Exness is not only suitable for traders who are new to the investment market but also for seasoned investors. If you are interested in learning about this forex broker, the following detailed review Exness article is for you.
What is Exness?
Exness online forex trading platform was founded by Exness Group. Exness was founded in 2008 with CEO Mr. Petr Valov. With more than 14 years of establishment and development, the forex broker Exness has continuously made a mark with users thanks to its exclusive features that few competitors can do.
Exness broker is most famous in Asia, Europe and Africa regions. It is worth noting that Exness has the highest average monthly trading volume in the world today.
Is Exness broker reputable?
To be able to prove their credibility and safety, forex brokers must invest a lot of effort in the long run. Here are some factors to help you understand why Exness is considered a reputable forex broker.
Exness has a forex license
A forex license is a certificate of activity that financial authorities issue to a forex broker if they want to open services in a certain country. Those financial authorities will control and ensure that forex brokers do not scam customers.
However, it is worth noting that the financial authorities of countries are not peer-to-peer, whose level will be based on the economic strength of the country itself. For example, an American or British agency will be more prestigious than an agency in Thailand or India. When a forex broker obtains a license to operate in a reputable country, it will certainly be a decent, safe forex broker that cannot deceive customers.
With more than 10 years of experience in the field, Exness has been licensed by the following reputable financial authorities:
- Financial Conduct Authority (FCA): the government body responsible for the regulation of any or all financial activity that takes place in the UK or is associated with individual company and corporate headquarters in the United Kingdom. They regularly update the framework and regulations governing areas such as trading, currency, banking, accounting and dividends.
- Cyprus Securities and Exchange Commission (CySEC): The Cyprus Commission for the Securities and Exchange Commission, which oversees the financial markets in Cyprus. It ensures that Cypriot capital companies strictly adhere to financial guidance in accordance with the legal and regulatory frameworks in Cyprus and the European Union.
- Financial Sector Conduct Authority (FSCA): this is the financial market regulator and regulator in South Africa. The agency acts as an independent body regulating the non-banking financial services segment in the South African market.
Exness is a transparent forex broker
Exness is the exchange with the largest monthly trading volume worldwide, the amount of money that customers trade on this exchange each month ranges from 700 to 900 billion dollars. This shows that Exness is the choice of the biggest investors in the market, who trade thousands and millions of dollars per month.
The number of transactions per day at Exness exchange is publicly posted on the homepage. Exness forex broker is one of the rare brokers in the market that is open and transparent about all financial activities. When you go to the Exness homepage you will see how much money the customers at this exchange are trading, how much they deposit or withdraw and how many active traders there are.
Exness Customer Protection Program
Licenses at Exness exchange not only provide proof of safety and credibility, but also offer clients money protection programs. The most prominent is the negative balance protection program (also known as Negative Balance Profession).
Negative balance protection simply means that you cannot lose more than the amount in your account. The program is important for new traders who are new to fast moving markets during times of general market volatility or even the opening and closing of the trading day following unexpected news. . This program allows traders to try different trading strategies and understand that they won’t go into debt. In addition, taking advantage of the insurance program at Exness will not limit any potential profits to be made.
Exness trading fees
Transaction costs are also a very important factor to evaluate a good and quality forex broker.
Minimum deposit level
The minimum deposit at the broker is $1 for a regular account and $200 for a professional account. This is an extremely low number compared to competitors in the market. Usually, the major forex brokers will require customers to deposit hundreds to thousands of dollars. However, at Exness , you only need $ 1 to make a deposit. Exness does not force you to invest how much, you can completely start with a small amount of capital and there is no limit.
Spreads and commissions
The spread is also known as the spread, that is, the difference between the bid and ask prices of a financial product, in pips. Any trader wants a low spread to optimize their trading strategy. Spreads at Exness average 0.3 pips when trading on a regular account and from 0 when trading on a pro account.
The commission is the fee you pay when you trade on pro accounts, because then the spread is zero. You can see that the pro accounts at Exness have commissions from $7 on a one-time basis. transaction.
Leverage is a tool by which investors can trade large volumes with a small amount of capital. Meaning you borrow some money from the forex broker based on the leverage ratio, at Exness you can use the highest leverage in the market which is unlimited leverage. This is an exclusive level of leverage that only Exness can provide.
Exness overnight fees
An overnight fee is a fee that any forex broker collects from its clients. When you leave an order open overnight, a fee will be charged for that order. Swap fees are due to market interest rates that change every day and can be positive or negative depending on your order type and volume.
At Exness, an overnight fee is charged every day, excluding weekends. Therefore, on Wednesdays every week the swap will be charged 3 times. The formula for calculating overnight fees at the exchange is:
Swap fee = Iot traded x Volume x Size 1 point x Swap buy/sell x number of days open order
You can use the forex calculator at Exness to calculate swaps quickly. One thing to note is that Exness offers free overnight for some trading products such as gold currency pairs, stocks, and cryptocurrencies. Because these products have in common that they need a long-term trading strategy, which means they will inevitably be charged overnight.
Exness exchange products
The diverse trading products on Exness exchange include:
- 107 currency pairs.
- 81 stock codes.
- 12 energy commodities, precious metals.
- 7 digital currency pairs.
Gold transaction costs at Exness
Gold is the most traded product in the market. In forex is no exception, to trade gold at Exness exchange you just need to open a simple order to trade the XAU/USD pair as you would other currency pairs.
Answer questions about Exness exchange
For new traders, there will certainly be questions about Exness exchange. So the following answers will help you better understand the Exness financial investment.
Is it complicated to open an account at Exness?
Opening an account at Exness is very simple, you just need an email and phone number to be able to create a trading account.
Verifying the owner account may take a certain amount of time. You need personal documents and proof of living address. In addition, identity verification usually lasts between 24 and 48 hours.
Exness is from which country?
Exness exchange was based in Russia when it was founded. The company then moved its headquarters and operations in Cyprus. Since moving its headquarters until now, Exness has opened representative offices in many different countries and regions. Currently, Exness’s head office is located in the Seychelles.
Does Exness have an office in Vietnam?
Exness exchange does not have an office in Vietnam at present. Vietnam does not allow forex brokers to operate in the country, so no forex brokers are allowed to open representative offices in our country.
Exness exchange was founded in 2008. By 2017 they had reached an agreement. with the sponsor of the football club Real Madrid. With more than 10 years of operation in the market, Exness has gained many prestigious awards such as Best Customer Support, Best Forex Broker, Best Premium Loyalty Program,…
Does Exness widen the spread?
The times when Exness spreads spreads coincide with this phenomenon happening in other leading forex brokers. It is the first day of the week or times when the market has big news. This is a time when prices are very volatile, so the spread is sure to take place anywhere. If you want to avoid this problem, you just need to not make a transaction during this period.
Does Exness have a bonus?
Exness is a forex broker with very few promotions or bonuses. This is essentially the way other retail forex brokers use to attract new customers. But Exness is a longtime forex broker and has confirmed its position in the market. Therefore, there is no need to use this method, but focus on quality and reputation to attract customers.
Does Exness charge withdrawal fees?
Currently Exness does not charge any fees related to deposit or withdrawal. The fees that may appear during the deposit process are because they are collected from 3rd parties. They are the payment gateways that you use to deposit or withdraw from Exness exchange.
Error when Exness cannot withdraw money?
If you have trouble with withdrawal at Exness exchange, specifically your Exness account cannot withdraw money, then you are most likely facing the following errors:
- The amount you withdraw is higher than your available amount. It may be because you still have some trades in progress, causing your account balance to be volatile and inaccurate. Please note that all old transactions should be closed before withdrawing.
- You chose the wrong withdrawal method. It should be noted that at Exness exchange, withdrawals must be done in the same way as the deposit process.
- Your previous withdrawal is still being processed. You need to wait for the system to finish processing the previous withdrawal before proceeding with the new process.
- Exness system has problems. If you encounter this situation, you need to send an email to the Exness team and get support from the counselor.
Exness is a reputable and reputable exchange in the market today. The transactions at the are guaranteed to be accurate, fast and reliable. This is definitely a financial exchange that you should definitely try. Hope the article of Traderforex is really useful for you