Exness Review 2022: Is Exness a Scam? Read the detailed broker review.
Exness is a Seychelles based brokerage firm that offers trading opportunities in various asset classes, including stocks, indices, cryptocurrencies, metals and energy and Forex currency pairs. Founded in 2008, Exness is regulated by the Financial Services Authority (FSA). Exness is operated by the financial services company Nymster Limited. The company is a securities dealer headquartered in Seychelles.
Exness offers two major trading platforms to its clients: MetaTrader 5 (MT5) and MetaTrader 4 (MT4). Apart from that, the broker also provides Webterminal for trading to its clients.
The Forex brokerage firm is also regulated by other financial authorities such as the Financial Services Commission (FSC) in BVI, Financial Sector Conduct Authority (FSCA) in South Africa, Cyprus Securities and Exchange Commission (CySEC) and more.
Pros and Cons
- MetaTrader 5 (MT5)
- No swap fees
- Unlimited leverage
- Access to price history
- 100+ Currency pairs
- Spread as low as zero
- VPS Hosting
- Limited account options
- Limited trading instruments
- Mandatory Minimum deposit
- Only 13 Cryptocurrencies
- Only 12 commodities
Is Exness a Scam: Regulations
Exness is a Seychelles Financial Services Authority (FSA) regulated broker. This regulatory authority FSA has authorised the broker under the license number SD025. FSA is responsible for enforcing the regulation, license and supervise the business of financial institutions. It is an autonomous regulatory organisation.
Exness provide an opportunity to trade with highly encrypted trading software like MT5 and MT4. But there is no information mentioned by the broker regarding the segregated bank account. Therefore, it is essential to keep clients’ funds in a segregated bank account to ensure the safety of their hard-earned money.
Other than FSA, the Forex brokerage firm is regulated by different authorities such as the Central Bank of Curaçao and Sint Maarten (CBCS), Financial Services Commission (FSC) in BVI, Financial Sector Conduct Authority (FSCA) in South Africa, Cyprus Securities and Exchange Commission (CySEC) under license number 178/12 and Financial Conduct Authority (FCA) in the UK.
Trading account types
Traders can sign up for two basic types of trading accounts such as standard and professional. In addition, there is a subcategory of standard account type offered by Exness named as standard cent. This account is suitable for beginners, but they can only trade in forex currency pairs and metals in standard cent account type.
There are also subcategories for professional accounts such as raw spread, zero and pro account types. But they do not differ much from each other.
- Minimum deposit depends on the payment method
- Leverage is unlimited
- No trading commission
- All trading instruments except individual stocks
- Spread as low as 0.3
- Swap-free trading option
- 60% Margin call
- No Islamic account
- $500 Minimum deposit
- Unlimited leverage
- Spread as low as 0
- Up to $3.5 commission per lot
The account opening process in Exness consists of four steps.
- Register with entering your personal information required for account opening and wait for the verification.
- Once the account gets verified, your account will be activated.
- Now, you have to fund your account using one of the various payment methods such as UPI, online bank transfer, sophisticated payment networks like SticPay, Neteller and Skrill. You can also fund your account using Bitcoin. All of these payment methods quote a fixed minimum deposit.
- Start trading on the trading platform that suits you.
Exness offers an opportunity to trade with various trading platforms such as MetaTrader 5 (MT5), MetaTrader 4 (MT4) and webterminal. You can also download the mobile app of MT5 and MT4.
The MT5 is one of the most advanced trading platforms for modern-day traders. They can utilise this platform with the liberty to navigate the global markets in one click. The MT5 software is known for providing a good trading experience in terms of productivity and performance. The quality interface of MT5 also helps users to get familiar with the platform easily.
- More functions and graphical objects
- Access to 21 timeframes simultaneously
- 35+ indicators and 20+ analytical tools
- Hedging with multiple positions
- Economic calendar, news events and forecasts
MetaTrader 4 is the most common and leading trading platform in the world. This award-winning trading platform is known for its unique features. MT4 software is compatible with all devices, including Android, iOS, Windows on PC and Mac OS X.
- 30 technical indicators and 20+ analytical tools
- Autotrading with Expert Advisors (EAs)
- Two order execution modes: Instant and Market
- 128-bit key encryption
Exness provides its own Webterminal for trading in multiple markets across the world. There is no additional download or installation required while trading with Webterminal. It allows you to trade directly on Exness’s website. There is no separate registration required to access the Webterminal of Exness.
- Fast execution speed
- Data is encrypted
- Convenient interface
- 50+ drawing tools
- 100+ technical indicators
Exness offers several trading instruments which can be traded in global markets. Traders can get their hands on Forex currency pairs, stocks and indices, cryptocurrencies and commodities (only metals and energies). The brokerage firm offers 13 cryptocurrencies; the total number of stocks and indices is 81, 107 currency pairs and 12 metals and energies.
You cannot trade stocks through standard account type, and with standard cent, you can trade in currency pairs and metals only. So you have to open a professional account to trade in all asset classes.
Forex trading: Spread as low as 0 and 0.05% margin
Stock and indices trading: Spread as low as 0 and 5% margin
Cryptocurrency trading: Spread as low as 0 and 0.5% margin
Commodity trading (only metals and energies): Spread as low as 1.9 and 0.05% margin
Commission and spreads
Exness charges no commission on trading, whether you are trading with a standard account or a professional account. But it charges commission in special trading account types like raw spreads and zero. In these account types, traders have to pay a commission of $3.5 per lot.
The spreads are variable for different financial instruments. But overall minimum spread offered in a standard account is 0.03 pips and 0 in a professional account.
The brokerage firm Exness projects itself as an unlimited leverage provider. But there is a rule that you have to understand to gain excess leverage. The maximum equity should be $999 to access the unlimited leverage. If the equity is more than $999, then the leverage will decrease. So it means more equity, less leverage. And margin requirements also increase with the increase in leverage.
With all account types, you can access unlimited leverage with the broker Exness.
Deposit and withdrawals
Exness offers various options for deposits such as UPI, online/offline bank transfer, Bitcoin, credit or debit cards and payment networks like Neteller, Skrill, Webmoney, SticPay, Perfect Money and WebMoney.
The amount of minimum deposit varies with the payment options. Generally, $10 is the minimum deposit, but if you pay with an online bank transfer, the minimum deposit will be $15. On the other hand, if you pay with Perfect Money, the minimum deposit will be $50.
In most cases, deposit and withdrawal speed is instant. But it will take up to 72 hours for deposit and withdrawal with Bitcoin.
Educational and research support
For educational and research support, you can not expect enough sources from Exness. You can only access the economic calendar for market forecasts and Web TV for the market updates around the international markets.
WebTV may help you to get knowledge of technical analytics.
Exness offers multilingual customer support in 15 languages across the globe. The time of live support varies according to the region. In English, Chinese and Thai languages, you can get in touch with the support agents 24/7.
You can contact customer support via email, live chat or help center.
Email: You have to visit the website; the broker has not mentioned the mail id.
Phone: 000-800-100-4378, +91-44-71279046
Exness is a well-regulated brokerage firm by reputed financial authorities across the world. The trading opportunities are limited in terms of financial instruments. The best part about the broker is that Exness is offering the latest and most advanced trading platform MT5.
The major disadvantage of the broker is that traders cannot access stocks and other important markets with the standard cent account, which is suitable for beginners. Education and research support is not satisfactory. Traders have multiple language options to get in touch with the customer support team.
Be the first to leave a review.