Top Broker in 2023 for Forex trading - Exness Broker
Exness was founded in 2008, and has grown to become one of the largest Retail FX and CFD brands worldwide. Privately held Exness is one of the more transparent brands in the Retail FX realm, regularly releasing monthly client trading volume data as well as the number of active clients, client withdrawal amounts, the company’s own funds, and payments the company makes to partners (i.e. introducers). Exness has its client volumes, client withdrawal figures, own funds figures, and agent commissions paid reviewed each quarter by Deloitte.
What can you trade?
Multi-asset broker Exness offers one of the most comprehensive Forex market coverages seen in today’s market with 107 currency pairs available for trading, complemented with seven cryptocurrencies and twelve commodities. Cross-asset diversification exists via 30 stocks and 13 indices.
Licenses and regulations:
- Exness Limited, an International Business Company in Saint Vincent and the Grenadines
- Exness (Cy) Ltd. a Company registered in Cyprus, registration number HE 293057 and regulated by CySEC (Licence Number 178/12)
- Exness (UK) Ltd. a Company registered in England and Wales under Companies House Register number: 08861481. Exness (UK) Ltd is authorised and regulated by the Financial Conduct Authority (Registration number: 730729).
Trading conditions at Exness are some of the best in the business and all trades are executed on the market with no intervention, with one exception. With a low-cost cent account for new traders, unlimited leverage on some of the professional accounts and a wide range of assets to trade, Exness has made sure that its product offering will appeal to all types of trader.
Exness offers 5 account types – Standard, Standard Cent, Pro, Zero, and Raw Spread. The Standard account requires a minimum deposit of just $1. The Raw Spread, Zero, and Pro alternatives command an acceptable minimum deposit starting from $200. The Standard Account is recommended for newbies learning in a live trading environment. The Pro Account is the most competitive commission free variant at Exness.
Spreads and Commission
Spreads are generally low compared to Exness’ competitors – even on the Cent Account where they can be as low as 0.3 pips, but generally average 1 pip on the EUR/USD.
Commission is only charged on two of the Professional Accounts, and then it is the industry standard 3.50 USD per lot per side.
Deposits and Withdrawals
Funds can be deposited in several different ways including Credit Cards, bank wire transfers, Neteller, Skrill and a few other online payment systems.
Exness has a system that allows automatic withdrawal of funds utilising a few different electronic payment systems which mean traders have 24/7 control of their account funds. Withdrawals are transacted immediately using the same method adopted to deposit funds.
Exness for Beginners
While Exness is not the best in the industry at providing education and market analysis for beginners, there is a decent amount of material for new traders to get through. The education section especially has a lot to offer, while market research and analysis is well-presented and useful rather than exciting. Customer support is excellent, however.
The majority of Exness’ educational assistance for new traders can be found in the Exness Academy. Trading education is split into three different experience levels, which is perfect for a new trader wishing to gradually improve their understanding of the Forex market.
Video education is also available in five languages, including English, Arabic, Thai, Indonesian and Vietnamese. These bite-sized videos are great explainers of important concepts that all Forex traders need to understand.
Exness also hosts frequent webinars in English, Arabic, Thai, Indonesian and Vietnamese. These cover a range of topics and will prove especially useful to new traders. Registering for a webinar does not require an Exness account, though you will have to provide an email address.
The market analysis section at Exness is not quite as expansive as the education section, though there is still some great content here. Most of the content is presented in the analysis blog, which is updated every few days with thoughtful insight on recent and future events across a range of CFD markets.
Of course, a standard economic calendar is available, but Exness also presents a daily video of upcoming market events to watch out for with brief technical analysis. This is provided by Trading Central but is still useful for new traders.
Client phone support is 24/5 in 13 languages and two languages, English and Chinese are supported 24/7.
Other forms of contact include live chat, call back service, phone, and emails. Other support is provided through posted up to date financial news and there was access to their library through the website. Dow Jones news was available to clients with accounts.
Exness supports Metatrader4 and Metatrader5 (and the Webtrader for both) as well as a range of mobile trading platforms. Access with mobile is 24/7, an industry standard, and they have high-security encryption to protect a client’s details. If you are a trader with multiple accounts, you can opt for the Metatrader4 multi-terminal platform.
Exness is a good all-round broker for most traders, whether beginner or more experienced. With MT4 and MT5 support, good customer service and excellent trading conditions across a wide range of account types.