Exness is my first broker and also my last, which I hope so, because everything is still good so far. Three years ago, I started my trading career. As most beginners, I want to trade at the best forex broker. Actually, it isn’t easy to find out that best broker because every review lead me to different best forex brokers. Finally, I listed down 3 forex brokers that I thought they are the best, because they got the most recommendation. They are Exness, XM and FxPro. I created accounts on these brokers, deposited and started my tests to find out the best brokers.
It isn’t easy to find out the best one, because each broker has their advantages and disadvantages. I can’t find out the absolute best forex broker, but I found out that Exness is my most suitable broker. So here is my Exness broker review.
- 1 WHAT CRITERIA SHOULD A BEST FOREX BROKER HAVE?
- 2 EXNESS OFFERS 4 TYPES OF ACCOUNTS
- 3 EXNESS HAS GOOD REPUTATION.
- 4 EXNESS SPREAD AND COMMISSION ARE THE LOWEST.
- 5 EXNESS LOCAL SUPPORT TEAMS ARE VERY GOOD.
- 6 EXNESS PAYMENT SYSTEMS ARE THE BEST
- 7 EXNESS TRADING CONDITIONS ARE VERY GOOD.
- 8 WHY ARE THERE TOO MANY REVIEWS SAYING EXNESS IS A SCAM BROKER?
- 9 TRADING EXPERIENCES IN EXNESS
- 10 ABOUT EXNESS
WHAT CRITERIA SHOULD A BEST FOREX BROKER HAVE?
There aren’t absolute criteria, but after 3 years of trading, these are the criteria I think the best forex broker should have:
- Suitable account types.
- Good reputation.
- Good spread/commission.
- Good trading conditions such as: low gaps, fast execution speed, low slippages, good quotes, and swap.
- Good local supporters.
- Good payment systems.
Based on these criteria, Exness is the most suitable broker for me.
EXNESS OFFERS 4 TYPES OF ACCOUNTS
Exness offers 4 types of accounts which are suitable for both beginners and professional traders. They are Cent, Mini, Classic and ECN accounts. Cent account is suitable for beginners. Mini and Classic accounts are for professional traders and ECN account is for experts.
Choosing the suitable account types is very important to get success 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.
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 low amount of money, trade small positions, and has low margin requirement…
Exness Cent account is good because their 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.
– Low minimum volume per trade. The lower the better.
– Good local support.
Open Exness Cent account here
Most professional traders like Exness Mini and Classic 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 Mini and 0.1 pip for Classic.
– No trading commission.
– Unlimited leverage.
– Exness minimum deposit is not required for Mini account. The Exness minimum deposit for Classic 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.
Open Mini and Classic account here
Most traders have researched and know that ECN 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 ECN account.
But if you are experts, you should trade Exness ECN account because:
Lowest spread. 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.
Lowest commission. All forex brokers charge commission for trading ECN accounts, because the spread is nearly zero and the liquidity providers will get these spreads. So, ECN brokers’ income is now commission. While other brokers charge from $7 – $10 each lot, Exness only charges $5. 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.
Open Exness ECN account here
EXNESS HAS GOOD REPUTATION.
Most traders appreciate this 10-year-old broker. So far, their services are very good. I asked my trader friends about Exness. Here are their top of minds:
- Instant payment system.
- Unlimited leverage.
- Low spread
- Good quotes.
- Fair play.
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 some brokers compensate for their clients. Exness always do that. 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 trusted Exness forex broker because Exness is rich. Yes. They always deposit around $200 millions in their bank. This amount of money is 4 times bigger than the total of their clients deposit amount. This makes me confident to deposit tens of thousands dollars without hesitation.
Exness has been the biggest retail forex broker in the world since 2015. Last May, they got $395 billion trading volume. This is much higher than 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. For me, the biggest broker should be the most prestige. They are the biggest forex broker because most traders choose them. Why not us? If you want know more about Exness reputation, just ask your trader friends. I think most of them are trading there.
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, company fund… There are no other brokers who can compete with Exness in transparency. Transparency is important because you can check broker finance situation to make sure it’s safe for trading.
Check Exness trading volume report here
EXNESS SPREAD AND COMMISSION ARE THE LOWEST.
Many traders are searching “No commission brokers”, and Exness is the best option for them. They offers 4 types of account. There are regular accounts and ECN account. Exness doesn’t charge commission for regular accounts: Cent, Mini and Classic accounts. There isn’t commission and hidden fee. You only have to pay for spread. And Exness spreads are the lowest. Their spreads are from 0.1 pip. Classic 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 created accounts at top best forex brokers to do spreads comparison. 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 around 0.5 to 0.8 pip. It’s amazing, because most other brokers charge around 1.7 pips. Their crypto currencies spreads are the lowest absolutely. They only charge around $3/coin for trading Bitcoin, $0.01 for Ripple, and $0.5 for ETH. Today is a volatile day. Bitcoin price just jumped from 6,2k to 6,5k, but Exness Bitcoin spread is still low.
Moreover, Exness doesn’t charge swap for trading Cryptocurrency. Swap is a part of spread. So, that’s why I can say their Cryptocurrency spread is the lowest.
For ECN account:
As other ECN brokers, Exness also charges commission, but they only charge $5 for each lot. This commission is about 50 – 100% lower than other ECN brokers. As usual, other ECN brokers charge from $7 – $10 each lot trade. Moreover, Exness ECN 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 Account here.
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. 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
Payment systems will strongly influence Asian traders when choosing a broker, because most Asian countries aren’t rich countries. So, they are using backward payment systems that brokers don’t support them. 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.
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.
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.
Check Exness payment systems here
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. 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.
Also before 2015, there are many MT4 disconnection errors and no-quotes for ECN. 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.
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 TOO MANY 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! For Bid price, Exness is also better.
There are many complaints that: chart prices didn’t hit stop loss price but Exness close their positions as stop lot.
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.
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.
– Cent and Mini 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.
Hope you like my Exness forex broker review. Click to open accounts at Exness.
Exness is a Forex Broker that offers people online Forex services on many different platforms such as MT4, MT5, Web and Mobile platforms. Exness is founded in 2008 by a group of finance and information technology professionals. The founder of Exness is Petr Valov. Exness has three entities, which are Exness VC, Exness CY, and Exness UK. Exness headquarter is in Cyprus, and its operation offices are in United Kingdom, Malaysia, and Singapore. If you want to contact them, just go to exness.com/about_us/contacts. You can chat live, call them or send them an email.