Exness was founded in 2008 and had operated under FCA and CySEC authorization. On October 28th, 2019, the company announced the closure of its UK and Cyprus regulated retail operations, amid a changing and uncompetitive landscape. presently operates out of Seychelles, under its Nymstar subsidiary, and continues to expand. Per its own account, as of December 2019, it served 72,721 active traders globally, with a monthly trading volume of $325.8 billion. Exness strives for complete transparency and publishes its financial reports, which are reviewed by Big Four accounting firm Deloitte, on its website. With a minimum deposit of $1, maximum leverage of 1:2000, and a competitive cost structure, caters to a wide range of traders and strategies. The MT4/MT5 trading platforms are available, and Forex traders have 107 currencies pair to trade, making Exness one of the top brokers for Forex market coverage.

Exness Review landing page
Exness

Regulation and Security

voluntarily left the UK and EU regulatory environment for its retail operations, as stated by Exness with press releases on its dot-UK and dot-EU domains. Despite this move, and confirmed by Exnes UK CEO David Morris, it continues to list the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) as its regulators. It should be noted that that regulatory authority only applies to the business-to-business (B2B) division of Exness. All international retail clients trade with the Nymstar subsidiary which operates out of Seychelles, and authorized by the Seychelles Financial Services Authority (FSA).

Client funds remain segregated from corporate funds, and negative balance protection exists. also publishes financial statements on its website, with Deloitte, a Big Four accountancy firm, as an independent external auditor. Deloitte notes that their retention by Exness was to verify the existence and accuracy of all account funds and to perform additional procedures, which includes reconciliation of the funds, substantive testing of bonuses to confirm their accuracy and existence. Deloitte also asserts that these are not official audits and that they do not follow International Standards on Auditing or International Standards on Review Engagements.

The client agreement reveals that Exness may use client deposits at its discretion; for example, they may place deposits in interest-bearing accounts, and keep any revenue earned from it. That, together with the listing of regulators that no longer applies to retail clients, several red flags exist. A simulated trading environment cannot be excluded, with Exnes relying on client losses, while growing its internal balance sheet. Each trader needs to assess if the trading conditions, as presented, are acceptable to them.

Nymstar Limited is the sole Exness subsidiary catering to retail traders; it is authorized by the Seychelles Financial Services Authority (FSA).

Exness Review FSA authority

The FSA website lists Nymstar under Securities Dealers, confirming regulation.

Exness Review FSA confirmation

On October 28, 2018, Exness announced the exit of retail operations from the EU and the UK.

Exness Review exit from EU and UK
Exness

Despite this, Nymstar Limited continues to list the FCA and CySEC as regulators, which no longer applies to retail traders.

Exness Review inaccurate regulators listing
Exness

Exness does list financial reports, verified by Deloitte, on its website.

Exness Review financial statements
Exness

Deloitte notes that the statements are not official audits.

Exness Review Deloitte statement
Exness

Exness states it may use client deposits to generate revenues, which it keeps to grow its own balance sheet.

Exness Review info on client deposits
Exness

Fees

deploys a complex fee and commission structure, based on the five account types, as detailed below. Most traders may find the conditions in the Pro account the most favorable ones, where the EUR/USD commences with a 0.6 pip commission-free mark-up. Swap rates on overnight positions and third-party deposit/withdrawal charges exist. While Exness offers equity and index CFDs, it does not provide details on how it processes corporate actions such as dividends, splits, and mergers. A previous inactivity charge of $5 per month no longer applies with the latest update to the terms and conditions from September 23, 2020. As a market maker, Exness profits directly from client losses.

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Symbols.

2. Select the desired currency and then click on Properties located on the right side.

3. Scroll down until you see Swap Long and Swap Short.

The Standard Account shows the EUR/USD with a 1.0 pip commission-free spread.

The Raw Spread Account is a commission-based alternative, with spreads as low as 0.0 pips with a minimum cost of $3.50 per side or $7.00 per round lot.

The Pro Account grants access to a 0.6 pip commission-free spread for the EUR/USD.

The Zero Account lists the spreads at-or-near 0.0 pips, with varying commissions depending on the asset, and overall higher spreads than the Raw Spread Account.

The ECN Account comes with higher spreads than the commission-free Pro Account but lower commission costs at $25 in what appears to be 1,000,000 in nominal trading volume of approximately $2.5 per lot per side.

What Can I Trade

With 107 currency pairs available, Exness offers one of the most comprehensive Forex market coverages seen in today’s market. Pure Forex traders will find the selection outstanding, complemented with seven cryptocurrencies and twelve commodities. Cross-asset diversification exists via 40 equity and index CFDs. As a Forex broker, Exness grants its traders a market-leading asset selection, while equity traders will be disappointed by the minimal choices.

Exness Review asset list
Exness

Account Types

While the contract specification page lists five account types, the Accounts category consists of only four, with the ECN option unavailable. The Standard Account requires a minimum deposit of just $1 and grants maximum leverage of 1:2000. The Raw Spread, Zero, and Pro alternatives command an acceptable minimum deposit of $200, with the Pro account the most suitable version for most traders as trading conditions are identical.

The Standard Account is best-suited for new traders learning in a live trading environment.

Exness Review standard account type
Exness

The Pro Account is the most competitive variant at Exness.

Exness Review competitive pro account
Exness

Trading Platforms

maintains the full suite of the MT4/MT5 trading platforms, consisting of a desktop client, webtrader, and mobile version. Only the most basic versions exist, however, and this broker does not provide any of the third-party add-ons required to enhance the trading environment. As such, traders will manage their portfolios from a sub-standard trading platform, unless they invest in the necessary upgrades.

MT4 remains the standard for automated trading.

Exness Review MT4 info
Exness

MT5 is also available at Exness.

Exness Review MT5 info
Exness

Unique Features

Free in-house VPS hosting is available from a minimum deposit of $500, an acceptable offer for traders with automated trading solutions to consider.

VPS hosting offers automated trading solutions for consideration.

Exness Review VPS hosting info
Exness

Research and Education

Exness provides traders with excellent in-house research, potentially the best asset at this broker. The Weekly Forex Data segment is an in-depth analytical piece consisting of key upcoming events and trading ideas. Adding value is the bi-weekly technical analysis, where trades are well-described. Each report consists of quality written content and charts, while a web TV stream, provided by Trading Central, complements the in-house research. Completing this service is a live news feed.

Exness provides traders with valuable and in-depth research.

Exness Review insight and analysis
Exness

A web TV stream from Trading Central adds research value.

Exness Review web TV stream
Exness

A live news feed is equally available.

Exness Review live news feed
Exness

The Exness Academy is a well-designed educational section, building on the quality research; it is divided into three categories, each consisting of written content and videos, finalized by a quiz. It is a must-read for new traders, and Exness stresses the importance of education before trading. Educational videos in five languages add another layer of value with well-explained content. One-hour webinars offer another valuable source of information for new traders. Exness delivers an overall excellent educational service.

The Trading Academy represents a necessary first step for new traders.

Exness Review trading academy
Exness

A video library delivers well-explained content.

Exness Review video library
Exness

One-hour webinars add educational value.

Exness Review webinars
Exness

Customer Support

provides multi-lingual support and notes the availability on its website, accessible via e-mail and phone. English, Chinese, and Thai support are operational 24/5. The Exness Help Center attempts to answer the most common questions. A live chat was not available, but most traders may not require much additional assistance.

Exness lists the availability of its multi-lingual support.

Exness Review multi lingual customer support
Exness

The Help Center offers answers to the most common questions.

Exness Review help center
Exness

Check Our Top Broker 2021 : Here

Bonuses and Promotions

At the time of this review, Exness neither provided bonuses nor granted special promotions.

Opening an Account

Regardless of the page, the new account application form is always located in the right sidebar, creating an unpleasant user-experience on the website. Traders can complete the first step by submitting their country of residence and a valid e-mail address, and by choosing a password. Per regulatory requirements, account verification is a secondary mandatory procedure, usually satisfied by submitting a copy of the trader’s ID and one proof of residency document.

The Account Opening inquiry is, frustratingly, on every website page.

Exness Review account opening
Exness

Deposits and Withdrawals

Exness supports Bitcoin, SticPay, Tether, credit/debit cards, Neteller, Perfect Money, WebMoney, and Skrill as deposit/withdrawal options. The absence of bank wires as a funding choice brings up another red flag at this broker. Processing times depend on the payment options but generally are marked as instant. Third-party fees may apply, and the name on the trading account and the payment processor must be identical, in line with AML regulations.

Exness offers several deposit choices, but not bank wires.

Exness Review deposit options
Exness

General Information

Company Information

  • Broker’s Name : Exness
  • Headquarter : Russia
  • Regulation : FSA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed : 
  • Maximum Leverage : 1:2000
  • Commissions / Spreads : Both
  • Account 1 : Standard
  • Account 2 : Raw Spread
  • Account 3 : Zero
  • Account 4 : Pro
  • Demo Account : 
  • Islamic Account : 
  • Segregated Account : 
  • Managed Accounts : 
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs : 
  • CFDs : 
  • Commodities : 
  • Metals : 
  • Stocks : 
  • Oil : 
  • Gold : 
  • Binary Options : 
  • Indices : 

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5
    • Platform Languages :
      • gbEnglish
    • OS Compatibility :
      • Mac
      • Linux
      • Mobile
      • Web
  • Trading Signals : 
  • Charting Package : 
  • Market Analysis : 
  • Chart Trading : 
  • Automated Trading : 
  • Scalping : 
  • Hedging : 
  • Mobile Alerts : 
  • E-mail Alerts : 
  • Trailing Stops : 
  • Guaranteed Stop Loss : 
  • Guaranteed Limit Orders : 
  • Guaranteed Execution : 
  • One-click Execution : 
  • OCO Orders : 
  • Interest on Margin : 
  • Web-based Trading : 
  • Mobile Trading : 

Customer Support

  • Website Languages :
    • gbEnglish
    • idBahasa
    • thThai
    • myMalay
    • Portuguese
    • ruRussian
    • cnChinese
    • jpJapanese
    • frFrench
    • arArabic
    • esSpanish
    • Other

Pros and Cons

  • Commission Free Transactions
  • Multi-language Website
  • Only One Bonus or Promotion

FAQ

Is Exness a good Forex broker?

offers market-leading coverage with 107 currency pairs. The pricing environment can be competitive, depending on the selected account type, and research and education are excellent. The MT4/MT5 trading platform lack necessary upgrades, and several red flags do exist. Each trader needs to conclude if the overall service constitutes a good Forex broker.

Is Exness regulated?

The Seychelles Financial Services Authority (FSA) regulates the retail operations of Exness. The UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) authorize the business-to-business division, but it may change once both are up for renewal. Exness conducted the 2019 retail-exit after renewing both operating licenses.

How many days does an Exness withdrawal take?

Processing times for withdrawals range between instant and 72 hours. It may take additional time for the funds to arrive at their destination.

Is Exness regulated in South Africa?

No, the Seychelles FSA is the sole regulator of all retail trading operations.

Is Exness trustworthy?

While Exness attempts to be transparent after voluntarily leaving the EU and UK regulatory environments for all retail operations, several red flags exist, reducing the overall trustworthiness of this broker.

Summary

over twelve years of operating experience and is presently in a restructuring phase. The voluntary exit of all retail operations from the UK and Cyprus was the first step. This broker noted a focus on business-to-business operations and a transformation into a FinTech company, providing products and services enabling other brokers to function. It relocated all retail operations to Seychelles, where its Nymstar subsidiary accepts clients globally with very few restrictions.

With a minimum deposit of $1, Exness is accessible to all traders. This broker has a focus on Asian traders and allows maximum leverage of 1:2000. The Pro Account offers the best trading conditions for most traders, with minimum commission-free spreads of 0.6 pips. Since Exness notes the usage of client funds for income generation, it remains unclear if any actual trading is taking place. While no proof of wrongdoing exists, red flags indicate the potential of a simulated trading environment, with Exness banking on client losses, which are direct revenues at this market maker. The infrastructure for malpractice is in place, and the lack of support for bank wires only adds to concerns.

Pure Forex traders have access to a market-leading 107 currency pairs, but the MT4/MT5 trading platforms are the out-of-the-box versions. Without third-party add-ons, they lack a competitive edge. In-house research and education are where Exness shines, while in-house VPS hosting supports automated trading solutions. Exness provides a mix of excellent services with questionable practices. Each trader needs to weigh the positives against the negatives and conclude if the overall package is acceptable, but risks remain evident.

LEAVE A REPLY

Please enter your comment!
Please enter your name here