, it's worth noting that the specific offerings may vary between different Exness entities, reflecting differences in instrument availability.
Exness's pricing structure is competitive within the industry, characterized by low spreads for standard accounts and commission charges for ECN accounts. Additionally, there are no funding fees, though traders should be aware of potential inactivity fees or conditions that may vary by residence. Our examination of Exness's fee structure concludes with a positive assessment, further detailed in the Exness Fee table provided.
Exness offers competitive spreads that vary according to the account type selected by the trader. For those opting for the Standard Cent Account, spreads start from as low as 0.3 pips with no commission on trading volumes, making all trades calculated in cents. The Standard account features tight spreads beginning from 0.1 pips. The Professional ECN account, tailored for more experienced traders, operates on a raw spread plus commission per trade model. To provide a clearer understanding of Exness's cost structure and how it stacks up against competitors, including a comparison with broker FBS, see the examples below. When evaluated against a comprehensive survey of 1000 brokers, Exness's spreads receive an average rating of 3.5 out of 5, placing them in the middle of the pack as some brokers offer more favorable spread conditions.
It's important to take into account the rollover or overnight fee charged by Exness, which is an essential aspect of overall trading costs. This fee, charged for positions held open for longer than a day, varies by instrument and may result in either a fee or a refund. For a detailed view, refer to the specific quotes for overnight positions on various instruments.
Exness prides itself on offering instant deposits and withdrawals without commission, utilizing a variety of electronic payment systems for convenient account funding.
Pros
No deposit or withdrawal fees
Instant transaction processing
Cons
Limited by entity rules and residency
Deposit Options
Exness provides a range of payment options, allowing traders to select the most suitable method. Notably, Exness does not impose any deposit fees, although your payment provider might add a fee based on your location. Available payment methods include Bank Wire Transfers, major Credit Cards, and e-systems like Neteller and Skrill.
Pros
A broad selection of payment methods
Very low minimum deposit requirement
Cons
Potential additional fees from payment providers based on residency
Exness Minimum deposit
Starting with as little as $10, Exness offers one of the lowest entry points in the industry. The professional account, however, requires a $200 initial deposit. Always be aware of the margin requirements for each trading instrument, as well as the minimum transfer amounts set by some payment methods.
How to withdraw money from Exness?
Exness ensures a hassle-free withdrawal process, with no fees charged for either deposits or withdrawals. The most commonly used withdrawal methods are Bank Wire and Cards. It is advisable to consult customer service before initiating any transfers to confirm the absence of any hidden fees, which may arise from your country of origin or the payment provider.
The trading platform selection at Exness includes the industry-leading MetaTrader4 and MetaTrader5, alongside mobile trading platforms and the MT4 WebTerminal for device-independent access.
Pros
Access to both MT4 and MT5
Availability of mobile and WebTerminal options
Cons
Limited to MetaTrader technology
Platform Ratings
MetaTrader4 is celebrated for its functional and user-friendly trading environment, whereas MetaTrader5 offers enhanced features and capabilities. Both platforms can be accessed via Web Trading, with no need for downloads or installations, though the desktop versions provide more advanced features and customization options. Exness's trading platforms are rated at 4.0 out of 5, reflecting the variety of available versions and the high-quality execution and tools provided.
Desktop platform
Supporting both PC and MAC devices, MT4 and MT5 cater to all trader preferences, whether for the industry standard or its advanced successor, MT5. Notably, each account is compatible with both platforms, allowing simultaneous use which enhances trading flexibility.
What Trading styles are allowed?
Exness permits almost any trading style, supported by an extensive range of tools and resources. These include technical analysis from Trading Central, high-quality VPS hosting, economic calendars, quote history, and up-to-the-minute news from Dow Jones News.
Mobile Trading Platform
Exness offers mobile apps for both iPhone and Android devices, supporting both MT5 and MT4. These apps are highly regarded for their development quality, offering full customization, account status updates, withdrawal requests, and fee reports directly from your mobile device.
Exness provides exceptional customer support in 13 languages, available 24/5, with 24/7 support in English and Chinese. The quality and accessibility of Exness's customer service have earned it a solid rating of 4.0 out of 5.
Exness Academy offers a comprehensive educational platform, featuring materials for traders at all levels of experience. From risk management strategies to practical trading exercises, Exness invests in its traders' development.
Pros
Extensive educational resources
Tailored materials for various experience levels
Cons
Primarily focused on forex trading
Is Exness good for beginners?
With its free Demo account and quality educational materials, Exness is highly suitable for beginners. The platforms are user-friendly, and the availability of updated financial news and educational materials further supports new traders. Exness Education is rated at 4.5 out of 5, underscoring the broker's commitment to trader improvement.
Concluding this Exness review, the broker has demonstrated consistent evolution in its offerings and regulatory compliance. While it has seen changes in its regulations and entities, Exness has maintained high operational standards and recognition within the financial markets. The availability of different account types and the extensive market range, coupled with high-quality education and support, make Exness a commendable choice for traders. However, it is advisable to fully review conditions as they vary by entity, and European clients should consider alternatives due to current restrictions. Exness is particularly suited for:
Beginning Traders
Fans of MT4 and MT5 platforms
Currency and CFD Trading
Running of EAs
Various Trading Strategies
Exness Updates
Exness has ceased trading services and new client registrations in its UK and EU entities based in Cyprus. The broker now operates primarily through its South African branch authorized by FSCA and an international subsidiary in Seychelles. Traders are encouraged to conduct their own research and register only with regulated entities, currently limited to the South African Exness entity.
