Exness Review 2023

Trust

In our trust category, we place the most importance on how a broker is regulated. Here we cover how the different entities of Exness across the globe are regulated and how this impacts you. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of protection.

Entities of Exness are regulated by the following authorities:

• Exness (UK) Ltd. is an Investment Firm authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the Financial Services Register number 730729. We rate the FCA as a Tier-1 regulator.
• Exness (Cy) Ltd. is a Cyprus Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 178/12. We rate CySEC as a Tier-1 regulator.
• Exness ZA (PTY) Ltd is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with FSP number 51024. We rate FSCA as a Tier 2 regulator.
• Exness (SC) Ltd is authorized and regulated by the Seychelles Financial Services Authority (FSA) with license number SD025. We rate the FSA as a Tier-3 regulator.
• Exness B.V. is a Securities Intermediary authorized and regulated by the Central Bank of Curaçao and Sint Maarten with license number 0003LSI. We rate the Central Bank of Curaçao and Sint Maarten as Tier-3 regulator.
• Exness (VG) Ltd is authorized by the Financial Services Commission (FSC) in the British Virgin Islands (BVI) with registration number 2032226 and investment business license number SIBA/L/20/1133. We rate the BVI FSC as a Tier-3 regulator.
• Exness (MU) Ltd is authorized by the Financial Services Commission (FSC) in Mauritius with registration number 176967. We rate the Mauritius FSC as a Tier 3 regulator.
• Tadenex Limited is authorized by the Capital Markets Authority (CMA) in Kenya as a non-dealing online foreign exchange broker with license number 162. We rate CMA as a Tier 3 regulator.

Why is it important to know where your broker subsidiary (entity) is regulated?

Different regulators provide different levels of protection. For example, Exness clients in the United Kingdom benefit from the oversight of the FCA. The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit. Client funds must be held in segregated accounts, which are protected in case a broker goes bankrupt.

In addition, when trading with a broker authorized by the FCA, client funds are protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent. By contrast, a trader working with a broker entity regulated offshore would not have these benefits guaranteed to them.

Offshore clients of Exness have access to compensation via the Financial Commission, an international organization engaged in the resolution of disputes in the financial services industry for the forex market. The Compensation Fund will only cover judgments made by the Financial Commission of up to €20,000 per client.

The table below breaks down the mandated protections and benefits by entity, regulator, and region.

Regulatory requirements are subject to change. The data listed above was gathered in February 2023.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of information being readily available.

Exness has a substantial operating history of 15 years. According to their LinkedIn page, the company is headquartered in Limassol, Cyprus, and has over 2,000 employees in offices located in Asia and Europe.

In our research, Exness showed an average level of transparency in their regulatory status, with a listing of all their entities and their regulators on their Regulation page. However, with so many offshore entities it is not clear which entity you would be assigned to if you open an account. Trading costs are covered in detail on the Fees page.

We would have liked to see more information on the background and history of the company on the website, as there is no page dedicated to this. The Client Agreement document is available on the Legal Documents page.

Fees

In the Standard Account, Exness earns money mainly from spreads (the gap between the bid and offer prices of an asset).

Trading Fees

Spreads at Exness are variable, meaning that they fluctuate slightly. The spread’s size depends on the market’s level of liquidity. Liquidity describes how much an instrument can be bought and sold quickly without moving the market. Traders typically experience tighter spreads when there is greater liquidity in the market.

Using the Web Trader platform, we measured the spreads at Exness across different asset classes in a Standard account. We tested at 8:00 a.m. GMT and 3:00 p.m. GMT on 13 February 2023. 8:00 a.m. GMT is the London open when there is high liquidity in the forex market and tighter spreads in currency pairs. 3:00 p.m. GMT is a quieter time, shortly before the opening of the New York stock exchange.

Our research showed that spreads in forex, stocks, and commodities are competitive within the industry. However, the spreads in indices are relatively wide.

Swap Fees

Exness does not charge swap fees for stocks, crypto, indices, gold, and some popular currencies, depending on your account settings.

Exness has two swap-free levels: Extended and Standard. The difference is in the number of instruments you can keep overnight without being charged.

With the standard swap-free level, Exness does not charge swap fees for XAU/USD, indices, cryptocurrencies, or stocks. Swaps are charged for all other instruments.

With the extended swap-free level, no swap fees are charged for AUD/NZD, AUD/USD, EUR/CHF, EUR/USD, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USOIL, AUD/CHF, AUD/JPY, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/NZD, GBP/CHF, GBP/NZD, NZD/JPY, NZD/CAD, XAU/USD, indices, cryptocurrencies, and stocks. Swap fees are charged for all other metals, minor pairs, exotic pairs, and UKOIL.

To get the extended swap-free level, you must trade mostly within the day and keep a small number of overnight positions.

We measured the cost of swaps in EUR/USD and GBP/JPY and recorded the overnight charges/credits.

The data above was recorded on 13 February 2023.

Non-Trading Fees

Exness does not charge an inactivity fee, and there are no deposit or withdrawal fees.

Are Fees at Exness Competitive?

Fees at Exness are mostly competitive, and this broker deserves credit for keeping swaps and non-trading fees to a minimum. Spreads in forex pairs such as EUR/USD and GBP/JPY are better than the industry average.

Platforms and Tools

Exness Terminal Web Platform

The Exness Terminal has an intuitive interface and popular features such as watchlists, 1-click trading, and trading from the chart. The platform also has unique features such as a sentiment indicator which tells you the percentage of buy and sell orders recently opened by traders.

Available order types include market orders and pending orders (buy limit, buy stop, sell limit, sell stop, buy stop limit, sell stop limit, take profit, and stop loss). Trailing stop and time-in-force orders (such as GTC) are unavailable.

Advanced charts from TradingView are built into the Exness Terminal platform. The robust charting software includes:

• 88 technical indicators, from the Accumulative Swing Index to the Zig Zag indicator.
• 32 drawing tools, including Fibonacci retracement and Pitchforks.
• 14 time frames ranging from 1-minute to monthly charts.
• 11 chart types, from Japanese candlesticks to Renko charts.

Exness Trade App

Available for iOS and Android, the Exness Trade app provides access to over 200 instruments. The app has a user-friendly interface designed specifically for beginners. Instant deposits and withdrawals and 24/7 customer support are available via the app.

Charting within the app features two chart types (line and candle), seven timeframes (M1, M5, M15, M30, H1, H4, D1), and classic indicators such as Moving averages, Bollinger Bands, and Parabolic SAR. Order types within the app include market orders and pending orders, such as limit orders and stop loss orders. The Exness Trade app also features an economic calendar, market news, and trade ideas from Trading Central.

MetaTrader 4&5

Exness offers the popular MetaTrader 4 and MetaTrader 5 platforms for desktop, which include advanced functions such as copy trading and automated trading.

MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as:

• Alerts. This feature allows traders to be updated when an instrument reaches a specific price level. The platform can deliver alerts via audio, email, or push notification to a mobile device.
• Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
• Trading from the Chart. MT4 also allows users the convenience of trading directly from the chart.

MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. Trailing stop orders allows traders to secure profits when they are in a winning trade while not having to exit the position.

Charting features are robust. MetaTrader 4 offers:

• 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
• 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
• 9 Time Frames. Traders can choose time frames from one minute to one month.
• 3 Chart Types. Traders can use bar charts, Japanese Candlestick charts, and line charts.

MetaTrader is also popular due to its copy trading and automated trading features.

• Trading Signals. Signals in MetaTrader 4 allow users to copy other traders’ activity in real-time.
• Automated Trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs) – programs that monitor and trade markets using algorithms.

The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have the most beautiful interface and requires some time and effort to learn, but that is typical of advanced platforms.

MetaTrader 4 Web

MT4 account holders can also access the MetaTrader 4 Web Platform – a slightly stripped-down version of the desktop platform. It allows you to trade without additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.

Popular features include:

• One-click trading.
• Trading from the chart.
• Watchlists with real-time quotes.
• Trade history.
• Advanced charting with 30 indicators for technical analysis.

Copy and automated trading are also available only on the MT4 desktop platform.

MetaTrader 4 Mobile App

Exness also offers MT4 account holders access to the Android MetaTrader 4 app. It offers popular features such as alerts, 1-click trading, and trading from the chart. The MetaTrader 4 mobile app also provides various order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. As with desktop and web, the interface could be more intuitive, but the MT4 app offers an above-average range of features.

Order Execution

In the case of Standard and Standard Cent accounts, Exness is a market maker broker, meaning that they set the bid (buy) and offer (sell) prices internally and automatically take the other side of a client’s trade.

Tradable Instruments

CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at Exness include the following assets:

• 100 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
• 13 Indices. An index is a basket of trading instruments that are used to gauge a market sector, stocks within an exchange, or the economy of a country.
• 33 Cryptocurrencies. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.
• 74 Stock CFDs. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs you are speculating on the price of a stock without actually taking ownership of the underlying company.
• 14 Commodity CFDs. Commodities are raw products, such as gold and oil.

In the tables below, you can see a selection highlighting the variety of instruments available at Exness:

Disclaimer: CFDs are complex instruments with a high risk of losing money rapidly due to leverage.

In the category of Tradable Instruments, Exness is strongest in forex, commodities, and indices and has a relatively sparse offering in stocks.

Customer Support

Chat support at Exness begins with a bot. You are assigned to a live representative if the bot cannot answer your question. Live support was helpful, and the wait times were usually less than a minute. For email inquiries, it took several days to receive a response.

Over the phone, we received a fast response via the international support line in Cyprus (+35725030959). The agent was helpful and gave a thorough answer.

We tested support with a variety of questions. These ranged from the basic, for example, ‘what is the maximum leverage available’, to more complex inquiries, such as ‘how are orders executed at Exness?’. Overall we received good-quality responses.

Deposits & Withdrawals

Deposit methods at Exness range from bank transfers to credit cards, cryptocurrency, and digital wallets.

* Bank transfer deposits are not available in all countries.

Withdrawals

Various withdrawal methods are available, including credit cards, cryptocurrency, and digital wallets. Exness carries out many withdrawals with no manual processing, including on weekends.

Account Types and Terms

Account Types

At Exness, there are two Standard Accounts available: Standard and Standard Cent (designed for new traders, this account is denominated in cents). The table below covers key account features.

Professional Accounts (Raw Spread, Zero, and Pro) are designed for experienced traders, including scalpers, day traders, and algorithmic traders.

Accounts can be denominated in 45 different base currencies.

The Standard account application process is very simple and consists of entering the following data:

1. Set country/region of residence.
2. Fill in your email address.
3. Choose a password.
4. Verify your phone number and email.
5. Add some basic personal information.

Leverage

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is using borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

The default leverage at Exness is 1:2000. This is a very high available leverage level. It means that with an account of $1,000, you can control up to $2000,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

In some instances, Exness offers unlimited leverage. A trading account must have equity of less than $1,000. In addition, the trader must have closed at least ten positions (excluding pending orders) and five lots (or 500-cent lots) across all real accounts.

Demo Accounts

Exness offers demo accounts for both the Trading Terminal platform and MetaTrader. Demo accounts enable traders to practice their strategies and get comfortable with the platform without risking real money.

The demo account features live quotes and mirrors live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once traders have gotten up to speed on a demo account, they can easily switch to a live version.

Islamic Accounts

Exness does offer swap-free Islamic accounts but only for residents of Islamic countries.

Supported Countries

In mainland Europe and the UK, Exness focuses on B2B financial services exclusively offered to Professional institutions. Exness accepts retail clients from the majority of countries outside Europe.

The broker does not accept clients from the United States of America, American insular areas (American Samoa, Baker Island, Guam, Howland Island, Kingman Reef, Northern Mariana Islands, Midway Islands, Wake Island, Palmyra Atoll, Jarvis Island, Johnston Atoll, Navassa Island, United States Minor Outlying Islands), Vatican City, Puerto Rico, Marshall Islands, US Virgin Islands).

Exness also does not accept residents of the following countries: New Zealand, Canada, Australia, Vanuatu, Seychelles, Russia, Israel, Iraq, Syria, Yemen, Palestinian Territory, Iran, North Korea, Malaysia, all EU countries, Gibraltar, Curacao, the United Kingdom, and others. However, nationals of these countries are accepted if they live in any allowed country.

Research

Traders can stay on top of key economic events with the economic calendar on the Exness website. The calendar shows the expected impact of the economic release, the actual figure, the analyst forecast, and the figure from the prior release.

Trading Central WebTV is also available via the Exness website. Daily videos provide commentary, trading ideas, and news coming directly from the New York Stock Exchange floor.

Trading signals by Trading Central are also available within the personal area in a section called Analyst Views. You can select the market you want to view, including forex, stocks, indices, and commodities. The analysis draws from technical data such as ‘The MACD is below its signal line and positive’. Along with this, clear-cut forecasts are given, for example, ‘USD/ZAR may rise 1214–1674 pips’. Traders can filter these ideas to cover short-term (intraday) or longer-term time frames, such as daily and weekly.

The Market News section within the client portal has a real-time feed of market news and the latest updates from the team at FXStreet.

Education

The Exness Academy offers 3 courses:

• How Trading Works (11 short video lessons and 11 articles). Geared towards beginners, this course covers basic topics such as ‘What are CFDs?’ and ‘Margin and Leverage’.
• How to Analyze (10 short video lessons and 10 articles). This course is made for intermediate-level traders and includes segments on ‘Support and Resistance’ and ‘Sentiment’.
• Managing Risk: The Basics (7 short video lessons and 7 articles). This course is for intermediate-level traders and features lessons on ‘The Psychology of Trading’ and ‘Managing Risk with Stops and Targets’.

There is a quiz at the end of each course to test your understanding of the material.

The Knowledge Base section has over 30 in-depth articles covering subjects such as stochastic oscillators and strategy trading. The section also includes videos covering basic topics such as pips and points. We rated the educational content at Exness as better than average.

The Bottom Line

Exness is a large, well-established forex and CFD broker with a unique offering. Thanks to the intuitive platform and strong education and research materials, we judged it to be a good broker for beginners. Meanwhile, the availability of massive leverage, tight spreads, and advanced tools may appeal to advanced traders. Minimal swap fees and social trading capabilities are also a bonus for traders. Clients should know that retail accounts are offshore and have limited regulatory oversight.

FAQ