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Exness Review: Is Exness.com A Scam Forex Broker?

Exness Review: Is Exness.com A Scam Forex Broker?

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Estimated reading time: 6 minutes

Exness Forex broker has been around for quite some time now. Having been established in 2008, the broker has grown leaps and bounds. Exness operates out of St. Petersburg, Russia and is known to be among one of the few breed of transparent FX brokers on the web.

Speaking in terms of market innovation, we can say that Exness has always preferred to keep things the old school way. They are yet to adapt the concept of social networking in Forex trading.

Nevertheless, most clients think positively about this broker. And if you doubt this fact, you should probably review their turnover starting the year 2012 up to this date.

Exness Forex broker Review

Is this Exness broker reliable?

Surviving as a Forex broker registered in a far away country is not a walk in the park.

The main challenge here is that people don’t trust off-shore brokers compared to those who operate out of the US or UK.

This has seen Exness.com enduring criticism simply because some people just don’t like the idea of doing business with offshore brokers. This category of people always make conclusions which sometimes don’t even have basis.

We cannot say that Exness Forex Broker is a fly-by-night firm since there is evidence that they’ve stayed in the industry long enough. The issue of reliability should therefore not be a concern if you want to do business with this broker.

Regulations

No doubt, companies that solely relied on the web to do business right from the years of the dot com bubble faced the challenge of distrust.

And then in 2008 when the world witnessed a period of financial meltdown, it still didn’t do very much in the way of boosting public confidence on companies dealing with financial services on the internet.

The general perception is that financial companies are always out to scam users and especially those that establish base out of the US and UK.

People strongly believe that the aforementioned jurisdictions tend to have stricter regulations which tend to discourage scams and at the same time encouraging serious companies.

However, this is a wrong line of thinking. Realize that despite a country like US having stringent regulations on financial matters, this country has a history of swindling the most amount of money from unsuspecting victims.

Therefore, operating with the assumption that a Russian-based FX broker has less integrity than a US-based broker is a primitive idea.

So far, Exness FX broker is regulated by CySec, and this means that the broker conforms to the fiduciary standard applicable in European countries.

Exness Trading platform

Like most Forex brokers, this company provides its clients with the MT4 trading platform.

They run both MetaTrader 4 and MetaTrader 5 respectively. Also, if you are a professional with many accounts to manage at the same time, the company offers you their so-called MT4 Multi-terminal platform.

Now, for customers who love to trade on the go, a mobile version of MT4 and MT5 is supported.

You can trade on a variety of mobile devices ranging from Android, iPad, BlackBerry, and Windows devices.

exness mobile

The Types of accounts offered here

Exness does not offer as many different types of accounts as other brokers.

However, to compensate for that, they are more keen on the type of clients they handle.

That is the reason why the company decided that they were going to offer 4 different account types for their clients to choose accordingly.

Those accounts have been categorized as follows:

  • Cent Trading account

This account was designed to help new traders set foot in the Forex market to witness how things run in such an environment.

This trading account is for the novice user and does not require any minimum deposit to use.

  • Mini trading account

This account was also designed for those who are trying Forex for the first time. However, this account has improved trading conditions compared to Cent Trading account.

Again, this account does not require a minimum deposit.

  • Classic trading account

If you have been trading elsewhere and want to try a new FX broker, this account is for you.

It comes with a full set of tools and resources to facilitate your trading. The minimum you can invest here is $2,000.

  • ECN Trading account

ECN accounts offer access to a transparent market where there is no conflict of interest between broker and client. If you want access to the best trading conditions in the Forex market, this account is for you.

Unlike the Classic trading account which has a minimum deposit requirement of $2,000, this account only requires a minimum investment of $300.

Commission & Spreads

The broker does not charge commissions on trades. Instead, they make their profit when they put additional spreads on the price quote they give you.

We can also say that Exness Forex Broker probably has the lowest spreads in the industry. That is why this broker finally became popular in this business because every trader was rushing to open an account with them.exness broker spreads

However, the broker charges a fee of $25 for every 1 million USD traded on the ECN account.

How about their customer support?

The website boasts of top-notch customer support because it supports over 10 languages, and that’s a good thing.

We are talking of English, Germany, Chinese, Bahasa Malaysia, Bahasa Indonesia, Farsi, Russian, Thai, Vietnamese, Urdu, Tamil, Bengali, and Arabic.

Secondly, they wanted to ensure that clients are properly serviced. So what did they do?

Well, they simply provided a few more ways in which clients can establish communications with them.

Apart from a live chat service, they offer call back services, telephone calls, email support, and postal mail.

The things we like about Exness broker

  • The broker prides itself for being the only trading platform that has tight spreads from 0.3 pip
  • They have a responsive customer support
  • Withdrawal requests are processed automatically, thus reducing waiting time
  • A nice trading platform
  • Low minimum deposit
  • Trades CFDs as well
  • High leverage
  • Traders can choose an account that suits them most

The cons

Although social networking as used in Forex trading is not a major disadvantage, some customers might find it difficult to thrive in an environment where this kind of thing is not supported.

However, if your trading strategy does not depend on this innovative approach, you’re good to go.

Our Best Advice for you

Exness has stood out among the crowd because they care for their clients in terms of listening to their needs and addressing complaints appropriately.

Even though Exness is a decent broker, it doesn’t mean that the broker is immune to public criticism especially from people who are not pleased with their way of operation.

Every genuine business must have a few complaints submitted against them here and there.

But this does not necessarily discredit them because it all depends on how complaints are handled.

So far, we can say that Exness is a very straight-forward broker. They are always willing to make their clients comfortable while using their platform.

We’ve seen their staff taking feedback very seriously on websites such as Forex Peace Army.

We are no longer using a faceless broker. Instead, we are using a company that is more than willing to respond to issues raised by their customers. It’s not by coincidence that they’ve lasted this long and are still continuing to thrive in the business.

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