Arincen

Item: exness
Rating: 7

Key Takeaways

Exness is a UK-founded broker that started operations in 2008.
The broker uses popular platforms MetaTrader4 (MT4) and MetaTrader5 (MT5) as its desktop, Web, and mobile platforms.
The broker’s Website can be accessed in 18 different languages.
Exness offers helpful 24/5 customer support in 13 different languages.
Exness was named “Most Transparent Broker” in 2019 by World Finance Magazine.
Exness affiliates Nymstar and Vlerizo Pty Ltd. are regulated by the Seychelles Financial Services Authority (FSA) and the South African Financial Sector Conduct Authority (FSCA), respectively.
Exness claims to have had over 72,000 active global traders, amounting to a monthly trading volume of $325 billion in December 2019 (latest available).
Exness closed its European Economic Area (EEA) retail business in 2019 to focus on its business-to-business (B2B) unit. This pullout included its UK headquarters.
The broker keeps its UK Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC) regulation for its B2B unit, but does not offer retail clients any top-tier regulation.
Exness offers five main account types. Each account type is equipped to handle FOREX currency trading, metals, cryptocurrencies, energies and indices.
With 107 currency pairs, 81 stocks and indices, seven cryptocurrencies, as well as 12 metals and energies, the broker has a growing market presence.
Exness offers mostly competitive spreads and commissions across most account types.
Exness customers can access a comprehensive research and education repository that is complemented by third-party material from Trading Central.

Exness Evaluate - research result

Overall Evaluation 6.97

Regulations

8.5

Deposits and Withdrawals

Commissions

8.7

Assets

Trading Platform

Research and Development

Customer Service

6.5

Mobile App Trading

Learning

Experience with broker

Trading Tools

Website

Overall Summary

Founded in 2008, Exness is a global online financial firm and multi-asset broker. According to the company’s December 2019 figures (latest available), it had over 72,000 active global traders, amounting to a monthly trading volume of $325 billion.

The company uses the highly trusted MT4 and MT5 platforms for both desktop and mobile. Exness is primarily a FOREX broker, which explains its impressive product basket that features 107 currency pairs. At the same time, the company boasts a vibrant research and education section, with traders receiving breaking financial news from the Dow Jones, as well as a trader's calculator and a currency converter.

The company Website is available in 18 different languages. It has helpful 24/5 customer support in 13 different languages. Exness offers low margin requirements and allows traders flexible options to manage their trading strategies. Users can instantly withdraw funds through several bank transfers, card, as well as electronic payment systems.

The company prides itself on giving traders complete access to its operations through transparent financial reports. It is audited by a global top-four accounting firm. However, the company is not well regulated, which will be a cause for concern for many traders.

Exness

Rating

Foundation Year

2008

Main Branch

United Kingdom

Other Branches

Cyprus

Languages

19 languages including English

Work Hours

Market Opening Hours

Who Is Exness Good For?

This broker is a good fit for entry level to intermediate level traders. High-volume traders will be put off by the trader’s inadequate regulatory position and lack of a fund compensation scheme. As primarily a FOREX broker, its product basket is lopsided towards FOREX, with limited instruments in other areas.

Exness offers customers the basic versions of the MT4 and MT5 platforms, with no advanced add-ons. This means that advanced traders will be discouraged by the lack of advanced trading platform features and diversity. Here are some of the key factors to consider when assessing this broker:

Trading Account Information

Account Currency

USD

Minimum Deposit

10$

Segregated Accounts

Yes

Payment Methods

Bank transfer, Credit Card, Electronic Banks

America Accepts

Available Markets

Currency pairs, Stocks, Indices, Cryptocurrencies, Metals, Energies

Trial Duration

30 Days

Pros

Voluntarily segregated client funds.
Long trading history.
Low minimum deposits.
Strong FOREX products.

Cons

Limited range of instruments.
Not regulated by top-tier regulators.
Standard trading platforms.

Is Exness Safe?

Our review of this broker revealed several red flags. Citing a desire to focus on its B2B unit in 2019, the broker closed its retail business in the EEA, including in the UK. While the broker still keeps its FCA and CySEC regulation for its B2B unit, it does not offer retail clients any top-tier regulation.

International retail clients trade through its Seychelles-based affiliate Nymstar and its South African affiliate Vlerizo Pty Ltd. As aforementioned, these companies are regulated by the Seychelles FSA and the South African FSCA, respectively. Neither of these are considered elite regulators, and these two entities also do not mandate their members to provide a compensation fund.

Exness claims to uphold broker best practices. This means that it keeps client funds segregated from company funds. Its audit partner, Deloitte, shows that Exness hired the auditor to verify the handling of account funds, and to put checks and balances on the reconciliation of these funds. Deloitte mentions that these are not official audits, and they do not adhere to international standards on auditing.

The fund-segregation claim is contradicted by the Exness client agreement that states the broker may use client deposits as it sees fit. For instance, it can generate interest from client funds if it places them in interest-bearing accounts.

As also aforementioned, the broker lacks top-tier regulation, can use client funds according to its discretion, and routes international retail clients through regulators that do not mandate investor compensation. For these reasons, traders should be extremely wary when engaging with this broker.

Advantages of Trading

Maximum Leverage

1:2000

Minimum Lot Size

0.01 Lot

Available FOREX Pairs

107 Currency Pairs

Scalping

Yes

Hedging

Yes

Spread

Starting from 0.3 pips with a Standard Account

Trailing Stop

Yes

Islamic Account

Yes

Trading Platforms

Web platform, MT4, MT5

Regulatory Bodies

FCA

Broker Type

Offering of Investments

As a broker that deals primarily in FOREX, Exness has a comprehensive product offering in this area. Traders can access an impressive 107 currency pairs. Seasoned FOREX traders will find this selection very appealing.

The broker offers some asset diversification with 81 equity and index contracts for difference (CFDs). Traders who are considering engaging with Exness should know that any other tradable options the company offers are merely diversification options away from FOREX, and these options are not as developed. Here are the major items on offer:

107 currency pairs.
81 stocks and indices.
Seven cryptocurrencies.
12 metals and energies.

Available assets

Markets	Available	Number of Assets
Currency Pairs		107
Stocks		71
Commodities		12
Crypto		35
Indices		10
ETFs

Account Types

Exness offers five main account types. Each account type can handle FOREX currency trading, metals, cryptocurrencies, energies and indices. Swap-free options for Muslim traders are available on every account. Here is further account information:

Standard: Available on MT5 only, this popular account supports all types of traders. Leverage is available up to a whopping 1:2000. There is no trading commission, and tight spreads from 0.3 pips are available.

Standard Cent: Available on MT4 and MT5, this account is a good option for new traders. Trading in micro-lots is available as traders learn their craft. Unlimited leverage is offered, and there is no trading commission charged.

Raw Spread: This account is available on MT4 and MT5. It offers low raw spreads and a low fixed commission. The minimum deposit is $500. Leverage up to 1:2000 is available. Traders will pay a commission per lot/side of up to $3.50.

Zero: This account offers zero spreads for 95% of the trading day on 30 selected FOREX pairs. It comes with a minimum deposit of $500 and leverage up to 1:2000. Commission per lot/side starts from $3.5.

Pro: This is an instant execution account, meaning that a transaction will be carried out within a few seconds without manual processing by the broker’s financial department. The account offers incredibly good fills with no trading commission. Minimum deposits are $500, spreads start from a very tight 0.1 pips, and there is no trading commission.

Account Opening

The Exness Website keeps its new account application form as an ever-present option on the right side of each Web page. This can be distracting and overbearing. When opening a new account, traders are asked for their country of residence and a valid e-mail address.

They can choose a password and get started with the rest of the account-opening process. Having one third of every Web page devoted to an intrusive account-opening call to action may be a novel approach, but in our view adds nothing to the user experience.

Once traders populate the first few fields of the account opening page, they will be required to provide a scanned copy of their passport, driving license, or national identification card, plus a utility bill or bank statement not older than three months. They will also need to show their level of trading experience. Approval can take up to several days.

Account Type	Minimum Deposit	Spread Commission	Commission	Swap Commission	Deposit Commission	Withdrawal Commission
Standard account	10$	Starting from 0.3 pip	0$	No	0$	0$
Standard Cent account	10$	Starting from 0.3 pip	0$	No	0$	0$
Raw account	500$	Starting from 0.1 pip	3.5$	No	0$	0$
Zero account	500$	0 pip	3.5$	No	0$	0$
Pro account	500$	Starting from 0.1 pip	0$	No	0$	0$

Deposits and Withdrawals

Exness supports several payment types. Third-party fees may apply, and the name on the trading account and the payment requester must match, as per Anti-Money Laundering (AML) regulations.

Exness offers several deposit methods. Generally, deposit processing speed is instantaneous, but withdrawal speed can take up to three days. Minimum deposits can be anything from $3 to $50, depending on the deposit method and the type of account. Traders are advised to study the rate card closely for more details. Here are the deposit and withdrawal methods supported:

Ozow.
SnapScan.
Tether.
Mybux.
Bitcoin.
Bank wire transfer.
Bank card.
NETELLER.
Perfect Money.
WebMoney.
Skrill.

Customer Service

Exness provides 24/5 multilingual support via its Website. Customers can also use email and phone. However, there is no live chat option available. Customer service in English, Chinese and Thai is always on, with 10 other languages supported intermittently. The Exness Frequently Asked Questions (FAQ) section is detailed enough to answer the most common questions.

Commissions and Fees

We found the commission and fee offering to be somewhat confusing and hidden in the fine print of the five accounts. In its attempt to offer flexibility and diversity, the broker’s fee structure is complex.

The Pro Account offers the most attractive trading terms, with the EUR/USD trading pairs coming in at a 0.6 pips commission-free mark-up. There are fees on overnight positions, and third-party deposit/withdrawal charges may apply. The minimum deposit of one GBP/USD on new accounts is considered low, but traders should know low minimum deposits are often a broker’s way of targeting a mass audience with low platform requirements.

As a mainly FOREX broker, traders should watch out for a currency conversion fee dependent on the base currency, receiving currency, and the payment provider. Exness does not charge a fee for inactive accounts.

The broker does charge commission on CFD instruments. Commission fees can differ depending on the trading type, financial asset type, and what level of trading account you have. The devil is in the details. For example, the Raw Spread Account charges commission per lot/side up to $3.5, while the Zero Account charges per lot or side from $3.5. Traders should study these fees closely.

Platforms and Tools

Exness maintains the full suite of the MT4/MT5 trading platforms. This means there is a desktop version for Windows, iOS and Linux. There is also a Webtrader and mobile version for traders to use. However, the bespoke versions offered by the company are basic, and the broker has not invested in third-party plugins and add-ons to improve the trading environment. Advanced traders will want more.

MT4: Traders can try many trading strategies and use a powerful technical analysis using 23 analytical objects and 30 built-in technical indicators. There are Expert Advisors (EA) and automated trading available.

MT5: It features the hedging mode system of the MT5, which allows traders to have multiple positions for a trading instrument, including mirror opposites. Traders also have access to minute-by-minute charts, and 21 timeframes can be used simultaneously. Further, there is a quote history and an in-built economic calendar with news events, expected effects, and forecasts.

WebTerminal: No downloads or installations are needed. Just sign in with your existing account credentials and trade on a reliable, fast, and user-friendly Web platform. All information and data are securely encrypted for customer safety. You will get access to instant quotes, adjustable price charts and several analytical objects.

Mobile Trading

Users can trade over 200 instruments on the MetaTrader-enabled mobile platform. They can make instant deposits and withdrawals with on-demand support. Traders can operate with confidence when they are on the go with the Exness app.

Research and Development

Exness provides excellent in-house research. The broker has a weekly FOREX data segment that features a deep dive into the market, comprising key upcoming events and trading ideas.

There is also a bi-weekly technical analysis. Trades are broken down for the benefit of new traders. Each report features excellent written content and charts. What’s more, there is a Web TV stream that is supplemented by Trading Central material.

Education

The educational section features the well-constructed Exness Academy that offers quality research. This section is divided into three sub-sections, each made up of quality written content and well-produced videos. Traders will have their knowledge tested by a quiz at the end. All traders, and new traders especially, will benefit from this education before they start trading.

There are yet more educational videos in five languages designed to broaden the reach of the broker’s educational material. Traders can enjoy informative hour-long Webinars facilitated by industry experts. Exness delivers a quality educational package and cannot be accused of taking shortcuts with this element of its service.

Final Thoughts

Exness has a global account base and has been in business for 13 years. Its customer base is on the rise and so is its trading volume. The broker does FOREX well and offers peerless market access in this asset class. It has a strong research and educational offering, in addition to relatively competitive fees.

The company uses trusted platforms like MT4 and MT5. Its mobile platform is dependable and contains enough features to keep most traders happy. Users receive a stream of breaking market announcements, news and analysis, besides a trading calculator and currency converter.

Despite these positive points, some lingering issues remain. The broker is not well regulated by market standards. Despite its stated desire to act with prudence and according to accepted best practice, there is nothing stopping the broker from acting differently.

Moreover, Exness has an uninteresting trading platform. Although recognizable, its bespoke MT4/MT5 products do not push the boundaries of usability or performance. Finally, traders who are seeking true asset-class diversity will find every other market – but the Exness FOREX market – limited.

Conclusion

Exness is primarily a FOREX broker, which explains why it has spent impressive amounts of time and energy to fine tune its FOREX offering. The broker has a 24/5 multilingual customer service desk to handle any client queries, and an acceptable trading platform.

The broker gives users the chance to use any of its five account types to deploy its trading strategies. Users can deposit and withdraw funds with low fees. Spreads and commissions are competitive, if a little hard to understand at times.

The company has tried to talk its way out of its lack of robust regulation, but traders should know these obvious shortfalls. The broker is a good fit for new traders, but it cannot offer experienced traders the trading platform, sound regulation, fallback compensation, or market diversity to truly be anything other than a niche FOREX broker.

Exness in Brief

Exness is a broker that will provide acceptable options to new and intermediate traders. Its FOREX-heavy market access is enticing to traders interested in these instruments specifically. With decent platforms, a long trading history, and relatively competitive fees, it may yet overcome its lack of stringent regulation.

Review Methodology

The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.