Why Does Exness Suck In 50 Words
Recently, Exness announced that they are now focusing on B2B (Business to Business) operations, which means that they stopped providing services to retail clients in the European Union and the United Kingdom. It sucks for regular traders, but keep in mind that you can still access their website and open an account via their .asia portal.
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 supervised 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 several other branches across the world. Clients will open an account with a certain branch, depending on their location.
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.
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 (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 called Exness Terminal (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 miss out on some of the features of Meta Trader.
The account structure at Exness is composed of 4 types of real accounts: Standard (min deposit: 10 USD), Raw Spread (min deposit: 200 USD), Zero (min deposit: 200 USD), and Pro (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 0.1 USD per lot per side. On the other hand, the Pro account doesn’t have any commission but has slightly higher spreads.
The obvious choice for the average trader is the Standard account which comes with a minimum deposit requirement of only 10 USD (using a card) but keep in mind that you will have wider spreads than the other accounts, albeit still very competitive.
To help traders, Exness offers market news/analysis by FXStreet, videos, webinars, trading signals by Trading Central and more. The content seems well-structured and useful, with up to date content.
Overall Exness is a broker with something for everyone: advanced platforms with technical analysis capabilities for experienced users and a more user-friendly 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 endeavours.
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. The broker can be contacted at phone +35725030959 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: bank cards, and e-wallets (Perfect Money and Webmoney). Please note that some methods (especially e-wallets) may differ depending on your region. Card withdrawals may take up to 72 business hours to process, while other methods are instant, under normal circumstances.
Exness offers a Trader’s 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, signals by Trading Central, 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 in 14 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 more than 100 currency pairs, plus tens of stocks, indices, and cryptocurrencies (they have updated the crypto offering, adding more assets). Leverage goes up to 1:Unlimited. Personally I have never heard of unlimited leverage but this is the information that is presented by Exness on their Accounts page. Spreads are as low as 0.3 pips for major currency pairs; some account types come with commissions per lot but lower spreads.
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. 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, and e-wallets (Perfect Money, Webmoney – may differ depending on region). The processing times are relatively fast and Exness doesn’t charge any fees.
Exness Extras 16/20
Traders’ Calculator, Economic Calendar, signals by Trading Central 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