Exness, an FCA regulated broker, has been operating for a number of years yet still remains popular on a multitude of social networks. Their website is a little disorientating and not particularly easy on the eye, but does appear to be transparent with its services, although the absence of an FAQ page can make pinpointing information rather time-consuming.
As it stands currently, Exness offers one live account type, compatible with MT4, and it is called the ‘Classic’. It does what it says on the tin, keeping things very straightforward for the client. The minimum deposit is significantly higher than what most brokers offer, that being $500, but it does not charge any trade commissions. Spreads start from 0.4 pips which is definitely competitive.
Exness has made a good choice by offering MetaTrader 4 as well as 5 to its clients, which is the most used and trusted trading platform to date. You may choose to use a desktop or mobile versions of both.
The leverage caps Exness offer may be disappointing to some traders, but this is the sacrifice one has to make when opting for an FCA regulated (or regulated in general) forex broker. Leverage allowances are as follows:
- Forex Majors 1:30
- Other FX pairs 1:20
- Gold 1:20
- Silver 1:10
If you opt for the ‘professional trader’ option, you may actually be granted a leverage allowance of up to 1:200.
The minimum trade size requirement is 0.1 lot, which is amicable for most traders.
Exness does their clients a huge favor by not charging any commission fees on the Classic account but bear in mind that swap fees could be a fee applied, although there is no specific mention of this that we could find on their website.
Exness is proud to advertise the fact they offer 120 financial instruments to trade, which should be more than satisfactory to many clients. You may see a handful of available instruments on the website, but to see the full list you will need to open a demo account.
Spreads are advertised to start from 0.4 pips, and you can find contract specifications via a nifty search tool on the website, so you can see spreads on a large handful of pairs. Spreads overall are average, and agreeable.
For the one lice account available (Classic), the minimum deposit requirement is $500. This is quite expensive, in comparison to other broker requirements, especially perhaps for first time traders, who perhaps would be anxious about depositing such an amount for their first broker experience.
Deposit Methods & Costs
With Exness, you may fund your account via Skrill, Neteller, card or bank wire. Most traders are familiar with at least one of these methods, which makes things easier for a potential client not having to worry about having to use a new deposit method. In addition, Exness do not charge their clients any fees for any of the deposit methods offered.
Withdrawal Methods & Costs
All withdrawal methods are set out clearly on the website. Withdrawal methods are the same as deposit methods (Skrill, Neteller, card or bank wire). No commission fees are charged by the broker for any of these withdrawal methods.
Withdrawal Processing & Wait Time
Withdrawal timescales can be found on the website which are as follows:
- Card: 1-7 days
- Bank Wire: 3-5 days
- Skrill: Instant
- Neteller: Instant
Bonuses & Promotions
There is absolutely no mention of deposit bonus schemes or any alternative promotional offers.
Educational & Trading Tools
Exness does not offer any trading educational material however they do offer a trader’s calculator as well as an economical calendar, however these can easily be found online yourself.
Exness customer support is rather impressive in the respect that they offer client assistance in 13 languages: English, Russian, Chinese, Hindi, Farsi, Urdu, Vietnamese, Indonesian, Arabic, Thai, Bengali, Malay, and Tamil. They operate customer service 24/7 via live chat and telephone.
Exness does offer, and somewhat encourage traders to try out their demo if you are a new trader, before moving to a live account. This is always a good gauger to see if a broker’s trading conditions fit your expectations as well as your trading style.
With Exness being FCA, FSA, and CySEC regulated, this allows them to offer their services to a large number of citizens across the globe. However, as a result of heavy regulation, Traders from the USA will NOT be allowed to trade with this broker. Exness does not share information about other restricted countries for some reason, even via client support live chat, as they claim this is internal information. However, when you register you will be asked which country you are residing and at this point you will be accepted or declined.
Exness are well known and trusted, and the fact they are regulated and have been operating comfortably for many years definitely adds peace of mind to potential clients considering using this broker. Trade conditions, on the whole, are more than amicable, and if willing to do so, even new traders could find this broker suitable, if they are okay with the high deposit requirement. It is also nice to note that this broker can return your funds instantly to you, and you can contact them on a 24/7 basis should you have any questions or concerns.