Exness Broker Review
“The best forex broker ever in India from my experiences, with the lowest spread, commission, and fastest execution”
What is Exness? Exness is a forex broker which is considered to be an all-rounder in terms of every aspect. They have accounrs for both beginner and professional traders. Exness is a cost-efficient broker know more in the article.
How Reliable is Exness?
Exness, has all the required licenses such as CySec and FSA and all its actions are monitored by legal bodies along with that the broker is in the market for more than 12 years, now, therefore, it is indeed reliable.
In terms of reliability, Exness is very much reliable. When I started trading, the first broker I used was Exness, and to be frank, I find it one of the best forex trading brokers.
Which Licenses does Exness Hold?
Exness Group Licenses are as follows:
To find the detail of their licenses click on the below button
Pros and Cons of Exness Broker?
This is what we look for while choosing the broker, so here are the things which Exness provides to their traders or you can say the positive and negative points of Exness Broker
Pros
- They provide you the education material on their website from where you can learn and trade as per your convenience.
- In Exness mobile application, you also receive the trading analysis signals which may help you in trading.
- The spread is minimum, and along with that there are accounts where there is no commission.
- In comparison to another broker swap is also minimum.
- Broker is reliable, and honest and has their own security measures.
- Licensed and regulated to operate as a broker.
- Application provide trading signals.
- Their website is available in 17 languages. Support is available in 13 languages.
Cons
- Order execution speed is mostly a fraction of a second, sometimes it takes approx. 3 sec for opening and closing of the bids.
- Longer payout time, that is 24 hours.
- Mobile application takes a lot of time to load the pages.
- They provide signals but if there is sudden change in the movement of the currency, they don’t give frequent updates.
What is the maximum leverage Exness offer?
Exness offers the maximum leverage up to 1:Unlimited, you can also customize the leverage as per your wish. You will get the option of changing leverage as follows:
There is a restriction in setting the leverage to unlimited. One should have made at least 10 close positions and 5 lots across all real accounts in your personal area.
Where is Exness Located?
Exness Head office is located at 1, Saifi Street, PORTOBELLO, Office 401, 3042, Limassol, Cyprus
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 the fastest execution.
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:
Exness Account Comparison / Types of Account
Exness offers 5 types of accounts: Standard, Standard Cent, Pro, Raw Spread, and Zero Spread accounts. Every account type has a different feature most important part which changes in every account type are spread. For example, the zero spread account type has zero spread for most of the currency pairs. Apart from that what changes is the commission fees.
There is no commission in standard account types, but in professional account types, only raw spread and zero spread account types have commission. Apart from that pro account type has no commission charges.
Note that 100 live trading accounts can be opened using one account.
Let’s look for the features the account types have:
Standard and Standard Cent Account Features
| Account Type | Definition | Standard | Standard Cent |
|---|---|---|---|
| Minimum Deposit | This is the minimum amount which is required to start trading | USD 1 | USD 1 |
| Maximum Leverage | Leverage is the amount of money you can borrow from broker in order to trade with minimal deposit. | 1:Unlimited | 1:Unlimited |
| 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. |
Both the standard and standard cent accounts are good for newbies as they have a minimum deposit of only 1 USD, but it doesn’t signify that professionals can’t use them. All over the world, both category traders use these accounts as well.
Professional account details
| Account Type | Description | Raw Spread | Zero | Pro |
|---|---|---|---|---|
| Minimum Deposit | This is the minimum amount which is required to start trading | 500 USD | 500 USD | 500 USD |
| Maximum Leverage | Leverage is the amount of money you can borrow from broker in order to trade with minimal deposit | 1:Unlimited | 1:unlimited | 1:Unlimited |
| 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 | 0.01 | 0.01 | 0.01 |
| 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 accounts are mostly used by professionals in the two accounts there are commissions as the spread is comparatively quite low from other accounts, the raw spread account has a fixed commission of 3.5 USD per lot for each side and the zero spread account has different commission values for different currencies but the commission starts from 3.5 USD per lot for each side.
Exness Comparison based on spread, commission, and swap value
Exness Spread:
Spread is the difference between the bid and ask price of the currency pair. Spread is a quantity that changes every second due to the fluctuation in the forex market.
I will share the table for the recent average spread calculation below:
| Currency | Standard | Standard Cent | Pro | Raw Spread | Zero |
|---|---|---|---|---|---|
| XAUUSD | 372 | 354 | 210 | 127.3 | 20 |
| EURUSD | 10 | 10 | 6.3 | 0 | 0 |
| GBPUSD | 16 | 15 | 10.1 | 2.5 | 0.3 |
| AUDUSD | 15 | 15 | 9.3 | 2.3 | 0 |
| USDCAD | 17.6 | 22 | 13.4 | 4 | 0.3 |
| USDCHF | 15 | 15 | 9.5 | 3 | 0.4 |
| USDJPY | 11 | 11 | 6.7 | 0.4 | 0.1 |
| GBPJPY | 20 | 19 | 12.6 | 4.8 | 0 |
| EURJPY | 19 | 19 | 13.75 | 4 | 0.1 |
| NZDUSD | 20 | 20 | 12.5 | 5 | 0 |
From my analysis, the spread is quite low for different accounts, and thus it is a good platform to trade with.
Exness Commissions:
Exness charges Commission on only two account types which are raw spread and zero spread account types.
In the Raw Spread account type, the commission charges are fixed which is $7 per lot. The commission is charged on both the opening and closing of the orders that’s why the charge is separated into two parts half of the charge is for the opening order and half of the charge is for the closing order.
In the Zero Spread account type, the charge of commission differs per currency pair. The table is shown for your better understanding:
Zero Spread Account
Currency | Commission |
| XAUUSD | 16/1 lot |
EURUSD | 7/1 lot |
GBPUSD | 9/1 lot |
| AUDUSD | 10/1 lot |
| USDCAD | 10/1 lot |
USDCHF | 9/1 lot |
| USDJPY | 7/1 lot |
GBPJPY | 15/1 lot |
EURJPY | 10/1 lot |
NZDUSD | 13/1 lot |
In Zero Spread Account all the currency has different commission values.
Now let’s have a look at the 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
| XAUUSD | 7/1 lot |
EURUSD | 7/1 lot |
GBPUSD | 7/1 lot |
| AUDUSD | 7/1 lot |
| USDCAD | 7/1 lot |
USDCHF | 7/1 lot |
| USDJPY | 7/1 lot |
GBPJPY | 7/1 lot |
EURJPY | 7/1 lot |
NZDUSD | 7/1 lot |
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 a buy position in the raw account, the lot size of the bid is 1 then the commission will be $ 3.5 + $ 3.5 = $7, the reason I am clarifying this is that on the website of broker it is not clearly written they only state the commission for 1 side.
Exness Swap:
The swap is the interest rate that is charged if your order is open for more than 1 day, it is divided into two parts which are swap long and swap short.
Swap long applies to the orders which are open for long positions, swap short applies to the orders which are open for a short position. Swap doesn’t change in different account types but is different for every currency pair.
The swap short values are shown below:
Swap Short
S. No | Currencies | Standard | Standard Cent | Pro | Zero Spread | Raw Spread |
1 | XAUUSD | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
2 | EURUSD | 1.167 | 1.167 | 1.167 | 1.167 | 1.167 |
3 | GBPUSD | (-.96) | (-.96) | (-.96) | (-.96) | (-.96) |
4 | AUDUSD | (-.924) | (-.924) | (-.924) | (-.924) | (-.924) |
5 | USDCAD | (-1.965) | (-1.965) | (-1.965) | (-1.965) | (-1.965) |
6 | USDCHF | (-4.32) | (-4.32) | (-4.32) | (-4.32) | (-4.32) |
7 | USDJPY | (-3.357) | (-3.357) | (-3.357) | (-3.357) | (-3.357) |
8 | GBPJPY | (-2.45) | (-2.45) | (-2.45) | (-2.45) | (-2.45) |
The below table is about swap long values
Swap long
S. No | Currencies | Standard | Standard Cent | Pro | Zero Spread | Raw Spread |
1 | XAUUSD | (-84) | (-84) | (-84) | (-84) | (-84) |
2 | EURUSD | (-3.821) | (-3.821) | (-3.821) | (-3.821) | (-3.821) |
3 | GBPUSD | (-2.024) | (-2.024) | (-2.024) | (-.96) | (-.96) |
4 | AUDUSD | (-.988) | (-.988) | (-.988) | (-.988) | (-.988) |
5 | USDCAD | (-1.202) | (-1.202) | (-1.202) | (-1.202) | (-1.202) |
6 | USDCHF | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
7 | USDJPY | (-.445) | (-.445) | (-.445) | (-.445) | (-.445) |
8 | GBPJPY | (-.674) | (-.674) | (-.674) | (-.674) | (-.674) |
As compared to other brokers, the swap values Exness broker has is quite less which automatically makes the broker more efficient and useful.
Do you Know Exness also provides Spread free accounts to non-Islamic Countries?
Yes, you heard it right Exness broker does provide a swap-free account, but we don’t have any option to choose the same. It depends on the trading activity on the accounts and as per the Exness algorithm if your trading activity matches with their algorithm then you might get a chance to have a swap-free account.
They provide this feature on all of the account types, to know more about swap-free accounts with Exness click here
Exness Trading Platforms
Exness offers to trade using MT4 and MT5 platforms on Windows, Mac Linux, and web trading also. Exness also offers applications on which you can trade using your mobile phone only. The features which each platform holds are different and very important to know.
We have a detailed article in which the platforms are described in detail and you can find out which platform is best suitable for you to go with. To know more click on the below button.
Exness Opening Account procedure
To open an account with Exness, there are a few easy steps to follow. Don’t forget to get yourself verified to open an account with them. To know how to open an account with Exness in detail please click here.
Exness Deposit and Withdrawal Options:
Exness Provides Various deposit and withdrawal methods which are the best. The broker provides a lot of options with the help of which we can deposit and withdraw.
The pictures below show the deposit and withdrawal methods that Exness Broker offers.
Well, the method used for deposit is generally the best option for withdrawal also and this is basically suggested. To know in detail, click here.
Exness Customer Support
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 talked with the agents, they are cooperative and understood the client’s condition 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 does happen that I have to wait in a queue and have to wait for quite a lot time but this happens rarely.
Conclusion
Exness broker was launched in 2008 and they have an FSA and CySec license in which one license registers their portal to be accepted as a broker whereas, the second license looks over all the transactions and keeps a record of everything related to finance. The broker is in the market for over 13 years now and they have grown every year along with that they are on the list of the top brokers.
With the availability of large numbers of trading assets, they also provide 5 account types in which you can trade. Professional accounts are pro, raw spread, and zero spread, and beginner accounts are standard and standard cent. They provide the leverage up to 1:Unlimited with no commission in standard, standard cent, and pro account, and a commission of USD 3.5 for opening and USD 3.5 for a closing total of USD 7 per lot is charged in the raw spread account. Zero spread account has a different commission for different currency pairs.
Traders can trade globally using the most recognized platforms MT4 and MT5 on different operating systems such as windows, mac, Linux, etc. They also provide various channels to deposit and withdraw funds 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. Apart from that, if you are experienced then I will suggest going with any professional account type provided by Exness.