EXNESS Review – Scam or Legit?
The EXNESS Group opened its doors to the public in 2008 in St. Petersburg, Russia and committed itself to offering its clients high quality trading services in several financial markets. It has come a long way since then and is today a leading Forex and ECN broker. EXNESS prides itself on honesty, openness and transparency and is regulated by CySec in Cyprus as well as by the Financial Service Provider Register in New Zealand.
EXNESS LT (NZ) has been recognized by awards from the famous financial publication World Finance Media for “Best Trade Executions”, “Best Order Management” and “Best Mini Broker.” By the middle of 2014 EXNESS clients’ monthly trading volume was more than $180 billion.
The first thing that hits you when you open the EXNESS website is its cool images which are large and colorful and exciting to look at. Since EXNESS is a partner of the Infiniti Red Bull Racing Championship, the snapshot of its flashy Infiniti racing car is certainly not out of place.
And since the website is available in 23 different languages including English, Chinese, Russian, Vietnamese, Farsi, Hindi, Urdu, Tamil, Thai, Bengali, Indonesian, and Malay, people from all over the world can participate in the fun.
The EXNESS Group offers clients access to the interbank market through an ECN, which is based on a software “aggregator” that coordinates the execution of client orders at the best prices from among several well-known liquidity providers connected to the “aggregator”.
The transaction is executed by the liquidity provider that offers the best price for the specified volume at a given moment. Information about the liquidity provider to which a transaction was submitted is stored in our company’s database. The client can be provided with this information upon request.
The broker does not currently offer Swap Free ECN accounts because liquidity providers perform swaps on behalf of the company.
The EXNESS Group gives traders an opportunity to trade in CFDs on futures, the underlying asset of which is oil.
The EXNESS Group is involved in various social causes. It currently supports WWF Russia’s projects to restore rare species: the Persian leopard in the Caucasus and the Siberian tiger in the Far East.
EXNESS offers tight floating spreads on three different trading accounts: the Mini, the Classic and their ECN accounts. No minimum deposit is required for the Mini account but only 100 positions can be open at one time. Also the spread is 0.3. The spread in the other two accounts is 0.1 and there is no limit in the amount of positions a trader can hold. The Classic account requires a $2000 opening deposit and the ECN $300. Trade execution is immediate for all accounts. ECN accounts have direct access to Interbank liquidity.
Exness Account Types
Clients have access to 1:2000 leverage which considerably lowers margin requirements and allows trading strategies to be managed flexibly.
A demo account can be opened for those wishing to practice their trades before putting their money at risk. Funds can be replenished in the demo account at will by filling out an online request form.
The big promotion offered when doing this review and which is available until July 27th, 2015 was the Infiniti Red Bull Racing competition. The Grand Prize for the winner of the best submitted photograph was a visit with the Infiniti Red Bull Racing Team in Abu Dhabi.
The next few prizes were replicas of the race helmet of Daniel Ricciardo or Daniil Kvyat signed by the drivers.
No additional bonuses or promotions were being offered at the time of this review.
EXNESS posts up-to-date financial news and announcements of events occurring around the world directly to their website for all to read.
By clicking on any of the links in their ‘library’, anyone can access the numerous textual guides and explanations of general financial terms as well as topics specific to EXNESS.
EXNESS clients also have access to the most relevant economic news affecting the Forex market from Dow Jones News, the leading provider of information in the world of business and finance. The Dow Jones news coverage offers real-time broadcasting without delays. The news is available to clients, who have opened trading accounts with EXNESS.
A trader’s calculator/currency converter is available as are updated analytic reviews on currency pairs.
Exness Technical Analysis
An additional useful feature is a listing of quotes history that contains information on the exchange rates of Forex currency pairs and other financial instruments over various time periods. This is a live application which can be downloaded into a MetaTrader terminal and used to test strategies and perform technical analysis.
Funds can be deposited using a wide variety of deposit and transfer possibilities including wire transfers, credit cards Neteller, Skrill and others. One of EXNESS’s main advantages is the automatic withdrawal of funds using a number of electronic payment systems, providing traders with around-the-clock control of their trading accounts’ funds.
Withdrawals are done instantly upon request and funds are returned using the same method employed for the deposit.
A useful chart, not offered by many other brokers, lists each method of deposit and its advantages and disadvantages for the trader.
Client support is available in 13 languages, including 24/5 support in eight languages and 24/7 support in three languages (English, Chinese, and Russian).
I found my broker review of EXNESS to be a pleasant experience and I actually had fun doing it. The information is clearly presented and navigation throughout the site runs smoothly. The broker’s popularity can be evidenced by the continuing number of clients reported each year.