The Exness brand is owned by a group of companies, which was founded in 2008. The global reach of this group is very impressive to this day. Through the various corporate branches, the people behind the operation have made Exness available all over the world.
Although slow in the beginning, the evolution of the brokerage accelerated during the early 2010s. By 2014, some 15,000 traders opened accounts with the broker every month.
That growth has since gathered more momentum still.
The broker offers 24/5 support in no fewer than 13 languages, having made its website available in 18.
On the regulatory front, Exness certainly has its act together.
As mentioned, the group is made up of (at least) 3 corporate entities, which back the brand in different jurisdictions.
Exness Limited is based in St Vincent and the Grenadines. A registered company, it is regulated by the local financial authorities. This is the branch of the brokerage which offers the most attractive deals and diverse account variants.
Exness CY Limited is based in Cyprus and it is regulated by the local CySEC. Its license number is 178/12.
This branch of the operation is apparently fully MiFID-compliant, and it is a member of the investor compensation scheme.
Exness UK Limited is a company registered in England and Wales. It is registered with the FCA under reg. number 730729.
Interestingly, most of the complaints discussed above have been submitted by people most probably trading with the St Vincent and Grenadines-based branch of the brokerage.
Why would someone sign up for an account with Exness?
The broker offers outstanding leverage. Even though its website touts leverage as one of its main selling points, there is a lot of contradictory information out there in this regard. Obviously, the maximum available leverage differs from one account type to another as well.
The broker also features a streaming news service and it offers free technical analysis.
Deposits and withdrawals are commission free and most of the supported methods are instant.
The spreads are tight on all major currency pairs, and overall, the trading conditions are attractive.
Exness is involved in the protection of a few endangered species through WWF and it is a Real Madrid sponsor.
Exness Trading Platforms
The trading platform selection of the broker is based on MetaQuotes’ popular MT4. In addition to that, MT5 is available too, together with a Multiterminal version of MT4. Mobile apps for iOs and Android are supported as well.
Every one of these platforms can be downloaded for free, at the official Exness website.
MT4 is without a doubt the best online trading solution. It offers scores of technical indicators and drawing tools, and its charting is the best in the business. It also supports hedging and EAs.
To round out the EA picture, Exness offers a handy VPS service.
The platform is fully customizable. Traders can set chart types and indicators and save their templates for later use.
MT5 might be the evolutionary iteration of MT4, but it is hardly its “competitor”. It is aimed at a different type of trader class, and its strengths are different as well.
Exness’ MT5 offers access to two account types and two order execution methods: instant and market.
In addition to its Hedging Mode System, MT5 offers access to a live news stream, as well as various other fundamental analysis-focused features.
Exness Account Types
The account types offered by Exness are numerous. To which of these options individual traders have access depends on the platform they use and their geographic location.
Those located in Europe will interestingly be redirected to the UK site. As such, they will only gain access to a single account type, the MT4 Classic account, which features a minimum deposit requirement of $500, while offering spreads on major pairs starting from 0.4 pips.
MT5 is only available to users of Exness Limited. There are two account types in this bundle: the Mini Account and the Classic Account.
The Mini Account requires a deposit of just $1, and it offers spreads from 0.3 pips. Interestingly, the MT5 Classic Account may require a minimum deposit of $2,000 – much more than its MT4 equivalent. The maximum leverage for both accounts is 1:2,000.
On Exness Limited, there is an ECN and a Cent account offered too.
On Exness CY Limited, the Mini Account offers the same trading conditions as its Exness Limited equivalent, with the difference that the maximum available leverage is just 1:30.
Long story short: the trading conditions and the overall value seems to be better on Exness Limited accounts. Most of the trader complaints are directed towards this branch of the brokerage too. Lack of strict regulation may be conducive to better offers on paper, but it leaves traders unprotected against fraud.
Deposits and Withdrawals
The disparities between the various branches of the brokerage carry over to the accepted payment methods too.
While the EU/UK-focused sides only accept Wire Transfer, Skrill, Neteller and credit cards, Exness Limited apparently accepts cryptos too, such as Bitcoin and even Tether.
Most transfer methods are said to be instantaneous, with the exception of Wire Transfer, which takes 3-5 business days to process.
Exness Market Coverage
It is beyond doubt that the focus of Exness is on FX currency pairs. The best trading conditions are available on majors such as the EUR/USD. There are indeed scores of FX pairs available, from the said majors all the way to the most exotic.
Obviously, the trading conditions on exotic pairs are quite a bit more adverse.
In addition to FX, Exness offers gold and silver too, paired with a number of different currencies, such as USD, EUR, GBP and AUD.
To round out the market coverage, the broker has added a few crypto/fiat pairs too, such as the BTC/USD, ETH/USD and LTC/USD.
Traders cannot purchase actual cryptocurrencies at the broker. These assets can only be traded through derivatives called CFDs.
The Exness support staff can be contacted directly from the homepage of the official site through live chat and phone.
Live chat supports 13 languages. Most of these channels are closed during the weekend though.
In addition to live chat, there is a Callback option available, as well as email (which seems to be out of order right now).
Everything considered, Exness shapes up as a decent trading destination. The negative trader feedback is mostly limited to its Exness Ltd branch, meaning that its UK and Cyprus-based branches seem to be safer and much less fraud-prone.
The trading platforms and the trading conditions are all good. If you’re looking for FX trading, the market coverage is great too.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.