Jan 14 2021 0
In my article about the best forex brokers in the world, I put Exness at the top. Since then, there have been so many followers mailing me to ask questions about Exness. They are all short questions that can be answered quickly but I don't have time for hundreds of emails so in this article, I will go through the most frequently asked questions about Exness. If you can't find your questions here, you can comment below and I will get to it in no time. Without further adieu, here's your Exness FAQ.
For general information about Exness, check out my full Exness reviews.
Does Exness have a trading app?
I have seen a steady rise in the number of smartphone traders lately so this question is asked a lot. The trading platforms of Exness is the MetaTrader 4 and MetaTrader 5; therefore, the Exness trading app is also the MetaTrader app.
Let me show you how to open your Exness account on this app.
- Firstly, you have to register an account on the Exness website. There, Exness will provide you with a server and account name.
- Download the MetaTrader app to your device. Just search for the keyword "MetaTrader" on Google Playstore or Apple App Store.
- Open the app, choose "Log in to an existing account".
- In the "Find Broker" box, enter "Exness". Choose the server Exness provided earlier.
- Enter your account number and password to log in. Once you're in, you will see all of your positions. To open a new position, tap on the plus icon on the upper right of the screen.
- Hold on the currency pair you want to trade. A window will pop up. You can choose to Trade, View Chart, or View Details.
That's how you can use the Exness app.
Exness account verification procedure
This is one of the most frequently asked questions about Exness because people sometimes don't understand why they have to provide their personal information. In general, they feel scared and uncomfortable with this process.
Well. you don't have to be worried. This verification thing is actually required by your banks and the forex regulators. This helps giving you, an Exness trader, a more secure and safe place to do business. Mostly, people verify their account because they need to trade more money and use other methods of withdrawal.
Only withdrawal through Webmoney and PerfectMoney don't require account verification. If you want to use other Exness withdrawal methods, you need to verify your account.
To verify your Exness account, you have to upload pictures of the front and back of your identifications such as your ID, driving license, or passport.
For bank transfer, you need to verify your address as well. Exness accepts the following documents:
- Utility bill under your name (electricity, water, gas, Internet etc.)
- Bank account statement
- Tax bill
- Driving license
- Certificate of residence
Tips: the best way is to scan the documents. Pictures are usually blurry and Exness won't accept them. It will take you a lot of time.0
Moreover, after your Exness account verification, you can deposit and trade more the the limit of $2000. Every professional Exness trader has verified their accounts.
Exness account types
Each Exness account type is made specifically for a type of trader so check out all of the Exness accounts below so you know which one is for you:
Exness Standard Cent account: This account can only be opened on the MT4 platform. This account is for forex beginners because the trading volume is calculated in US Cent just as its name suggests. A cent is one hundredth of a dollar. You just need to deposit 10 to 50 dollars and you are good to go in 3 to 6 months of trading. This account is also for those who want to get to know Exness first. You can practice trading in real-life conditions for a long time with small fees until you are confident enough to trade bigger accounts.
Exness Standard account: 80% of Exness clients trade this account because it is the easiest to trade and has the best trading conditions. The spread is only from 0.3 pip. No commission is charged and the maximum leverage is Unlimited.
Exness Pro account: The Pro account, just as its name, is for professional traders, those with long time experience in the market. Therefore, it has higher trading costs. And of course, along with high costs comes better trading conditions. The Exness Pro account has the highest order execution speed. Spread is only from 0.1 pip. No commission at all. The maximum leverage of this account is also Unlimited.
Exness Zero account: This is the Exness account with 0 spread (during 95% of your trading time). This zero spread is applied to 30 major currency pairs. Maximum leverage is Unlimited. The commission for this account is $5.
Is trading with Exness profitable?
This should entirely depend on you. Exness just brings you the most convenient and professional trading environment. Traders choose Exness because it provides them great trading conditions. Once you have a reliable and good trading platform, whether you can make any Exness profit is totally up to you. In order to make money through Exness, you need a suitable forex trading strategy, market analysis skills and discipline, besides a great forex broker.
Where are Exness offices?
In all countries who allow forex trading, Exness opens a representative office in order to provide their clients with the best care and support.
As for countries who don't allow forex trading, Exness has freelance support groups that consist of native forex traders like Exness Vietnam, Exness Malaysia or Exness Thailand… Customers can contact these support groups through the hotline provided by Exness. Those numbers are on the Exness support site.
What is Exness's withdrawal policy?
Many people are also confused about Exness withdrawals. Because they don't know Exness's withdrawal rules, it leads to not being able to withdraw money. I will go over a few key notes that you need to remember before withdrawing money from your Exness account:
- You have the right to withdraw money from your account at any time. Exness is one of the rare brokers that allows withdrawals even on weekends.
- The amount that you are allowed to withdraw will always be displayed in the Personal Area of the Exness website. Remember to check that amount first before withdrawing.
- The required withdrawal method must be the same as the one used at the time of deposit. If you deposit money in more than one way, you must withdraw it in each of those ways.
- The amount you are allowed to withdraw will be proportional to the amount you deposit using different methods. In addition, when you deposit money first, you must withdraw it that way first. Exness introduced this regulation because they are required by licenses to avoid money laundering.
For example, you have deposited a total of $1000 into your account in 2 different ways: $200 by Internet Banking and $800 by Ngan Luong. After trading, you profit 500 dollars. So now you have a total of 1500 dollars in your account. To withdraw that amount, you must first withdraw 20% by Internet Banking and the remaining 80% by Ngan Luong.
How to use auto trading bot on Exness
Automated trading bots, or EAs, are very popular with traders because they just need to download and upload to the platform and it will trade for them. To use the automated trading bot on Exness's platform, follow these steps:
- Download the trading bot from MLQ5.com. This is the official website of MetaTrader so it is guaranteed that the bots will work well on Exness MT4 and MT5 platforms.
- Open the trading program and log in to your Exness account.
- Select File - Open Data Folder.
- Copy the bot file you downloaded to the Experts path.
- Close the trading program and open it again.
- Select Tools - Options - Expert Advisors. Then click Allow automated trading and then OK.
- Look in the left hand column, select Expert Advisors. A list of automated trading bots will appear. You just need to find your file and drag it to the chart and you're done.
Note: automated trading bots only work under certain market conditions. Make sure you are familiar with those conditions before applying the bot to trading. Automated trading does not reduce the risk of your trading. It just helps you trade healthier. In addition, there are many forms of fraud by selling fake trading bots, it is necessary to learn carefully before spending money to buy any auto trading bot.
So, those are the most frequently asked questions about Exness that I received. If you have any other questions, don't hesitate to comment below or email me directly.