EXNESS Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this EXNESS Review.
This broker offers a choice of three basic account types: Mini, Classic and ECN accounts. The Mini account is targeted at inexperienced traders, as well as such who do not wish to trade in large volumes. The Classic account is targeted at regular and professional traders and offers full range of tools and trading facilities. As its name suggests, the ECN account is designed for clients who wish to trade in Electronic Communication Network environment, which involves a commission fee.
Another important thing worth mentioning is that the Mini and Classic account offer market and instant execution option. Most traders prefer instant execution, since it allows greater control on slippage and traders are offered requotes, instead of executing the order at the next best price.
Keep in mind that Exness does not provide it services to residents and citizens of the USA and Japan.
The Company. Security of Funds
Exness (Cy) Limited
Exness Europe Limited
The EXNESS group is a global ECN broker, consisting of companies regulated by reputable authorities such as UK’s FCA and Cyprus’ CySEC a. The broker offers trading in more than 120 forex currency pairs under fairly good conditions through the popular MetaTrader 4 and MetaTrader 5 platforms.
EXNESS is the trading name of the EXNESS group, set up in 2008 and consisting several companies: Cyprus-based EXNESS (CY) Ltd., (which operates the website www.exness.eu), and EXNESS LTD., (which operates the website www.exness.com) – an International business company in Saint Vincent and the Grenadines. It also has set up a UK unit, which is licensed by the Financial Conduct Authority.
CySEC applies certain rules and procedures to brokerage firms, one of them being the requirement for a minimum capital. Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. The same minimum capital requirement applies to brokers licensed in UK.
Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in UK: FCA-regulated brokers fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
Minimum initial deposit
Most brokers require a certain amount of money to be deposited in order the client to start trading. Exness, however, requires none (for the Mini account). Cyprus-based XM, for instance, requires a minimum initial deposit, amounting to $5, while FxPro, also CySEC-regulated, demands $ 500 from its clients.
Average Spreads & Commissions
EXNESS offers both fixed and variable spreads. Fixed ones are available on the Mini and Classic accounts, amounting to 1,7 pips and 2 pips on EUR/USD respectively. Average variable spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD, however a commission amounting to $ 2.5 per standard lot is charged.
For purposes of comparison, XM offers variable spreads from 1 pips on majors and charges no commission fees; FxPro offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot, and average spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts.
You may look up real-time spreads of 15 leading brokers here.
Leverage levels offered by EXNESS are flexible (from 1:2 to 1:2000) and depend on the clients’ equity. The lesser the amount of money in a trader’s account, the greater the leverage level offered.
In fact, this broker provides its clients with one of the highest leverage rates on the forex market: 1:2000. Other Cyprus based brokers, for instance, use lower levels – XM – 1:888; Hot Forex – 1:1000, FxPro – 1:500. A list of forex brokers offering leverage equal to or higher than 1:500 can be viewed here.
Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions: 1:50 in the USA, 1:25 in Japan, 1:100 in Poland.
EXNESS offers its services on two of the most popular platforms among traders – MetaTrader 4 and MetaTrader 5. The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called MT4 Web terminal. More brokers using the MT4 can be viewed here.
The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.
More brokers offering the MT5 can be viewed at topforexbrokers.com.
What is more, EXNESS has partnered with forex rebate web site PayBackFX, and now offers its clients an option to receive cash back for each trade they make in the amount of 30% of the spread if they use Mini or Classic trading accounts, or $0.75 for each round-turn lot.
Methods of Payment
The broker accepts customer deposits and allows withdrawals via Wire Transfer, Neteller, Credit card and Internal transfer (available for withdrawals).
Skrill and PayPal are the only major e-payment systems missing.
EXNESS is a reliable broker, offering its clients tight spreads and high leverage levels under attractive trading conditions and transparent pricing.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
EXNESS Review Conclusion
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