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Exness is a broker known for fast executions, deposits, and withdrawals of funds and orders. They have two headquarters that are located in Seychelles. It is a global broker that allows traders from any country to join them except for clients from the United States.
Its client base has grown in recent years thanks to its strategic marketing strategy through social media platforms.
However, with its growth, some controversies have arisen regarding its services. This Exness broker review 2022 will ensure an inclusive and insightful review that will determine whether or not they are scammers or legit.
Is Exness a Scam?
Exness is a UK-based entity that operates from Seychelles. It is regulated by the Financial Services Authority (FSA).
Other than the FSA, they are regulated by the Central Bank of Curaçao and Sint Maarten (CBCS), Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), and Financial Conduct Authority (FCA)
Recent years have seen the company ensure that the security and reliability offered to its customers are at their best.
They have received some awards, such as having the best trading technology. Furthermore, they try to be as transparent as possible so that any person visiting their trading site has a chance to look at the financial reports they have posted.
Exness offers two types of accounts. The standard and the professional account. The standard account has no specified minimum deposit amount since it depends on the payment method. For most payment methods, the minimum deposit amount is $10, which is among the lowest compared to other companies.
For the professional account, the minimum deposit required is $200 and comes with highs such as no spread being charged.
Let’s get into it now that we are talking about the costs.
Fees, Spreads, and Commissions
Exness has no deposit or withdrawal fees that they charge to their clients. They have some of the fastest deposit and withdrawal processing times. Money deposited in their account reflects after a few minutes. Withdrawal takes funds to your chosen account in minutes.
They charge a commission that is chosen depending on the account type. A professional account charges a commission of $3.50 for each side per lot. The standard account has a spread of 0.3 and charges no commission for each side per lot.
The spreads are also charged per trade. They will range from o pips to 7 pips, depending on the time of the trade and the instrument being traded. The largest spreads are charged on commmodi9ties and CFDs. Also, they have no swap fees.
They offer good leverage, just not the best in the market. The leverage offered is dependent on the instrument being traded. The lowest leverage charged is 1:10, offered on CFDs and commodities.
On the other hand, minor currencies have a leverage of 1:20, and the major currencies have the highest leverage at 1:30.
Exness is among the brokers that have a solid trading platform of their own. Their Exness trading platform can be used on mobile, PC, or web.
They also have the MT4 and MT5 trading platforms. They offer a web platform for the MT4 and MT5 traders and a mobile application for when traders are on the go.
These platforms have features that make it easy for traders to use them, especially for beginners. These include alerts, one-click trading, watchlists, charts, indicators, and different order types per the trader’s needs.
The customer support for Exness can be found online on a 24/7 basis. They speak English, Thai and Chinese and can be reached through email, phone, or mail.
Also, they offer a live chat but only link the trader to a robot, making it an automatically generated reply. However, the other methods are fairly fast, and replies are quick, insightful, and informative.
Exness broker review 2022 shows that the broker has come far regarding their regulations and licenses. They have dealt with the concerns that they may be a scam. They have one of the best trading technologies that ensure orders are executed fast as well as deposits and withdrawals.
Their marketing strategy has grown their customer base, making them a legit broker to trade with.
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