The Forex industry dominates not only Western markets but also the Eastern. Forex has become everyone’s business, and the various Forex brokers come from various places. The spread of the industry was rapid, forceful, and for some, overwhelming. Regulation agencies had to step up more than ever before to control the eruption of the many Forex brokerage companies. It is not easy on the regulators neither who have hundreds of entities to control and track down. Still, we can be thankful for the market as it is, since many brokers treat traders with the respect they deserve, and if not they risk penalties and suspension. This Exness review deals with a broker coming straight out of Russia, the largest country in the world. Russia is known for active market participants who enjoy a round or two of Forex trades. Let us see what the Russians offer and if it is in line with the EU.
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General Information
Exness is one of the most popular Russian brokers, and the broker stands for a lot of good things in the industry. The Exness company was established by a group of experienced traders in 2008. Even if the broker could have easily registered in Russia and run its business from there, Exness decided to open the main office in the European Forex center which is in Limassol, Cyprus. In that way, the broker gets to enjoy an EU status which is important to be eligible to provide services across the EU. This was a clever move of the broker, who not only secured the CySEC license but maintains it without any warnings, penalties, or suspensions. CySEC underwent dramatic changes in recent years, revising operational instructions for fair and transparent trading with the goal to provide a yet safer trading environment. Clients are protected from scams, but also from insolvency. Anyway, Exness seems to be far away from scamming and bankruptcy and is one of the top brokers these days. The broker keeps a neat website which is easily navigated and user-friendly.
Platforms
It seems that Exness is a big fan of the Meta Quotes house and offers the two best platform versions which come from the MQ developer. The broker offers the MT4, as well as the MT4 Web Terminal, and the latest MQ edition- Meta Trader 5. The MT5 has a greater capacity to integrate more markets which are unavailable with the MT4. But the biggest difference between the two versions is the design and layout whereby the MT5 has bigger icons and is more flexible. Other features are more or less the same, except that MT5 does not allow hedging and will cancel all hedged positions. A big shot as Exness also provides the corresponding Exness mobile apps for all three platform versions, which meanwhile, became mandatory if brokers want to offer a full-service package. There is no excuse good enough to justify the lack of a mobile trading app, and brokers are aware of that.
Account Types
Now we will introduce you to the three types of accounts of Exness. These are:
- Mini account (just $1 minimum deposit)
- Classic account (minimum deposit of $2,000)
- ECN account ($300 minimum)
When we look at the minimum $1 deposit for the Mini account, it is clear that this broker tries to reach out to the less financially fortunate enabling them to get a taste of the Forex market without great expenditures. The Mini account has some limitations of course, and as an automated dealing desk account, it tends to slippage and re-quotes. The Classic account requires yet a little bit more, i.e. a $2,000 deposit. For this price, you get to trade with spreads as low as 0.1 pips. This account is based on the STP (Straight-Through Processing) model, and therefore, it is no surprise that the spreads are very tight, but yet the broker decides if they are going to link you to the wider market or handle your trades internally. The ECN account gives access to the direct market, and this broker offers a good deal for a $300 minimum deposit. Namely, spreads start from 0 pips, and the commission is not high at all. The broker charges $25 per traded volume in the amount of 1 million USD. One of the frightening things is that leverage is 1:2000, giving traders the option to lose more than they can afford. Perhaps, it is only a matter of time when CySEC adopts a new limit on leverage, sunsequently forcing the broker to reduce the leverage.
Exness Bonus
We have to disappoint you in this section since the broker does not offer classic bonuses. It is a little bit strange that a broker who offers everything lacks a bonus policy, except for the 20% initial deposit bonus if you register with the Classic account (including applying for the bonus). Nevertheless, this is not a reason to discard this fantastic broker who offers so many other conveniences.
Banking Options
The broker certainly makes up for the lack of bonuses with its withdrawal policy. Imagine, Exness is the only broker who offers instant withdrawals, and you do not have to wait as little as an hour for your money. Payments can be made via bank transfers, credit cards, and a number of e-wallets, like Skrill.
Customer Support
The Exness customer support is very forthcoming and will help you with any issues you might encounter. The support team is available around the clock via e-mail, phone, and live chat.