Exness Review 2020
Exness is an online forex broker founded in 2008 that offers robust platforms like the MetaTrader 4, MetaTrader 5, MT4 web terminals and Mobile forex trading, oil, gold, silver, bitcoin, and other cryptocurrencies for both personal investment and trading. There are also 120 forex currency pairs available to the traders to choose from. They can also enjoy access to free VPS hosting, along with the updated financial market analysis and from Dow Jones news and features like a trader’s currency converter and calculator.
The platform is regulated in the EU and provides multiple types of accounts, and 104 forex currency pairs along with 8 metal contracts to its clients settled all across the world. The Exness Group offers 2 entities, both of which are regulated in the EU, namely, Exness UK Ltd, which is regulated by the FCA or the Financial Conduct Authority in the UK, and Exness (Cy) Ltd, which is regulated by the CySEC or the Cyprus Securities and Exchange Commission. The divided nature of the platform facilitates clients based all across the world to enjoy the investment solutions and financial trading services that are tailored to meet the requirements of the traders.
It provides some of the top-notch trading features to its clients that contribute to the growing popularity of this Forex broker across all corners of the world where apex regulatory bodies regulate it. Some of the robust trading features that place Exness to a different level are discussed hereunder.
~ Easy registration: It allows even the beginners to place the trade as effectively as a pro. The easy-to-use features will enable them to grab the working procedures of the platform very easily. Traders very soon become familiar with the broker’s legacy platform like MetaTrader4 and 5. The sign-up process is also pretty much easy. There is no need to download the platform separately, which is an added advantage for users. All they need to do is register their accounts on Exness known as one of the forex brokers and upload all the documents in support of the details that they have provided while filling in the registration form. After the entire details of the new customers are verified along with their financial details, the trading platform would be directly launched from the web. However, if the clients want to download the platforms that will be at their own discretion as downloading, Exness is not mandatory. There are various accessible download links for both the MT4 and MT5 platforms.
~ Deposits and Withdrawals: It offers easy deposits and withdrawals of funds by the clients. Deposits can be made almost instantly after the traders choose the mode of deposits that they prefer, an Exness account that they want to make the deposits to. Withdrawals, too, are processed immediately after the traders’ details are verified. These help the traders immensely to move their funds to various accounts and e-wallets. Traders also have the liberty to enjoy Internal transfers between accounts with equal ease and speed, thereby granting the Exness customers full control over their funds any time.
~ Flexible Leverage: Exness traders have easy access to margin trading, which means that they can leverage their capital any time to gain more market movements and exposure. You can access the margin requirements through its website. However, due to the restrictions imposed by EXMA, the maximum leverage that the European clients are allowed to is 1:30 but then they can also choose from various smaller increments like 1:2 or 1:10, depending on which margin requirements and instruments they are trading. Clients from other parts of the world can enjoy unlimited maximum leverage allowed on it.
~ Negative Balance Protection: Sometimes the traders at Exness Forex Brokers using leverage end up having a negative balance in their trading account. In such a case, the broker allows them to reset their account balance back to zero. There is also no obligation to deposit more funds as working capital in order to cover up the negative balance.
~ Low Spreads: This website spreads begins from 0 pips and goes around 0.1 to 1.3 for Mini and Classic account holders. Though the ECN accountholders also pay the lowest spreads but they have an obligation to pay a commission proportionate to their trading volumes.
~ Updated News on trade research: Exness clients have the liberty to access updated news on financial market trends and researches. All the updated news is supplied via Dow Jones news, which has its own news channels that are streamed directly to the client portals of Exness. Besides updated news on market researches, this website also provides analytical reports on various financial instruments through its trading channels.
~ Exness regulations: While making this Exness reviews, we bumped into an obvious conclusion that this website is outwardly legit and there is no room to doubt it as a scam. Besides other criteria, protection of the investors interest and funds are two of the primary concerns of the Exness group. To protect its clients’’ interests, it can go to any extent and adhere to some of the world’s strictest rules set by the regulatory bodies like the Financial Conduct Authority (FCA) of UK or the Cyprus Securities and Exchange Commission (CySEC) of Cyprus where the broker is located. Besides this website is also regulated in other smaller jurisdictions of the world, but then a stamp FCA and CySEC approval contributes immensely in permitting Exness to serve its clients across the entire EU.
The regulated companies under the Exness banner also assure to cover the traders in the event of the broker becoming insolvent. Therefore, for the UK members of Exness a GBP up to 85,000 would be sanctioned if Exness becomes insolvent, which is the rarest of the rare cases that could happen with Exness as it keeps its clients’ funds safe in segregated bank accounts through tier 1 banking institutions.
~ Trading platforms: It offers multiple trading platforms like MetaTrader 4, MetaTrader 5 (both by MetaQuotes Software Corp.), MT4 webterminal, and Mobile trading, for oil, gold, silver, bitcoin, and other cryptocurrencies for both personal investment and trading. There are also 120 forex pairs available to the traders to choose from.
~ Fees and Commissions: It exhibits a very flexible structure as far as the trading costs, commission, or keeping the minimum account balance is concerned. As such, there are no rollover fees or inactivity fees charged by Exness, which is an excellent advantage for Exness clients. Other contemporary online brokers charge a hefty commission and unnecessary trading costs like the inactivity fees (which is a fee charged from the clients if their accounts remain dormant beyond a certain period of time), which the clients are relieved from.
Traders at Exness also have the liberty to choose from any accounts, be it Mini, Cent, Classic, or ECN. All these account options require different account balances, and the traders can open an account which he thinks he would be able to manage in terms of maintaining the minimum account balance and enjoying the trading spreads. For example, for a Classic account, for example, it requires a minimum balance of $2,000, but no commissions and the spreads start from 0.1. For a Mini account, it requires a minimum deposit of $1, but then it is accompanied by larger spreads beginning from 0.3 but fewer instruments available to trade. In case the traders seek the ECN interbank network for better liquidity and faster execution, they would need to pay the lowest spreads and also encounter hefty commissions starting from $50 for every $1 million trade volume.
~ Security and Reliability: At this website, the traders can trade with the utmost peace of mind amid a stable trading environment. It is the perfect platform for those who are not so used to sudden interruptions or downtime, which are pretty much inherent to online Forex trading. The fact that the Exness group is regulated by apex regulatory bodies like the FCA and CySEC adds confidence and reliability on this website that it fulfills its custodial duties to perfection. The fact that it is backed by an excellent customer support team also ads reliability to the platform. As these brokers operate online, the only way of interaction with the broker is through the customer support executives. So, it is essential to have a robust support team, which immensely adds to the credibility of the platform, and the clients also feel very safe and at peace while trading via this platform.
|Registration process is absolutely free and also the traders are allowed to start over trading even with a minimum account balance that reduces the burden of financial commitments to a large extent.||Less number of financial instruments offered as compared to other online brokers of the like.|
|4 types of accounts are available on Exness which increase the chances of earning profits exponentially. If one account fails to earn a substantial amount of profits or if the trader is not satisfied with the amount of profit, he can swiftly switch on to the other accounts and place trades at this own discretion.||Leverage ratio for European clients is low at only 1:30|
|Excellent customer service available. The customer support executive can be connected instantly via phone chats, live chats, emails or even over social media platforms.||There are no CFD offers available to the clients of Exness apart from metals and Forex.|
|Regulated by apex bodies like the CySEC and FCA among others.||Some clients complain about the limited in-house research that the online broker is up to.|
|It offers multiple trading platforms like the MetaTrader 4, MetaTrader5, MT4 webterminal and also mobile trading platforms which are very rare for an online broker like Exness.|
How Does Exness Work?
As far as the working process is concerned, Exness offers some of the easiest steps directed towards account creation on the platform. To get started with online trading, traders need to follow the simple steps.
~ Registration: The registration process is quite simple and gets done in 5 to 6 minutes. For registration, all that the traders need to do is visit the official website of Exness, and fill up the registration form, that they will get on the upper right-hand corner of the page. They need to fill in their credentials as to their full name, address, email id, phone number. With these credentials, this website will create an account in the name of the trader. The trader also needs to provide a robust password that he will need to feed in every time he logs in to his account on the Exness platform.
Next, in order to make this account active, the trader needs to produce and upload documents in support of the details that he had provided at the time of registration of the account on the Exness platform. Valid documents that are accepted on the Exness platform are driving license, or any other government stamped documents. For address verification code, any of the utility bills will do, but make sure that the utility bills are not more than 6 months old. All these documents should contain the same details as in fed by the trader in the registration form; otherwise, the account will stand inactive.
If everything falls into the right places, an auto generated email will be sent on behalf of Exness to the trader to confirm that his account is active. The trader, however, does not need to reply to this mail as this is an autogenerated one.
~ Funding Methods: After the account has been created on the Exness platform, now it is time to fund the account with some working capital in order to start trading on the Exness platform. Out of the 4 trading accounts that Exness offers, namely Mini, Cent, Classic, and ECN, the Mini accounts do not require any minimum deposits to start with; it can be funded with any amount at the discretion of the traders. But on the other hand, Classic accounts require a minimum deposit of $2000, whereas the ECN account can be opened with just a deposit of $300. There are various payment systems available on the Exness trading platform, so the trader will never face any issues as to the modes of payments. Exness offers VISA, MasterCard, Bitcoin, Boleto, AstroPay, CASHU, FasaPay, local bank transfers, Local Bank Deposits, Neosurf, Neteller, Skrill, Tether, Oxxo, PerfectMoney, WebMoney, etc. as modes of deposits.
Though at the time of registration only some basic details were required to fill in the registration form, to make the deposits and withdrawals the traders need to feed in some more details like the card details if he is using cards or e-wallet details if he is using e-wallets to make the deposit.
~ Start trading: After the traders have funded their account, they can start over with placing online trades on the Exness platform. Though there is high risk associated with trading with an online broker, trading with Exness will build in that confidence in you that you have never experienced with any other brokers alike. The fact that CySEC and FCA regulate this online broker contributes to the credibility of the broker and does not leave any room for doubts as to its legality, which in turn ensures the safety and reliability of the traders’ funds.
Is Exness a good forex broker?
Yes, Exness is undoubtedly a good Forex broker. In fact, it is the brand name of the global brokerage firm, the Exness Group that has 2 main offices, one in Saint Vincent and the other in Grenadines. The broker has also won numerous awards and excelled as a retail broker by offering stable and reliable brokerage services to its clients who can trade at peace amid the comfortable trading environment offered by it. The platform caters to the needs of the most demanding traders and charges no hidden commissions. Apart from providing comfortable trading conditions to its clients, It offers amazing customer support in 13 languages along with the updated financial news. Moreover, these forex brokers also actively takes part in social media platforms and interact with various organizations that partners with big celebs like Cristiano Ronaldo.
What are the deposits and withdrawals methods for Exness?
Exness offers the following deposits and withdrawals methods
~ Deposit methods: VISA, MasterCard, Bitcoin, Boleto, AstroPay, CASHU, FasaPay, local bank transfers, Local Bank Deposits, Neosurf, Neteller, Skrill, Tether, Oxxo, PerfectMoney, WebMoney, etc. as modes of deposits.
~ Withdrawal methods: Visa, MasterCard, Neteller, Skrill, Bitcoin, PerfectMoney, and WebMoney.
It is always recommended that whenever a trader selects an online broker for a long-term partnership, he should not only consider the company’s trading conditions but also make sure that the broker’s operations comply with the relevant legal requirements and internationally recognized financial standards of the country in which the business initiates. Working with Exness web platform gives the trades full-on guarantees on these matters, and the traders can trade with all peace in their minds.
The trading process at Exness is delivered by the intuitive MT4 webterminal platform with a focus to facilitate CFD trades and Future trading options on a wide range of financial markets. The presence of the Exness Group in various countries contributes to the wide popularity of the forex broker. The fact that all its offices are regulated by necessary local authorities, like for example, the Exness UK Ltd is authorized by the Financial Conduct Authority, while Exness CY Ltd is also backed by the CySEC, (both of which are mentioned above on this Exness reviews) holds great value for an online broker like Exness and adds to its credibility. This allows it to provide financial products or services to its registered countries where the broker is regulated.
1. How long does it take to withdraw money from the Exness account?
If the trader opts for a bank transfer, then a minimum of 3 to 5 days will be required for the amount to reflect in his account. However, the withdrawal request starts processing within 24 hours, the delay whatever it is, is due to the formalities that are required by banks and other financial institutions. Therefore, if the trader is opting for e wallet transfers, then the amount will be reflected in his account in just 1 business day, after the details are verified.
2. How many Forex pairs are available on the Exness platform?
This Broker offers over 120 forex pairs to its traders. This count excludes other instruments like cryptocurrencies and commodities.
3. What is the minimum deposit amount required to start trading on the Exness Web platform?
As there are 4 types of accounts available on the Exness website, if a trader has a Mini account, the minimum working capital that he would require to start trading in the live Forex markets from a mini account on the platform is $1. Alternatively, there is also a provision to sign up for demo accounts, that is absolutely free which allows the traders to test the online trading ecosystem and the trading strategies that work. It exposes the traders to the real trading scenarios absolutely free of cost where they do not even have to risk their real money for real trading experience.
4. Are commodities tradeable on the Mobile Trading App offered by the Exness platform?
No, only Forex currency pairs are available for trading via the mobile trader app available on the Exness trading platform.
5. How is the customer support system of Exness?
It is backed by a robust customer service team that is available at the customers’ service at any time of the day around the week. The customer service executives can be connected easily via live chats, phone calls, or emails. The maximum responding time limit taken by the customer support team to revert to the clients is 48 hours. Clients can also reach out to the customer support team via WhatsApp and Viber chats like applications.
6. What type of broker is Exness?
It is an online Forex broker that came into existence in the year 2008. Exness offers platforms like MetaTrader 4, MetaTrader 5, and WebTrader to place online traders in the financial markets.
7. Does Exness have a bonus?
Though it sometimes runs a bonus program, with a fixed date of expiry, it does not offer any permanent bonus programs.