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Exness Review By ForexBrokersJournal.Com
Ok, let’s now move on to Exness! I opened my Exness account in 2009! That means it is now over 5 long years since I have been trading with Exness and I will certainly continue my Forex job with them!
I and lots of my friends have tens of nice memories trading in Exness. For instance, one of my friends by using expert advisors made 40,000$ profit during only one week! And more surprisingly to know that his deposit was as few as 500$ and he made his withdrawal without facing any problem. Two other friends of mine have now owned houses through the profits they made in Exness and I myself also made good deal of money in Exness at the time when stop orders were all guaranteed in this broker.
Exness has had special innovations in Forex brokers world which made the broker continue to exist long. Amongst them I can mention things like automatic withdrawal, which is still incredible to many people or even leverage of 1:1000 which as far I as I remember has been offered by Exness for the first time in Forex world. Although this kind of leverage can be as dangerous as poison for novices but professionals know how to use it.
About Exness :
As mentioned in the website, Exness group has been founded in 2008. Headquarter is in Russia and they have offices in Cyprus and Saint Vincent too. Currently, Exness is offering its services to traders under the name of two companies; one is Exness CY which has been registered in Cyprus regulated by CYSEC and the other is Exness VC which has been registered in Saint Vincent.
In Exness, there open about 15000 new accounts every month and the volume in this broker reach to as high as 198 billion dollar which is a considerable amount.
As to the credibility of Exness, I can say since it is now 5 years that I am now working with them, and I and my friends have made withdrawal over 500 thousand dollars, I can fully confirm them. On the other hand as far as I have read the reviews by clients in various websites about Exness, they had all confirmed Exness too. Off course this doesn’t mean that the condition of trading in Exness is fantastic. Here we discuss about it. Their Alexa ranking is 17,599 and they are placed in the rank of 23 in Top 500 Forex Brokers List.
Opening Account in Exness:
There are 4 types of accounts in Exness: ECN account, Cent account, Mini account and Classic account. Mini account is the most common type of accounts for the clients with no minimum deposit, the leverage is 1:2000, and with no commission and there are over 120 instruments available for trading. In Exness CY, verifying the account is imperative but in Exness VC is not. After you send your documents they will verify your account within a few hours and you can start trading.
Member area in Exness is one of my favorite member areas amongst all brokers I have ever worked with. It is a nice design and anything a trader needs can be found there and is easy to be accessed. Things available such as; list of accounts, balance, equity and leverage of the accounts, menu for deposit and withdrawal, special part for existing active contest and registering a contest account! Capability to change the leverage, change the accounts’ password or even adding a new account and many other things that can help a trader a lot. Here is an screenshot from the member area:
One of the key advantages of member area in Exness is that after you register, a partner link will automatically be devoted to you. If any of your friends open an account through that link and then trade, there will count commissions for you and the commissions will automatically be transferred in your account.
Depositing the Account:
In Exness CY you can deposit your account only via bank wire and credit cards. But in Exness VC it is different and you can do it via e-wallets such as Webmoney, Neteller, Skrill, Filsipay, Ukash,CashU and PerfectMoney which in all methods the money will instantly is added to your account and you can start to trade right away.
If you are an Exness CY client, you can make a withdrawal only via bank wire which will take 3-5 working days but if you are a Exness CY client, you have the chance to enjoy the Exness unique service and that is automatic withdrawal to e-wallets! However I should mention that this doesn’t work at times and withdrawals won’t be processed automatically. Exness itself says 95% of withdrawals are automatic but for those times they won’t be processed automatically, the amount of withdrawal will be paid to you within a few hours upon your request. Altogether I can confess Exness is one of the best brokers regarding withdrawals.
Below you can see an screenshot from my Exness history. As you see I made withdrawal of about $60,000 in 2 month of July and August in 2011.
Spreads in Exness:
Here as always I used Advanced Spread Monitor indicator to monitor spreads in Exness mini account. The average spread in EUR/USD, GBP/USD and USD/JPY is 1.11 pips, 1.54 pips and 1.26 pips accordingly and in USD/CHF, AUD/USD and USD/CAD is 1.42, 3.32 and 2.72 pips accordingly which are acceptable spreads except for AUD/USD which I believe spread of 3.32 pips for this pair is not suitable and Exness should revise it.
You can see the spreads in detail alongside with pairs and in different sessions (time intervals) in the table below:
*Please note that Total spread reflect the spreads for 5 days but Asia, Europe and US reflect just 1 session.
Order Execution :
Unfortunately one of the things I had problems while trading in Exness from old days is order execution for which although I can say it has become way better, but we all expect more than this from Exness!! If you have traded with Exness during past 3 or 4 years, you certainly remember errors like invalid price or off-quote in your order executions.
Today, there are off course way less times that I encounter such errors while putting my orders, but there still persist at times and Exness should certainly work to rectify the problem!
Order Execution Speed:
As you can well see in the table above order execution speed in Exness in the 10 positions I made and calculated, range from minimum 797 milliseconds to maximum 2.782 seconds and the average of executing these 10 orders will be about 1.2 seconds and if we subtract the maximum ping of mine to Exness server which is about 90 milliseconds, we will have 1.1 seconds which is not a good amount in my opinion and can be much more better than that.
In addition, in some cases order execution will take even 10 seconds or more and this is not acceptable for a broker like Exness!
Fortunately one positive point, Exness has is that you will usually get no slippage on your pending orders in the normal conditions of market. In other words your orders are opened and closed in the exact prices you have defined. When I checked the history of my account a couple of months ago, I didn’t see even one slippage on my S/Ls and this is good and you won’t find a broker with this condition easily!
For the customer support service I can give a good score to Exness because even from those old days I started to work with them till now, their live chat support always answer the clients effectively and rectify their problems very soon (I remember there was some friendly guy called Levin in the old days in their live chat and used to solve the clients problems very good). Furthermore, I have seen in various Forex forums, representatives from Exness who are offering services and rectifying clients’ problems there.
Forex Rebate on Exness (Sponsored Content):
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As I previously said Exness is one of my favorite Forex brokers and during this 5 years I worked with it, I am satisfied and can trust it. Opening an account in Exness is simple. Depositing the account is instant and As far as I know it is the only broker in the world that withdrawals are processed and paid to you automatically! Spreads in most pairs are good and acceptable. The only negative point in Exness might be the order executions which is not superb and should be improved.