Exness was established in 2008 and since then, they have made themselves known as one of the most reliable, creditable, and transparent brokers in the forex trading market. Nowadays, Exness has experienced over $300 billion trading volumes monthly and more than 40,000 active clients, and the number is only growing and growing. When you are a trader at Exness, you can invest in up to 120 financial instruments. Furthermore, in the Forex currency market, you can trade over 650 currency pairs. Exness provides traders with the best trading conditions possible and you can fall in love with this broker, but there is one question lingering, which type of account should you open? Or do you even know that each entity of Exenss has different features applied to the accounts? Today, I’ll break down the advantages and disadvantages of accounts belonged to Exness CY.
Exness (CY) Ltd.
Its website is www.exness.eu. This entity is registered in the Republic of Cyprus. Exness CY is regulated by CySEC, which is the financial regulatory agency of Cyprus. This entity is mainly for clients from Europe. It only has one real server (Exness-Real5) and two demo servers (Exness-Trial and Exness-Trial2). Its clients can only open two types of accounts, which are Mini and Classic. Unlike Exness VC, clients of Exness CY can open corporate account, however, precious metal currency account is not available. As of Forex trading, they can only exchange currency pairs and metals. The payment methods are the same as that of Exness Limited, which include electronic payment systems, local bank cards, and wire transfer.
Exness (CY) Ltd. is regulated by the Common Reporting Standard (CRS), which means they have to get the Taxpayer Identification Number from their clients to prevent tax evasion and help protecting the integrity of tax systems. They also have a cross border registration, which let them apply their license to multiple countries in a region. Similar to Exness Limited, their auditor is Deloitte.
Features of the CY account
For the Cent account, it is still up to unlimited just as the other two entities. However, for the Mini and Classic account, now the highest leverage is only 1:200. Why so? Because Exness CY is regulated by the CySEC, who considers high leverage is too risky for traders, which is not true. In fact, only beginners find high leverage dangerous because they don’t have a decent trading tactics or discipline. High leverage is a good thing but to protect the traders in general, it has to be limited.
Maximum volume of a position
Unlike Exness VC, who only allows the maximum of 200 lots in a position, Exness CY let clients open as many lots as they want to. Since you can open a large number of lots with this account, you can control the risk more precisely. For example, you want to open a long position in the EURUSD pair. If you think a standard $100,000-unit lot is too much of a risk, you can open ten $5,000-unit lots, which is just half of that standard lot position. Furthermore, the lots are arranged precisely according to appropriate risk and leverage. Thus, it gives you more flexibility. Moreover, for inexperienced traders, trading with Mini accounts helps you minimize the risk but you can still experience the real world trading conditions, preparing you for professional and bigger trades in the future. Also, this might be a good chance for you to try different trading tactics. Remember that this is applied to real account only, not demo account.
Exness’ instant withdrawal system is truly one of a kind in the forex market. The difference is very easy to spot when you withdraw or transfer money here. If you have ever traded with other brokers, you can clearly see how long it takes them to perform the tasks, and sometimes, it is up to hours. At Exness, that job is taken care of by the machines so the time required is only milliseconds. This feature makes it really easy for me to follow different trading tactics.
Of all big retail brokers, Exness is the one that offer so many amazing things that make it impossible for me to turn my head away. They give professional traders excellent trading conditions and a safe trading environment. One of the features that make Exness stand out is their low spread. After two years of trading with different brokers, I found Exness’ spread rate is the best after reviewing them on a daily basis. CY account is the same as VC and UK account, which has relatively low spread.
Click here to learn more about Exness spread.
A corporate account is an account registered under the name of a company. A corporate account can only be registered with Exness (CY) Ltd. The only difference is that a corporate account is registered under a company name, while a normal account is registered under an individual name. A corporate account can be an agent or be registered under an agent. Here is how to register a corporate account with Exness CY:
- Open a personal trading account.
- Verify your identity.
- Download a PDF application form on the website.
- Fill in the form and prepare the documents mentioned in it.
- Specify your personal trading account number and attach the completed form and scanned copies of the required documents.
- Send your application to client support email.
- After your application has been reviewed, you will receive either a notice that your corporate account at Exness (CY) Ltd has been opened or a request for clarification regarding your application.
Exness has a great customer support policy. While other big brokers can only help their clients in English, Exness has take a step ahead. They can now helping clients in Chinese, Thai, Vietnamese, Bahasa Malaysia, and Persian. Furthermore, they have a 24/7 customer service system that will help you with any problems you encounter, which is super helpful to new traders. You can check their customer service here.
Disadvantages: Exness CY doesn’t have the Cent and ECN account. It doesn’t have metal currency account either.
How to register an account with Exness CY
Just follow the five basic steps below:
- Go to this link.
- Put in your email address, phone number, and a password to generate Personal Area. Then, verify your email and phone number.
- Input your general details: Title, First, Last name, Day of Birth then accept the Terms and Conditions.
- Choose your security type and security word.
- Fill in the personal information. At this step, you can create a Real account but it is in read-mode only.
- Complete your financial profile.
- Complete your trading experience and then agree to the Terms and Conditions.