Broker Trusted Point
Exness is an online brokerage site that offers online trading to clients. The firm is not considered safe to trade and has limited licenses that can’t assure its authenticity. The firm has an obscure design, and newcomers can face heavy problems knowing all the features and services. There is no research section with the broker, and the education content is of inferior quality. The demo service account is limited to 20 days, and the customer service is fooled as 24/7 everywhere. Deposit and withdrawal methods carry several costs and are longer than usual, taking out payments taking up to ten days.
Exness Broker safe or not?
Exness seems like a suspicious broker that doesn’t provide utter clear information on their services. The firm holds licenses from multiple financial authorities but not enough to ensure complete safety. The firm is licensed by FSA (Financial Services Authority) and is headquartered in St. Petersburg. The process for registering a company in the nation not is easy. The steps include applying for a license at the nation’s online portal, a publicly open & easy procedure. Pay the nominal processing fee and get your firm registered.
Further, it is not mentioned on the broker’s website if they work under EU, MiFID, or ICF. Investors Compensation Fund (ICF) offers security that no customer is exposed to any fraud or activity by any broker and renders up to 20,000 euros insurance to every customer.
Overall, the safety of the broker cannot be trusted due to limited regulations. The clients are suggested to do their ramification before trading with this broker. We recommend trading with ETFinance, Brokereo, Investlite are the safest and trusted brokerage platforms for every trader.
The Exness broker provides three account types, namely, Mini, ECN, Classic. However, the type of accounts fails to fulfil the client requirements and has little offering than other service providers in the market. All the account types are invaluable in terms of spreads and commissions and would not be ideal for newcomers. Furthermore, the highest leverage offered in the accounts is 1:200, which is comparatively less compared to other brokerage sites in the market.
The number of base currencies is less than are restricted, and the traders can face intricacy in deposits and withdrawals. The clients also can trade via a demo account. The Broker fails to deliver satisfactory services with a demo period and it’s only limited to 20 days.
The broker offers the widely recognized MetaTrader4 and MetaTrader5 trading platform, the most common portal for all the firms. The platform offers limited services and would seem frustrating to traders. The UI/UX design is complicated and challenging to concede, and novice traders find it difficult to operate easily. There are restricted signals, indicators, timeframes, charts, and technical analysis for traders, and the results from the provided tools can give fallacious outcomes or forecasts.
Markets and Products
Exness broker allows access to a limited range of financial products for trading. There are 160 products in total, and no asset from the commodity market is available on the site. The site does not provide transparent information about trading instruments that it offers CFDs and not actual ownership of assets. It marks the end of trust and transparency on the trading site for all the customers. CFDs are on 12 metals, 40 indices and stocks, nine cryptos, and a hundred currencies in the market.
Apart from it, there is no clear information on the varied leverage for different countries. For example, the UK’s FCA doesn’t allow brokers to provide more than 1:30 margin on trading but if the site follows it or not is yet to get clear. The clients are advised to be careful of the high leverage levels as it is too risky for retail investors.
The account opening process is hectic and confusing and fails to clear the intent for taking information. The customers are asked to write their personal and financial information, which might be uncomfortable for anyone in providing the information. It includes address proof, IDs, bank statements, account numbers, income proof, and many more. Further, the site doesn’t explain the process anywhere on the website, and the customers need to give details without knowing the other method of verification.
The processing time for verifying accounts is delayed than usual trading firms, and the user needs to wait for several days. It can be frustrating for the professional users and waste newcomers’ time which would have been used for practice and learning.
Commissions and Fee
The broker charges high spreads, commissions, and seems to have several hidden charges that are not specified clearly on the site. There is no information on the website for spreads and commission, and the website has irrelevant information on the assets section. Further, the broker mentions lower spreads, but it increases, while trading due to this mitigating the trader profits when placing orders. The pro account says fixed spreads start as low as 0.0 pips, but there was no asset available with this pip and the fixed spreads keep changing on market volatility.
We discovered some of the top hidden charges were inactivity penalty, withdrawal charge, overnight swap fee, and other additional costs; none of them was mentioned.
Deposit and Withdrawal
The broker provides limited payment methods for deposits and withdrawals. Further, the broker also has several hidden charges and fees for withdrawals. The available methods are wire transfer, cards, and some e-wallets. Note that the processing is lengthy, with deposits taking multiple days and withdrawals taking up to several days. The Exness broker’s service quality is not up to the industry standards, with no option to deposit money through cash. The delay in payments can be tumultuous for professionals, and the process is unclear and challenging.
There are several limitations for withdrawals on the amount, number of transactions, and much more.
The broker’s leverage facility is 1:200 for traders, which is comparatively less than other service providers in the market. Simultaneously, several top brokers are available in the industry that offers high leverage and the different leverage margin on foreign assets.
The broker doesn’t offer any research material for analysis. The research content is useful for analysing the market and making better trading decisions. The tools enhance clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use.
The broker has a limited range of educational resources, and the available resources are a fundamental level. It can be improved.
The Exness broker’s customer service is wretched, and the executives fail to clear client doubts. The executives were unable to answer our queries and don’t seem to have the proper knowledge. The firm claims 24/7 customer service everywhere but answered no calls, and the email response took longer than usual. The average response time was longer than two days which gets frustrating for an average trader. The live chat is facilitated by a trading bot that gives irrelevant responses on every question. The available methods are telephone, live chat, email, and feedback form.
Overall, the trading platform is not safe to trade and has limited licenses that can’t assure its authenticity. The venture has an obscure design, and novice traders can face grave difficulty understanding all the features and services. There is no research section with the broker, and the education content is of low quality. The demo service account is limited to 20 days, and the customer service is wrongly pretended as 24/7 everywhere but fails to do so.
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