Exness

FSA Regulation: Global traders will be trading with Nymstar Ltd, which is authorised and regulated by the FSA in Seychelles.  

Safety Features: Although traders will be onboarded through the FSA Seychelles, we still consider Exness a safe broker to trade with. Firstly, it holds licences from a number of regulators worldwide. Secondly, it provides all clients with negative balance protection, which means that traders cannot lose more than their initial deposit. Finally, it is regularly audited by Deloitte, one of the world’s most reputable audit firms. 

The account opening and verification process at Exness is fully digital, and accounts are ready within 48 hours, which is longer than the industry average. But traders can make a deposit and start trading immediately while they wait for verification.

Traders are eligible to open an account at Exness, as long as they meet the minimum deposit requirements. These are:

• Standard Accounts: 3 USD
• Pro Accounts: 200 USD

1. From the Exness homepage, you will have to click on the New Account tab where you will be directed to register an account.    
2. Exness’ registration form requires you to fill in their country of residence and email address and choose a password. This will register your Exness Personal Area. 
3. By default, a real trading account and a demo trading account (both for MT5) are created in your new Personal Area; but it is possible to open new trading accounts.
   1. From your new Personal Area, click Open New Account in the ‘My Accounts’ area.
   2. Choose from the available trading account types, and whether you prefer a real or demo account. Then choose between the MT4 and MT5 platforms, set your Max Leverage and choose your account currency (note that this cannot be changed for this trading account once set).
   3. Finally, create a nickname for this trading account, set a trading account password and click Create an Account
   4. Your new trading account will show up in the ‘My Accounts’ tab.
4. While you can deposit up to 2000 USD and trade for 30 days without account verification, it is recommended that you verify your identity as soon as possible. Note that deposits with cryptocurrency or bank cards require a fully verified profile.
5. Verification usually take less than 28 hours and Exness will need:
   • Your Economic Profile – this is a short questionnaire detailing your economic knowledge and financial background.
   • Proof of Identification – Exness accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
   • Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
6. Once verification is complete, traders will be able to deposit up to 50,000 USD. If your Exness account is not verified within 30 days of account registration, deposits, transfers, and trading functions will not be available.

Once verification is complete, traders will be able to deposit up to 50,000 USD. If your Exness account is not verified within 30 days of account registration, deposits, transfers, and trading functions will no longer be available.

Our documents were checked by the verifications department and were approved in around 40 hours, which is longer than the industry average. 

Overall, we found Exness’ account-opening process hassle-free – new traders will be especially happy that they can start trading right away without having to wait for account verification.  

We were impressed by the large number of Forex pairs available at Exness. It also offers a decent crypto lineup, but with extreme leverage – of up to 400:1. Where it falls down is in the number of stock CFDs available to trade, limited to only 70 instruments. 

We opened and tested all of Exness’s accounts and found that its trading costs are average on its Standard accounts but significantly lower than average on its Pro accounts. 

We opened and tested several of Exness’s accounts:

Standard Cent Account (MT4 only) – With a 3 – 10 USD minimum deposit (depending on the payment provider), micro-lots unlocked, and spreads as low as 0.3 pips, this is a great account for new Forex traders who want to learn without too much risk. However, as you can see below, spreads are closer to 1 pip on this account:

You will only be able to trade Forex and metals with this account, and the MT5/Exness web trader trading platforms are not supported.

Standard Account (MT4/MT5/Exness web trader) – This account also only requires a 3 – 10 USD minimum deposit (depending on the payment provider), and trading conditions are broadly similar to the Cent Account, but you will have access to MT5/Exness web trader and more assets, including cryptocurrencies and indices.

Raw Spread Account (MT4/MT5/Exness web trader) – This account has a minimum deposit of 200 USD, a 3.50 USD (7 USD round turn) commission, and spreads that start at 0 pips on the EUR/USD. It is available on MT5/Exness web trader.

Pro Account (MT4/MT5/Exness web trader) – The single instant execution account offered by Exness, this account has a minimum deposit of 200 USD and spreads that start at 0.6 pips (EUR/USD) but guarantees no slippage. It is available on MT5/Exness web trader.

Zero Account (MT4 or MT5) – This account has a minimum deposit of 200 USD and 3.50 USD (7 USD round turn) commission, but traders are guaranteed 0 pip (EUR/USD) spreads for 95% of the trading day on 30 pairs. It is also available on MT5/Exness web trader.

All accounts feature market execution, apart from the Pro Account, where instant execution is provided for all CFDs, except on cryptocurrencies. All accounts are available as swap-free Islamic accounts for Muslim traders.

Exness offers support for the MT4 and MT5 apps, as well as its own in-house app. The Exness app allows you to manage your accounts, deposit and withdraw funds and trade on all Exness’ financial assets, but this is only available for MT5. 

Exness Trader App

We enjoyed how easy it is to use the Exness app. It has a sophisticated dashboard and intuitive home screen. It allows you to view trading signals, curated by TradingView for each instrument, which is very convenient. It also displays the market sentiment on the buy and sell buttons. Additionally, it’s simple to place orders, set price alerts, create watchlists, and view live prices and charts.

MT4 and MT5 Apps

The Exness MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further empowers traders while on the move.

Like the mobile trading apps, Exness offers MT4, MT5, and its own in-house trading platform available on both Mac and PC.

While MT4 and MT5 are both excellent trading platforms, Exness’s in-house platform is easier to use for beginner traders. Still, the benefit of Exness offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.

For the purposes of this review, we tested all three platforms – Exness’s web trader platform, MT4, and MT5.  

Exness Terminal

The web trader platform requires no downloads or installation and is available for all devices. When you log in to your account you are immediately redirected to the platform. We found that the web trader has a clean user interface, and it is easy to navigate and search for various instruments.

Additionally, traders can set their stop levels by percentage, account currency, or even price – which makes things much simpler for beginners. The platform also comes with TradingView charts, indicators and drawing tools, providing traders with a comprehensive view of the markets.  See below:

One drawback is that the platform does not allow traders to set price alerts and notifications, but these are available on the mobile version. We were pleased to note that TradingView, one of the most popular third-party trading tools on the market, is fully integrated into the platform and provides technical insight and instant pattern recognition.

More advanced traders may prefer MT4 or MT5, both available at Exness, which allows traders to customise their indicators, has many more chart types, and has algorithmic (or automated) trading.

Metatrader 4 (MT4)

We found that, like most brokers, the Exness MT4 platform is the standard version with 23 graphical objects and 30 built-in indicators. Unlike Exness’s proprietary web trader, algorithmic trading is available, and MT4 is fully customisable.

We found that the platform’s interface is dated, but it is fully customisable. There are three chart types, including Line, Bar, and Candlestick charts, and you can access a wide selection of indicators in multiple timeframes:

Metatrader 5 (MT5)

Developed in 2010, MT5 is the newer version of its predecessor, MT4, and is available at Exness. We recommend using MT5 if you are looking for a more powerful and faster trading platform when it comes to back-testing functionality for automated trading algorithms.  Additionally, traders prefer MT5 for its depth of market display, additional technical indicators (38 as opposed to 30 on MT4), and 22 analytical tools.

In line with Anti-Money Laundering policies, deposits and withdrawals at Exness cannot be made to/from third-party accounts, and all non-profit funds are returned to the original deposit source. 

Accepted Currencies: When we opened our account at Exness, we were given the choice of more than 40 base currencies, including AUD. Most other brokers only offer 5 – 10 base currencies, so Exness really shines on this front. This is a huge advantage for Australians who will likely have bank accounts denominated in AUD and will have the option of avoiding conversion fees.

Most of the research content is presented in the analysis blog, which is updated every few days with thoughtful insight into recent and future events across a range of CFD markets. Dow Jones news is also available to clients with MT4 accounts, while FXStreet is available on Exness’ web trader platform.

Of course, a standard economic calendar is available, but Exness also presents a daily video of upcoming market events to watch out for with a brief technical analysis. This is provided by Trading Central but is still useful for new traders.

TradingView

TradingView is a web-based social network that allows traders to share trading ideas, spot trading opportunities, and trade directly from its advanced charts.  It has over 12 customisable chart types, including candlesticks, Renko and Kagi, hundreds of built-in and community-built indicators, more than 50 drawing tools, volume profile indicators, and in-depth market analysis tools. Another unique feature is its customisable timeframes that can be set to any time interval and its trading alerts, available on any device, with 12 different alert conditions. 

Trading Central (TC) Indicator 

One of our favourite indicators, the TC Indicator is a multilingual and customizable plugin that superimposes Trading Central’s technical analysis strategies, forecast, commentary, and key levels (support/resistance/targets/stop pivots) onto MT4 live charts for most tradable instruments.

Based on selected timeframes, TC Indicator will display the latest Trading Central articles, whether on an intraday, short-term, or mid-term basis. Traders can program and fill in orders based on the TC Indicator levels directly from their MT4 screen.

VPS Service

Exness offers a free VPS service for all traders who deposit at least 500 USD. A Virtual Private Server (VPS) is a remote terminal solution that benefits from reduced latency and downtime, as it is unaffected by power cuts or computer crashes.  Even when the trading terminal is closed, the Exness VPS will keep trading.

Exness’s education materials comprise video tutorials and webinars. See below for more details:

Video Tutorials: Video education is available in five languages, including English, Arabic, Thai, Indonesian and Vietnamese. These bite-sized videos are great explainers of important concepts that all Forex traders need to understand.

Webinars: Exness also hosts frequent webinars in English, Arabic, Thai, Indonesian and Vietnamese. These cover various topics and will prove especially useful to new traders. Registering for a webinar does not require an Exness account, though you must provide an email address.

Client phone support is 24/5 in 16 languages, and 24/7 in five languages, English, Chinese, Thai, Vietnamese and Swahili. Most brokers only offer 24/5 customer service, so this is a bonus for English-speaking traders.

Other forms of contact include live chat, call-back service, phone, and emails. Support is also provided through the Exness help centre, which is frequently updated with detailed articles covering everything from trading guides to funding FAQs.

For the purposes of the review, we tested the live chat service and email. We tested Exness’s live chat and found that the customer service agents were polite and helpful.