Exness Review 2024

Exness 2024 Key Highlights

• Comprehensive Regulatory Oversight: Exness operates under multiple regulatory licenses from top-tier financial authorities, ensuring high levels of safety and compliance. Its offshore entities, however, are subject to lighter regulatory scrutiny.
• Wide Range of Instruments: Exness stands out with a broad selection of trading instruments, offering access to over 90 forex pairs and 10 cryptocurrencies, which is above the industry average.
• Variable Spreads: The broker’s Standard account features spreads that range from tight to moderate, while tighter spreads are available with its Professional account types, providing flexibility depending on your trading needs.
• Cutting-Edge Trading Platforms: Exness offers advanced trading platforms, including the proprietary Exness Terminal and the widely-used MT4 and MT5, both of which are well-suited for algorithmic traders.
• Advanced Trading Tools: Traders benefit from an extensive suite of tools, such as Trading Central’s WebTV, free VPS hosting, and access to a comprehensive archive of historical tick data.
• Social Trading Opportunities: Exness’s Social Trading platform enables clients to follow and replicate the strategies of other successful traders, with the option to share your own strategies to earn additional income.

Who is Exness For?

Exness caters to a broad spectrum of traders, offering various account types, platforms, and features tailored to different trading styles. Whether you’re a scalper, day trader, or algorithmic trader, Exness has the tools and resources to support your trading strategy.

The broker’s free VPS hosting is particularly beneficial for traders who rely on automated strategies, as it allows for uninterrupted trading without concerns over personal desktop or internet connection issues.

For those interested in social trading, Exness provides a platform where you can either follow and replicate the strategies of successful traders or earn additional income by sharing your own strategies.

Exness is a versatile broker, equally suitable for both novice and experienced traders. Beginners can start with the Cent account, which offers a low-risk entry point into the market through the intuitive Trading Terminal platform.

On the other hand, experienced traders can take advantage of the MetaTrader platforms, advanced trading tools, and the ability to utilize very high leverage offered by the broker’s offshore entity, regulated by the FSA in Seychelles.

What Makes Exness Stand Out?

Exness sets itself apart by prioritizing cost-effectiveness for its clients. The broker does not charge any fees for deposits or withdrawals, although some payment providers may apply their own charges. Additionally, swap fees are waived for the majority of trading instruments, making it a financially attractive option for traders. Exness also offers full transparency with access to detailed price history, including tick-level data for all available instruments.

Another distinctive aspect of Exness is its extensive range of trading instruments, particularly in categories like forex and cryptocurrencies, which is broader than what many competitors offer. The Exness Terminal, the broker’s proprietary platform, combines ease of use with advanced trading features, such as Trading Central analysis and customizable price alerts, to deliver a comprehensive and enhanced trading experience.

Stability and Transparency

When evaluating trust factors, stability and financial strength are key considerations. Exness has been a part of the financial industry since 2008, establishing itself as a well-experienced CFD broker with a solid track record. The company’s size is significant, with a workforce ranging between 1,001 and 5,000 employees, indicating its status as a large and established brokerage.

Throughout my research, Exness demonstrated a strong commitment to transparency. The broker prominently displays its regulatory credentials in the footer of its website, making it easy for traders to verify the company’s compliance with financial authorities.

Additionally, Exness provides clear and detailed information about trading costs on its Fees page, ensuring that clients understand all associated expenses. For those seeking more in-depth information, the Legal Documents page offers access to the Customer Agreement, outlining all terms and conditions comprehensively.

Is Exness Safe to Trade With?

Exness is generally considered a safe broker, operating across seven entities, two of which are regulated by top-tier financial authorities, providing a higher level of account security. The other entities are regulated by second or third-tier regulators, which offer varying degrees of protection.

For example, clients trading under the UK entity benefit from strict regulatory oversight and are eligible for compensation if the broker becomes insolvent. In contrast, Exness’ offshore entities are regulated differently, with potentially less stringent oversight.

Exness is also a member of the Financial Commission, an independent self-regulatory organization and external dispute resolution body focused on Forex. Through this membership, Exness clients are protected by the Commission’s Compensation Fund, which covers claims up to €20,000.

In summary, Exness is considered a relatively trustworthy and stable broker due to the following factors:

• A 16-year track record in the industry
• Multi-asset trading capabilities
• Segregated client funds across all entities
• Negative balance protection offered by all entities
• Membership in the Financial Commission

These factors collectively contribute to Exness’ reputation as a reliable broker for traders.

Fees

Exness Trading Fees

Exness Spreads I conducted tests on Exness spreads across different markets during peak trading hours, specifically the London and New York market openings. These times generally see high market liquidity and tighter spreads.

My analysis revealed that Exness offers competitive spreads on gold and oil, though spreads can be wider on certain forex pairs like GBP/JPY. The data was recorded on March 6, 2024.

Exness Swap Fees Exness does not charge swap fees for most instruments, including major forex pairs, cryptocurrencies, indices, and gold.

Exness Non-Trading Fees Exness does not impose any fees for deposits or withdrawals (although some payment providers might have their own charges). However, an inactivity fee could be applied under specific conditions.

Are Exness Fees Competitive? I assess Exness' fees as being moderate for the following reasons:

• Variable spreads depending on market conditions
• No swap fees on most instruments (subject to terms and conditions)
• No deposit or withdrawal fees (though some payment providers may apply their own charges)

What Can You Trade with Exness?

Below is a selection highlighting the variety of CFD instruments available at Exness:

Customer Support

Our Approach to Testing Broker's Customer Support

Customer support is often overlooked by traders, yet it plays a vital role during critical moments. To give you a clear picture of how effective a broker's support is, we conducted our own tests using various channels, including chat, phone, and email. We focused on the availability of live agents, as well as the quality and professionalism of their responses. Our goal was to determine whether the broker can truly provide the assistance you need when it matters most.

Exness Customer Support Overview

Exness offers 24/7 customer support through live chat, phone, and email. Over the course of several inquiries, my overall experience was mixed. While I struggled to reach support via phone, the live chat proved to be reliable, and email responses were typically received within 24 hours. Overall, I would rate Exness customer support as average.

Testing Exness Customer Support

Support is a crucial element of a broker's service – whether you're a new trader seeking guidance on platform usage or an experienced trader needing quick assistance to close positions in case of technical issues.

I tested Exness' customer support over a period of two weeks. The live chat generally responded within a minute, and email replies were prompt.

My inquiries varied from simple questions about fees to more complex topics involving platforms, tools, and regulations. When I engaged with support through chat and email, I generally had a positive experience, with satisfactory answers to my questions.

Deposit and Withdrawal:

Our Approach to Testing the Broker's Deposit and Withdrawal Process

The process of depositing and withdrawing funds can often come with hidden fees or unexpectedly long processing times. To evaluate Exness's offerings, we thoroughly examined their deposit and withdrawal options, including conditions and potential fees. We then compared these findings against other brokers using our proprietary database.

Exness Deposit and Withdrawal Overview

Exness provides a broad range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and digital wallets. The processing times are notably fast, and both deposits and withdrawals are free of charge. Exness stands out in this category, offering better-than-average conditions.

Exness Deposit Methods

Exness offers a strong range of funding methods, with fast processing times for all.

Exness Withdrawal Methods

Once again, Exness impresses with a good range of available withdrawal methods, and the processing times are faster than the industry average.

Unlike many brokers, Exness does not charge for withdrawals, including bank wire transfers (although some payment providers may charge their own fees). This makes Exness particularly appealing for traders looking for cost-effective transaction methods.

Account Types and Terms

Exness Account Types and Benefits

Exness offers a variety of account types tailored to meet the needs of both beginner and experienced traders. The two main standard accounts available are the Standard and Standard Cent accounts. The Standard Cent account is particularly suited for new traders, as it is denominated in cents, allowing for smaller trade sizes and reduced risk.

Standard Accounts

Professional Accounts

For more experienced traders, Exness offers three professional account types: Pro, Zero, and Raw Spread. These accounts are designed to cater to scalpers, day traders, and those who use algorithmic trading strategies.

Exness Account Opening Process

Opening a live account with Exness, particularly through their Seychelles entity, is a simple and user-friendly process. Prospective clients need to provide their region of residence, confirm their email address, and verify their phone number. This streamlined approach ensures that traders can quickly get started with their preferred account type.

The Bottom Line

Exness is a well-established and robust CFD broker with a diverse range of offerings. Clients benefit from an extensive selection of tradable instruments, including a standout variety of currency pairs and cryptocurrencies.

Deposits and withdrawals are efficiently processed, with numerous methods available to suit different preferences. The user-friendly Terminal platform, 24/7 customer support, and micro-lot trading options make Exness particularly attractive to novice traders.

For seasoned traders, Exness offers significant leverage, competitive spreads, and a suite of advanced tools, making it an ideal choice for scalpers, day traders, and algorithmic traders. The platform's flexibility and features cater to the needs of both ends of the trading spectrum.

However, it's important to note that accounts held with Exness' offshore entities are subject to lighter regulatory oversight, which may concern some traders.

While the spreads on the Standard Account are fairly average, the broker offers spreads starting from 0.0 pips on its Professional accounts, providing a cost-effective trading environment. The minimal swap fees and the opportunity for social trading add further value for those using the platform.