Exness Review

Exness Review

Exness is a global Forex and contracts-for-difference (CFD) broker that was established in 2008. Exness has enjoyed substantial growth over recent years and is now regulated by 7 different jurisdictions. A very wide range of assets are available to trade. Check out my review below to discover whether Exness can be a good choice as your Forex broker.  

Pros

Cons

  • Fast customer service
  • No wire transfer option
  • Quality education and analysis material.
  • Relatively complicated pricing structure.
  • Good Android and iOS mobile apps
  • No welcome bonus         
  • Easy and fast account opening

 

  • Social trading available

 

  • Low minimum deposit

 

  • Accepts crypto deposits

 

 

Exness is regulated by seven regulators, including the UK’s Financial Conduct Authority (FCA) and the Financial Services Commission. The company decided to exit the EU and the European Economic Area (EEA) countries in 2019. While it did not mention the reason, we believe it is because of the expansive MIFID II regulations.

It is one of the few Forex and CFD brokers that publish its monthly trading volume on its website. It has published these numbers since 2010. A closer look shows that the company’s average trading volume is more than $600 billion, making it one of the leading players in the industry.

Exness also publishes its monthly active customers. As at May 2021, the company had more than 207,000 active customers from around the world. That was a substantial growth considering that it had 553 customers in January 2010.

Further, the firm also publishes its customer withdrawals and partner rewards. However, a closer look at the metrics shows that it stopped publishing the latter two metrics in 2020.

Exness registered names are Nymster Limited, Exness B.V, Venico Capital Limited, and Vlrerizo Limited.

In conducting my Exness review, I opened a real account and counterchecked most claims made by the company.

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Summary

Exness Overview 

Headquarters

Limassol, Cyprus

Regulation

FCA, CySEC, FSC, FSCA, CBCS

Established

2008

Execution type

ECN

Minimum Deposit

$3

Maximum retail leverage

1:2000

Trading platforms

MT4, MT5, Exness Trader App

 

Exness is a Forex and CFD broker that offers its services in most countries except the US, UK and European Economic Area (EEA) region. It is still regulated by the FCA and CySEC even though it does not offer retail services in the region. The company offers 107 currency pairs, 81 stocks and indices, 7 cryptocurrencies, and 12 metals and energies. It has a minimum deposit of just $3 and is one of the few brokers that accept cryptocurrencies. It has an adequate educational offering, especially suitable for new traders.

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Regulation and Security

Dealing with a regulated broker is essential. For one, it helps to ensure that the broker you are dealing with is supervised by a credible agency. It is also an important way to prevent dealing with online Forex scams. Additionally, conducting a search can help you see whether the broker has been mentioned adversely, blocked, or ordered to pay a fine. While Exness exited its UK and EEA business, it still lists the FCA and CySEC as its regulators.

In confirming whether Exness is regulated by the said agencies, I visited their websites and conducted a search.

I first looked at its registration status with the Seychelles Financial Services Authority and confirmed that it is indeed registered. Its license number is SD025.

Exness Seychelles Regulation

Next, we looked at its registration status with the Financial Sector Conduct Authority (FSCA) of South Africa. Its license number in South Africa is 51024.

Exness South Africa Regulation

Next, I verified that Exness is regulated by CySEC under license number 178/12. Still, the company does not offer business to Cypriot retail residents since it exited the region in 2019.

Exness Cyprus Regulation

Exness is also regulated by the FCA. A closer look at the FCA’s search shows includes the following note:

“This firm is authorised for specific activities and product types. It’s important to check the full record for what regulated activities this firm has permission to do.”

Exness UK Regulation

I also established that Exness is regulated by the Financial Services Commission (FSC) in Mauritius under Tortelo Limited. Its registration number is 176,967. It is also regulated by the Central Bank of van Curacao en Sint Maarten (CBSC) under license number 0003LSI.

Furthermore, I noted that Exness is audited by Deloitte, one of the big-four audit firms globally. On the website, it has listed its audited finances.

Exness Audited by Deliotte

Still, the finances provided on the website are up to 2019. Additionally, Deloitte states that the reports do not constitute official audits since they were not made in accordance with international standards. Still, I welcome the fact that Exness has gone an extra mile to provide these documents.

I researched whether Exness has been banned or fined by a major regulator and I did not find any such instance. I also found that the company was a major sponsor of Real Madrid, one of the biggest football clubs in the world. This provided additional evidence that it was a genuine company.

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Fees

Exness charges different fees depending on your preferred account types. Broadly, Exness customers can create two main types of accounts: professional and standard. The standard account charges no commission per trade. Instead, it charges a spread that starts at 0.3 pips.

The professional account is divided into three types: Raw Spread, Zero and Pro. The pro account does not charge a commission while the raw spread and Zero accounts charge a commission that starts at $3.5 per lot. Instead of a commission, the pro account has a spread that starts at 0.1 pips.

On the standard account, the EUR/USD has an average spread of 1 pip while the USD/CAD has an average spread of 2.2 pips.

Exness EUR/USD Average Spread

Other assets have different spreads on the standard account. For example, silver has an average spread of 5.4 cents while gold vs. euro has a spread of 49.3 cents.

The pricing structure of the Raw Spread account is relatively different from that of the other two. Currency pairs like the AUD/USD and NZD/USD have an average spread of 0.2 and 0.5, respectively. Additionally, it charges a commission per lot of $3.5. Shares traded in the Raw Spread account do not attract a commission, but they have spreads that range between 0.5 and 5.7 pips.

Exness EUR/USD Raw Spread

We then looked at the average spread on the Pro account and established that the EUR/USD has an average spread of 0.6 pips while the USD/CAD has an average spread of 1.3 pips.

Exness EUR/USD Pro Account Spread

The Zero account pricing is a bit complicated. While some currency pairs like the EUR/USD and AUD/USD have no spread, others have it. For example, the average spread of the USD/CAD pair is 0.1. Further, the commission per lot for currency majors ranges from $3.5 to $6.5.

Exness EUR/USD Zero Account Spread

We did not stop there. We looked at the average spreads using our live account. We did this at the London and New York overlap periods.  To check the spread, we added the spread column on the MT4’s MarketWatch tab. As shown below, the EUR/USD had a spread of 1 pip on the standard account. The GBP/USD had a spread of 0.8 pips while a minor pair like CHF/JPY had a spread of 2.7 pips.

Exness EUR/USD London/New York Overlap Spread

In summary, I found that Exness has a relatively complex pricing structure compared to other brokers. This means that as a prospective customer, you need to first do a comprehensive review of the broker’s various packages to see the one that suits your style.

 

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What Can I Trade

A key strength of Exness is in the variety of products that it has. The company offers its products in almost all popular categories, including cryptocurrencies, currencies, metals, energies, stocks, and indices. It offers 107 currency pairs including majors like USD/CAD, EUR/USD and GBP/USD. It also offers exotic currency pairs like AUD/NOK, AUD/PLN and AUD/SEK. Additionally, it offers 81 stocks and indices, 7 cryptocurrencies, and 12 metals and energies. I found these assets to be enough for most traders.

Exness Range of Assets

Leverage 

Leverage refers to the amount of money a broker extends to a trader to help them maximize their trades. While a higher leverage ratio can lead to more profits, it also exposes traders to risks if the trades go against them. This is why major regulators in Europe and Australia have put in place limits on leverage to a maximum of 1:30.

Therefore, since Exness does not offer its services to Europe, the company offers some of the biggest leverage in the industry. Its standard accounts have a maximum leverage of 1:2000.

Exness Maximum Leverage

Similarly, Professional accounts using MetaTrader 5 have a maximum leverage of 1:2000.

Exness MT5 Professional Account Maximum Leverage

Professional accounts using MetaTrader 4, on the other hand, have access to a 1:unlimited leverage. This is one of the few brokers that offer this size of leverage.

Exness MT4 Professional Account Maximum Leverage

Exness has one of the most generous leverages in the market. However, as a trader or investor, you should use this offer wisely. If you are a beginner, we recommend that you start with a small amount of leverage and increase it as you gain experience. Also, the maximum amount of leverage depends on your maximum equity. For example, if you have a maximum equity of between $0 and $999, you can access unlimited leverage. If you have an equity balance of $200,000 and more, you can access a maximum leverage of 1:100. This leverage can be used to trade all assets offered by Exness.

Exness Leverage

Trading Hours 

Exness offers Forex assets on a 24-hour basis from Monday to Friday. The Forex market opens every Sunday at 22:05 UTC and closes on Friday at 21:59. Cryptocurrencies are offered on a 24/7 basis. The table below summarizes other assets and trading hours. All times are in UTC.

Asset

Trading hours

Gold and silver

Sunday 23:05 to Friday 21:59

Daily break  21:59 - 23:01

Platinum and palladium

Sunday 23:10 to Friday 21:59

Daily break 21:59 to 23:05

US oil

Sunday 23:10 to Friday 21:45

Daily break 21:45 to 23:10

UK oil

Monday 1:10 to Friday 21:55

Daily break 21:55 - 01:10

Stocks

Monday 14:40 to Friday 20:45

Daily Break: 20:45 - 14:40

FR40

Open Sun 23:30

Close Fri 21:00

Daily break 21:00 to 23:30

 

DE30

Open Sun 23:30

Close Fri 21:00

Daily break 21:00 to 23:30

HK50

Open Mon 00:00

Close Fri 21:00

Daily break 21:00 to 00:00

STOXX50

Open Sun 23:30

Close Fri 21:00

Daily break 21:00 to 23:30

JP225

Open Mon 00:00

Close Fri 21:00

Daily break 21:00 to 23:30

UK100

Open Sun 23:30

Close Fri 21:00

Daily break 21:00 to 23:30

DXY

Open Sun 2:05

Close Fri 21:59

 

 

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Account Types

Exness has two main types of accounts: standard and professional. The standard account is then divided into two: MetaTrader 4 and MetaTrader 5. The MetaTrader 4 has two account types: Standard and Standard Cent. The Standard Cent is more ideal for traders who are starting in the industry because it enables micro-lots. It has a maximum leverage of 1:2000. Standard accounts do not charge a commission. Instead, the broker makes money by using the spread.

Exness Account Types Comparison Standard vs Cent

Exness’ next account type is Professional. The main difference is that the Professional account charges a minimum commission of $3.5 per trade. I feel that this account is ideal for highly experienced traders. Its three types are Raw Spread, Zero, and Pro.

Exness Account Types Comparison Raw Spread vs Zero vs Pro

In my review of the Exness professional account, we found the Raw Spread to be better because of its tighter spread. Still, for most traders, I recommend sticking with the standard account.

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Trading Platforms

Like most Forex and CFD brokers, Exness offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms can be used on mobile and desktop devices. There is also a web trader that can be accessed on a browser. It also offers the MT4 multiterminal that helps one manage multiple accounts at once.

Exness MT5 Platform

The MT4 in Exness professional and standard accounts have a difference with the MT5. For one, the MT4 allows unlimited leverage while the maximum in MT5 is 1:2000.

The other differences between the MT4 and MT5 are that the latter provides an extra two types of pending orders: Buy Stop Limit and Sell Stop Limit. The MT5 has more indicators than the MT4 and more technical indicators.

Exness Mobile Trading App 

In addition to the MT4 and MT5 mobile apps, Exness has a mobile application that allows you to open an account, verify their details, deposit and withdraw money, analyze, and trade all assets offered by the company. I found the Android version of the application to be very good and easy to use. However, conducting a technical analysis using the app is more difficult than when using the mobile version of MT4 and MT5.

Further, the app has a 4.2x rating and more than 1 million downloads in Android.

Exness Android Mobile Trading App

Exness iOS application has a 4.7* rating and reviews.

Exness iOS App

Additionally, the broker has a good TrustPilot rating.

Exness Trustpilot Rating

 

 

 

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Unique Features

Exness offers several features that many brokers don’t have:

  • Trade calculator - It offers a free trade calculator that helps you get the margin, pip value, and swap values.

Exness Trade Calculator

  • Free VPS hosting - A Virtual Private Server is a useful tool since it helps traders have a constant and uninterrupted connection. This can help them see actions and take positions faster. It offers a VPS for free for all traders with at least $500 in their account. This is a good perk since premium VPS providers charge hundreds of dollars per month.

Other unique features Exness offers are its mobile application, economic calendar and a free currency converter. We did not find the currency converter very useful. Also, an economic calendar is offered for free in other platforms like Investing.com and MT5. Another useful feature is Exness’ social trading platform that allows traders to copy trades from experienced professionals. They can also make extra money by letting other people copy their trades.

Exness Social Trading

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Research and Education

Selecting a Forex and CFD broker who offers quality research and education features can give you an edge in your trading.

On trading education, Exness has an online academy that is made up of videos and written content. The content is well-organized from the beginner to advanced levels. Most importantly, you can track your progress when taking the course. The videos are offered in English, Arabic, Thai, Bahasa and Vietnamese. I found the video content to be well-done and very useful, especially for beginners.

Exness Educational Course

 

As part of its educational suite, Exness offers regular webinars where experts from the company talk about various topics. We also found these webinars to be highly insightful.

On analysis, the company has a markets and insights page. However, a closer look shows that the content stopped being updated on April 1, 2021.

In its place, the company offers its traders access to the latest news and analysis from around the web.

Exness News Page

Most importantly, Exness has partnered with TradingCentral to offer up-to-date well-researched technical analysis pieces. We found the analysis content to be useful. Still, we recommend that traders do their own research.

Exness Analysis

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Customer Support

Exness provides quick and quality support using various methods. For one, the company’s customer representatives regularly respond to reviews left in the Android and iOS app stores.

The company offers personalized response through email, chat, social media and phone. I called the company using the phone numbers provided and the waiting period was relatively short. I repeated the process about 3 times on a Wednesday. Also, the company responded to my email messages within less than an hour.

As a global company, Exness offers support using several languages, including English, Chinese, Thai, Arabic, Indonesian, Hindi and Urdu, Bengali, Vietnamese, Japanese, Korean, French, Spanish, and Russian.

Additionally, it has a bot that answered some of my queries really well.

Exness Customer Support

As part of customer service, Exness has a comprehensive help center that provides answers to most questions.

Exness Help Center

In general, we were pleased with the speed and the quality of answers we received from Exness in our communication with them.

 

 

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Bonuses and Promotions

We found that Exness had one promotion. The company rewards its customers who successfully invite paying customers to its platform. At the time of writing, Exness did not have a sign-up bonus. This is out of choice since its regulators don’t have a problem with bonuses.

Exness Referral Program

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Opening an Account

In conducting this review, I opened a real account and deposited funds to test it well. I had an excellent time doing so. The company requested basic details like email address, name and password. After verifying the email and phone number, the company requested my ID or passport and proof of residence for KYC and AML purposes. What pleased me the most was the speed of verification. Unlike most Forex and CFD brokers, the company completed the review within less than 10 minutes.

Exness Proof of Residence Verification

  • Minimum deposit - Unlike other Forex and CFD brokers, Exness minimum deposit is $3. I tried depositing as little as $10 and the company accepted it. However, for professional accounts, the company has a minimum deposit of $200.
  • Payment methods - Exness provides several options of depositing funds, including mybux, USDT, Bitcoin, Bank Card, Neteller, Perfect Money, WebMoney, and Skrill. In my review, I used a bank card and the transaction took less than 10 minutes to complete.

Exness Deposit Options

I first tested the deposit option using bank card and the process took a few minutes to complete.

Exness Fast Deposit Process

The funds were deposited instantly.

Exness Funds Deposited Instantly

Exness allows withdrawals using the deposit options mentioned above. The company does not charge any money to deposit and withdraw funds. In our experience, the deposit and withdrawal process were smooth. It has the following rules on funds transfer.

Opening an Account

Still, my biggest concern with Exness was that it does not offer a bank transfer as an option.

 

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Bottom Line

I spent a few days testing the desktop, web and mobile platforms provided by Exness. I found that the MT4 and MT5 platforms were like those offered by other brokers. The company’s own mobile trading application was also a good one since it is updated regularly and was very easy to use. The Exness trading experience was good. Still, I was concerned about the company’s lack of a wire transfer option. It also took some time to understand its account types and pricing structure. Another concern was that the company has not indicated where its headquarters are in its website.

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General Information

Company Information

  • Broker's Name : Exness
  • Headquarters : Cyprus
  • Regulation :

Account Information

  • Type of Broker : ECN/STP
  • U.S. Clients Allowed :
  • Minimum Deposit : $3
  • Maximum Leverage : 1:2000
  • Commissions / Spreads : Both
  • Account 1 : Standard
  • Account 2 : Standard Cent
  • Account 3 : Raw Spread
  • Account 4 : Zero
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Linux
      • Mobile
      • Web
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Bahasa
      • Thai
      • Malay
      • Portuguese
      • Russian
      • Chinese
      • Japanese
      • French
      • Arabic
      • Spanish
      • Other
  • Support Hours : 24/7
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

Advantages

  • Commission Free Transactions

  • Multi-language Website

Disadvantages

  • Only One Bonus or Promotion

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Exness vs Comparisons

We have gathered a list of the top broker alternatives to Exness, and conducted an in-depth broker comparison to assist you in choosing the right broker for your trading needs.

Exness vs. LegacyFX

Exness vs. OctaFX

Exness vs XM

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FAQs

Is Exness a good broker?

Yes. In my review, I found that Exness is a good broker. It is regulated by several regulators, has easy-to-use trading platforms, and has experienced customer care representatives. The company has also not been banned or fined by any regulator.

Is Exness trusted?

Yes, Exness is trusted. I found that its apps have quality reviews. We also found that it has a 4* review in Trustpilot, meaning that its customers love the experience. It is also regulated by several regulators.

What is the minimum deposit with Exness?

The minimum you can deposit with Exness is $3.

Is Exness regulated?

Yes. Exness is regulated by CySEC, FCA, FSA, and FSCA.

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User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.



5 User Reviews
Larry Burke

What did you expect? Did you know what you were doing? This is a pretty good broker but you have to expect to lose some money. Just start by opening a demo account and practice,practice, practice.

Abdullah

not so happy with this. I lost money. Maybe a scam

Art_forex

Nice broker! I didnt expect they have such tight spreads. I have checked through demo account, they are really small. Some swaps are positive too. I think they should make at least one swap-free account, and probably some sort of pamm. I am surprised that they have only 3 type of the accounts, usually brokers have much more. But it seems they cover the needs.

Art_forex

Nice broker! I didnt expect they have such tight spreads. I have checked through demo account, they are really small. Some swaps are positive too. I think they should make at least one swap-free account, and probably some sort of pamm. I am surprised that they have only 3 type of the accounts, usually brokers have much more. But it seems they cover the needs.

InvestorFX

Last time I have withdrawed 8,7 K on Webmoney without any troubles. I sured that it's quite good company and they don't try to play against traders. The big advatage also is the high order executions. There were not some requotes. They have very good support and I usually get help from it.

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