Exness Review 2020 - Verified Customer Reviews

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3.5
User Rating
4.8
(10)
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Exness Review

Updated September 30, 2020
3.5
Score breakdown
Pricing: 4
Regulation: 2
Popularity: 3
User Rating: 4.8 (10)

Exness overall score rank: 13 out of 34

Exness forex broker review
KEY TAKEAWAYS

✔️ Competitive trading costs
✔️ 2000:1 maximum leverage
✔️ Cent accounts available
✔️ 61 account currencies available

Regulations and Money Protection

2.0 


Entity Name Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
Nymstar Limited (SC) Seychelles FSA License  ✔️

Entity/Regulation

As off October 2019, Exness ceased its UK and Cyprus regulated retail operations, making it impossible for new customers to open a trading account with any of both entities (Exness in Europe is only available for professional traders). Therefore, we will review only the entity that allows worldwide traders to open new accounts.

  • Currently Exness is available to new traders via Nymstar Limited, part of the Exness Group. Nymstar Limited is a Securities Dealer registered in the Seychelles with registration number 8423606-1 and authorised by the Financial Services Authority (FSA) with licence number SD025. The registered office of Nymstar Limited is at F20, 1st floor, Eden Plaza, Eden Island, Seychelles.

  • Nymstar Limited is duly authorised to operate under the Exness brand and trademarks. Nymstar Limited is only  registered, not to be confused with regulated by the island FSA (Financial Services Authority). In any case, little is know about the protective measures implemented by this tier-5 regulator.

Client Money Protection

Exness (Nymstar Limited) does not specify how it manages client funds. We can only assume that due to the lack of strong regulations from the Seychelles FSA, funds are not held in client segregated accounts. If we get confirmation that the company, in accordance with international regulation standards, uses separate accounts to keep protected customer's funds segregated from the company's balance sheets, we will update this review.

Deposit Compensation Scheme

Exness (Nymstar Limited) does not offer any deposit compensation scheme. This means there's no active mechanism to secure or mediate customers claims arising from the broker's failure to meet its financial obligations with clients.

Negative Balance Protection

For accounts opened via Exness (Nymstar Limited) there is a Negative Balance Protection in place, for the sake of no negative balance. The broker performs a NULL operation on all accounts that have negative balance for them to be corrected to zero and thus protecting clients from any losses bigger than their original investments. If traders see a negative balance on any of their accounts, we suggest waiting some time for it to be automatically corrected before making a new deposit.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️ - Standard
✔️ - Standard Cent
✔️ - Raw Spread
✔️ - Zero
✔️ - Pro
✔️ - ECN
❌ - PAMM
✔️ - Islamic Accounts
✔️ - Forex
✔️ - Indices
✔️ - Stocks
❌ - Futures
❌ - Bonds
✔️ - Commodities
✔️ - Cryptocurrencies
✔️ - Metatrader 4
✔️ - Metatrader 5
❌ - cTrader
❌ - Myfxbook
❌ - ZuluTrade 
2000:1 Global

Account types and currencies

  • Exness (Nymstar Limited) has two types of trading accounts available; Standard and Professional. The Professional type of accounts are divided into Raw Spread, Zero, Pro and ECN. Exness (Nymstar Limited) also offers swap-free accounts for traders of Islamic belief.

  • Exness (Nymstar Limited) does not allow for social trading, including copy trading.

  • Exness (Nymstar Limited) does not offer PAMM accounts alternatives for money managers.

  • Exness (Nymstar Limited) maximum leverage is 2000:1 for accounts opened in all countries around the world.

  • Currently, Exness (Nymstar Limited) trading accounts are only available in AED, AUD, ARS, AZN, BDT, BHD, BND, BRL, BYR, CAD, CHF, CLP, CNY, COP, CZK, DKK, DZD, EUR, GEL, GBP, GHS, HKD, HUF, IDR, ILS, INR, JOD, JPY, KES, KRW, KWD, KZT, LBP, LKR, MAD, MXN, MYR, NGN, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUR, SAR, SEK, SGD, SYP, THB, TND, TRY, TWD, UGX, USD, UAH, UZS, VND and ZAR (restrictions apply).

Financial instruments

Trading with Exness (Nymstar Limited) can be done via the MetaTrader 4 and Metatrader 5. Both platforms are available for web trading, PC and MAC and for mobile trading with Android and iOS versions. Exness (Nymstar Limited) is very limited on the choice of assets available for trading; up to 120 instruments, including Forex, indices, stocks, commodities and cryptocurrencies.

  • FX market - 80 currency pairs (including Minor and Exotic crosses).

  • Indices - 9 world indices including including CAC 40, US 30 and GER 30.

  • Stocks - 30 stocks CFDs from worldwide top companies and banks, such as Apple Inc, Citigroup Bank and Netflix Inc.

  • Commodities - 9 commodities CFDs available for trading; 7 metals (Gold and Silver versus several currencies) and 2 energies including UK Oil and US Oil.

  • Cryptocurrencies - 6 CFDs crosses for trading, including BTC/USD, LTC/USD and XRP/USD.

Pricing

4.0  


Pricing/
Account
Standard/Standard Cent Raw Spread Pro Zero ECN
Spread EUR/USD from 1.0 pip from 0.0 pip from 0.6 pip from 0.0 pip from 0.7 pip
Commissions (1 lot) from 7 USD from 7 USD from 25 USD
Minimum Deposit from 1 USD from 200 USD from 200 USD from 200 USD from 200 USD

Spreads

Exness (Nymstar Limited) offers in total 6 different trading account types. A special note here, for traders opening an account with Exness (Nymstar Limited) the maximum leverage can be set up to 2000:1 but for the ECN account the maximum leverage is set at 200:1. The minimum deposit is 200 USD, or equivalent, for the the accounts, except the Standard andf Standard Cent account; 1 USD.

With the Standard type of accounts, the spread for the EUR/USD starts at 1.0 pip, with a typical spread of 1.2 pip with the commissions already built into the spread. For the Professional range of accounts, with lower spreads, there’s a price to pay, a commission. The starting spread for the EUR/USD pair is 0.0 pip, with a typical spread varying between 0.6 pip and 0.9 pip.

The standard lot commission for 1 lot (100,000 units) with the Raw Spread and the Zero account is 7 USD  (3.5 USD per side, per lot). For the ECN account the trading commission is 25 USD.

Rollover Rates

Exness (Nymstar Limited) swap rates, as of 15-09-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -3.82 for holding overnight a long 1 lot contract and at +1.16 for holding overnight a short 1 lot contract, per day. We consider these swap rates to be average (for the long positions) and good (for the short positions) compared with the rollover rates offered by other top Forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 61 different currencies and maintained via 8 different funding methods, including cards, bank wires and e-payments such as Perfect Money, Skrill and Neteller. Bitcoin funding is also available. Deposits reflect on the trading account almost instantly. Exness (Nymstar Limited) does not charge any fees for deposits.

  • Withdrawals fees - Same policy applies for withdrawals (withdrawal speed varies from instant to 5 business days). Exness (Nymstar Limited) does not charge clients any fees for withdrawals. However, for deposits and withdrawals, your credit card provider, bank or payment system may apply a transaction fee or commission that is beyond the broker's control. For more information, please visit the Exness (Nymstar Limited) deposit and withdrawals dedicated page.

  • Inactivity fee - Exness (Nymstar Limited) does not charge an inactivity fee. Still, if traders register a Personal Account with the broker and leave it unused for a long period of time, the account may be archived. On the MT4 platform real account is archived after 90 days of inactivity and if the balance is < 5 USD. For a demo account, after 180 days of inactivity. Regarding MT5, accounts will be archived after 15 days of inactivity and if the balance is < 1 USD. For a demo account after 21 days of inactivity since the last login.

Popularity

3.0 


Forex
Education
Deposit
Options
Deposit/Withdrawals Fees Non expiring demo account Customer
Support
Analysis
Strategies
Articles
Webinars
Cards
Bank Wire
E-payments
Cryptocurrencies
✔️ Multi language
24/7 Support

The Exness Group was founded by a group of like-minded professionals in the area of finance and information technology in 2008. Still, in more than 10 years of business, the broker seems to fail in capturing the attention of new traders as it’s popularity is just average. Let’s start with the not so popular side:

Trading is currently limited to the Metatrader 4 and Metatrader 5, as no other trading platforms are offered. Also on the negative side, Exness is registered as Nymstar Limited in the Seychelles, regulated by the island FSA, a tier-4 regulator that lacks the proper licensing and regulations to protect retail clients.

  • Trading accounts - The Exness (Nymstar Limited) Pro Account is a popular choice with traders looking for reduced trading costs and considered the best value based on its competitive spreads and no trading commissions. Extra points for Exness (Nymstar Limited)'s policy of no fees on deposits or withdrawals.

  • Forex education - Exness (Nymstar Limited) also gets extra popularity points for their range of Forex education materials, available through the Education tab. Exness (Nymstar Limited) clients can find several tools to help them get a better knowledge of the market and to help them make informed trading decisions. Traders can access the broker's website to get updated daily market analysis, learn new trading strategies, read several financial world articles and enroll in live webinars hosted by professional traders.

Funding Methods Bank Wire, Bitcoin, CashU, Credit Card, Neteller, Perfect Money, Skrill (Moneybookers), Webmoney
Support Languages Arabic, Chinese, English, Indonesian, Korean, Portuguese, Russian, Spanish, Thai, Turkish, Vietnamese

  • Minimum deposit - Opening a trading account with Exness (Nymstar Limited) is fairly easy and it can all be done via the web in 4 steps. The minimum deposit requirement with Exness (Nymstar Limited) for the Standard Account range, including Standard Cent, is 1 USD. If traders want to open a Professional type account, then the minimum initial deposit is 200 USD (or the equivalent in your account currency).

  • Customer support - Exness (Nymstar Limited)'s multi language customer support service is available 24 hours, 5 days a week, in 15 languages and 24/7 support in English, Chinese and Thai languages. The broker can be contacted via direct phone call and email. Live chat, directly from their website, is currently offline.

Broker Profile

Exness Limited is an International Business Company registered in Saint Vincent and the Grenadines with registration number 21927 (IBC 2014). Exness is a regulated online Forex broker that offers traders some of the best conditions in the market in a transparent and secure environment.

Established in 2008, Exness is one of the world’s leading brokers and is known for delivering a reliable, trustworthy and customer-focused trading experience, coupled with innovative products and services that cater to investors and traders of all levels and backgrounds. With a deep understanding of trader’s needs, the company strives to provide the best trading conditions on the Forex market, so clients from around the world can fully realize their professional potential.

In the past years the Exness Group has come a long way, becoming an industry leader: by the middle of 2014 the Exness Group client’s monthly trading volume was more than 180 billion USD and the number of trading accounts opened each month by traders around the world exceeded 15,000 (according to their corporate website).

Currently, the Exness Group offers exclusively Professional accounts to institutions in the EU (through Exness (CY) Ltd) and in the UK (through Exness (UK) Ltd). Retail accounts to worldwide traders (restrictions apply) are available through Exness (Nymstar Limited).

Overall, on our Exness review (Nymstar Limited), the broker scores 3.5 out of 5 as it is good choice for traders looking for competitive accounts and pricing. Also the massive 2000:1 leverage available on some trading accounts scores high marks with traders looking for a broker that can offer more than the restricted leverage imposed by the EEA, for example. On the downside, the very limited offering of trading platforms and trading assets, the licensing and regulations offered by the Seychelles FSA, a tier-4 regulator that lacks the proper mechanisms to protect retail clients funds, are all ingredients that penalize this broker’s popularity.

Data supplied in partnership with CashBackForex - Forex Rebates places Exness (Nymstar Limited) on the top 10 brokers for popularity with traders opening an account in 2020.


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