Exness Broker Review
“The best forex broker ever in India from my experiences, with lowest spread, commission and fastest execution”
Why is Exness good and reliable?
Exness, has all the required license such as CySec and FSA and it’s all actions are monitored by legal bodies along with that the broker is in market for more than 12 years now therefore, it is indeed reliable.
What is the best thing about Exness?
The best thing about this broker is that it stands out in every aspect, with minimum cost and fastest execution.
Which Account type you recommend and why?
The best account type in my opinion is Standard Account, as overall cost of this account is less as there is no commission along with that the minimum deposit amount is USD 1. Anyone can use this account type.
What can be traded with Exness?
There are various trading options are available with Exness such as currencies, CFDs on metal, indices, energies, and crypto. With the maximum number of trading option, they also provide the cheapest spread and commissions.
Some of the trading options which Exness provide are as follows:
Web and Desktop Trading Platform Exness offers
Exness offers to trade using MT4 and MT5 platforms on Windows, Mac Linux and web trading also.
This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:
1. Easy to use and Understand
2. Many types of indicators are in this platform which makes easy to analyze the market trend.
3. Access to various currency pairs, CFDs and cryptocurrency.
4. Can be used on any operating systems such as windows, mac, Linux etc.
5. Allows you to trade any time in 5 days (Monday to Friday).
The above picture shows the MT4 platform, on the left side the first partition is the navigation tab, below which the market watch is shown, the black screen is showing the graph of the currency pairs, the tab in the bottom is the terminal where you can see your ongoing trades.
This is a bit advance from MT4 providing everything that is needed for flexible trading. There are several powerful tools provided by this platform to analyze the market better and make right choices of investment. With the availability of 31 languages into which it can be translated, this adds plus point to the platform. There is also option to subscribe the signals, use technical indicators, run trading robots, and rent a virtual server. This platform is most suitable for professional traders.
This offers the direct access to the trading platform online without any requirement of downloading any software. You can access to all of the trades online as well as can open the trades and close them.
Mobile Trading Platform that Exness offers
To trade on mobile there are two options to do that:
1. You can trade using MT4 mobile application in which you can login through your Exness server, user id and password after which you are able to see the currency graphs, open trade as well as close them. The below shown picture is of the mobile application.
2. Second way to do that is to use Exness application which also allows you to trade at some extent. Moreover, the applications also show the signals of the trends going for different currency pairs. The below shown picture is of Exness application.
Exness provide 5 types of account in MT4 platform. According to your experience Exness suggest you the best account for you. The types of account they have are Standard, Standard Cent, Raw Spread, Zero Spread and Pro Accoun
One thing to note is that 100 live trading accounts can be opened using one account.
Let’s look for the features the account types have:
|Account Type||Definition||Standard||Standard Cent|
|Minimum Deposit|| |
This is the minimum amount which is required to start trading
|USD 1||USD 1|
|Leverage||Leverage is the amount of money you can borrow from broker in order to trade with minimal deposit||1:2000||1:2000|
|Trading Instruments||These are the instruments which you can trade with them.||Forex Currency pairs, Metals, Cryptocurrencies, energies and Indices||Forex Currency pairs and Metals|
|Commission per lot||This is broker charge for opening trade with them and Exness don’t charge on both of these account type||No charge||No charge|
|Spread||This is the difference between bid and ask price.||Spread differ per currency at every second||Spread differ per currency at every second|
|Minimum Lot Size||This is the minimum lot which you can open for trading||0.01||0.01|
|Maximum number of positions||This is the number of positions which one can open in your account||In this account type, you can open as much trade as your account balance allow||1000|
|Order Execution||This is the time which is required to open a trade||Most of the trades open within fraction of seconds sometimes it get delayed by 3 seconds at most.||Most of the trades open within fraction of seconds sometimes it get delayed by 3 seconds at most.|
Standard and Standard Cent Account Features
Both the standard and standard cent accounts are good for newbies as they have minimum deposit of only 1 USD, but it doesn’t signify that professionals can’t use it. In all over world both category traders use these accounts as well.
|Account Type||Description||Raw Spread||Zero||Pro|
|Minimum Deposit||This is the minimum amount which is required to start trading||8 USD||500 USD||500 USD|
|Leverage||Leverage is the amount of money you can borrow from broker in order to trade with minimal deposit||1:2000||1:2000||1:2000|
|Trading Instruments||These are the instruments which you can trade with them.||Forex Currency pairs, Metals, Cryptocurrencies, energies, and Indices||Forex Currency pairs, Metals, Cryptocurrencies, energies, and||Forex Currency pairs, Metals, Cryptocurrencies, energies, and|
|Commission per lot||This is broker charge for opening trade with them and Exness don’t charge on both of these account type||USD 7 for both side||Starts from USD 7 for both side||No trading commission|
|Spread||This is the difference between bid and ask price.||0.0 pips||0.0 pips||0.1 pips|
|Minimum Lot Size|| |
This is the minimum lot which you can open for trading
|Maximum number of trades that can be opened||This is the number of positions which one can open in your account||Unlimited as per margin availability||Unlimited as per margin availability||Unlimited as per margin availability|
|Order Execution Speed||This is the time which is required to open a trade||Most of the trades open within fraction of seconds sometimes it gets delayed by 3 seconds at most.||Most of the trades open within fraction of seconds sometimes it gets delayed by 3 seconds at most.||Most of the trades open within fraction of seconds sometimes it gets delayed by 3 seconds at most.|
Professional account details
Professional accounts are mostly used by professionals in the two account there are commission as the spread is comparatively quite low from other accounts, raw spread account has fixed commission of 3.5 USD per lot for each side and zero spread account has different commission values for different currencies but the commission starts from 3.5 USD per lot for each side.
Opening Account procedure
Before opening of any account make sure to read and compare all of the account type so that you can decide which account to choose. Exness Offers 5 types of account named as Standard, Standard Cent, Raw Spread, Pro and Zero Spread. The same account type is available on both platform MT4 and MT5.
1. Launch a blank browsing page and input the Exness website www.exness.com
2. Once the homepage loads, navigate to the top right corner and click on ‘New Account’.
Exness Main Page (Highlighted box is where you can register your new account)
3 . Select your Country of residence and fill in your email and choose a unique password that meets as per the specifications given.
4. Click on the check box to confirm you’re not a US citizen for tax purposes.
5. Click on ‘Continue’.
To become real trader, click on become real trader option and the next screen will be as follows:
6 .Fill in all the requested information such as personal details, verify yourself by providing a government id and an address proof then choose the platform you prefer to use.
7. Click on ‘Continue’ once you select the trading platform then you review the summary of your account.
8. Use the accepted methods to deposit money into your new trading account.
Though there are some countries from where Exness don’t accept clients, these countries are USA, Malaysia, Saint Vincent, Russia, Vatican City, Israel, American Samoa, Baker Island, Guam, Howland Island, Kingman Reef, Northern Mariana Islands, Puerto Rico, Midway Islands, Wake Island, Palmyra Atoll, Jarvis Island, Johnston Atoll, Navassa Island. Apart from the mentioned countries all other countries can trade using Exness.
Deposit and Withdrawal Options:
Exness does provide a lot of platform for depositing funds through along with that no platform has any fees or charge. To deposit funds, you have to click on deposit option which is available on the dashboard left side. The options which Exness provide to deposit are as follows:
Even, they have introduced the feature of UPI as well which is currently the most trending way to transfer funds. While using this broker even I have used UPI platform to deposit my funds with. It is simple to do so and once the transaction is complete the funds are instantly credited to your account. Moreover, the broker doesn’t charge any fees on deposit as well as withdrawal.
For withdrawing funds also, the broker provides several platforms as mentioned below:
But remember one thing while depositing and withdrawing funds, use the same platform always to remove discrepancy otherwise you might face issue, for me as I have deposited funds using UPI so for withdrawing funds, I must opt for bank transfer so that the funds are directly transferred to my bank account. But one thing which I find is a lack point with this broker is that once you place withdrawal request your funds will take 24 to 48 hours to credit back to your account which is a lot of time, meaning in urgency of the funds you might not be able to get funds in instant.
in the below table the average spread for 10 different currencies is shown:
|Currency||Standard||Standard Cent||Pro||Raw Spread||Zero|
As from my analysis, spread is quite low for different accounts, and thus it is good platform to trade with.
Exness broker only charge commission on two types of account first, Zero Spread Account and second, Raw Spread Account.
In the below table the commission comparison for the Zero Spread account is shown:
Zero Spread Account
In Zero Spread Account all the currency has different commission values.
Now let’s have a look for raw spread account commission table. As the name suggests the commission is fixed or you can say raw for every type of currency.
Raw Spread Account
Here, I want to mention it again that the commission is charged for a round trip meaning both opening and closing of that bid. For example, if you are opening EURUSD for buy position in raw account, lot size of the bid is 1 then the commission will be $ 3.5 + $ 3.5 = $7, the reason I am clarifying this is because on the website of broker it is not clearly written they only state the commission for 1 side.
There are two types of swap, swap short and swap long which are charged by the broker if the trade is open for more than a day.
Let’s have a look for the swap short values of different types of accounts.
|Currencies||Standard||Standard Cent||Pro||Zero Spread|
The below table is about swap long values
|Currencies||Standard||Standard Cent||Pro||Zero Spread|
As compared to other broker, the swap values Exness broker has is quite less which automatically makes the broker to be more efficient and useful.
Chat support is good and is available 7 days a week. They meet up to the expectations, the support is knowledgeable and resolve queries by their answers. Whatever issues I have faced, they have been resolved by chat support always.
On the bottom right corner, you can click on let’s chat to get in touch with support. Along with that whenever I had talk with the agents, they are co-operative and understand the client condition really well, they empathize with their clients also.
I was not needed to worry about waiting for too long to get answers or to get connected with the support agent. But sometimes it do happen that I have to wait in queue and have to wait for quite a lot time but this happens rarely
Research and Education
Exness provides a variety of research and education material on their website using which one can learn all about trading. One of the tools they provide is the trader’s calculator using which cost of different things can be seen as per the below image:
Exness also provides the access to trading central web tv and news analysis in the form of written articles.
They have separate website for the education material which is education.exness.com where you can find everything related to trading.
Well, with Exness even with no trading experience you can trade. Exness provide simple and transparent trading options which are suitable for both beginner and professional traders because they have different accounts available. Some of the accounts are commission less meaning no commission is charged at all with no restriction on minimum balance which are considered to be best suited for beginners whereas, the other accounts are for professionals.
Exness broker was launched in 2008 and they have FSA and CySec license in which one license registers their portal to be accepted as a broker whereas, the second license look over all the transactions and keep record of everything related to finance. The broker is in the market for over 11 years now and they have grown every year along with that they are in the list of the top brokers.
With the availability of large numbers of trading assets, they also provide 5 account type in which you can trade in. Professional accounts are pro, raw spread and zero spread and beginner accounts are standard and standard cent. They provide the leverage up to 1:3000 with no commission in standard, standard cent and pro account and commission of USD 3.5 for opening and USD 3.5 for closing total of USD 7 per lot is charged in raw spread account. Zero spread account has different commission for different currency pairs.
Traders can trade globally using the most recognized platform MT4 and MT5 on different operating systems such as windows, mac, Linux etc. They also provide various channels to deposit and withdraw funds along with that there are no fees on it. Education material is also provided by the broker to make beginners understand how trading works.
Customer service is extremely good with the availability of 24*7 support with 11 languages and 24*5 support available with 13 languages.
The best account type according to my observation is standard because without any fix minimum deposit you can trade as per your convenience along with that there is no commission in that account type.