EXT Review 2024
Website: ext.com.cy
Min. Deposit: US$ 10000
Leverage: 1:30 | 1:500
Trading Platforms: EXT proprietary platform, HTTP API, FIX API
Regulation: CySEC, SFC
Headquarters: Cyprus
Founded: 2011
Updated on May 1, 2024
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In our comprehensive review process, we meticulously evaluate forex brokers based on several critical factors, including regulatory compliance, trading platforms, instruments offered, fees, spreads, customer support, and educational resources. Our assessments are grounded in thorough research and analysis, comparing EXT against a rigorous set of criteria and over 1000 brokers to ensure a fair and comprehensive evaluation. This method enables us to provide an unbiased recommendation that can assist traders in making informed decisions.
EXT is a distinguished Forex trading company based in Europe, specifically in Limassol, Cyprus. It offers traders access to an expansive selection of trading instruments, exceeding 600,000 across more than 50 markets. These include Forex, Stocks, ETFs, Metals, Futures, Options, and Bonds, among others. Regulated by the Cyprus Securities and Exchange Commission (CySEC), EXT upholds high standards of financial integrity and operational transparency. The broker also enjoys regulatory authorization from the Securities and Futures Commission of Hong Kong, broadening its reach to the Asian and Chinese markets. Despite no longer holding a license from the UK's Financial Conduct Authority (FCA) due to Brexit implications, EXT remains a competitive choice for traders, offering low spreads and advanced technological features through its proprietary trading platforms.
Pros
Direct Market Access with a comprehensive account
24/7 customer support
Expansion to the Hong Kong market enhances accessibility for AsiaPacific traders
Cons
Lack of educational resources
Higher than average minimum deposit requirement
Absence of a top tier license might deter some traders
EXT stands as a legitimate, trustworthy forex broker, underpinned by its regulation through the Cyprus Securities and Exchange Commission (CySEC) and the Securities and Futures Commission of Hong Kong. These regulatory bodies enforce strict standards, ensuring that EXT operates with integrity and transparency. The broker’s commitment to adhering to these regulations, coupled with its efforts to maintain a secure trading environment, effectively dispels any concerns about its legitimacy. Therefore, traders can engage with EXT with confidence, knowing they are in a low-risk trading environment.
Leverage is a double-edged sword in forex trading, offering the potential for increased profits but also posing a risk of significant losses. EXT provides leverage options in line with regulatory standards set by CySEC and SFC, catering to a broad spectrum of trader preferences. European traders have access to leverage up to 1:30 for major currency pairs, aligning with regulatory limits to manage risk effectively. Meanwhile, traders with accounts in the Hong Kong entity can leverage up to 1:500 on many FX pairs, offering greater flexibility for those able to manage the increased risk. It is crucial for traders to understand fully how leverage works and the risks involved before utilizing it in their trading strategy.
Account Types
Through our thorough investigation, we have determined that EXT offers traders the option to choose between Individual and Corporate multi-currency accounts. These accounts are tailored with specific features and trading conditions to meet the varied requirements of diverse traders. Thus, for detailed information about the particular types of accounts provided by the broker, we advise consulting the official website of the broker or reaching out to its customer support team.
Opening EXT Trading Account
The procedure for opening an account with a broker is notably straightforward, allowing you to log in and register with EXT within a few minutes. Simply follow these steps for account creation:
Navigate and click on the "Open Account" page
Input the necessary personal information (such as Name, email, phone number, etc.)
Provide verification of your personal information through document uploads (like residential proof, ID, etc.)
Finish the electronic quiz to confirm your trading expertise
Once your account has been activated and verified, you can proceed with depositing funds.
EXT stands out in the trading industry with its expansive array of trading instruments, offering traders access to a remarkable selection of over 600,000 options spread across more than 50 global markets. This diverse range includes a variety of asset classes to cater to different trading preferences and strategies. Traders can explore opportunities in Forex, where they can trade different currency pairs, and delve into the stock market with a broad selection of individual stocks. For those interested in diversified investment products, EXT provides an array of Exchange-Traded Funds (ETFs). Additionally, there are opportunities in trading precious metals, which have always been a popular choice among traders looking for stable investment options. The platform also offers futures and options for those interested in derivative trading, along with bonds which are a classic choice for fixed-income investors.
Despite this extensive range, it's important to note that the availability of certain trading instruments may differ depending on the specific entity or jurisdiction in which a trader is operating. This variation is often due to the different regulatory environments and market conditions in various regions.
When it comes to assessing the overall selection of trading products offered by EXT, the platform achieves a high Markets Range Score of 8.5 out of 10. This score reflects the wide spectrum of trading options available to clients, positioning EXT as a competitive player in the market for offering a vast selection of trading products.
EXT Fees
From our comprehensive research, it appears that the broker proposes competitive pricing across most of its trading services. Additionally, it's noteworthy that EXT does not impose fees for deposits, albeit a withdrawal fee of €30 or its equivalent is applicable. Furthermore, extra costs, such as an inactivity fee of €50, might be charged if no trade has been executed in the past six months and your account balance falls below €5,000. Consequently, we strongly advise reviewing the broker’s fee structure thoroughly to gain an in-depth understanding of the fees involved and their potential impact on your trading endeavors.
EXT Fees are considered average with an overall score of 3.9 out of 5, based on our analysis and in comparison, to over 1000 other brokers.
In our test trade, we found that EXT offers competitive and variable spreads, with the EUR/USD currency pair averaging a spread of 0.3 pips in the Forex market. Nonetheless, it's important to note that spreads are subject to fluctuation based on various factors such as market conditions, volatility, and liquidity. Thus, for accurate and comprehensive details regarding spreads, consulting the broker’s official website or reaching out to their customer support is recommended.
EXT Spreads are considered average with an overall score of 4.3 out of 5, based on our evaluation and in comparison, to other brokers. The Forex spread for EXT was found to be lower than the industry average, and spreads for other instruments are also competitive.
Our investigation has revealed that the brokerage currently only offers bank transfers as a method for depositing funds into trading accounts. When considering the range of funding methods, we give it a favorable rating of 3.5 out of 5. The fees are low, and traders can benefit from various account-based currencies. Here's a breakdown of the pros and cons for the brokerage's funding methods:
Pros
Low transaction fees
Supports multiple account currencies
Cons
Limited funding methods available
The minimum deposit required to open a live trading account for Individual Accounts is €10,000, which is above the average. This higher threshold is rationalized by the brokerage's focus on professional traders, thus presenting an attractive proposition for this demographic. Conversely, Corporate Accounts necessitate a starting deposit of €50,000. Comparatively, the majority of brokers require a minimum deposit of $500.
Regarding withdrawals, our analysis indicates that the brokerage typically processes requests within one day, with clients receiving their funds within 3-5 banking days. A withdrawal fee of €30 or its equivalent is charged for processing transactions.
To withdraw funds from your trading account, follow these steps:
1. Log in to your account
2. Select 'Withdraw Funds' from the menu
3. Enter the amount to be withdrawn
4. Choose your preferred withdrawal method
5. Complete and submit the electronic request
6. Confirm the withdrawal information
7. Monitor the status of your withdrawal through the Dashboard
Traders are provided access to the brokerage's proprietary EXT trading platform, alongside HTTP API and FIX API solutions. This platform is compatible with multiple devices, facilitating trading on web, desktop terminals (Windows, macOS, Linux), and mobile devices (iOS, Android smartphones). The EXT Platform receives a high rating of 4.0 out of 5, as it delivers a sophisticated trading experience with its advanced technological solutions, accommodating a broad spectrum of trading strategies.
Trading Tools
The broker's HTTP API is designed for the creation of data-rich financial applications, including intelligent messenger bots, option strategy advisors, and mobile apps for market analysis, as well as websites featuring stock tickers. It acts as a comprehensive market data source, enabling traders to enhance their strategies and effectively visualize market quotes. For those engaged in algorithmic trading, the FIX API is a valuable asset, allowing for seamless trading by supporting a FIX 4.4-based API. This enables efficient data transfer, quote retrieval, and comprehensive trading automation, thus expanding the realm of possibilities beyond the traditional trading UI.
The brokerage offers round-the-clock customer service through phone, email, and fax. The support team consists of experienced trading specialists who provide technical support, recommendations, answer general queries, and assist in resolving operational issues for clients. We rate the Customer Support at EXT as 4.0 out of 5 based on our evaluations. The team provides prompt and knowledgeable responses, and is easily reachable throughout the week, including weekends.
The broker does not sufficiently supply its clients with educational and research materials, seminars, or webinars. This scarcity of resources is rated at 3.0 out of 5. While the brokerage primarily targets professionals, the limited educational materials might not significantly impact its main audience. However, for traders who prioritize extensive learning resources to enhance their market understanding, exploring other brokers with richer educational content would be advisable.
In summary, EXT stands as a reputable and regulated brokerage firm, offering access to a wide range of trading instruments across various markets. Its competitive trading conditions are appealing to both individual and corporate clients. The proprietary advanced trading platform and API solutions cater to diverse trading strategies, making it attractive to both retail and professional traders. The readily accessible 24/7 customer support further enhances the trading experience.
The brokerage's presence in both Europe and Asia expands market opportunities, access to a diverse client base, and provides an advanced trading experience with localized support. Nevertheless, the limited educational resources and relatively high minimum deposit may deter beginner traders, though this may not concern its primary professional audience. Overall, EXT offers a competitive trading environment, but we recommend doing your own research to ensure the broker's offerings align with your trading needs. According to our findings and expert opinions, EXT is well-suited for:
Professional trading
European traders
Traders from Hong Kong, China
Currency trading
Traders from the Asia Region
Corporate traders
STP/DMA Trading
Competitive spreads
Advanced trading tools
Automated trading
API trading
Continuous customer support
