When it comes to choosing a forex broker, there are several factors that traders consider, such as trading conditions, regulatory compliance, customer support, and trading platform features. In this review, we will take a closer look at Exness, a forex broker that has been in operation since 2008 and has gained a reputation for providing low-cost trading and user-friendly platforms.
Company Overview and Regulation
Exness is a forex and CFD broker that was founded in 2008. The company is headquartered in Limassol, Cyprus, and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK.
These are two of the most respected regulatory bodies in the financial industry, which means that Exness must comply with strict standards of conduct, financial reporting, and client fund segregation. In addition, Exness is a member of the Investor Compensation Fund, which protects clients' funds up to €20,000 in the event of insolvency.
Regulatory Risks: Changes in regulations or legal frameworks in different jurisdictions can affect trading conditions and may have an impact on your trading activities.
Loss of Capital: There is a possibility of losing some or all of your invested capital. You should never trade with funds you cannot afford to lose.
Exness Headlines
- Exness reports record trading volumes for Q1 2022″ – In April 2022, Exness announced that it had achieved a new milestone in trading volumes, with over $1.2 trillion traded in the first quarter of the year. The company attributed the growth to increased market volatility and strong demand from traders around the world.
- Exness expands its cryptocurrency offerings with new coins” – In February 2022, Exness announced that it had added several new cryptocurrencies to its trading platform, including Bitcoin Cash, Litecoin, and Ethereum Classic. The move was part of the company's ongoing efforts to offer traders a diverse range of trading instruments.
- Exness launches new loyalty program for traders” – In November 2021, Exness unveiled its new loyalty program, which rewards traders with a range of benefits based on their trading activity. The program includes tiered levels of rewards, such as cashback on trades, reduced swap rates, and exclusive access to trading tools and resources.
- Exness named Best Forex Broker in the Middle East” – In October 2021, Exness was awarded the prestigious title of Best Forex Broker in the Middle East at the Global Forex Awards. The award recognized the company's commitment to providing a high-quality trading experience for its clients in the region.
High-Risk Investment: Trading in financial markets, including forex, commodities, cryptocurrencies, and other assets, involves a high level of risk. The prices of these instruments can be extremely volatile and can fluctuate rapidly.
Trading Platform
MT4 Platform
MT5 Platform
Metatrader5 is a newer and more advanced platform that offers additional features over MT4, including more advanced charting tools, additional order types, and the ability to trade more instruments such as stocks and futures. MT5 also offers more advanced features for automated trading, including more advanced testing and optimization tools, and the ability to use multiple timeframes in one strategy.
Both MT4 and MT5 are available on desktop, web, and mobile versions, making it easy for traders to access their accounts from anywhere. They also offer a range of features to help traders manage risk, such as stop-loss and take-profit orders, trailing stops, and partial close orders.
Products
Exness offers both spot and CFD trading on close to 100 forex pairs, over 30 cryptos, precious metals, energies, stocks and indices. The range of markets is competitive and rivals some of the biggest players in the industry. Clients can also access leverage up to 1:200 on the broker’s suite of products.
Fees & Commission
Exness offers floating spreads which are generally tight though variable based on the account type chosen. Spreads start from 0.3 pips on the Standard Cent Accounts and from 0.1 pips on the Standard Account, with no commissions on all trading volumes. Sign-up now.
| Instrument | Standard Account Spread (pips) | Raw Spread Account Spread (pips) | Commission per lot (USD) | Swap Long (pips) | Swap Short (pips) |
|---|---|---|---|---|---|
| EUR/USD | 0.8 | 0.0-0.1 | $3.5 – $5 | -0.25 | 0.05 |
| GBP/USD | 1.2 | 0.3-0.4 | $3.5 – $5 | -0.35 | 0.1 |
| USD/JPY | 1.1 | 0.1-0.2 | $3.5 – $5 | -0.2 | 0.02 |
| Gold | 22.0 | 0.3-0.4 | $3.5 – $5 | -4.4 | -0.4 |
| Bitcoin | 55.0 | 30.0-40.0 | $3.5 – $5 | -48.0 | -24.0 |
Note, for live spreads, refer to the trading platform.
Leverage
The leverage offered to Exness clients varies by account type, instrument, and trading entity due to regulatory requirements. Some agencies allow high margin rates, up to 1:2000. We would recommend utilizing risk management strategies when trading with high leverage to protect against significant losses.
| Instrument | Standard Account Maximum Leverage | Raw Spread Account Maximum Leverage |
|---|---|---|
| EUR/USD | up to 1:2000 | up to 1:2000 |
| GBP/USD | up to 1:2000 | up to 1:2000 |
| USD/JPY | up to 1:2000 | up to 1:2000 |
| Gold | up to 1:200 | up to 1:200 |
| Bitcoin | up to 1:20 | up to 1:20 |
Note, the margin call is 30% for the Pro, Zero, and Raw Spread accounts and 60% for the Standard and Standard Cent solutions. There is also a 0% and custom stop-out feature. Open Exness account.
Emotional Risks: Emotional decision-making, such as trading based on fear or greed, can lead to impulsive and irrational actions, potentially resulting in losses.
Mobile Apps
- User-friendly interface: The mobile apps offer a clean and intuitive interface, making it easy for traders to navigate and find the tools they need.
- Real-time quotes and charts: Traders can access real-time quotes and interactive charts, allowing them to analyze price movements and make informed trading decisions.
- Trade management: Traders can open and close trades, modify existing orders and set stop-loss and take-profit levels directly from the mobile app.
- Multiple account management: Traders can manage multiple trading accounts from a single app, making it easy to switch between accounts and track performance.
- Push notifications: Traders can receive push notifications for price alerts, order updates, and news events, ensuring they never miss an opportunity or important market update.
Payment Methods
Deposit Option
- Bank transfer: Traders can deposit funds directly from their bank account using a wire transfer. This option may take a few business days to process and may be subject to additional fees from the banks involved.
- Credit/debit cards: Traders can use their Visa or Mastercard credit or debit cards to deposit funds instantly. This option may be subject to additional fees from the card issuer.
- E-wallets: Exness supports a range of popular e-wallets, including Neteller, Skrill, and WebMoney. These options allow traders to deposit funds instantly and securely using their e-wallet account.
- Cryptocurrencies: Exness also supports deposits in popular cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. Traders can fund their accounts with cryptocurrencies instantly and securely.
Withdrawal Review
- Bank transfer: Traders can withdraw funds directly to their bank account using a wire transfer. This option may take a few business days to process and may be subject to additional fees from the banks involved.
- Credit/debit cards: Traders can withdraw funds to their Visa or Mastercard credit or debit cards. This option may take a few business days to process and may be subject to additional fees from the card issuer.
- E-wallets: Exness supports a range of popular e-wallets, including Neteller, Skrill, and WebMoney. These options allow traders to withdraw funds instantly and securely using their e-wallet account.
- Cryptocurrencies: Exness also supports withdrawals in popular cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. Traders can withdraw their funds in cryptocurrencies instantly and securely.
Demo Account
Exness offers a demo account for traders who want to practice trading without risking real money. A demo account allows traders to explore the trading platform and test their trading strategies in a simulated market environment. Here are some of the key features of the Exness demo account:
- Free and unlimited: Exness demo account is free and comes with unlimited virtual funds. Traders can practice trading as much as they want without risking their own money.
- Real-time market conditions: The demo account simulates real-time market conditions, allowing traders to practice trading in a realistic environment.
- Access to all trading instruments: The demo account gives traders access to all the trading instruments available on the Exness trading platform, including forex, commodities, stocks, and cryptocurrencies.
- Same features as the live account: The demo account offers the same features as the live account, including advanced charting tools, trading indicators, and risk management tools.
- Multiple platforms: Exness offers a demo account on multiple trading platforms, including MetaTrader 4 and MetaTrader 5.
To open a demo account with Exness, traders need to sign up on the Exness website and select the demo account option. Once the account is created, traders can access the trading platform and start practicing trading with virtual funds.
Additional Features
Exness offers comprehensive education and additional training tools, designed for global traders of all experience levels and abilities. Simply log in to your personal area to join the Exness Academy. Tools include YouTube video content, VPS hosting, profit/margin calculator, economic calendar, live streaming news, and market history. Technical research and fundamental analysis are also available.
A variety of topics are covered, including major indices weekly outlooks for the S&P 500, NASDAQ 100 (NAS100), and US30; trading ideas, the minimum lot size for trading, understanding Exness account off-price quotes, social trading, and more.
Social media and websites such as Quora, Facebook, and LinkedIn also provide helpful peer-to-peer broker reviews and additional guidance.
Live Accounts Type
Here's a table summarizing the key features of the Exness account types:
| Account Type | Minimum Deposit | Spreads from | Leverage | Commission |
|---|---|---|---|---|
| Cent Account | $1 | 0.3 pips | Up to 1:2000 | No commission |
| Mini Account | $1 | 0.3 pips | Up to 1:2000 | No commission |
| Classic Account | $2,000 | 0.1 pips | Up to 1:2000 | No commission |
| ECN Account | $300 | 0.0 pips | Up to 1:200 | $2.5 per lot |
| Pro Account | $200 | 0.0 pips | Up to 1:200 | $3.5 per lot |
Cent Account:
This account is designed for beginner traders who want to start with a small amount of money. The minimum deposit is only $1, and the account offers spreads from 0.3 pips. The maximum leverage for this account is up to 1:2000, and there is no commission charged.
Mini Account:
This account is similar to the Cent Account but with a slightly higher minimum deposit of $1. The spreads start from 0.3 pips, and the maximum leverage is up to 1:2000. There is no commission charged for this account.
Classic Account:
This account is designed for experienced traders who trade with larger volumes. The minimum deposit for this account is $2,000, and the spreads start from 0.1 pips. The maximum leverage for this account is up to 1:2000, and there is no commission charged.
ECN Account:
This account is designed for traders who want to trade with raw spreads and faster execution. The minimum deposit for this account is $300, and the spreads start from 0.0 pips. The maximum leverage for this account is up to 1:200, and there is a commission of $2.5 per lot charged.
Pro Account:
This account is designed for professional traders who trade with large volumes and want the lowest spreads possible. The minimum deposit for this account is $200, and the spreads start from 0.0 pips. The maximum leverage for this account is up to 1:200, and there is a commission of $3.5 per lot charged.
Trading Hours
Exness offers trading services for a wide range of financial instruments, including forex, cryptocurrencies, metals, energies, and indices. The trading hours for each instrument may vary depending on its liquidity and the market's operating hours. Here's a breakdown of the trading hours for each instrument on Exness:
- Forex: The forex market is open 24 hours a day, 5 days a week. Trading starts on Monday at 00:00 server time and ends on Friday at 23:59 server time.
- Cryptocurrencies: Trading for cryptocurrencies is available 24/7 on Exness, including weekends and holidays.
- Metals: Trading for precious metals, such as gold and silver, is available from Monday to Friday, starting from 01:05 server time and ending at 23:55 server time.
- Energies: Trading for energies, such as oil and gas, is available from Monday to Friday, starting from 02:05 server time and ending at 23:55 server time.
- Indices: Trading for stock indices, such as S&P 500 and NASDAQ, is available from Monday to Friday, starting from 01:05 server time and ending at 23:55 server time.
Customer Support
Exness offers customer support services through a variety of channels to assist traders with their inquiries and concerns. Here are the different ways traders can get in touch with Exness customer support:
- Live Chat: Traders can access the live chat feature on the Exness website to get real-time support from a customer service representative. This is available 24/7 and is the fastest way to get a response.
- Email: Traders can also send an email to Exness customer support at support@exness.com. This is a good option for non-urgent inquiries, and a response is typically received within 24 hours.
- Phone: Exness provides phone support for traders who prefer to speak with a customer service representative directly. Traders can call the company's support center at +357 25 030 959. Phone support is available 24/5 during market hours.
- Social Media: Traders can also reach out to Exness on their social media accounts, including Facebook, Twitter, Instagram, and LinkedIn. The company is active on these platforms and usually responds within a few hours.
Education
Exness offers a range of educational resources to help traders enhance their skills and knowledge of the financial markets. Here's a breakdown of the educational resources available on Exness:
- Webinars: Exness regularly hosts webinars that cover a wide range of trading topics, including market analysis, trading strategies, and risk management. These webinars are conducted by experienced traders and are accessible to all traders, regardless of their account type.
- Video tutorials: Exness also provides a range of video tutorials covering various topics, including how to use their trading platforms, how to analyze the markets, and how to use technical indicators.
- Trading strategies: Exness offers traders access to a range of trading strategies and guides, which can help traders to develop their own trading strategies based on their preferences and goals.
- Trading Central: Exness provides traders with access to Trading Central, which is a leading provider of technical analysis reports. These reports provide traders with valuable insights and analysis of the financial markets, helping them to make more informed trading decisions.
- Forex Glossary: Exness offers a comprehensive Forex Glossary that covers a wide range of trading terms and concepts. This resource is useful for both beginner and advanced traders and can help traders to better understand the markets and the terminology used in trading.
Educational Resources: Trading knowledge and skills are crucial for making informed decisions. Lack of sufficient knowledge can increase the risk of losses.
FAQ
What trading platforms does Exness offer?
Exness offers traders access to a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Exness Trader, which is their proprietary trading platform.
What are the account types offered by Exness?
Exness offers four different account types, including Standard, Pro, Raw Spread, and Zero accounts. Each account type has its own unique features and trading conditions to suit different trading styles and preferences.
What are the deposit and withdrawal options available on Exness?
Exness offers a range of deposit and withdrawal options, including bank wire transfer, credit/debit card, Skrill, Neteller, WebMoney, Perfect Money, and more. The availability of these options may vary depending on the trader's location.
What is the minimum deposit requirement on Exness?
The minimum deposit requirement on Exness depends on the account type chosen by the trader. For the Standard and Pro accounts, the minimum deposit is $1, while for Raw Spread and Zero accounts, the minimum deposit is $200 and $500, respectively.
