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Exness is a Russian online forex broker who came in being in 2008 in St.Petersburg. Since its inception the company has continued to expand its portfolio and it’s not surprising is one of the rare few in the market who practices total transparency in its operations. When it comes to its offerings, Exness is somewhat old school in its approach as it is yet to catch up with the social networking trend of trading in Forex. Inspite of everything the Forex broker is ranked high solely based on the quality of its services which is evidenced by the 450 billion dollar worth of trading volume spinning on the exchange in 2012.
Exness Reliability – Is Exness a Scam ?
It can be said that there is a slight bias when it comes to online brokers who do not have a physical presence in US or Europe. Most of the time brokers like Exness who are located in faraway countries stand a risk of being conceived as a fly-by night firm.
Exness Regulations
Ever since internet became the ‘IT’ platform for business, it has helped many forge ahead in the sector on online trading and financial services. However when the bubble burst in 2008, it marred the reputation of everyone in this sector. It reinforced the misconception that lack of physical presence and seeming lack of regulations in faraway countries equals to the companies being scams, irrespective of their record or recognitions.
As the result of this kind of thinking, most people tend to ignore the fact that the record for swindling the most money from clients lies with the US; despite of the fact that the country holds the perception of being the safest. Hence, it’s not smart to assume that every broker based of out a far off land like Russia is a fraud and has less integrity than that of a US based firm. As far as regulations go, Exness is regulated with the prestigious CySEC, which is one of the best regulatory entities in the European markets.
As far as reliability goes, Exness has proven its merit in the fact that it has grown tremendously even since its establishment in 2008, and by the fact that it logged in business worth 450 billion dollars in 2012, which is higher than the GDP of some countries in the world. This should help clear the doubts that around the firm. Exness is well aware of this shortcoming and hence has put in extra efforts to make sure their traders are assured of their integrity. Which means, the company has gone out on a limb to acquire a loyal client base instead of solely relying on a establish brand name to grow itself.
Trading Platform
Exness provides its traders with the industry popular and trusted platforms for trading – MetaTrader 4 and MetaTrader 5. Institutional traders have the choice to opt for MetaTrader 4 Multiterminal platform to manage multiple accounts through one platform.
For the traders who would like to access the market on their smartphones the MetaTrader platforms are available in an app version on IOS, Andriod, Windows and Blackberry devices.
Types of Exness Accounts
Exness provides 4 different and efficient trading account types to cater its diverse clientele.
· Cent or Demo Trading Account
For the beginner trades who wish to get a taste of the trading environment without huge investments. This account requires no minimum deposit.
· Mini Trading Account
This account also comes with no minimum deposits, directed at beginner traders as well, but with better trading conditions.
· Classic Trading Account
This account type caters to professional traders and is equipped with full range of products and tools. It comes at a minimum deposit of 2000 dollars.
· “ECN” Trading Account
This account caters to the investors who want no conflict of interest between the broker and themselves. The account requires a Exness minimum deposit of 300 dollars.
Commission & Spreads
Following the suit of most online brokers in business, trades are not charged with an Exness fees; instead the firm earns by adding a spread on the quote they propose to their clients. It should be noted, the broker provides probably the lowest spread in the industry, which makes it popular amongst the traders. However ECN trading entails a minimum Exness fee of 25 dollars each per 100 lots
Customer Support
Exness boasts of a robust customer support team which is available around the clock on calls. The other methods to reach them are via live chat, call back service, emails and snail mails.
It has a multi-lingual website which supports more than 17 languages from all around the world.
Pros
- Low spreads starting from 0.3 pip
- High Leverage of 1:UNLIMITED and 1:2000 for Exness Limited and Exness (Cy) Ltd respectively
- Robust Customer service
- Trust-worthy Trading platform
- Auto withdrawals processing
- Regulated with CySEC and FCA
- Various types of trading accounts
- Economical deposit requirement
- Supports CFD trading
Cons
- No social networking form of trading
Conclusion
Exness is the reliable broker, with a robust customer support staff available to the traders around the clock. They take extreme measures to ensure that their clients are happy. They offer some of the lowest spreads the industry has to offer and hence can be considered an ideal choice or traders of all level.
Exness Review
Pros
- Low spreads starting from 0.3 pip
- Robust Customer service
- Supports CFD trading
- Various types of trading accounts
- Trust-worthy Trading platform
Cons
- No social networking form of trading