Exness Review 2021 – Can We Trust this Lesser Known Broker?

BrokerExness
Web addresswww.exness.com
Founded in 2008
HeadquartersCyprus
Customer servicesupport@exness.com
Type of supportEmail, Chat
LanguagesFR, EN, ES, DE, PT, IT, CN, AR
Minimum deposit€ 1
Leverage1:30
Demo accountYes
Deposit methodsBank Transfer, Credit Card,
Debit Card, Neteller, Neosurf,
MoneyBookers, Webmoney,
Perfect Money, Tether, Bitcoin
RegulatedYes
Mobile ApplicationYes
Tablet ApplicationYes
Overall rating4.2 / 5

Summary

The Exness Group was created in 2008 and is made up of several subsidiaries which are regulated in the countries where they are registered. In Europe, the broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus. 

These various regulations give the broker credibility and help the group gain the confidence of traders and investors with over 80,000 traders on its various platforms.

Furthermore, Exness offers webtraders from third-party Metatrader 4 and 5 platforms. These platforms have a mobile version that allows you to trade wherever you are. Executing trades on Metatrader platforms is not known to be very fast. However, Exness’s trading execution  is quite fast and allows scalping.

You’ll find that Exness offers a wide choice of instruments covering Forex and CFDs on indices, commodities, cryptos and stocks. As for trading fees, Exness is a competitive broker with standard commission-free accounts and fairly tight spreads. Professional accounts have zero spreads and a maximum commission of $ 3.5 per lot. 

If you are looking for a CFD broker, Exness is a reliable platform where you can trade conveniently.

Opening an Account

Exness offers 5 types of accounts, with slightly different trading conditions from one account to another: Standard, Standard Cent, Raw, Zero and Pro.

Exness Opening an Account

The Standard Account

This account is suitable for any type of trader. The spreads are quite competitive and there is no commission. The fact that there’s no minimum deposit makes it accessible to beginners. As for the leverage it can go up to 1: 2000, however, it is limited to 1:30 for European branches. The instruments offered through this account are currency pairs, commodities, cryptocurrencies and indices. 

Exness offers a version of the Standard account with no swap fees. It is the equivalent of the Islamic account.

With the standard account you’ll get access to Metatrader 4 and 5 wiith no limit in relation to trading – hedging and scalping are permitted. However, your position size is limited to 200 lots during European and American sessions and 20 lots during Asian sessions.

On MT4, the broker offers unlimited leverage (of 1: 2,000 in theory) for international clients.

The Standard Cent

This account is only offered on MT4 and is ideal for beginners. On the Cent account, a lot is equivalent to $ 1,000, instead of the normal $ 100,000. 

Only currency pair trading is offered and the total number of positions you can open simultaneously is limited to 1,000. The trading conditions are the same as on the Standard Account. 

The Raw Spread

You’ll find that this account offers reduced spreads, but with a commission of $ 3.5 per lot and per direction, or $7 for an open and closed position. 

The leverage can be up to 1: 2,000 and there are no restrictions for trading. The Raw Spread account is suitable for scalping and the swap-free option is also available on this account.

The Zero Account

The account is very competitive with zero spreads for the most traded Forex currency pairs. The commission is also $ 3.5 per lot – the same as the Raw Spread account.

The Pro Account

This account is not only intended for professional customers. The broker specifies that it is an “instant execution” account with tighter spreads. The account is very similar to the Standard account and there are no major differences.

The Demo Account

For beginners, each type of account has a simulation version to allow you to practice online trading. The Demo account gives you a precise idea of ​​the trading conditions at Exness. It also allows you to develop trading strategies without risking your money. Exness offers you a free VPS from a certain deposit amount (see research section). This can be very useful if you want to test trading robots and strategies.

Account Verification

After opening your account, the broker must verify your identity. This falls within the scope of fraud prevention and Know Your Customer (KYC) regulation. All regulated brokers are required to follow these rules, so don’t be afraid to submit the requested documents. The verification is done by uploading on your dashboard an identity document and proof of address.

After opening your account, the platform tells you, by displaying two links, that your identity and your address have not been verified. You must click on these links to proceed with the verification.

For identity verification, photos or scans of the following documents are accepted:

  • An international passport,
  • An ID card, 
  • A driving license. 

For address verification, photos or scans of the following documents are accepted:

  • A utility bill in your name (electricity, water, gas, Internet, etc.),
  • A bank account statement (including the bill from the credit or debit card from the bank),
  • A tax invoice,
  • A certificate of residence.

Leverage

Like most online brokers, Exness offers leverage to increase potential earnings by trading with a margin.

The leverage will depend on the instrument you trade and your geographic location. In fact, leverage use has been limited in Europe on Forex and CFDs since 2018. 

In accordance with MiFID (Markets in Financial Instruments Directive), the maximum leverage in Europe is limited as follows:

  • 1:30 = major currency pairs,
  • 1:20 = minor, exotic currency pairs and indices ,
  • 1:10 = commodities,
  • 1: 5 = stocks,
  • 1: 2 = cryptos.

It is important to note that using leverage with CFDs significantly increases the risk involved in trading. 

Deposit and Withdrawal

There is no minimum deposit for Standard and Cent accounts, while it is € 500 for other types of accounts. The deposit methods offered are: cards, wire transfer, e-wallets, Bitcoin and Tether.

Exness Deposit and Withdrawal

Exness offers great flexibility to fund your account. In addition to the standard deposit methods by wire transfer and card, the broker offers the Neteller, Skrill and WebMoney e-wallets. Cryptocurrency deposits are also allowed – you can use Bitcoin or Stablecoin Tether.

Bitcoin deposits and withdrawals take a maximum of 4 hours, while it will take up to 72 hours for Tether. 

All e-wallet operations are instantaneous. 

Card deposits are also instant, but withdrawal times are 3 to 5 days. Deposits and bank transfers have the same deadlines.

Exness also allows you to transfer your funds from one account to another, within its platform.

Funds must come from accounts that are in your name. 

Types of AccountsMinimum Deposits in Euros
Standard1
Standard Cent1
Raw Spread500
Zero500
Pro500

Trading Platforms

The platforms are limited to MT4 and MT5. However, PC and web mobile versions are available.

Webtrader

The online platforms available are MT4 and MT5. Because it’s a web version, instead of downloading the platform you will be able to log into your Exness accounts online. These platforms have indicators and tools to carry out your technical analyzes. They are very customizable, like the versions for PC. However, it lacks the automated trading option.

Exness Webtrader

MetaTrader 4 for PC

MT4 is a popular platform for trading Forex and CFDs. It allows you to develop your own trading strategies, with the help of its programming language. There are also many trading robots, available on the marketplace integrated into MT4. You can also create or use customized indicators.

Exness offers the Multiterminal version of MT4. Which allows you to manage multiple accounts from a single platform.

Metatrader 5 for PC

Online brokers are increasingly offering this more improved versions of Metatrader. There is the economic calendar and a news feed. MT5 offers even more drawing and analysis tools than its predecesor. This platform allows for partial executions and includes an economic calendar.

Mobile Apps

MT4 and MT5 have mobile versions. They can be downloaded from Google Play and the App Store. The apps give you even more flexibility in your trading hours. You will be able to log into your account wherever you are. 

Trading Fees

The spreads and commissions offered are quite competitive. All types of accounts are suitable for short term trading.

At Exness, the spreads are variable and quite tight. Spreads for Standard and Standard Cent accounts are from 0.3 pip commission free. Spreads on Raw, Zero and Pro accounts are more competitive and perfectly suited for day trading and scalping.

Swap Fees

These fees are paid when you hold a position from one session to another, considering that the end of one session and the start of the next are marked by the closure of the New York markets. Swap fees are variable and depend on the asset you are trading. 

Markets and Financial Products

Exness offers currency pairs, CFDs on metals, indices, energies, stocks and CFDs on cryptocurrencies.

Here are some of the most traded instruments on Exness:

ForexEUR / USD, GBP / USD, NZD / USD, USD / CHF, USD / JPY
MetalsXAU / USD, XAG / USD, XAU / EUR, XAG / EUR, XPD / USD
CryptocurrenciesBTC / USD, ETH / USD, LTC / USD, XRP / USD, BCH / USD
EnergiesUKOIL, USOIL
StocksApple, Alibaba, Visa, Walmart, Exxon
IndicesDAX, CAC 40, JP225, US30, US500 Exness

Research

The broker offers tools from third party vendors. A news feed, technical analyzes and an economic calendar are made available to traders. But overall, the resources are quite limited.

For fundamental analysis, Exness resources are mainly in English. The broker offers research, especially from third-party providers. There is a Dow Jones news feed, analysis from Trading Central and a WebTV. 

The technical analysis research is fairly well supplied, with articles published regularly. The corresponding page has a filter, which allows display only analyzes related to a selection of currency pairs.

Exness Research

Exness does not offer Autochartist. Overall, the analysis and research part of the broker could be improved. 

Trader’s Calculator

Exness Trader's Calculator

This trading tool lets you know how much margin is needed to open a position using leverage. However, this page lacks other key calculators such as the position size to better place your stop loss.

Free VPS

For traders who want to do automated trading, a VPS is essential. A VPS gives you a stable connection so you can execute your strategy 24 hours a day. Exness offers you a free VPS if you deposit $ 500 or its equivalent in another currency (440 euros).

Tick ​​History

To analyze the history of currency pair fluctuations, Exness allows you to download the tick history of certain currency pairs. The data is in CSV format and can be mined on Metatrader or other trading platforms.

Customer Support

Support is available to answer all your questions, and you also have a detailed FAQ to look up any common questions.

The broker offers several ways to get in touch with support. Instant messaging is the fastest. In addition to the chat present on the site, the broker offers you the possibility of using social networks: Messenger, Telegram, Viber and VK. 

You can still send a message by email, from the site’s contact page. 

Exness Customer Support

The site’s help center has full information on the different Exness offers, but they are not translated into English. The page has a search tool to find a specific answer. It is also organized by theme.

On the site, you can find a glossary, which gives definitions of various terms in Forex and CFD trading jargon.

Training

The broker’s training needs to be improved.

Exness Academy is the section dedicated to the training of traders and investors. It consists of short videos, covering the basics of online trading and CFDs. The videos are of good quality and are divided into 3 parts: 

  • Essentials for the beginner level: we give an introduction to online trading and give the definition of certain concepts related to trading.
  • Development for the intermediate level: risk management as well as tips from profitable traders.
  • Breakthrough for the advanced level: how to analyze and develop trading strategies.

However, the whole training is not detailed enough. There are also some articles on trading and Metatrader platforms. 

Safety

In Europe, Exness is regulated by the FCA and CySEC. The broker offers protection against negative balance and accounts are segregated. 

In order to invest or trade online safely, it is important to take into account not only the trading offers of the broker, but also the security aspect of the broker. You must ensure that the broker’s activities comply with the requirements of market regulators. We did some research on Exness and the broker did not receive any sanctions from its various regulators.

Exness.com is operated by Nymstar Limited, a brokerage registered with the Seychelles Financial Services Authority (FSA), the financial market regulator in Seychelles. If the latter is not very well known, in Europe, the subsidiaries of the group Exness (Cy) Limited and Exness (UK) Ltd are respectively regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA).

The broker does better than most of its competitors when it comes to transparency. It has on its site information concerning the number of active customers, the volume of deposits and withdrawals and the volume of exchanges of its customers. However, some items have not been updated on the site since 2019.

Exness is also audited by the Deloitte Group, one of the largest audit and consulting firms in the world.

The Limited Risk Account

European customers benefit from regulatory directives that protect them from negative balances. By trading CFDs with leverage, they will not lose more than their margin.

Deposit Protection 

As required by CySEC, Exness is a member of the Investor Compensation Fund (ICF) set up to protect customer deposits. This fund allows their deposits to be returned, in the event that Exness goes bankrupt. Fund deposits are covered up to € 20,000 for European clients. Traders outside the Eurozone do not have this type of protection.

Segregation of Accounts 

Client deposits are segregated from broker’s equity. They are held by partner banks and are therefore available at any time regardless of the financial situation of the broker.

Conclusion

Exness is a serious and regulated broker, offering simple solutions for beginners and experienced traders. The broker’s resources for training and research are somewhat limited. However, Metatrader’s offer is comprehensive. Thanks to the different versions of this platform, you can trade from any medium: web, PC and mobile. 

These platforms offer the necessary tools to have a secure environment without restrictions on your trading approach. In addition, the broker enriches its offer with the free VPS and several tools from third-party providers.

FAQs

What are the withdrawal periods at Exness?

Withdrawals are instantaneous for e-wallets. It can take up to 5 days for cards and bank transfers.

Where are Exness trading servers located?

They are located in the Netherlands.

What is the minimum deposit amount at Exness?

The minimum deposit is € 1.

Trading Smart
Logo
Enable registration in settings - general