By Ajibola Olarinoye
Is Exness a Legitimate Broker?
When searching for a forex trading broker, every trader faces the important question of legal compliance. It’s essential to ensure that the broker adheres to the regulations applicable in your jurisdiction. Exness stands out as one of the few brokers that fulfill the legal requirements necessary for licensing.
On its official website, Exness provides a comprehensive list of the licenses it holds. Notably, Exness is licensed by the Financial Conduct Authority (FCA) in the United Kingdom, operating under registration number 730729. The UK is known for its rigorous regulatory standards, and Exness’s registration in this jurisdiction reinforces its status as a legitimate player in the forex market
Is Exness Safe or a Scam?
In 2018, Exness reported a trading volume nearing $375 billion. A platform with such significant trading activity requires strong safety measures to ensure that traders meet essential safety standards. Exness is committed to enhancing the safety and protection available to its users.
Investor protection is crucial, as it ensures that funds deposited with any forex broker remain secure in the event of unforeseen circumstances. The purpose of the investor protection clause is to minimize liability at all times.
Exness’ Investor Protection Fund
As a trader, your primary concern is the security of your deposits. Exness stands out among brokers for its comprehensive investor protection program. The broker employs the practice of segregated accounts to safeguard traders’ funds effectively.
Additionally, Exness implements stringent internal policies and procedures to ensure that its own funds are kept separate from those of its investors.
The segregation of funds guarantees that customers’ assets are protected at all times, even in the face of unforeseen challenges like bankruptcy. Additionally, the broker has implemented several security measures to safeguard the platform from external threats. These measures include specifying the official communication channels utilized by Exness.
Exness Overview
Exness is one of the longest-standing brokers in the foreign exchange market, having been established in 2008. Over the years, the company has successfully aggregated nearly 120 currency pairs and offers trading in various assets, including cryptocurrencies, stocks, energy, metals, and currencies.
As of now, Exness boasts a trading turnover of approximately $325.8 billion and holds licenses to operate in multiple countries.
The broker is regulated by several authorities, including CySEC, FCA, and FSA. While Exness does not engage in broker ratings, it consistently ranks among the top competitors in the industry.
Funds transferred to Exness through payment providers could involve fees that Exness does not impose.
To open a trading account with Exness you will not incur any fees yet you might need to make a minimum required initial deposit.
Fees by account type
1: Standard: Clients under this type do not pay any commission and can start trading at spreads beginning from 0.2 pips.
2: Raw Spread account type: Clients need to pay 0.05 USD per side for each lot under this account.
3: Zero: The trading commission within Zero: Commission can reach 3.50 USD for each side of every lot transaction.
Other fees
Overnight orders
The interest fee called Swap affects certain orders that need overnight holding.
Trading commissions
The fees for different instruments are listed under the contract specifications section of the Exness website.
Inactivity Fee
Exness does not impose any fees for inactivity.
Deposit Fee
Exness offers multiple deposit options with no associated fees. However, traders should be aware of any charges that may be applied by their payment providers.
Spreads
The trading spreads at Exness cover a range between 0.1% to 0.005% of the total leveraged trade amount
The Raw Spread account from Exness can cancel out fees from both spreads and commissions.
Withdrawals
Your withdrawals are fully covered by Exness because it handles payment of third-party costs.
Instant withdrawal enables you to obtain your funds when you need them from Exness at any point during the day
Exness Advantages and Disadvantages
Like any reputable platform, Exness has its strengths and weaknesses. It provides a reliable environment for traders to invest and generate profits, but there are also some challenges that should be noted.
Advantages of Exness
1: Free VPS Hosting
Exness provides complimentary VPS hosting, which enhances security, improves scalability, and ensures high reliability. This free access to VPS hosting makes Exness a top choice among brokers for many investors.
2: Instant Withdrawals
Withdrawal delays are a common issue with many brokers, but Exness offers instant withdrawals around the clock. This level of convenience is a significant factor in why investors favor this platform.
3: Segregated Funds
Many traders worry about potential losses if a broker goes bankrupt. Exness addresses this concern by utilizing segregated accounts to safeguard investors and mitigate any potential losses.
4: Variety of Platforms
Exness distinguishes itself as one of the few forex brokers that offers a range of trading platforms. In addition to its multi-terminal options, the company has recently launched mobile platforms to enhance accessibility for users.
Exness Drawbacks
Exness broker presents a few notable issues.
1: Limited Customer Support
The broker does not provide 24/7 customer service, which can be problematic during urgent situations due to the absence of a dedicated support team at all times.
2: Language Limitations
Currently, the Exness website only features essential sections, like the training resources, in English. This lack of multilingual support is a significant drawback for new investors from non-English speaking regions.
Conclusion
Investing in forex can be highly profitable, but it requires careful examination of all potential risks before making a final investment decision.
Exness has established itself as a prominent brokerage firm in the industry. It is essential for traders to thoroughly evaluate all aspects related to a company before choosing to invest through it.
This article provides a detailed evaluation of the Exness broker. However, traders should also independently verify the information before committing to an investment. Additionally, you can consult online reviews about Exness, which can provide further insights into the broker’s operations. Armed with this knowledge, you can confidently pursue your investment goals.
Frequently Asked Questions
Is Exness a legitimate FX broker?
Yes, Exness is a legitimate FX broker! It is a licensed broker that complies with all EEA registration requirements.
Is Exness regulated?
Yes, Exness operates under the oversight of several regulatory bodies, including FSCA, FSA, CySEC, FCA, and CBCS
Is registration permitted in all countries with Exness?
Exness accepts clients from a majority of countries across Asia, Africa, America, and Europe. However, it is important to check the broker’s official website for detailed information on the specific jurisdictions where client registration is allowed.
Is partnering with Exness safe?
Absolutely, trading with Exness is secure. Not only is the broker a reputable entity in the Forex trading sector, but it also implements strong internal security protocols to safeguard its clients. Additionally, Exness maintains segregated clien
t funds, ensuring that traders’ interests are protected in the event of unexpected situations like bankruptcy.
