Country: UK, Cyprus.
Regulation: FCA, CySEC
Minimum deposit: 0 in Cyprus, 500 in UK
Deposit methods: transfer, card, Skrill, Neteller
Broker type: ECN / Market Maker
Markets: Forex and CFDs on energy
Spread: from 0 pips in EURUSD
Commission: $ 25 per million in ECN account
EXNESS has obtained numerous awards from renowned institutions and publications, highlighting the award for “Best Conditions of Operations” at the Forex Expo Awards and has been recognized by World Finance Media magazine as “Best Order Management” and “Best Mini Broker Among other accolades. By mid-2014, Exness’ monthly customer trade volume was more than $ 180 billion.
What is Exness?
Before going to the opinions at the end of the post, let’s see how this broker works.
Exness, an initially Russian broker created in 2008, has become one of the world’s leading forex brokers.
Today the broker has transferred its activity to the United Kingdom and Cyprus, where it is subject to FCA and CySEC regulations respectively.
Therefore it is a broker that fully and absolutely complies with the directives of the European MiFID and ESMA .
It is also registered with the German Bafin, the Italian Consob or the Spanish CNMV.
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Exness Main Features
The first thing that is obvious when you visit the EXNESS website are the fresh images and their modern and fun design. Because EXNESS is a partner at Infitiny Red Bull Racing, the photo of the eye-catching race car is not out of place. In addition, the website is available in 23 languages, making it accessible to brokers worldwide.
The EXNESS Group offers clients access to the interbank market through an ECN, which is based on a software “aggregator” that coordinates the execution of client orders at the best prices from among several prestigious liquidity providers connected to the “aggregator ”
The transaction is executed by the liquidity provider that offers the best price for the specified volume at any given time. Information about the liquidity provider chosen for a transaction is stored in the company database. The client can have this information on request.
The EXNESS Group offers traders the opportunity to trade CFDs on futures whose underlying asset is oil.
The EXNESS Group is involved in various social causes. He currently supports WWF projects in Russia to restore rare species: the Persian leopard in the Caucasus and the Siberian tiger in the Far East.
Exness Types of Accounts
EXNESS offers tight floating spreads on three types of accounts: Mini, Classic and ECN. There is no minimum deposit required for the Mini account, but only 100 positions can be opened at one time. Also the spread is 0.3. The spread on the other two accounts is 0.1 and there is no limit on the number of positions that a trader can have. The Classic account requires an initial deposit of $ 2000 and the ECN $ 300. The execution of operations is immediate for all accounts. ECN accounts have direct access to interbank liquidity.
Clients have access to 1: 2000 leverage, which significantly lowers margin requirements and allows for more flexible trading strategies.
A demo account can be opened for those who wish to practice before putting their money at risk. Funds can be replenished in the demo account on demand by filling out an online application form.
Exness Exness platforms
MetaTrader 4 and the new MetaTrader 5, with their improved interface, increased performance and speed, are EXNESS trading platforms as they work well with currency pairs, CFDs and futures.
MetaTrader 4 offers more freedom to implement trading strategies and traders around the world have created a large number of Expert Advisors (AE) for this terminal. Clients who prefer algorithmic Forex trading can easily adapt to their advisors and use them effectively by trading on EXNESS servers.
EXNESS offers MetaTrader 4 for traditional desktop computers, as well as the most popular mobile platforms, Mac and Linux.
MetaTrader 5 supports stock and option trading. Two new types of pending orders have been added, Buy Stop Limit and Sell Stop Limit. The terminal supports level II quotes, which allows analyzing the depth of the market.
For some reason, MT5 developers have removed the ability to hedge Forex positions.
Traders can perform most of the MetaTrader 4 and MetaTrader5 functions from their mobile devices. Mobile Forex trading offers traders the ability to complete trades from anywhere. The important thing is to have an Internet connection.
EXNESS publishes up-to-date information on financial news and events occurring worldwide directly on its website.
By clicking on any of the links in your “library”, everyone can access the numerous guides and explanations on general financial terms as well as specific EXNESS topics.
EXNESS clients also have access to the most relevant economic news affecting the foreign exchange market provided by Dow Jones News, the leading provider of information in the world of business and finance. Dow Jones news coverage offers real-time broadcast without delay. The news is available to customers who have opened business accounts.
A useful additional feature is a historical list containing information on the exchange rates of Forex currency pairs and other financial instruments over different periods. This is a live application that can be downloaded to a MetaTrader terminal and is used to test strategies and carry out technical analysis.
Deposits / Withdrawals
Funds can be deposited using a wide variety of methods, including bank transfers, credit cards, Neteller, Moneybookers and others. One of the main advantages of EXNESS is the automatic withdrawal of funds using a series of electronic payment systems, providing merchants with control of the funds in their accounts at all times.
Withdrawals are made instantly upon request and funds are returned using the same method used for deposit.
A useful chart, not offered by many other brokers, lists each deposit method and its advantages and disadvantages for the trader.
Exness open account
Opening an account with Exness is one of the easiest since we will only have to enter our personal information on its website and wait for the confirmation email to be sent to us.
Once we confirm, we can enter the broker’s platform and we will have to send copies of our proof of residence documents (phone bills, electricity, water or bank statements) and identity (DNI, driving license or passport).
To deposit money you can use transfer, credit card, Neteller and Skrill.
The minimum to deposit will range from $ 3 to $ 10 depending on the method and there are no deposit or withdrawal fees.
Skrill only accepts euro and dollars.
Neteller also accepts Australian dollars and Hindu rupees.
To deposit with the rest of the currencies, it will be done by transfer in most cases.
Exness accounts and commissions
The leverage offered by Exness is:
Main Forex pairs 30: 1 or 3.33% margin
Main indices, gold and minor Forex pairs 20: 1 or 5% margin
Lower indices, commodities and exotic Forex pairs 10: 1 or 10% margin
Actions 5: 1 or 20% margin
Cryptocurrencies 2: 1 or 50% margin
Exness offers Forex trading and some futures CFDs .
The platforms it offers are MetaTrader 4, 5, WebTrader and their mobile platforms.
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The account types that can be opened with Exness are:
Exness Mini Classic
Minimum deposit 0 2,000
Spread From 0.3 From 0.1
Commission No No
Leverage 30: 1 30: 1
Minimum lot 0.01 0.1
In addition to these two, he has an ECN account where he charges a commission of $ 25 per million traded, and with a spread in the EURUSD that ranges between 0 and 0.4 pips.
Also, like all good forex brokers, Exness offers a demo account to see their conditions live.
Customer service is available in 13 languages, including 24/5 support in eight languages and 24/7 support in three languages (English, Chinese and Russian).
Going through the EXNESS review was a pleasant experience and we really had fun doing it. The information is presented clearly and navigation through the site works smoothly. The broker’s popularity can be evidenced by the increasing number of clients reported each year.
This is one of the fastest growing specialist Forex brokers in recent years and one of the brokers called to lead the world retail Forex market in the future, although at present it is already one of the main brokers in the Asian region and growing very strong in the rest of the world.
Exness’s reviews are generally pretty good, getting a good score on sites like ForexPeaceArmy , for example.
In babypips, it has several threads, some from 2018. In some of them they mentioned issues such as spread increases and quite large slippage.
At Forexfactory we have several threads and even an official thread that is active to this day with more than 119 pages. Some clients are asking about technical or account problems, such as being able to operate multiple sub-accounts from the same mobile.
In Elitetrader there is a thread about raised slippage in 2013, but after seeing the same I can say that it is more than possible given the nature of the movement of that pair of the yen. However, we are talking about a thread from many years ago.
My Review For Exness
Well, without a doubt we are dealing with a pure Forex broker with enough success in recent years, but who has experienced a kind of earthquake in terms of the movements of their locations.
At first it was in Russia and later it had offices and headquarters in New Zealand and Saint Vincent and the Grenadines, in addition to other countries.
However, almost without realizing it suddenly appears with two licenses in the UK and Cyprus. Definitely a strange move.
Well, because the normal thing would have been to have an office in Europe and another abroad, where he could better serve Asian clients, his main clientele in the past.
This is so because with the two European regulations you can only offer the same product: maximum leverage of 30: 1 and no possibility of offering bonuses.
If instead of Cyprus you had an office in Vietnam, for example, you could offer almost unlimited bonuses and leverage to non-European clients, which I think would be a much better move for the broker, but if they have decided to do so they will have their reasons. , which of course we respect.
One thing I like is the website, which is quite simple and does not have too many distractions, being perfectly readable and getting to the point.
Of course, the star is Forex trading, and it is not complicated trying to offer trading of other CFDs or cryptocurrency products. Here you will only be able to trade currency and metal pairs, and everything in good condition, such as the $ 2.5 per lot of the ECN account , which is quite good in the sector.
However, when you look at the web, only two types appear in the account opening section: classic and Mini, without being able to find the ECN at that time. I hope this is a bug that they fix later.
Although the matter becomes a little more confusing because if we go to the UK website we see that the minimum deposit is 500 GBP and I only see the classic account. There apparently the only account is that and the spread that we can expect from the EURUSD is 0.5 to 0.9 and without commission.
Part of that success has been achieved thanks to great conditions for forex trading and a good reputation with fewer complaints and problems than the industry average.
Advantages of Exness:
Broker with a good reputation in the market
Good conditions in the Forex with quite low commissions
Low deposit on the Cyprus website
Strongly regulated broker in Europe (FCA, CySEC)
Disadvantages of Exness:
Does not offer a variety of products
UK affiliate only offers Classic account
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