Exness Review – Are They a Scam?

Exness Overview

Founded2008
PlatformMetaTrader 4 and MetaTrader 5
Minimum account size$0
Minimum lot size0.01
Tradable Assets134
Maximum margin1:100
Spread on EUR/USD2 pips
Carryover charge for EUR/USD0.25%
Payment methodsElectronic payment systems, Bank cards & Wire transfers
Demo accountYes
Accepts US tradersNo
RegulatedCySEC (Cyprus), FDR (New Zealand) & CRFIN (Russia)
SupportEmail, Phone and Live Chat

 

Pros

  • Regulated
  • Wide range of currency pairs
  • Demo account available
  • Very low minimum trade size
  • Very stable platform

Cons

  • US traders not accepted
  • Boring platform design

Exness was established in 2008 and is based in in St. Petersburg, Russia. This company is authorised and regulated by the Financial Dispute Resolution in New Zealand, the Centre for Regulation in OTC Financial Instruments and Technologies in Russia and the Cyprus Securities and Exchange Commission. This broker asserts that they offer a trading environment that is profitable, reliable and convenient regardless on the type of account that is used by their clients. Seems assuring but are these assertions for real?

Platform
Exness’ online trading service is using the popular MetaTrader 4 and MetaTrader 5 platforms which allow working with various trading instruments and the usage of forex signals. The downloadable software for desktop versions run on Windows, Mac and Linux operating systems while the mobile terminal on the other hand supports iOS, Android and Windows Mobile platforms. There’s no question when it comes to stability because it runs well and is compatible with most operating systems which is why I am giving them a Platform score of 9/10.

Design
The platform may not be the most visually appealing platform but it does have all the necessary elements that are needed for currency trading. The first encounter with the interface was a bit intimidating but it only took a while for me to get used to the system thanks to its user-friendly features and well-organized sections where I can keep track of the prices, analyze the charts and monitor my open positions. The lack of intensive graphics is an added advantage which makes it a lot faster to load the software in a matter of seconds and for this I am giving this broker a Design score of 3/5.

Minimum Deposit

The minimum initial deposit will be dependent on the type of account. With the Mini account any amount is allowed while the Classic and ECN accounts require a minimum of $2,000 and $300 respectively. The Mini account is ideal for traders who are starting out in trading currencies since any amount is accepted. For this reason I am giving this broker a Minimum Deposit score of 5/5.

Minimum Lot Size

Exness accepts a minimum lot size of 0.01 which is good enough to lower the risks and limit the losses in case the market goes against me. This also allows me to easily manage my trades since the accepted smallest lot size gives me the opportunity to stay flexible and because of this I grade this broker with a Minimum Lot Size score of 4/5.

Tradable Assets

It’s easy to find a good pair of currencies to trade on with Exness which has a total of 134 assets. This certainly increases the opportunities of making a profit thanks to the comprehensive list of currency pairs that are available from this broker. The spreads are very competitive and the margin requirements are no doubt reasonable for any trader. This is the reason why I am giving them a Tradable assets score of 4/5.

Payouts

The chance to make considerable profits is the primary reason why people trade forex which is why the pip value is highly important because the possible profits can be determined from this rate. At Exness the EUR/USD pair has a spread of 2 pips which is undeniably much more promising compared to what other brokers can give. This ate warrants this broker a Payouts score of 8/10.

Withdrawal Time

Most of the withdrawals are automated which means that the requests are easily processed and the funds are instantly credited in just a matter of seconds. This is considerably faster than the standard processing periods which are set by other forex brokers. Such kind of speed is what most traders are looking for in a broker and true enough I was able to get my initial deposit back in less than a day. This is the reason why I am giving this broke, a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods

Deposits and withdrawals are not a problem for this broker because it accepts a wide range of methods such Wire Transfers, bank cards like Visa and MasterCard and electronic payment systems including Skrill (Moneybookers), Webmoney, Ukash, Payweb, Neteller, Filspay, CashU and Perfect Money. Such coverage is one of the widest in the market which is the basis why I am giving them a Deposit and Withdrawal Methods score of 5/5.

Customer Support

It is a necessity to sign-up with a broker that has a support team that is always ready to answer questions and provide fast solutions to any customer-related problem. They also need to be available all the time especially that they are catering to clients from all across the globe.

Exness has a 24-hour multichannel support and a technical support that speaks English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese and Thai. They also have dedicated email addresses for different departments and an option for a callback request. I was more interested though with the live chat method so I tested it and here’s the result of my chat with their agent named Kurush:

As you can see, the conversation went smoothly and all my questions were answered with complete details. I was surprised that it only took around 7 minutes which is amazingly fast. I was very impressed on how Kurush handled the conversation and for this I am giving them a Support score of 8/10.

Quoting Accuracy

Exness has dramatically improved their systems as it gets fewer requotes even when there are big movements in the markets. Their quote stream has been fully optimized and this is a significant improvement to their trading platform in order to get much higher returns. This warrants Exness a Quote Accuracy Score of 7/10.

Reputation

Exness is authorised and regulated by the Financial Dispute Resolution in New Zealand, the Centre for Regulation in OTC Financial Instruments and Technologies in Russia and the Cyprus Securities and Exchange Commission. This is a major plus because this means they are monitored to ensure that they are compliant with the laws and regulation that are set by the financial authorities.

Aside from maintaining a good track record with the regulators, this broker has also been getting a lot of good reviews and comments from actual traders who are using their services. Most of the feedbacks are generally positive with just a few negative comments from unhappy customers which is why I am giving them a Reputation score of 10/15.



Bonus Requirements

Generally, all forex brokers provide bonuses to welcome their clients and most of the time these bonuses comes with a trading condition that must be met before withdrawal requests are processed. With Exness, the bonus can be withdrawn and is calculated based on the formula where the amount of the bonus available for withdrawal is credited to the funds for every million dollars in trading volume. Such conditions are a bit complex which is why I am giving them a Bonus Requirements Score of 2/5.

Withdrawal Pre-Volume

Any attempts to make a withdrawal prior to the completion of the trading volume will render the bonus invalid but since the initial funds can be withdrawn then it’s considered fair enough since most traders simply want to get their initial deposit back and for this I am giving this broker a Withdrawal Pre-Volume score of 3/5.

Conclusion

Aside from using a well-known and stable platform, Exness was able to create an environment that is ideal for online currency trading. They have made significant developments to their system in refining their services and features such as the upgraded quotes, the low variable spreads and the more diverse selection of currency pairs. Their clients have greatly applauded them for doing such actions and this is proven by the good number of feedbacks that can be easily found online. Such improvements clearly show that they are on the right track.

Final Score: 77/100

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