Exness is an online trading platform that offers traders the chance to use MetaTrader software.
They offer tight spreads and low minimum balances and have a huge number of account types, details of which I’ll talk about later in this Exness review.
- About Exness
- Opening an Account
- How Long Does the Account Creation Process Take?
- What’s the Minimum Deposit?
- Identity and Verification
- Can Exness Be Trusted?
- Research and Assistance
- Demo Accounts
- Desktop Experience
- Mobile Experience
- Investment Options
- Commissions and Fees
- Deposits & Withdrawals
- Customer Support
They also offer a large number of investment options, with more than 120 forex pairs on offer.
In this Exness review I’m going to be giving you a comprehensive, in-depth look at what the online broker has to offer.
I’ll be covering everything from how to open an account through to payment methods, as well as account types, commissions and fees and customer support facilities.
Exness was first established back in 2008.
This makes them a relatively new online broker in the grand scheme of things, but despite their short business life they’ve left a significant impact on the online trading industry.
In fact, today, they boast more than 60,000 active users, and they accept customers from all around the world.
One of the biggest benefits to trading at Exness is their stellar reputation.
They’re also highly regulated, with some of the world’s most prestigious financial authorities overseeing their operations.
I’ll be talking more about this later on in this review.back to menu ↑
Opening an Account
Exness has designed their website to be as easy-to-use and easy-to-navigate as possible.
Signing up for an account takes no more than 5 minutes, and aside from verifying your email address or phone number, you really don’t need to do much.
Of course, you’ll need to enter a few personal details, including your name, address, phone number, email address and date of birth, and you may also be asked to provide a brief overview of your trading experience.
Let’s take a look at some of the different accounts available:
There are four main account types at Exness.
First, you’ve got the Cent Account. This is designed for complete beginners and is more geared towards learning as opposed to high-value trading.
The next account is the Mini, designed for beginners with a few additional features compared to Cent.
This account has a little spread and there’s no minimum deposit either.
You’ve then got the Classic Account, which is designed for the more experienced investors.
It provides you with a huge number of trading tools and analytical resources, and it doesn’t have any commissions either, which is a major benefit.
Finally, you’ve got the ECN Account.
This is designed for experienced traders who have significant trading volume under their belt.
This account offers a spread close to zero, and the commissions are incredibly low, making it perfect for those looking to trade larger amounts of money.back to menu ↑
How Long Does the Account Creation Process Take?
Generally speaking, accounts at Exness are opened pretty much instantly.
There’s only one real exception to this, and that’s when the site is unable to automatically verify your identity.
In this case, you may need to wait for the identity verification process to be completed before you’re able to start trading.back to menu ↑
What’s the Minimum Deposit?
The minimum deposits at Exness vary, depending on the type of account you’re opening.
The Cent Account, for example, has a minimum deposit of just $1, meaning you don’t have to worry about breaking the bank.back to menu ↑
Identity and Verification
Most clients will need to complete an identity verification process.
This is a legal requirement and is something that Exness has no control over.
You will need to provide proof of your name and address, and acceptable documents include passports, driving licenses, utility bills, phone bills and tax returns.back to menu ↑
Can Exness Be Trusted?
Exness fairs pretty well when it comes to regulation, as they’re licensed and regulated in some of the strongest regulatory environments in the world.
For example, the UK’s Financial Conduct Authority (FCA) oversees the company’s operations, and they’re also regulated by the Cyprus Securities and Exchange Commission (CySEC.)
Both of these regulators are notoriously strict with operators, and this means were Exness to act out of line they’d be heavily punished – likely in the form of large fines or even criminal prosecution.
I should also point out that customers in the vast majority of countries Exness serves have their funds protected.
This is thanks to either ring-fencing or the way in which Exness is actually incorporated.
For example, in the UK, customers can benefit from having £85,000 of their funds protected, even in the case of insolvency.
However, this is a very unlikely occurrence, and Exness do keep all client funds safe in segregated bank accounts.
These accounts are held with tier-one banks too, so there’s little chance of anything going wrong in this respect.back to menu ↑
Research and Assistance
I was impressed with the educational section at Exness.
They make it easy for new and inexperienced traders to learn more about trading forex, and they’ve spent a lot of time putting together a comprehensive educational area.
They call it their “Library”.
Inside the Library, you’ll find yourself able to access a wide variety of tools and resources. This includes detailed guides, such as eBooks and long-form blog posts.
There’s also a comprehensive glossary of trading terms.
You’ll also find an Exness-specific learning section, where you can see more about how the site works and operates.
All those with trade accounts also have the ability to view live news fees while trading.
This gives you an overview of current events, particularly financial and political news.
Exness also provides something called a Trade Calculator.
This allows you to enter a number of details so you can see expected returns.
It’s available in a number of currencies, and again is offered to all account holders.back to menu ↑
As you’d expect to see from a leading online broker, Exness offers a demo account to anyone who wants one.
The only requirements are that you’re over the age of 18 and from one of the jurisdictions that the site supports.
Signing up for a demo account takes just a couple of minutes, and you can then access the site’s full range of markets and investment options to give you a proper feel for how the site functions.back to menu ↑
I was pleased to see that Exness offers two of the world’s largest trading platforms – MetaTrader4 and MetaTrader5.
However, I was disappointed to see they’re yet to develop their own proprietary software, as this is something that I feel most major online brokers should be looking to do in this day and age.
Below, I’m going to be taking an in-depth look at both the trading platforms offered at Exness.back to menu ↑
MetaTrader4 is the single most successful and popular trading platform on the planet, and for good reason.
The platform is incredibly well designed and works well across all different types of devices, including desktop computers, laptops, tablets and other mobile devices.
The software has been designed and developed by MetaQuotes Software Corp and is built with a huge number of features and functions.
You’ll find yourself able to access various types of analytical technologies, and professional traders will find that there are plenty of advanced functions too.
Arguably one of the biggest benefits to using MetaTrader4 is the algorithmic trading it offers.
This is, in essence, trading using Artificial Intelligence (AI), and it helps prompt you to make trades based on algorithms.
It’s built directly into the platform meaning you do not need to download or install any additional pieces of software or plugins, and it allows traders to get a bit of an edge – although please remember that trading in general can be incredibly risky, even with the support of AI.
MetaTrader4 is also famed for its security.
Any information exchanged between you and the server is automatically protected using 128-bit encryption.
This makes it almost impossible for hackers or malicious third parties to gain access to your data.
The trading platform is also insanely fast, and it features some of the lowest latency of any trading platform in the world.
This is thanks to the way in which their infrastructure has been developed.
Their servers are based in New York at the Equinix NY4 data centre, and this state-of-the-art facility hosts some of the world’s biggest companies’ websites and servers.
In other words, you really can’t go wrong trading with MetaTrader4, and I’m not surprised to see that it’s the most popular platform at Exness.back to menu ↑
MetaTrader5 was unveiled as the “incredible” follow-up to MetaTrader4, but unfortunately it never saw the same levels of success as its predecessor.
However, as time goes on, traders are slowly beginning to shift more towards using MetaTrader5, thanks to its advanced customization options and some other advanced trading options which can’t be found in MetaTrader4.
I feel the single biggest benefit of using MetaTrader5 is that you’re not restricted to using the built-in analytical resources as you were in MetaTrader4.
For example, you’ll find yourself able to customize the tables, indicators and graphics, setting them all up to suit your personal preferences.
The software is also built using a slightly different programming language, which makes it faster and decreases the latency even further.
Traders using MetaTrader5 are even able to create their own trading robots – something that some of the more advanced users are now increasingly looking to.
I should also point out that MetaTrader5 is also a multi-market platform.
This allows you to trade in both centralized and non-centralized markets.back to menu ↑
Exness have recently released their very own mobile app, and it gives you all the major features you get from the main desktop offering, with the benefit of giving you additional freedom.
The app boasts some pretty impressive features, including instant deposits and withdrawals, a completely newly designed terminal (making placing trades smoother), built-in customer support, and real-time rates.
You can also create an account directly from within the app if you’re yet to actually join Exness.
The Exness app can be downloaded free of charge on the iOS and Android app marketplaces.
It takes a few seconds to install, and from there you can log in (or create a new account) and begin placing trades.
The mobile app runs on MetaTrader’s software. This is yet another benefit of the app.
MetaTrader has invested millions of dollars into developing their mobile technology, and I think it’s fair to say it’s state-of-the-art.back to menu ↑
If you’re looking to trade forex currency pairs then Exness is a great choice for you.
With more than 120 different currency pairs – including major, minor and exotic ones – there’s a lot of choice, and they offer significantly more choice than the vast majority of online brokers I review.
Unfortunately, they don’t offer many CFDs.
This is disappointing and will likely be a major turnoff for some of the larger investors who like to diversify and invest into a number of different assets.
They also don’t offer any cryptocurrency trading which, again, is likely to put off some of the more experienced investors.
However, they do offer a couple of commodities, including energies and agricultural CFDs. They don’t offer index & stock CFDs though, and also don’t have any metal commodity CFDs available to trade.
I really feel that Exness is designed for forex traders, and pretty much no one else. There’s nothing inherently wrong with this, and it’s absolutely fine for the site to specialize.
However, I just find it slightly strange to see that they don’t offer more investment options.
With more than 60,000 active users you’d think they’d be wanting to offer as many investments as possible.
It’s possible that in the future they’ll expand their offering, but for now, it’s pretty much all focused on the currency pairs.back to menu ↑
Commissions and Fees
Like many leading trading platforms, the fees/commissions you pay depends largely on the type of account that you choose to open.
For example, if you have one of Exness’ Classic Accounts you’ll have no commissions and spreads which start from 0.1 pips.
Below, you can view our chart showing some of the various fees associated with different accounts at Exness.
Exness do not charge any rollover fees, and nor do they charge margin interest.
As always, for a full and comprehensive breakdown of fees, be sure to check their website.back to menu ↑
Deposits & Withdrawals
I was surprised to see that Exness boasts of instant deposits and withdrawals.
This is normal when it comes to deposits – but they claim to process withdrawals instantly, too.
Of course, this depends on your account status, and you’ll need to have completed multiple verification checks, but it’s a major plus point in my opinion.
When it comes to actually funding your account, you’ll find that Exness offers more than 35 different payment methods.
Some of the most popular ones include debit and credit cards (including VISA, MasterCard and Maestro), bank wire transfer, Neteller, Skrill, WebMoney and Bitcoin.
Some payment methods are only available in certain countries, so it’s worth checking the “Deposit” page once you have an account to see which payment methods are available to you.
Thankfully, there are no fees to make deposits.
However, if you’re using a credit card, your card issuer may charge you a fee, depending on their terms and conditions.
This is because trading is sometimes classified as a cash advance, which credit card companies can charge for.
All deposits, aside from those made using bank transfer, are credited to your account instantly, so you can begin trading right away.
As I mentioned, withdrawals are processed instantly, provided you make a withdrawal request when the finance team are in the office.
However, this doesn’t mean the funds will reach your account immediately as it depends entirely on which payment method you use.
Instant payment methods like Bitcoin, Neteller and Skrill, however, will see your funds instantly made available in your account, which is a major benefit in my eyes.back to menu ↑
I was happy to see that Exness offers customer support in a number of different languages, including Arabic, Chinese, English, Hindi, Indonesian, Korean, Russian, Thai, Urdu and Vietnamese.
Below, I’m going to be taking a look at some of the ways that you’ll be able to get in touch with the customer support team, should you need to.
Live Chat: Always my preferred method of contact, live chat is available at Exness 24 hours a day, 7 days a week.
Live chat allows you to speak with a trained member of the customer support team in a matter of seconds, and this means you can chat through your problem or question in real time.
However, I should note that during busy periods there can be a bit of a wait before you’re connected to an operator.
Phone: Like any leading online trading platform, Exness offers phone support.
They have a variety of toll-free numbers, designed to accommodate customers from all over the world.
However, please be aware that you’re not able to place orders over the phone – it’s for customer support only.
They also have a call back service.
This requires you to input your phone number on their website, and one of their customer support team agents will then call you back, usually within around 10 minutes.
Email: Unfortunately, the email response time at Exness is a bit underwhelming.
They aim to respond to all emails within 48 hours, and in my opinion, this is far too long.
However, don’t let that necessarily put you off sending them an email, as it can be a useful tool when you have questions or queries that aren’t urgent.
Higher volume traders also benefit from their own personal account managers.
These managers offer a personalized customer support experience, and they’ll be your first line of contact if you meet the requirements to have one.
If you do, you’ll have their dedicated phone number, allowing you to phone or WhatsApp them during working hours.back to menu ↑
Exness is a solid trading platform, and it’s clear they’ve managed to set up one of the most diverse and comprehensive forex platforms around.
They offer a huge number of currency pairs – far more than most leading trading platforms today – and this is likely to appeal to many.
Unfortunately, their distinct lack of major CFDs and stock indices is a bit of a turn off.
As a trader, I like to have as many options as possible open to me, and I just don’t see this offered at Exness.
However, investment options aside, their site is very well made and easy to use, plus I really like the fact that they process withdrawals instantly.
To summarize, if you’re looking to trade forex currency pairs, Exness is a fantastic trading platform for you to choose.
If you’re looking for a larger selection of investment options though, you’ll probably want to consider choosing a different broker.
- Low spreads
- Diversity of trading tools
- Diversity of forex and CFD instruments
- Reliable forex broker
- Fast account opening
- Good for Pros
- Good for beginners
- Customer Support could be improved
- Slow withdrawals
Details: Exness Review
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