Trading With A Critically Acclaimed Forex Broker – Exness Review
Exness was formerly a Russian Forex broker that quickly moved to the European Union to shake off its tag as a Russian financial company. Forex brokers from Russia had a fair amount of negative reputation among retail traders due to the countless financial scams and regular instances of consumer abuse. The move to the EU had worked wonders for the company, which allowed it to gain an incredible amount of market share, making it responsible for transacting close to $2.5 trillion in financial transactions in a single calendar year. Exness continues to improve its services by constantly tweaking its brokerage and adding new features that are sure to find fans among new-age traders. Exness has been active in its marketing and branding efforts that have managed to increase the broker’s presence in different countries across the globe. Exness has also spent lots of money on acquiring a major Red Bull F1 sponsorship, which takes advantage of the brand’s incredible exposure as a leading Formula1 team in the motorsport arena. F1 sponsorship doesn’t come cheap, which clearly signifies that Exness has the financial backing and the sound resources required to provide a safe and secure environment that protects investors’ funds at all costs.
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The Main Authority Responsible For Exness Regulation
Exness launched its FX trading services in 2008 and moved to Cyprus to earn a Cyprus Securities and Exchange Commission (CySEC) license. CySEC regulation not only helped in improving the broker’s reputation, but it also granted exclusive access to the highly lucrative European financial markets. Cyprus is a member of the European Union, thereby offering the country an option to indulge in Free Trade and other economic partnerships with other leading nations of the EU. All companies in CySEC are also allowed to operate in different parts of the EU under the EEA agreement, which is applicable for Forex brokers and other financial companies that are regulated and authorized by the CySEC. CySEC should enforce all principles and policies on its brokers as proposed by the European MiFID guidelines. Initially, CySEC had been subject to numerous controversies due to its ineffectiveness in countering financial malpractices through strict broker regulation. However, with the induction of Cyprus to the EU, CySEC started adopting several policies that were designed to pay more attention towards protecting investors and preventing companies from indulging in any fraudulent activities. There are multiple levels of protection and security offered to a trader’s capital, which is kept in top-tier banks in Europe through segregated accounts. CySEC Forex brokers are also legally bound to be a part of the Investor Compensation Fund (ICF), which guarantees a compensation of at least €20,000 if a broker ends up insolvent. Exness also pays immaculate attention towards their customers’ problems and complaints by offering the best customer support channels, which promise to resolve all issues in a fair manner. Exness consistently ranks among the best in customer support and client retention, which is one of the main reasons behind the broker’s success rate.
What Are The Trading Conditions Offered By An Exness Account?
Exness allows traders to open a trading account and start trading with virtually no minimum deposit requirements. You can make a deposit as small as $1, which gains access to an incredible Exness leverage of 1:2000. Exness is one of the very few brokers that offer unlimited leverage, which in reality, does not help a trader in any manner. Although we understand that high leverage is the essence and attraction of FX trading, we wouldn’t naturally recommend anything greater than 1:400. Even then, professional traders use way less leverage, which rarely goes beyond 1:50. On the contrary, a 1:2000 leverage can quickly decimate your account balance with a slight movement in price, which can be a small tick of as low as 5 pips. $1 minimum deposit is offered to traders for a Mini account, which is a market maker account that allows trading in mini lots. A Mini account has several trading restrictions on the maximum number of lots, the maximum allowable account equity, and higher Exness spreads. Nevertheless, the spreads for a Mini account starts from 0.3 to 1.5 pips, which is highly competitive. The Mini account also has higher margin call conditions, which are designed to protect traders from negative balances due to the higher leverage. If you want better costs and lower spreads without any commission, the Classic Account can offer you spreads starting from 0.1 pips with no commissions. The Classic Account is an STP account that can be opened with a minimum of $2000 deposit, which is a bit steep. Nevertheless, you do get ECN-like trading conditions along with no other costs of trading. The Classic account is the most premium account offering by the company, which naturally warrants a bit more attention from the company. The maximum available leverage for the Classic account is once again 1:2000. Clients orders may be sent directly to the interbank market, or the broker may choose to pass it internally through their automated dealing desk. Traders that are looking for the best ECN trading conditions in the market will find the ECN account to be an excellent choice, which offers real ECN conditions for a minimum deposit of $300. Spreads start from 0 pip, and commissions are on the lower side, with every round lot being charged at $2.5. Some traders might find that $300 is a bit too high for an ECN account, but there are no major reasons to complain. Of course, you can open an ECN account for significantly lower deposit requirements at other competing brokers, but Exness does manage to hold its stead on its own.
Do I Get A Good Choice Of Platforms?
Exness has licensed the MT4 and the MT5 trading terminals from MetaQuotes, which can be chosen by traders at the time of opening their trading account. MetaQuotes has different trading platforms and versions, which are developed as individual standalone interfaces for desktop and mobile operating systems. The MT4 continues to dominate the retail desktop trading market, while the MT5 has received a subdued response from the global community of traders. Exness mobile traders also get an opportunity to trade the Forex markets on their smartphones or tablets by downloading the MT4 apps from iOS and Android apps stores. Apart from the usual desktop and mobile trading platforms, Exness provides access to the MT4 WebTrader, which is an excellent tool for both mobile and desktop traders to access their trading accounts from remote devices. Exness has indeed covered the entire market for most trader requirements, which is a great way of ensuring consistent profitability in the markets.