Why Does Exness Suck In 50 Words
Although the “classic” asset classes (currencies, stocks, indices, etc.) are well represented, Exness falls short when it comes to cryptocurrencies. Thus, if you are looking to trade CFDs on crypto assets, then Exness may not be the best for you due to the limited number of such assets.
Why Exness Doesn’t Suck In 50 Words
More than a decade in business and triple regulation from CySEC, FCA, and FSA! This alone should be enough to show that Exness definitely doesn’t suck but as you will see if you continue reading, there are a lot more things that make Exness a good broker.
Is Exness A Scam?
To make the long story short: Exness is not a scam! Launched in 2008, they have tons of experience under the belt and as we know already, scam brokers may fool clients and authorities for a year or two (even longer in some cases) but I haven’t heard of any scam broker that “lived” for more than a decade. Also, Exness is regulated by high-profile financial watchdogs and I refuse to think these authorities are sleeping on the job. To conclude: We do not suspect Exness of being a scam but you should always pay attention when your money is involved.
Should I Open An Account With Exness?
Exness is a high-profile, respected CFD broker that offers leveraged trading on a multitude of asset classes, including currencies, cryptocurrencies, stocks, indices, and more. The broker was launched in 2008 and is operated by Exness (CY) Ltd, Exness (UK) Ltd, and Nymstar Limited (depending on region, clients will open an account with one of these companies).
Exness (Cy) Ltd. is a company licensed by the Cyprus Securities and Exchange Commission (CySEC), under license number 178/12. Exness (UK) Ltd. is authorized and regulated by the British Financial Conduct Authority (FCA), reference number 730729. Nymstar Limited is authorized by the Financial Services Authority (FSA), license number SD025.
This broker seems to tick all the boxes, starting with solid regulation, as outlined above, continuing with a great choice of trading platforms, and last but certainly not least, very low deposit requirements for certain account types.
The platform of choice is Meta Trader in 3 versions: MT4, MT5, and WebTerminal (a browser version of Meta Trader that doesn’t require download or installation). This is widely regarded as the best platform in the industry and to see that Exness offers it is a plus for medium to advanced traders. However, it can be a bit complicated to use by first-time traders or by clients who are just getting their feet wet into the big ocean of online trading. To cover their needs, Exness offers a proprietary platform (no download or installation necessary), which is stripped of overcomplicated technical analysis tools and thus, extremely easy to use. However, we don’t recommend using this platform if you are somewhat familiar with the trading business because you will find it extremely lackluster.
The account structure at Exness is composed of 3 types of real accounts: Standard (min deposit: 1 USD), Raw Spread (min deposit: 200 USD), and Zero (min deposit: 200 USD). The difference between Raw Spread and Zero lays in the commission: the former has a commission of up to 3.5 USD per side per lot, while the latter comes with a commission starting from 3.5 USD per lot per side. The obvious choice for the average trader is the Standard account which comes with a minimum deposit requirement of only 1 USD but keeps in mind that you will have wider spreads than the other two accounts, albeit still very competitive.
Education consists of a trading Academy with several courses categorized by levels (newbie to advanced), market news/analysis, videos, webinars, and more. The content seems well-structured and useful but some market analysis was a few days old, which diminishes its usefulness.
Overall Exness is a broker with something for everyone: advanced platforms with technical analysis capabilities for experienced users and a barebones platform for newcomers, low deposit requirements, and airtight regulation from 3 reputable financial authorities. It looks like this is definitely a trustworthy brokerage and one that should be considered as a viable choice for your future trading endeavors.
Exness (Cy) is located at 1, Siafi Street, Porto Bello, Office 401, CY-3042 Limassol, Cyprus. Exness (UK) Ltd is located at 107 Cheapside London EC2V 6DN UNITED KINGDOM. Nymstar Limited is located at F20, 1st floor, Eden Plaza, Eden Island, Seychelles. The broker can be contacted at phone 88005550323 and/or email [email protected]
The general vibe surrounding this brokerage is positive but we’ve also found some complaints, which unfortunately don’t offer any usable details other than the “Exness is scam” type of comments. We cannot give a lot of weight to complaints that don’t really explain the problem but it is our duty to let you know that we found complaints against this broker. Then again, most companies, good or bad have complaints so take everything with a grain of salt.
Withdrawals can be made via the usual methods: cards, wire transfers, and e-wallets (Skrill, Neteller, etc.) but also via Bitcoin and Tether. Please note that some methods (especially e-wallets) may differ depending on your region. Bank wires and cards take a few days to process, while other methods are instant, under normal circumstances.
Exness offers a Traders Calculator, which is a handy tool that allows you to easily know your market exposure, as well as the value of a pip, swaps, and more. They also offer an Economic Calendar and Social Trading, which allows anyone to share their strategy and earn a commission from investors.
Exness Overall Ratings
User Friendliness 15/20
The website is translated into 16 languages, there is plenty of information and the trading platforms are suited for advanced as well as new traders. Mobile platforms and Demo accounts are available but unfortunately, US traders are not accepted.
Range Of Markets, Spreads And Leverage 15/20
Exness offers almost 50 currency pairs, over 30 stocks, and 20 indices, as well as for cryptocurrencies (only 4 digital assets – BTC, BCH, ETH, and LTC). Leverage goes up to 1:30 where ESMA regulations apply but in other regions, leverage goes up to 1:2000. Spreads are as low as 0.3 pips for major currency pairs.
Fees And Support 15/20
There are no fees charged by Exness for depositing and/or withdrawing but some payment processors may charge such fees (ex. Skrill, Neteller, etc.). The commission for trading is 3.5 USD on average per lot per side (varies depending on the account you open). Some accounts without trading activity may be charged for withdrawals (unspecified fees). Support was relatively fast, polite, and knowledgeable.
Deposits And Withdrawals 16/20
Both deposits and withdrawals can be made through cards, bank wires, and e-wallets (Skrill, Neteller, Yandex Money, WebMoney, etc. – may differ depending on region) as well as Bitcoin and Tether. The processing times are relatively fast and Exness doesn’t charge any fees.
Exness Extras 16/20
Traders’ Calculator, Economic Calendar, and Social Trading where you can create and monetize your strategy by attracting investors and earning a commission if people use it. Overall a good selection.
Exness Ratings (80) + Regulated (+3) = 83/100