Exness Review 2021
Our Exness review will address several key factors that potential traders need to consider before deciding on the best forex brokers to join.
What is Exness?
Established in 2008 in St.Petersburg, Russia, Exness is rated extremely highly by their clients due to the honesty and transparency through which they conduct their business operations. From the early days of operations to the current day, they have gone from an up and coming broker dedicated to offering high-quality services to one of the current leaders in Forex and ECN trading worldwide.
Due to strict regulatory requirements, Exness does not provide any services to US residents. This extends to Canadian citizens as well. This is due to internal policy rules that this company strictly adheres to.
Our Exness broker review has identified that there are two regulatory bodies that provide oversight of the business conducted by this brokerage firm These regulatory agencies are:
- Exness (UK) Ltd is regulated by the Financial Conduct Authority (FCA) under license number 730729.
- Exness (Cy) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 178/12.
Exness was, until 2014, also regulated by the Financial Markets Authority (FMA) in New Zealand but decided to exit the region following significant changes to regulations by the FMA that were deemed by the company to be too stringent to be worth continuing with.
Reliability and Security
The growth of Exness as a forex broker is indicative of the credibility and integrity with which they operate. Such steady growth is a key indicator that the company is extremely reliable. Any negative feedback as numbers expanded would surely have damaged the reputation of the company and led to a decline in growth. Located in Russia, Exness had to work hard in the early days to forge trust with their clients so that concerns over reliability and security would be addressed. This, they have achieved.
All client funds are kept safe by segregating funds away from those of the company and placing them in highly secure Tier 1 banks. In addition, client information and personal data is protected via the use of popular and effective Secure Socket Layer (SSL) encryption whereby transmission of client information and personal data is kept safe from the prying hands of third parties.
Exness Trading Platform
For those looking to join Exness, they provide access to the ultra-reliable and highly popular Meta Trader 4 and Meta Trader 5 trading platforms. The benefits of the Exness trading platforms are outlined below:
- MetaTrader 4 – A very easy platform to operate that possesses a user-friendly navigational interface. It possesses multiple language support, deep and detailed advanced charting packaging, and access to advisors that can help automate the trading process.
- MetaTrader 5 – This platform provides all the features of MetaTrader 4 but with improved navigation for multiple trading accounts and many more technical indicators including Adaptive Moving Averages and Variable Dynamic Average.
Mobile Trading Capability
Our Exness fx review also found that both MetaTrader platforms are available for iPhone, Android, Blackberry and Windows Mobile devices. This allows their clients to trade while on the move and at any time while the marketplace is open.
Types of Trading
Our Exness review 2021 found that the instruments offered in terms of trading are limited to forex, gold and silver. However, they do provide access to over 120 currency pairs, so for the trader focused solely on forex trading, there are plenty of currencies available.
At Exness, clients are also able to buy or sell bitcoin but cannot use it to deposit or withdraw funds. There was limited information available on what other cryptocurrencies are available for trading with this brokerage, with bitcoin the only identifiable cryptocurrency option from our investigations.
For sites from which to purchase digital currency, check out our list of the best cryptocurrency exchanges here!
Our Exness review identified four main types of accounts available to clients. These options are designed to give their clients a greater range of account type to choose from. The four types are:
- ‘Cent’ Trading Account – designed to appeal to the beginner trader, this exness demo account allows users to practice and learn on the MetaTrader platforms without depositing any money.
- ‘Mini’ Trading Account – Another account type designed to appeal to the novice trader, this account requires no minimum deposit but involves the trading of actual money and provides the user with improved trading conditions.
- ‘Classic’ Trading Account – For professional traders that are willing to deposit a minimum $2000, this account type provides clients with an extensive range of tools and resources.
- ‘ECN’ Trading Account – For the client looking to trade in conditions where there is no conflict of interest present between themselves and the brokerage. This account requires an initial deposit of $300.
Spreads and Commissions
Our Exness review 2021 found that, much like most of their competitors, this company does not charge any commissions on trades that their clients undertake. Rather, their money is earned through the spreads that they charge their clients. The extremely low spreads that they offer is one of the main reasons for their popularity.
Exness offers many ways for their clients to deposit money. They have the option of payment via credit/debit card, electronic payment or by a bank wire transfer. While bank wire transfers may take 2-5 days to complete, debit/credit cards transactions are instantly deposited in most cases.
In terms of withdrawal of funds, Exness has a quick, effective process that ensures withdrawals are completed instantly when electronic payment is performed. Where debit/credit and bank wire withdrawal requests are performed, there can often be a delay of between 2-5 days.
Promotions and bonuses
While the brokerage has in the past offered an exness deposit bonus for those recently signing up, at the time of writing, this forex firm was not offering any bonuses or promotions to their clients. However, it is not uncommon to see the exness bonus deposit pop up on their website’s promotional page if past years are any indication.
Exness provides several methods of customer support to their large clientele base and it is one of their major strengths. Clients can contact customer service representatives via Livechat, email, a call back service or by dialing their 24-hour Telephone Support Line. In addition, due to the worldwide audience that they cater to, they offer support in 17 major languages from around the globe.
- Very comprehensive customer support
- Exness demo account available for beginner traders
- MetaTrader 4 and MetaTrader 5 trading platforms
- Well-regulated and highly secure
- Four account types available to choose from
- Low minimum deposit of just $1 required
- Low spreads
- Limited trading instruments and lack of cryptocurrency trading options
- No longer offer the exness deposit bonus or any other promotions
- No social trading platform
- Not available to US, Canadian or Australian citizens
Our Exness review in 2021 has summarized key areas of concern for the aspiring trader and identified that it is easy to see why this forex broker is considered one of the leaders in the industry. With a demo account available and a low-cost minimum deposit on their standard account, it is a great choice for the beginner trader. Access to MetaTrader is another reason to be excited with this firm. While they offer no social trading avenue, and their cryptocurrency options are limited, it is still clear to us why Exness has been rapidly expanding in popularity year after year. You could do much worse than joining this forex brokerage.