By Ajibola Olarinoye
Is Exness a legit Broker?
The question of legal compliance is a big problem to all traders when seeking a forex trading broker. We need to make sure that the broker conforms to laws that are applicable in your jurisdiction. Exness is one of the few brokers that meet the legal requirements to be licensed.
Exness has a list of all the licenses it has on its official site. It is important to note that Exness is a licensed firm in the United Kingdom registered by the financial conduct authority (FCA) with registration number 730729. UK has a reputation of having tough regulatory requirements and its registration in the jurisdiction strengthens the position of Exness as a legitimate player on the forex market.
Is Exness Safe or a Scam?
In 2018, Exness had a trading volume of around 375 billion. Such a high level of trading demands a platform that is highly secure to make sure that traders comply with the necessary safety standards. Exness is dedicated to improving safety and protection that is offered to its users.
The security of the investors is paramount because it is an assurance that the money entrusted to any forex broker would not be stolen in case of untold events. The investor protection clause aims at ensuring that the liability is limited at all times.
Investor Protection Fund at Exness.
Because you are a trader, the security of your deposits is your main worry. Exness has exceptional investor protection schemes as compared to other brokers. The broker uses the arts of segregated accounts to protect the finances of traders in a good way.
Also, Exness has strict internal policies and procedures to ensure that its own funds are not mixed with those of its investors.
Segregation of funds ensures that the assets of the customers are safeguarded at any time, even when unexpected difficulties appear, such as bankruptcy. The broker has also taken a number of security measures to protect the platform against external threats. These actions involve defining the formal communication channels which are used by Exness.
Exness Overview
Exness is a traditional broker in the foreign exchange market, as it has been founded in 2008. The company has been able to consolidate close to 120 currency pairs over the years and it also trades in other assets such as cryptocurrencies, stocks, energy, metals, and currencies.
Today, Exness has a trading turnover of about 325.8 billion and has a license to work in several countries.
There are a number of agencies that govern the broker including, CySEC, FCA and FSA. Though Exness does not take part in broker ratings, it is always ranked among the best players in the industry.
Money moved to Exness via payment providers might have charges that are not charged by Exness.
Exness does not charge any fees to open a trading account, but you may have to make a required initial deposit.
Fees by account type
1: Standard: This type of clients pays no commission and can trade at spreads of at least 0.2 pips.
2: Raw Spread account type: Under this account, clients must pay 0.05 USD per side per lot.
3: Zero: The trading commission of Zero: Commission can be brought to 3.50 USD of both sides of each lot transaction.
Other fees
Overnight orders: The interest rate known as Swap influences some of the orders where holding is required overnight.
Trading commissions: Fees on various instruments will be indicated by going to the contract specifications section of the Exness site.
Inactivity Fee: There is no inactivity fee charged at Exness.
Deposit Fee: Exness provides several deposit choices with no interest. Traders however need to know of any fees that their payment providers might place on their transactions.
Spreads: The range of the trading spreads at Exness is 0.1-0.005% of the value of the leveraged trade.
The Exness Raw Spread account makes it possible to offset the fees on spreads and commissions as well.
Withdrawals
The withdrawals you make are also fully insured by Exness as it takes care of payment of the third party costs.
You can have your money when you need it at any time of the day at Exness with instant withdrawal.
Exness Pros and Cons.
Exness just as any other reputable platform has its strong and weak aspects. It offers a secure platform where traders can invest and make money but we also have few limitations to be mentioned.
Advantages of Exness
1: Free VPS Hosting
Exness is a free VPS hosting, making it more secure, able to scale, and highly reliable. Exness is a choice of brokers with many investors based on this free access to VPS hosting.
2: Instant Withdrawals
Delay in withdrawals is another frequent problem with most brokers whereas Exness also provides instant withdrawals 24/7. This is a great level of convenience and this is one major reason why investors are attracted to this platform.
3: Segregated Funds
A lot of traders fear of possible losses when a broker becomes bankrupt. Exness responds to this by using segregated accounts to protect investors and reduce the amount of losses.
4: Variety of Platforms
Exness stands out as one of the limited number of forex brokers to provide a variety of trading platforms. The company has also recently introduced mobile platforms in addition to its multi-terminal options so that it becomes more accessible to users.
Exness Drawbacks
Exness broker has some significant flaws.
1: Limited Customer Support
The customer service offered by the broker is not 24/7, which is not good in cases of emergencies since there is no dedicated support team available every second.
2: Language Limitations
At present, the Exness site has bare minimum sections such as training resources in English. The failure to provide multilingual assistance is a major limitation to new investors outside English speaking areas.
Conclusion
Forex is very profitable to invest in, yet one must carefully analyze all the risks associated with it before finalizing the decision of the investment.
Exness is now a leading brokerage company. Before making decision to invest through a company, traders must examine all the aspects behind it in detail.
This paper gives a comprehensive review of the Exness broker. Nevertheless, traders are also encouraged to check independently the information before making investment. Also, you may check online reviews about Exness, which might give you additional information about the running of the broker. With this knowledge, you are able to pursue your investment objectives with a lot of confidence.
Frequently Asked Questions
Is Exness a valid FX broker?
Well, Exness is an honest FX broker! It is a licensed broker which fulfills all the EEA registration criteria.
Is Exness regulated?
Yes, there are a number of regulatory authorities, such as FSCA, FSA, CySEC, FCA and CBCS, that Exness has to operate under.
Do you accept registration in every country with Exness?
Exness serves customers in most Asian, African, American and Europeans countries. Nevertheless, the official site of the broker should be reviewed to provide more information on the particular jurisdictions where clients can be registered.
Is it safe to partner with Exness?
Without a doubt, it is safe to trade with Exness. The broker is not only a reputable organization in the Forex trading business, but the broker also has robust internal security measures in place to protect its customers. Furthermore, Exness keep client funds segregated, which protects the interest of traders in the situations of unfortunate circumstances such as bankruptcy.
