Exness broker reviews 2018. Is Exness a good or scam broker?

Released to the public in 2008, in St. Petersburg, Russia, the Exness group committed itself to offer a high-quality trading service in several financial markets to its clients. It’s been a long road to be known by many as a leading Forex and ECN broker.

It didn’t take long as just a Russian Forex broker; it quickly moved to the European Union, shaking off its tag as a Russian financial company and cleansing the chances of having a fair amount of negative reputation. Forex brokers from Russia had a fair amount of negative reviews among retail traders due to the countless financial scams and regular instances of consumer abuse.

Exness prides itself on honesty, transparency, and openness; CySec regulates it in Cyprus, as well as by the Financial Service Provider Register in New Zealand.

During 2014, Exness trading volume was from over $180 billion, and it has been recognised by more than 10 awards like “Best Trade Executions”, “Best Mini Broker” and “Best Order Management”. All those were awarded by the famous financial publication World Finance Media.

Available in over 15 different languages, it’s easier for people from all over the world to join the Exness trading community.

Since Exness has a partnership with the Infiniti Red Bull Racing Championship, the Exness website shows many attractive images with a large resolution and colourful visuals, and a snapshot of Red Bull’s flashy Infiniti racing car tend to attract many clients.

Exness Reputation

Many brokers state to be the biggest brands in the Forex industry, not many of them are telling the truth. Trying to find a legitimate Forex broker isn’t that hard, but finding one to suit your trading strategy at its best can be a difficult task.

Some people go for brokers with tight spreads; others find themselves with a 1:1000 or more leverage to suit their strategy; the list goes on.

Experienced traders tend to need specific features to use each of their trading strategies, driving their attention to Exness, who covers many (If not all) of their needs. That’s because of their tight spreads, high leverage, support for multiple payment options, fast withdrawal process, and small fees.

Being available since 2008 and with more than 200 reviews in many famous Forex websites, Exness places itself around 4-star reviews and an excellent reputation among the Forex community which keeps growing bigger and bigger.

Trading Conditions

With Exness,there are no significant requirements to start trading, you can join with a deposit as small as $1, granting you access to Exness’ incredible leverage of 1:2000.

Even though it isn’t really necessary, Exness is one of the few brokers that offer unlimited leverage. Also though high leverages are the essence and biggest attraction of FX trading, many traders recommend not getting over anything higher than 1:400.

Some professional traders use less leverage, rarely going beyond 1:50.

Trading accounts

Exness offers tight floating spreads on its three different trading accounts: Mini account, Classic account, and ECN accounts.

  • All accounts have immediate trade execution and unlimited leverage, except for the ECN which has leverage up to 1:200.
  • A mini account can be opened with a minimum deposit as little as $1; Classic accounts need a minimum deposit of $2000 and a minimum deposit of $300 for the ECN accounts.
  • Mini accounts can only hold 100 positions open at one time.
  • Spread is 0.2 for Mini accounts, 0.1 for Classic and also 0.1 for ECN accounts, which also have direct access to interbank liquidity.
  • There are no commissions paid for Forex trading in Mini and Classic accounts. But, for ECN accounts, commissions are calculated in proportion to the volume of a trade. When a transaction is opened for both directions of it, the commission will be charged.
  • Demo accounts are also available at Exness to try out its system or practice their trading skills and strategies before putting their money at risk. Users can fill an online request form and have their funds replenished in their demo accounts.

Currently, the broker does not offer Swap Free ECN account because liquidity providers perform swaps on behalf of the company.

Exness Spreads

With no hidden commissions, Exness gives its clients the opportunity to trade on the Forex market with record-tight spreads.

With tight spreads comes lower cost.

Tighter spreads come in handy if a trader is performing a large number of transactions. Mini accounts have minimum spreads of 0.2 and Classic accounts have minimum spreads of 0.1.

Client Support

Exness states to have, as a primary goal, to help traders to trade. It means promptly providing them with all the information and help required and needed to resolve any issues that may arise during Forex trading.

Exness has multi-lingual support to achieve a more significant and mutual understanding with each client, giving assistance in 15 different languages and regularly adding new languages to the list, including English, Russian, Chinese, Hindi, Farsi, Urdu, Arabic, Thai, Tamil, Bengali, Malay, Indonesian and Vietnamese.

Exness also has skilled experts in the financial sphere as support consultants, each having the required knowledge to help Forex traders resolve any issue which may arise.

Having client support available 24 hours a day and the seven days of the week, Exness can establish contact with every trader for help at any time, whenever it’s needed, and regardless of the time of day or location. It gives Exness the recognition of excellent customer support.

Margin requirements and leverage rules

As stated before, at Exness there is an unlimited amount of leverage, ranging from 1:2 to 1:Unlimited, providing the required freedom to choose the trading strategies that suit your deposit size.

Exness leverage, at the same time, will depend on the type of trading account and the volume of funds it contains. Every time the funds available in a client’s account increase, its margin requirements should increase as well due to the increasing costs of hedging open orders. With it, the leverage will also change.

If you close a hedging order during the period of increased margin requirements, it will be treated as opening a new transaction, resulting in the withholding of additional margin corresponding to the amount of the closed transaction involved in hedging.

The margin will be calculated based on the increased margin requirements and it’s distributed proportionally among the open transactions that involve the hedged financial instrument.

Margin requirements for new transactions are calculated based on maximum leverage of 1:200. Changes in margin requirements can only occur for the positions opened for the instruments affected by the published news.

There are Leverage rules for Mini, Classic, and ECN accounts on weekends and holidays; following the Client Agreement, margin requirements may change before weekends and holidays.

From Friday 19:00 GMT to Sunday 23:00 GMT, which are three hours before the Forex market closes and two hours after the Forex market opens. The margin requirements for new positions to be opened within the period, as mentioned earlier, will be calculated based on maximum leverage of 1:200.

The margin on positions opened during the period of increased margin requirements within two hours after market opening is recalculated based on the number of funds in the account and the leverage chosen by the client.

Exness introduced this rule to reduce any potential loss that clients may incur in the event of a price gap at market opening. It’s a rule that also applies to holidays and has an update that’s published in the “News” section before the adjustment in leverage.

Deposits and Withdrawals

Funds can be deposited with a wide range of money transfer possibilities including wire transfers, credit cards, Neteller, Skrill, and others. Traders might also deposit through Bitcoin.

Exness has an automatic withdrawal of funds. This is one of its main advantages, and it can be done using some electronic payment systems, providing traders with around-the-clock control of their trading accounts’ funds.

Withdrawals and deposit will be done instantly after requesting. In the deposit section of Exness, it shows a list of each method of deposit and its pros and cons for the Forex trader; this is a useful chart, not seen to be offered by many other brokers.

Exness has a particular emphasis on protecting their clients’ invested funds. Exness guarantees the security of clients’ funds and the prompt fulfilment of their financial obligations.

As a way to provide excellent conditions for protecting clients’ financial assets, Exness established a partnership with some of the world’s highest and most significant banks including BARCLAYS, Baltikums and OCBC Bank.

Exness has developed and optimized systems and security methods to protect and keep trading accounts safe. This security system identifies the account owner through the use of special policies and procedures; therefore, the financial operations on a trading account can only be performed by the owner of the account.

Exness trading tools

Exness provides multiple tools to give a secure and seamless Exness trading experience to their Forex trading clients. It provides three trading platforms, the MetaTrader 5 and MetaTrader 4, with support for Mobile platforms. Also, Exness offers the MT4 WebTerminal, which skips the download and installation; providing an interface similar to MetaTrader 4 desktop version.

The next tools are included and provided by Exness for Forex trading:

  • MetaTrader 4, recommended by many traders and stated to be one of the most convenient and functional platforms in Forex trading. It possesses multiterminal support for those who want to manage multiple accounts and place new orders easily and simultaneously.
    MetaTrader 4 provides the freedom to implement trading strategies, it has instant and market execution, automated trading thanks to the Expert Advisors unique program, which with MetaQuotes language 4, traders can create their robots and scripts in minutes.

It comes in its downloadable desktop version, with WebTerminal support and mobile platform support giving complete control over Exness accounts to their mobile clients, Forex trading anywhere in the world, a vast number of technical indicators, and more.

  • MetaTrader 5 is also available in the Exness broker. The 5th-generation trading platform from MetaQuotes Software Corp is an improved version of MetaTrader 4, with an enhanced terminal interface and increased productivity and performance.

MetaTrader 5 offers an impressive array of features for the modern trader, giving them great freedom when navigating through the financial markets, with new advantages like MetaEditor, and the MetaQuotes Language 5, which eliminates several limitations from its previous version (MetaQuotes Language 4) and adding more functions and graphical objects with its release.

It has an inbuilt Forex calendar on the platform, giving news events, expected impacts, and forecasts, allowing traders to make a fundamental analysis from it.

  • An Economic Calendar is available to be used as a way to sample events over the desired periods. It shows the most important events in the economic world, all in chronological order. It provides events like interest rates of central banks and price indices. With all the information provided, traders can predict, form, and change trends in the main currency pairs.
  • Trading calculator and currency converter can be used to calculate the cost of a point, the size of a swap,and any other value required for FX trading operations.
  • Exness provides its clients with a free technical analysis from Trading Central for leading currency pairs.
  • Traders might also connect to Exness free VPS hosting, which servers are located in the same data centre as the trading servers, with quotes arriving instantly and orders being sent to the server without delays. Its stability ensures that, no matter the quality of a user’s Internet connection, the VPS service will no longer be affected by Internet problems during its execution.

Exness education

When talking about learning the curves of the Forex market, Exness provides financial news and announcements of events occurring all around the world on its website posts.

Exness also provides a library section, with a vast number of textual guides and explanations of general financial terms, as well as explaining specific topics in Exness

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