Exness Review: Is Exness broker Legit?

by Edith
Updated March 15, 2021

Some of Exness key selling points include instantaneous and automated deposit/withdrawal processing, a straightforward onboarding process, and a multilingual website. The broker is available in virtually all countries across the world. 

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Broker Summary
Services Available At
Features
Account Types
Trading Platforms
Regulation and Reputation
Customer Support
Deposit and Withdrawal
Trading Size and Fees
Leverage and Margin
Trading Instruments

Exness Review: Is Exness broker Legit?

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Exness Group is an online company started by a group of finance and information technology experts in 2008. Over the years, the multi-asset online trading platform has morphed into one of the most popular online brokerages. 

In just 12 years, the broker has established a global footprint as their online trading services are available in virtually all countries across the world. 

Some of Exness key selling points include instantaneous and automated deposit/withdrawal processing, a straightforward onboarding process, a multilingual website, and a multi-account setup.

In this comprehensive Exness broker review, we look at these and more Exness features in detail, its pros and cons, and answer the question of whether it is a legit online trading platform.

Quick Exness Broker Summary

  • Headquarters                       Cyprus
  • Regulation                            CySEC, FSA, FSCA
  • Platforms                              MT4 Web, MT4 Windows, MT4 App
  • Instruments                         Forex, Crypto, commodities, stocks
  • Demo Account                     Yes
  • Minimum Deposit               $10
  • EUR/USD Spreads               0.5

Service Available At

North America

  • Anguilla

Asia

  • India
  • China

Pros and Cons of using Exness

Pros:

  • Appeals to both novice and expert traders
  • Offers commission-free trading
  • Integrates a broad range of trading, research, and analysis tools
  • Exness is a secure and highly regulated broker
  • Tight spreads and affordable minimum account balances

Cons:

  • One may consider their variety of trading instruments limited
  • No negative balance protection

Features of Exness broker

Instant withdrawal processing: Unlike most online trading platforms available today that take days to process deposits and withdrawals, the process on Exness is automated and instantaneous. In most cases, it takes between a few seconds to a few minutes for both deposits to reflect into your Exness account and withdrawals to reflect in your account.

Rich educational content: Exness strives to appeal to both novice and expert traders. It is committed to helping both classes of traders continually hone their trading skills through continued education. The company has, therefore, dedicated a section of its website to trader “Education.” Here, Exness features the Academy section dedicated to novice traders as well as Insights and Analysis reports that appeal to virtually any trader. Exness also conducts educational webinars aimed at introducing users to new trading concepts on all its platform users.

Transparent: Exness is also one of the most transparent online trading platforms. It continually subjects its platform to scrutiny from third party financial auditing companies and makes public its findings. Under the “About” section of the Exness website is the ‘Financial Reports’ tab that outlines the company’s audited financial records. These reports track and report on the month-by-month trading volumes, Number of active clients, Client withdrawals, and partner rewards for the company since its inception.

Security: Exness has also put in place several highly effective security measures around its client deposits. These include ensuring that all their platform users create and safeguard their accounts with a strong password. It also keeps log sessions that capture all the new IP addresses of devices used to access your trading account. Further, all the platform users must verify their identity and provide proof of address before they can trade. Importantly, Exness operates a segregated bank account for client deposits.

Free VPS hosting: Exness offers free VPS hosting services (optional) to all their trader accounts with balances of $500 and above. By using the Exness VPS, you benefit from ultra-fast order execution speeds as the VPS is within the same vicinity as Exness trading servers. The VPS also promises stability and uninterrupted connection to the internet, access to expert advisers that trade on your behalf 24/7, and mobility as you can log into your trading terminal securely from virtually anywhere in the world.

Account types offered         

  • Standard: Exness describes the standard account as their most popular account yet. And you can choose to open a Standard or a Standard Cent (popular for newbies) accounts. These two accounts have almost similar features. They, for instance, are both commission-free and have their minimum deposit of $1. The only difference between the two is that the Cent account has its maximum number of positions capped at 1000, and can only trade FX pairs and metals. Standard accounts can, on the other hand, trade all supported instruments and there is no limit to the number of open positions.
  • Raw Spread: The Raw spread account has the lowest spreads and also benefits from relatively low fixed commission. With this account, there is no limit to the number of positions that you can open. Margin call here is set at 30% while stop out is set at 0%. Its sharia-compliant version is available too, with its minimum deposit set at $500, spreads as low as 0.0 pips, and the commission capped at $3.5 per trade.
  • Zero Spread: The Exness zero spread account is in many ways similar to the Raw Spread account. Both their spreads can be as low as 0.0 pips and the margin call level set at 30%. Like the Raw account, the Zero spread account has its minimum deposit set at $500, it embraces market order execution, and a sharia compliant account is also available. But unlike a Raw Spread account, the commissions for Zero Spread accounts start from $3.5.
  • PRO: The Exness PRO account is also referred to as the instant execution account. Pro account users do not pay trading commission but spreads start from 0.1 pips. It also enjoys all the benefits of the Zero and Raw spread accounts, including: The 30% margin call levels, Availability of a sharia compliant version of pro account, Unlimited number of open positions, and maximum lot size of 200 lots.

But unlike the two that embrace market order execution. PRO accounts allow for both instant and market order execution models.

Trading platforms offered

The MT4 DesktopThe MT5 for Desktop The MT4 Web Terminal Metratrader 4 App

Exness does not operate a proprietary trading platform. Instead, it relies on the universal MetaTrader platform. The most popular trading platform for Exness traders is the MT4 trading platform that hosts a wide range of trading and analysis tools. The MT4 desktop app is available for both Windows and Linux OS, employs 128-bit encryption for all communications, and supports the integration of trading robots.

The MT5 is the more advanced and relatively sophisticated upgrade of the MT4. It integrates all the key aspects of the MT4 and enriches it with even more advanced features. In addition to supporting both market and instant order execution models of trading, MT5 introduces traders to the Fill or Kill (FOK) execution policy. It integrates 6 pending order types and in addition to Windows and Linux OS MT5 is available for the Mac OS.

You don’t always have to download the trading platform when trading on Exness. The broker facilitates web-based online trading via WebTerminal – the much shredded-down version of the MetaTrader platform. It features basic trading and analysis tools, customizable charts, and all trading operations. For more advanced trading tools, market research and analysis, you will have to download the MT4/5.

Exness makes it possible for you to trade and monitor your account while on the move via the MT4 mobile app. The app features virtually all the features of the desktop MT4 trader. It however has the added advantage of mobility and accessibility as it makes it possible to access your account from virtually any part of the world.

Regulation and Reputation

Exness has several registered offices:

  • Cyprus office is operated under Exness (Cy) Ltd and is regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • The Seychelles office is operated under the name Nymstar Limited that is registered as a Securities Dealer and regulated by the Financial Services Authority (FSA).
  • The South Africa office is operated by Verizo (Pty) Ltd, a Financial Services Provider (FSP) company registered in the country, and regulated by Financial Services Conduct Authority (FSCA).

In the 12 years that Exness has been around, it has built a solid reputation of trust and reliability. There is an overwhelming amount of praise on Quora about the Exness, particularly when it comes to fast withdrawal processing and fast order execution. On the Forex Peace Army and Reddit Forums, however, numerous reviewers have accused Exness of spread manipulation arguing that their trades were halted at different (financially hurting) stop-loss levels. Here is what one user had to say:

Another user complained of his money being held for too long by the broker. Here are his exact words:

Customer support

Exness maintains one of the most responsive customer support teams:

  • They call new users to welcome them onto the trading platform, 
  • The team is quick to respond to customer complaints, 
  • And have also responded to virtually all the complaints about their platform on such review sites as Forex Peace Army.

Here is how Exness broker’s customer care performs in comparison with equally competitive brokers:

EagleFX 91%
HugosWay 89%
CedarFX 86%
Exness 94%
LonghornFX 90%
Alpari International 40%
City Index 31%
FxPro 51%

You can contact this team on the phone, via live chat on the Exness website or the following social media pages:

Minimum deposit and withdrawal and supported payment methods

Here are all the payment methods supported on Exness and their minimum deposit amount:

  • Bitcoin: $0
  • USDT: $1
  • Credit/Debit card: $3
  • Neteller: $10
  • Skrill: $10
  • WebMoney: $1

There is no maximum deposit and withdrawal amount when using Exness.

Trading fees

Exness maintains some of the lowest trading fees and commissions. The standard accounts are commission-free and spreads start from 0.3 pips. Raw account has its commission capped at $3.5 and spreads from 0.0 pips while Zero account’s spread starts from 0.0 pips and commission at $3.5. The PRO account is commission-free, but its spread starts from 0.1 pips.

Check out the table below where we've compared Exness fees with those of equally competitive brokers:

Leverage and margin

How much leverage you access when trading Exness is largely dependent on your preferred trading platform. All MT4 accounts have access to unlimited leverage, but the leverage for accounts on the MT5 platform is capped at 1:2000. Note that the maximum margin is also subject to your country of residence’s leverage policies.

Trading instruments

When trading on Exness, you have access to four popular trade instruments. These include:

  • Crypto: 7 cryptocurrencies and stablecoins
  • Forex: 107 major, minor, and exotic currency pairs
  • Stocks: 81 international stock and indices
  • Commodities: 12 Metals and energies

Is Exness legit?

Yes, Exness is a legit online brokerage that has been around for over a decade. It has put in place several trading and non-trading measures aimed at making its platform user friendly and easy to use. We especially liked the following about the broker:

  • Their unlimited leverage claim
  • The fact that it is a regulated exchange 
  • Availability of different accounts designed for different classes of traders
  • And the emphasis it has paid to the security of customer deposits.
{{ reviewsOverall }} / 5 Users (1 rate)
Customer Support5
Security5
Commissions, Fees & Rates5
Education5
User Friendly0
Deposit & Withdrawal0
What people say... Leave your rating
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Be the first to leave a review.

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