Jan 08 2022 38
BRKV – Writing this Exness review reminds me of the past. When I started my trading career, as most beginners, I want to trade at the best forex broker. And I naively thought that I could find out who is the best just by reading the reviews on the Internet. Actually, it isn’t easy to find out that best broker because every review leads me to different best forex brokers. Finally, I listed down some forex brokers that I thought were the best, because they appeared the most in those reviews. I created accounts on these brokers, deposited, and started my tests to find out the best forex brokers.
But then I realized there are different types of traders. Each has his/her own trading styles and strategies. So a broker may be the best for one but not good for another. It was when I learned that I should find a broker that is among the best and also suits my trading strategies. And I found Exness, the most suitable forex broker for me. Let me explain.
TLDR: Check this video about why you should choose Exness:
WHAT CRITERIA SHOULD THE BEST FOREX BROKER HAVE?
After 5 years of trading forex, I’ve come to combine a set of standards that I think the best forex brokers should meet. Those are:
|Trustworthy||Trading costs||Trading conditions||Customer services|
|Historical activities||Commission||Quotes||Local offices|
|Trading volume||Slippages||Trading platforms||Availability|
Based on these criteria, Exness is the most suitable broker for me.
EXNESS HAS GOOD REPUTATION
BRKV - This 11-year-old broker is loved and appreciated by most traders. So far, their services have been proved to be very good. Whenever I ask my trader friends for opinions on Exness, here are the most common answers:
|Instant payment system||
Let me explain why most traders think Exness is fair play. For the last 10 years, there have been many big events/news that made the currency price drop thousands of pips, causing high slippages, gaps… And of course, most traders lost. Only a few brokers compensate for their clients and of course Exness is included. They compensated more than $15 million when there was the CHF event on January 15th 2015. They also compensated a lots whenever there are problems with their system such as the DDOS incident in 2016.
Some traders told me that they put their trust in Exness forex broker because Exness is rich. That’s true. Exness always has around $200 million in segregated bank accounts. This amount of money is 4 times bigger than the total of their clients deposit amount and will be used to compensate customers when there are problems. Also, Exness has acquired CySEC and FCA regulations. This makes me confident to deposit tens of thousands of dollars to Exness without hesitation.
Check Exness regulations
Exness has been the biggest retail forex broker in the world since 2015. Last month, their total trading volume went up to $785 billion. Let me give you some perspectives. Their main competitor Forex.com. Forex.com monthly trading volume is $500 billion but only $300 billion are forex. The rest is commodity trading volume. So you can see that Exness trading volume is more than twice as much as their main competitors. That shows you how many traders choose Exness.
For me, the biggest forex brokers should be the most prestige. They are the biggest forex brokers because most traders choose them. Then why shouldn’t us? If you want know more about Exness reputation, just ask your trader fellows. I think most of them are trading there.
Moreover, Exness is the most transparent broker. You can find out all information about this broker on their website such as: trading volume, number of active clients, clients deposit, or company fund… There are no other brokers who can compete with Exness in transparency. Transparency is important because you can check broker financial situation to make sure it’s safe for trading. If they find anything fishy from your account, they will close it. That's show how committed Exness is in terms of security.
Check Exness financial reports
You can check out some of the comments about Exness:
EXNESS SPREAD AND COMMISSION ARE THE LOWEST
If you are looking for a no-commission broker, Exness is the best option for you. They offers 4 types of account, 3 regular accounts and an ECN account. Exness doesn’t charge commission for the regular accounts, which are:
- Standard Cent account
- Standard account
- Pro account
When I say no commission, I really mean it. There’s absolutely no other hidden fee that you need to be worried about. You only have to pay for spread when trading Exness regular accounts. And Exness spreads are the lowest. Their spreads are from at least 0.1 pip. Pro account is the lowest spread account, but you have to deposit at least $2000 to start trading this account. Other accounts spreads are a little bit higher but there isn’t minimum deposit limitation.
I have created accounts at all the lowest spread brokers to compare their spread. I found that Exness spread is the lowest for 7 main currency pairs. Most of them are lower than 1 pip. In a stable environment, they are from around 0.5 to 0.8 pip. It’s amazing, because most other brokers charge around 1.7 pips. Exness crypto-currencies spreads are the lowest also. They only charge around $3/coin for Bitcoin trading, $0.01 for Ripple, and $0.5 for ETH. The day I wrote this article is a volatile day. The Bitcoin price had just jumped from 6.2k to 6.5k, but Exness Bitcoin spread is still very low.
Moreover, Exness doesn’t charge swap for cryptocurrency trading. Swap is a part of spread. So, that’s why I can say their cryptocurrency spread is the best.
Start trading cryptocurrencies with Exness today.
For ECN account:
This account is called Zero account. As other brokers, Exness charges commission (because the spread of ECN account is nearly zero), but they only charge $3.5 for each lot. This commission is about 50 – 90% lower than other ECN brokers. As usual, other ECN brokers charge from $3 – $5 each lot trade (one side). Moreover, Exness Zero spread is very low. EUR/USD spread is zero, and USD/JPY is 0.1 pip. This is an extremely low spread that no brokers can compete.
You can check these spread number easily by yourself by creating an account in Exness, login and check within 5 minutes.
Create Exness Zero Account
Exness Overnight Fee
Any forex broker on the market charges an overnight fee for their clients. And Exness is no exception. Swap is a type of fee that forex brokers will collect from customers when they leave their orders open for more than one trading day. This type of cost is very important to long-term traders because they often leave an order open for a few days to a few weeks before closing a take profit order.
At Exness, the overnight fee will be calculated according to the following formula:
- For buy orders: Lot number x Order volume x Base point size x Buy swaps x Number of days to open an order
- For sell orders: Number of lots x Volume x Base point size x Swap to sell x Number of days to open an order
However, clients do not have to do the calculations themselves, but can use Exness's forex calculator, an extremely effective tool to quickly calculate the swap fee for your open position.
Since the beginning of 2021, Exness has decided to waive overnight fees for trading gold, stock and crypto CFDs on their platform. This can be considered a bold and pioneering step in the longstanding forex market. This incentive is especially important because the above products are all long-term investments and must open long-term orders. No one is confident and financial enough to apply such super attractive offers except this forex broker.
Gold trading costs at Exness
Gold is one of the most traded products in the forex market. Exness is no exception. To trade gold at Exness, you simply open an order to trade the XAU/USD pair as you would trade other currency pairs.
Anyone who is interested in investing in gold in the form of CFDs should choose Exness. That's because the gold transaction costs here are among the lowest in the world. The average spread for the XAU/USD pair is only about 20 pips.
4 ACCOUNT TYPES OF EXNESS
As I have said above, Exness offers 4 types of accounts which are suitable for both beginners and professional traders. They are Standard Cent, Standard, Pro and Zero accounts. Standard Cent account is suitable for beginners. Standard and Pro accounts are for professional traders and Zero account is for experts.
Choosing the suitable account types is very important to succeed in trading. That’s why most brokers offer different account types, because you can only be successful in trading if you trade the suitable accounts.
Standard Cent account is the best account for beginners because beginners don’t have much trading experience. They need an account that allows them to deposit a small amount of money, lets them trade small positions, and has low margin requirement…
Exness Standard Cent account is perfect for starters because its trading conditions are:
- Low spread. Spread is from 0.3 pip for most of the main currency pairs.
- Low margin requirement, because you can use high leverage up to 1:unlimited, you can minimize your margin.
- Exness broker minimum deposit is not required for this account. You can deposit as low as you want. This is important because beginners shouldn’t trade much. They should deposit a small amount of money for practicing first and increase their trading volume after they are ready. I have written an article about Exness minimum deposit to explain how they can keep it so low.
- Low minimum volume per trade. The lower the better.
- Good local support
Most professional traders like Exness Standard and Pro account because of their good trading conditions. Scalpers like low-spread accounts. Long-term investors like swap-free accounts, and of course the lower the spread, the better the accounts. These accounts are good because:
- Low Spread. Spread is from 0.3 pip for Standard and 0.1 pip for Pro
- No trading commission.
- Unlimited leverage.
- Exness minimum deposit is not required for Standard account. The Exness minimum deposit for Pro account is $2000.
- Instant deposit and withdrawal. You can deposit by local banks, credit cards and e-wallets…
- You can get support 24/7.
- Free swap for Islamic countries and for crypto currencies trading.
Most traders have researched and learned that Zero account is the best account, because trading ECN means you are trading in the real market, but it isn’t easy to trade ECN. It is because ECN quotes are more volatile than regular accounts’. Also, you also have to pay commission for each trade. That’s why most less experienced traders prefer regular accounts to Zero account.
But if you are an expert, you should trade Exness Zero account because: The lowest spread ever. Spreads are from 0 pip. Sometimes, they’re even 0 pip. This is the lowest spread in the market. Exness gets ECN quotes from 3 big banks and 1 ECN broker. Their system will automatically get the best quotes from these liquidity providers. That’s why they can offer the lowest spread and lowest slippages. It is because they the best quotes from the best liquidity providers.
The lowest commission ever. All forex brokers charge commission for trading ECN accounts, because the spread is nearly zero and the liquidity providers will get these spreads. So, the brokers’ income is now commission. While other brokers charge from $7 – $10 each lot, Exness only charges $7. This is the lowest commission rate. They can charge the lowest commission because they are the biggest forex retail broker. The bigger the scale, the lower the cost.
EXNESS ACCOUNTS SUPPORT ALL TRADING STRATEGIES
No matter whether you are a scalper or a long-term trader, Exness has the suitable forex account for you. If you are looking for small profits over short time based on the fluctuation of the market, you should try Exness Standard Cent or Standard account. They have super low spreads and they execute orders very quickly, which fits your trading pace. If you are interested in long-term profit, you can use the Pro account or Exness Zero account. They have low commission, zero spread, and very low swap.
HOW TO OPEN EXNESS ACCOUNT
Here are 6 easy steps to open an Exness account online.
Step 1: Go to Exness' homepage, exness.com. You will see a Sign Up button at the top right corner of the screen.
Step 2: Fill in the necessary information including the country you live in, your email address and create a password you want to use for your account (note: the password must be at least 8 characters including uppercase, lowercase and numbers/symbols).
Step 3: Next, Exness will take you to your personal page. Click the Become a Real Trader button at the top to complete the registration for a real account. Your current account is just a demo account.
Step 4: You will need to enter your phone number to confirm opening a real account. After entering your phone number, Exness will send you a verification code.
Step 5: After confirming the phone number, you will be redirected to a page that identifies personal information including Full Name, Date of Birth, and Address. This is the information Exness needs to keep you safe and secure.
Step 6: Once done, you can already open a real account with a maximum deposit of $2000. To raise your deposit, you need to verify your identity by clicking on the Verify Account button.
The account verification process of Exness is easy. It includes the following steps:
- Click the Finish Verification button in the upper right corner.
- You will be asked to verify your identity by uploading a photo of your identity document such as your ID Card, Driver's License, or Passport in JPEG, BMP, PNG, or PDF formats.
- In addition, you must verify your residential address by uploading your bank statements, or electricity and water bills for the last 3 months in JPEG, BMP, PNG or PDF formats.
For those documents to be validated, you need to capture all 4 corners of the document and all details must be sharp. Therefore, I recommend that you scan the documents into a PDF file. That is the fastest way to help you get verified.
EXNESS LOCAL SUPPORT TEAMS ARE VERY GOOD
Exness group has 3 companies, which are VC, CY and UK. Most of their clients register accounts under VC, because the VC accounts have better trading conditions. Exness has 5 official offices in Cyprus, China, Malaysia, Singapore and Thailand. Their support teams are based in Malaysia. They support many languages such as: English, Chinese, Thai, Bahasa, Arabic, Urdu, and Vietnamese… They support 24/7 for Thai, Chinese and English. For the rests, they support 16/5.
So, if you speak these languages, you will get the best support. After registration, you will get support from the sales team (Yes, they called me right away after I created an account). They will call and guide you step by step if you are fresh. Whenever you have questions, you can get the responses instantly in Exness Live Chat. I’m very satisfied with their support team. Most beginners have a lot of questions, troubles when they start trading. So, choosing brokers that support them in their mother languages is the best option.
EXNESS PAYMENT SYSTEMS ARE THE BEST
If you are a forex trader from Asia, you should pay extra attention to the broker’s payment system, because most Asian countries aren’t rich countries. So, they are using backward payment systems that most brokers don’t support. It’s very difficult for these traders to deposit to the brokers. That’s why sometimes, Asian traders will choose a broker because of their good payment systems only.
Exness offers the best payment systems for Asian countries. Especially for China, Thailand, Indonesia, Vietnam, and Pakistan. In these countries, traders can deposit by local banks, internet transfer, mobile payment, e-wallet, CC and more. The good thing is that if traders use local payment methods, Exness will pay 100% transaction fee and they can get better exchange rate. This is so amazing because back when I didn’t know, transferring through Visa always cost me 3-5% of the money, which frustrated me.
For traders who aren’t in these countries, they can use Credit Card, Wire transfer, Neteller, Skrill… There are tons of different payment methods that are the best options for them, because Exness doesn’t charge any deposit and withdrawal fee.
HOW LONG DOES EXNESS WITHDRAWAL SYSTEM TAKE?
Based on my experience with Exness, the deposit/withdrawing process of this broker usually take less than 5 minutes to proceed. 5-minute is when your Internet is slow. If you have good connection, Exness withdrawal usually takes only 1 minute.
Exness deposit methods and Exness withdrawal review
- Traders can deposit and withdraw by local payment methods in most countries.
- There are various international payments methods that traders can use wherever they are. And Exness doesn’t charge fee.
- Exness payment systems are instant. Most transaction are instant. You can get your money in seconds while other brokers take some hours to some days to withdraw.
- You have to withdraw the same way you deposit. There is no limit to the withdrawn amount.
- The amount you withdraw has to follow the ratio of your deposit methods. For example, if you deposit $600 by Skrill and $400 by Netteller, you can withdraw 60% of your money by Skrill. The other 40% has to be withdrawn through Netteller.
EXNESS SOCIAL TRADING PLATFORM
In March 2019, Exness launched its cutting edge social trading platform. It is the best tool for investors who don't have too much time for forex trading. On this platform, you can choose a successful forex trader and copy their trades. If that trader makes profits, you also make profits based on the ratio between your funds.
EXNESS TRADING CONDITIONS ARE VERY GOOD
THERE ARE LESS SLIPPAGES AND GAPS IN EXNESS
Before 2015, there were a lot of complaints about Exness slippages, especially when there are important news. After that, they invested a lot of money to improve their servers. Now, if you check their server speed. It’s the fastest. This action shows how much Exness cares about their clients’ trading experience. Moreover, they also support free VPS for most of their clients to improve the connection speed. That’s why there are less slippages now.
EXNESS QUOTES ARE GOOD
BRKV - Also before 2015, there are many MT4 disconnection errors and no-quotes for Zero account. They improved this by working with more liquidity providers. Instead of working with 1 – 2 liquidity providers, Exness cooperated with 4 liquidity providers, and chose the best quotes among these liquidity providers. That’s why after 2015, you seldom encounter these type of errors. Their quotes are much better. This is also the answer for the question why Exness quotes are different from other brokers. The quotes of all brokers are different because they get them from different liquidity providers. And Exness’ quotes are good and stable because they optimize the quotes acquiring process.
EXNESS EXECUTION SPEED IS THE FASTEST
You can easily test it by yourself. I just checked and found that Exness server speed is 5 times faster than other brokers. Let’s test it and see the results now!
THERE ARE NO SWAP ACCOUNTS
Swap is also a kind of trading cost. So, the lower the better. Exness offers free swap account for Islamic countries. If you aren’t in the Islamic countries, you can get free swap for trading Cryptocurrency. Check Exness no swap accounts
YOU CAN USE EA FOR TRADING AT EXNESS
You can install any EA you want. You also can ask for free VPS to host your EA which runs 24/7. You also can install robot trading. Some of my friends have won a lot of money from robot trading, but it’s not easy to find a good robot.
WHY ARE THERE REVIEWS SAYING EXNESS IS A SCAM BROKER?
Actually, before starting trading with Exness, I also read these Exness broker reviews and worried about that, but after 3 years trading there, I knew exactly why.
Many traders said that Exness quotes are different from other brokers. As I mentioned above, all brokers’ quotes are different because they get quotes from different liquidity providers. So, it’s normal if Exness quotes are different. They are different and they are better.
Example: In December 2017, Bitcoin hit the highest price ever, nearly $20,000. This is the ask price. While Exness Bitcoin ask price was just $19,500. You see, Exness quotes are $500 better per coin. You can check these number in MT4 history! In terms of Bid price, Exness is also better.
There are many complaints saying that: chart prices didn’t hit stop loss price but Exness close their positions as stop loss. These are common complaints. Since the price in MT4 is bid price, if you open a sell position, it will be closed by ask price, because bid price is lower than ask price. Sometimes, MT4 chart price didn’t hit your stop loss price but positions were closed because the bid price hit stop loss. That’s why, as usual, I set up MT4 to show both Bid and Ask prices.
Check Exness trading platforms
TRADING EXPERIENCES IN EXNESS
The last thing I would like to share with you today is my trading experiences with Exness:
- Day time spread is lower than night time. Maybe most of you don’t know this. So, if it’s possible, do trade more in day time.
- Standard Cent and Standard spreads are nearly the same.
- You should open high leverage Exness account and trade low leverage positions. Open high leverage account to minimize margin. Open small positions to avoid risk.
- Cryptocurrency trading conditions are the best.
- You should deposit and withdraw by local banks/methods. It’s fee-free.
ALL QUESTIONS ABOUT EXNESS ANSWERED HERE
Where is Exness located?
Exness places their headquarter at 1, Siafi Street, PORTO BELLO, Office 401, 3042, Limassol, Cyprus. For customer support offices, Exness has local offices in many other countries like England, Thailand, or Malaysia...
Exness has 3 entities, which are Exness VC, Exness CY and Exness UK. Their headquarter is located at Cyprus and other working offices are placed in England, Malaysia and Singapore. If you want to contact them, just go to https://www.exness.com/contacts. You can call them, or chat live on their website, or send an email.
Exness is a company offering forex trading services on various platforms like MT4, MT5, Web or Mobile. Exness was founded in 2008 by a team of financial experts and technicians. The founder of Exness is Petr Valov.
Does Exness have bonus?
Currently, Exness doesn’t have any bonus programs. The reason is that most brokers who is as big as Exness usually don’t have bonus. Bonus is a tool for small and medium brokers to attract more customers. For big brokers such as Exness, they don’t need bonus to lure more customers.
Is Exness reliable?
Exness is indeed very reliable. The proof is their forex regulations: FCA and CySEC. Moreover, they have a giant customer base as a guarantee for their credibility and quality.
How much is Exness minimum deposit?
Exness minimum deposit is currently $1. That’s right. Only 1 US dollar. This is the lowest deposit requirement in the world right now.
After 5 years trading with this forex broker, I can confidently state that Exness is the broker you should go to. They are tightly regulated by FCA and CySEC. Moreover, Exness has segregated bank accounts to keep their clients’ fund. Finally, Exness published all of their financial reports on their website. Customers are free to check how they do business at any time. This Exness review is checked and approved by various professional forex traders in the market.