Exness has gone from strength to strength ever since it set up shop in Russia back in 2008. Exness has been successful in understanding the precise expectations of their target audience and has developed a brokerage product that appeals to the general retail trading mindset. What makes Exness different in the industry is the fact that they are committed to their customers, and addresses all client issues irrespective of their origin or the magnitude of their account balance.
The exponential growth of Exness is witnessed by the sheer number of trading volume that the company transacts through an annual basis. In 2015 alone, the company was responsible for more than $2.33 trillion worth of FX transactions through its global group of clients. The company has been promoting its brand through Formula 1 racing by sponsoring RedBull Racing, one of the most successful teams on the F1 grid, which is a reliable indicator of the financial strength and its dedication to establishing a substantial presence in the financial markets. This Exness review is designed to offer you a detailed insight into the overall trading features, reliability, and performance of the broker in the highly competitive marketplace.
First-Rate Secure Whitelisted Forex Brokers In 2019
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Safety Of Investments Through Exness Regulation
Exness is a Russian Forex company, but the firm has established its headquarters in Cyprus to enjoy the European broker tag that is trusted by millions of traders from all over the world. The CySEC regulatory agency is the primary authority that governs Exness regulation, which brings it directly under the MiFID derivative for offering brokerage services to all member nations of the EU zone. CySEC has undergone tremendous regulatory changes in recent years that have enforced strict operational guidelines for all companies to adhere to the best standards of fair and transparent financial operations.
CySEC regulation guarantees that a trader’s capital is held in tier-1 banks through segregated accounts that are kept away from the company’s own accounts. This ensures that the broker does not have access to these funds to be used for the broker’s expenses or any other type of financial misappropriation. Regular third party audits also ensure that the client funds are kept secure against illegal malpractices, thereby rendering full security for client funds. The CySEC also guarantees the insurance of funds up to €20,000 through the Investor Compensation Fund (ICF), which protects all clients against broker insolvency.
Exness Trading Account Benefits, Leverages, & Spreads
Exness caters to all types of traders and provides different kinds of accounts for traders according to their initial deposit. Traders can open an Exness account using a minimum deposit of just $1, which makes Exness a member of the most exclusive group of FX brokers that offer a negligible account deposit option. However, the biggest drawback is the unlimited Exness leverage, which is available at a staggering 1:2000. Traders using the full amount of leverage are guaranteed to blow up their account with a small movement of 5 pips in the opposite direction of their trade.
5 pips is an exceptionally small change in the Forex market, as several brokers are known to charge 5 pips spread on major currency pairs, even during normal market conditions. However, Exness compensates for a high leverage by offering extremely low Exness spreads that start from 0.3 pips. Although the spreads are highly competitive, expect the broker to offer spreads realistically from 0.5 to 1.5 pips on the majors. Nevertheless, traders using a nominal leverage and better risk:reward ratio will find Exness to be one of the best brokers regarding spreads and cost of transactions.
There are three different types of Exness trading accounts, the Mini, the Classic, and the ECN accounts. The Mini account is the standard account that is offered for the lowest $1 deposit, which comes with maximum lot restrictions and higher margin call limit. The Mini account is a market maker account and uses an automated dealing desk platform for order execution, which can induce slippages and re-quotes.
The Classic account is also a standard account, but it comes with a higher deposit of $2000 and the ability to trade standard lots without any restriction on the maximum number of lots. The Classic account enjoys reduced pips of just 0.1 pips, which is even better than the ECN spreads provided by other brokers. The Classic account is an STP model, and it is up to the dealer to decide whether they pass the trades to the market or match it internally.
Traders can also open an ECN account that is available for an initial deposit of $300, which is slightly expensive when compared to other ECN brokers. But the commission is hugely attractive, with Exness charging only $25 per million USD of traded lots. The spreads are further reduced to 0 pips, and traders do get access to virtually negligible spreads during most market conditions.
There are also numerous payment options for instant deposit and withdrawal, and Exness is the only Forex broker that offers instant automated withdrawals without any waiting period. Payment options include credit cards, bank transfers, e-wallets such as Skrill, and other online payment processors. The Classic account also offers a 20% initial deposit Exness bonus, but the trader has to subscribe for the bonus by accepting the Exness promotions T&C.
Overall Trading Experience & Exness Platforms
Exness only offers the MT4 and MT5 trading platforms, which is sufficient for trading the markets. The broker also provides the MT5 WebTerminal, which can be used for both desktop as well as mobile trading. For dedicated Exness mobile clients, the Meta Trader terminals are available on both iTunes and Android stores for a smartphone or tablet FX trading. The Exness trading platforms are highly reliable and have good performance, but the company also offers a free VPS option that is subject to several trading conditions.
In the grand scheme of things, Exness is a highly reliable and well-sorted Forex trading broker that has quickly established itself as a top-quality mainstream company. They also have dedicated customer service channels through live chat, phone, email, and web contact forms, or traders can even receive a call-back from the customer service department for complaint resolution or general information. The unwavering devotion to excellent customer service sets Exness apart from all the other inconsequential brokers that just have profits on their agenda.