Exness Review

Exness is a MetaTrader - only broker regulated in the European Union that allows its traders to trade through the world's markets with a trust and belief in platform. The Exness Group was founded in 2008 with two entities, which have a regulatory status in the Europian Union.
Elen Palmer
October 29, 2019

Exness: Forex, Fees, Apps

Financial Conduct Authority (FCA) regulates Exness UK Ltd in the United Kingdom, and the Cyprus Securities and Exchange Commission (CySEC) regulates Exness (Cy) Ltd. Both entities have licenses throughout some European Union member states. It has a Trust Score of 73 out of 99. It offers multiple account types and forex pairs to its clients according to the trader's needs and trade volume, but it lacks CFDs forex brokers. It has low stable spreads and very fast order execution, which saves a lot of money and time of its users. It shows its price history in a transparent way to get an idea on the price's trends. Exness offers a fast and automated withdrawal, allowing the traders to access their funds instantly with low transaction costs. It has an excellent and upgraded customer support 24/7, through which queries are solved by using a phone or a chat through messenger. It uses the world's most advanced trading platform e.g. MetaTrader 5 (MT5). Its trading platforms are developed by MetaQuotes Software Corporation, which also includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The broker provides access to 104 forex pairs and eight metal contracts with its multiple accounts.

Types of Accounts

1. Mini:

The amount to be deposited for opening an exness mini account is as low as $1 offering large leverages up to 1:2000. It has a spread of 0.3. This account does not have any commission on trading volume.

2. Classic:

The minimum deposit to open this account is $2000 with leverages up to 1:2000. The spread is as low as 0.1. This account also does not have a commission on trading volume.

The trading account can be funded by wire transfer or credit card.

Forex Trading Tools

1. Trader's Calculator:

To work out point profit, margin, swap rates and more.

2. Currency Converter:

To calculate the real-time rates of exness's most popular six currencies.

Get Started With Exness

Making an account on exness only takes a few minutes and there you go: start trading instantly. To set up an account on exness:

1. Open an Account

Account can be opened by simply completing the form present on the top right of the web screen.

2. Verify the Details

Verify the information provided to protect and activate your account.

3. Deposit Fund

To get the next trading opportunity, deposit your funds first.

4. Start Trading

Start trading by using web, mobile, or desktop platform.

Exness Safety

With the trust score of 73, exness is considered an average-risk platform. Exness does not operate through a bank or trades publicly. Exness has an authority of a tier-1 regulator and a tier-2 regulator, providing high and average trust. It does not have any tier-3 regulator, which promotes low levels of trust. The Financial Conducting Authority (FCA) is a tier-1 regulator and Exness is authorized by it.

Investments

Exness offers Forex Spot Trading. The total amount of CFDs offered at exness are 112. It does not have any social trading or copy-trading. The cryptocurrency cannot be traded through exness as actual or through CFD.

Fees and Commissions

The commission and fee varies according to the type of account and execution methods. For the classic account the spreads are lower than mini-account, but it keeps an average spread of 0.9 pips. There are no VIP discounts on exness.

Research

Exness does not have its research platform and provides research information through third-party content, like headlines from Dow Jones News in the trading platform or the content from Trading Central, which also includes Trading Central WebTV that has video content on a daily basis.

Exness offers an economical calendar along with TC. TechnicalAnalysis Trading Indicator from Trading Central. It does not have an in-house content and since January 2018, its last post in Analytics section had not been updated. Exness does not have a daily market entry, weekly webinars, Delkos research, AutoChartist and Social Sentiment-Currency Pairs. But exness does offer Forex news from top-tier sources, trading central and an economic calendar.

Platforms and Tools

Exness uses MT4 and MT5 as its platform. MT4 and MT5 platforms differ in functionality from broker to broker, so the trading spreads, execution, commissions, other tools, administrative areas and features also have different set up on exness.

Mobile Trading

For MetaTrader platforms, exness offers Android and iOS mobile applications, which are available at iTunes store and Google Play Store. The mobile app allows forex and CFDs trading. It gives alerts on pricing. The application has a watch list, but it cannot be synced with the web or desktop platform. The charting indicators are 30 in total, which is a less amount. Also, the charts have multiple time frames, but lacks moveable trend lines and an autosave option for the drawings on a chart. The mobile application does not have a forex calendar.

Exness Working

For a given instrument, exness notes slippage during the first three hours, but insists on limiting the gaps within a range e.g. from 8 to as much as 40 points, depending on the instrument being traded.
Pros and Cons of Exness
Pros of Exness:

  • Multiple types of accounts
  • Accounts can be run simultaneously
  • Fast execution method
  • Offers MetaTrader 5
  • Decent Forex Pairs
Cons of Exness:

  • In-house research is limited
  • Lack of CFD forex




Final Thoughts:

Exness has many positive points as forex pairs, MT4 and MT5, but it lacks CFD forex. Also, there's a room for improvement in the research area of exness, as its research is limited. The improvement can make it compete with other brokers in its category.
IQ option is really an amazing platform for new users because of its simple use technique.

And FX pro is a better platform for professional people who already got the hang of it and want to go into the next level.

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