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Exness Review – Is this Forex broker scam or legit?
My personal experience with Exness
I would like to base this review on my personal experience of trading with Exness. I want to share my experience with you.
Finding a legitimate forex broker is not a big issue as there are many trusted brokers in this industry, but finding one that suits your trading strategy best, can be a difficult task. You can read all the reviews you want, about a broker; it simply can’t tell you everything that you need to know.
I have joined several forex brokers, some of them are the biggest brands in this industry; and off course, I did my research before opening accounts with them. With every broker, I found something to be missing. I use different strategies in trading; one requires tight spreads, another one works only with 1:1000 or more leverage [using too much leverage can wipeout your whole account, but if you have a good strategy, you can use it to squeeze maximum profit from a trade while risking only small amount of money.] Anyway, my point is that I need certain features to use each of my trading strategies; for instance, I need fast-trade-execution for one of my scalping trading strategies.
After trying several brokers, I finally tried Exness and I am glad to have found this broker as it offers everything that I need. Following is a list of features I was looking for in a forex broker:
- Tight spread
- ECN account
- High leverage
- Supports multiple deposit/withdrawal options including Skrill
- Does not disallow any trading strategies
- Fast trade execution
- Good client area
- Fast withdrawal process
- Small fee
- Offer different types of accounts
- Customer Service/Support
Exness is offering fairly tight spreads in all types of accounts. I wouldn’t call these spreads the best, but they are better than what many other brokers are offering. I would give Exness 8/10 for the spreads it offers.
The ECN account at Exness is very good. The max leverage is 1:200. Spreads are very good. Exness deduct small commission on each trade. This account is very good for using scalping strategies. 9/10
Perfect For Beginners!
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Official MAX leverage advertised at Exness is 1:Unlimited, but this there are certain conditions to meet if you want to use it. The feasible option is to choose 1:1000 if you have a strategy that requires using such high leverage! 10/10
Exness currently supports eight different methods [including Skrill, formerly MoneyBookers] for depositing and withdrawing funds. These include WebMoney, Wire Transfer, CASHU, Excard, NETELLER, and more… 10/10
As far as I know, Exness does not block the use of any legitimate strategies. 10/10
Fast Trade Execution
One of the reasons why I left several forex brokers is slow trade execution in their trading platform. If you are using a scalping or any other similar strategy, then you need fast trade execution. Exness trade execution is very good; it is much faster than many brokers I used. 9/10
Out of all forex brokers I have used, Exness has the best features in client area. You can easily create multiple trading accounts, change leverage for any account, request withdrawal, and there are many other features! 10/10
Exness is one of few forex brokers who offer Instant-Withdrawal options. You can receive funds in seconds, literally! Exness processes most withdrawal requests automatically. 10/10
Exness charges small fee, or commission, on trades you execute in an ECN account. Their fee is much smaller than what many other brokers are charging. 10/10
Exness is offering several different types of accounts. Each account has a different set of specifications. 10/10
Exness provide 24/7 support. Their live-chat representatives are very helpful. 10/10
As you can see, Exness has everything that I was looking for in a broker. It took me a while to find the perfect broker for myself, but I am glad I finally found one, namely Exness. However, it doesn’t mean that this broker is perfect for everybody; perhaps another broker will suit all your needs. It depends on what your trading strategies are and what features you are looking for in a forex broker.
My overall score for Exness is 9/10 .
Before joining any forex broker, do a thorough research; find the broker that is offering best trading conditions that suit your trading style/strategies.
There are some other features that you may find interesting; for instance, Exness, like many other brokers, is offering trading contests from time to time.
Scam or Legitimate?
You should not worry about the legitimacy of Exness. This forex broker is 100% legitimate; they can’t get more legit then this! I mean, Exness is a legit forex broker who will always pay you your own money as well as the profits you make. You should not worry about Exness scamming you as that is not even remotely possible. It is a trusted and registered forex broker.
Update: I forgot to mention the online reputation Exness have. ForexPeaceArmy is a website that I trust. If you are worried about the legitimacy of a Forex broker, then head straight to FPA. I am not asking you to blindly trust all reviews at FPA; however, they can hugely help you in your online research. Below is a screenshot of current rating of Exness at FPA:
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Forex Brokers Checklist
It’s common sense that your account should be safer with the regulated brokers, it’s also clear that The Financial Conduct Authority, FCA (UK) or National Futures Association, NFA (US) are preferred regulators to, say, Vanuatu Financial Services Commission, FSC or self-regulatory bodies like FMRPC.
Unfortunately, the strictest regulation does not guarantee a positive trading experience, otherwise we wouldn’t send our members periodic notifications on the outrageous regulators findings like this one.
Advice. To stay informed please Join Forex Peace Army and stay subscribed to our Core Members List, also get our 10 World’s Worst Forex Brokers Report
This is the reason why we created Forex Peace Army in 2006. In the past retail forex industry was a barely regulated “wild west” with traders reviews and community discussion as the only source of truthful information about the companies.
We witnessed the very positive changes with regulators in the recent years, but this did not diminish the role of consumer reviews. Our members indicate problems with companies months and even years before regulators step in and dealt with their dirty operations.
What about professional broker reviews some other sites have? Please ask yourself, why would professionals spend time to write these long, well-illustrated, and comprehensive reviews? Additionally, ask yourself, why professional reviews tend to nearly always be overall positive, only occasionally mentioning minor flaws. The obvious answer is that these “professionals” are looking to get compensated for their time.
Traders’ reviews may not look as appealing as professional reviews, but they are unbiased, current (describe what is going on with the company now), and based on actual experiences with the broker. Forex Peace Army is committed to keep its broker reviews as honest as humanly possible; our editors are extremely experienced and have an advanced suite of custom coded tools to enable them to screen out fake, paid, self-promoting reviews as well as fake negative reviews from competitors.
Advice. If you know the name of the forex broker start typing it the “Search by name” box above or browse the list of all brokers. Read the reviews and especially pay attention to the following points:
- ease of withdrawals
- ease of deposit
- cancellation of profitable trades
- ease of account opening and verification
- execution speed and reliability
- stop hunt
- professionalism of support
Additionally, please search our Scam Alerts Folder for recent traders complaints, and pay attention to alerts posted on review pages.
Carefully reading and understanding trading conditions of a particular forex broker is an important part of research that unfortunately often gets overlooked. Let us give you a few examples:
- if you are planning to use a scalping strategy, high spreads may render your strategy unprofitable
- if you are planning to profit on news events, pay attention to special trading condition during major economic announcements
- if your forex robot requires high leverage and low margin requirements, this combination may not be available with this particular broker
Other important factors to research:
- Minimum deposit
- Availability of currency pairs, precious metals, oil, crypto currencies
- Commissions and Fees
- Competitive rollover fees
- Trading restrictions, FIFO, minimum open trade time, news trading restrictions, arbitrage restrictions, etc.
Advice. Always carefully read and understand the forex broker’s trading conditions before opening a trading account. Do not hesitate to ask support if you don’t understand something or have additional questions
Next, practice on a demo account at the broker. Do sufficient testing of your trading strategy, forex expert advisor, forex signal service or whatever else you are planning to use with this particular broker. Remember, profitability on a demo account does not always mean a live account will be profitable. Losses on a demo account may underestimate losses on a live account.
If you are happy with everything so far, open small live forex trading account and test it again (including the withdrawal process). Increase the account size gradually.
Keep an eye on the newer reviews for your broker here on Forex Peace Army. Also, after you’ve tested the forex broker’s live trading system thoroughly, please leave a review to share your experience and help other traders.
4. Trading platforms.
There are a few common trading platforms like Metatrader, cTrader, TradingView Web Platform and also proprietary ones developed and maintained by particular fx brokers like Dukascopy’s Jforex (and others too numerous to name here).
A common trading platform like MT4 or MT5 gives you access to the marketplaces full or free and paid trading signals, expert advisors, and other forms of trading ideas. In-house developed platforms often give you access to broker-specific features (like API access for algorithmic trading or connection with Social Trading applications or Money Managers).
Advice. Common platforms like MT4 are a good start for beginner traders. You can download the software with your PC, Mac, or mobile device. You will be able to try many brokers without additional learning curve of proprietary trading platforms and enjoy extensive array of indicators, and trading strategies available through the marketplace.
Who does not like bonuses, freebies, or promotional offers? We do too, but urge you to read the fine print. Some bonus terms are reasonable while many others are traps designed to keep you from withdrawing your money.
Always read and make a copy of the bonus terms before accepting any bonus from a forex broker.
6. Icing on the cake.
As this niche gets more competitive, to attract traders forex brokers often add free useful (and expensive if purchased separately) tools and services for account holders that may include:
- Educational materials for novice traders.
- Market news and webinars
- Forex expert market commentary
- Economic calendars
- Calculators and trading tools
- Technical analysis tools
- Personalized trading strategy and market advice
- Reuters or AP/Dow Jones financial newswires
- Automated strategy builders
You are certainly encouraged to take advantage of such offers.
Advice. Before paying for expensive trading tools or services check if they are available with a good forex broker for free, at substantial discount, or with some minimum account balance.
5 minutes read / Updated: 30 March 2020
Established in 2001, as an online CFD and forex brokerage with an active presence in over 183 countries across the world. Forex.com is the brand name of the New York Stock Exchange-listed company Gain Capital. The broker is headquartered in Bedminster, New Jersey and regulated by top tier financial regulatory agencies across the world including CFTC in the U.S, FCA in the United Kingdom, and Australia’s ASIC.
Its a market that supports the trade of 84 currency pairs, 8 cryptocurrencies, and 17 indices, as well as 26 and 270+ commodity and stocks CFDs respectively. It supports margin trading with a maximum leverage of 20:1 for stocks and 50:1 for all other financial instruments.
In this review, we dig deeper into the broker’s operations. Informed by its past and present client reviews, we detail and rate each of the financial assets tradable here as well as the nature of their services like customer support, trading fees, trading platforms, and account types.
This review should help answer all your legitimacy and safety queries about the broker and decide whether to open an account with them or not.
- Provides traders with an expansive range of tradable instruments
- Features a huge selection of education and research materials
- Supports multiple trading platforms including MetaTrader and WebTrader
- Makes it possible for traders to choose between standard and commission accounts
- Boasts of relatively trading fees compared to most other U.S based brokers
- The maximum leverage isn’t available to all the trading instruments
- Its WebTrader platform if fairly rigid and not easily customizable
- trading platform feature limited fundamental analysis tools
- Doesn’t support spread betting and binary options for futures traders
What can you trade?
Forex.com Forex review
With regards to forex trading, Forex.com gives you access to 84 currency pairs – more than most other leading forex brokers. You get to trade all the majors, all major pairs, more minor pairs, and a tad more exotic pairs than you would with most other brokers.
When it comes to forex trading fees, broker maintains relatively expensive spreads. The EUR/USD pair, for instance, has an average spread of 1.3 on the standard account that is dependent on such factors as market volatility and liquidity. The broker also features the commission trader accounts where spreads start from as low as 0.2 but attract a $5 commission for every $100k traded.
Brand also provides margin-based forex exchange trading for currencies. The rates are however dependent on your geographical location and local regulations. The U.S and international clients, for instance, have access to the entire 50:1 leverage. UK traders, on the other hand, can only use 30:1 leverage as directed by the FCA.
You can start trading with as little as $50 where the minimum trading lot is currently set at 1,000.
Forex.com CFD reviews
Due to regulatory restrictions, Forex.com doesn’t offer CFD trading to its U.S clients. Canada, U.K, and international clients can, however, access the 4500+ CFDs availed by the broker. These are primarily drawn from the global indices, shares and stocks, as well as commodities and crypto CFDs.
Forex.com has made most of these CFDs available to the international markets on both the MetaTrader and WebTrader platforms. On the market analysis section of their website, the broker features a fairly extensive economic calendar. You will also access the latest research and pivot points as well as popular topics and thought leaders’ views.
CFD traders on the Forex.com platform can also choose to design individual automated CFD trading algorithms on the platform or integrate third-party automated tools.
Forex.com commodities review
Forex.com also exposes its clients to the commodities markets. On their platform, traders can only engage in the trade of unleveraged spot metals like gold and silver. These are, however, only available on the WebTrader and not on the MetaTrader platform.
With regards to trading these commodities, you can speculate on their price appreciation or depreciation. These precious metal traders on Forex.com also gain insights from the broker’s market analysis page.
Trading fees: Variable
Trader support: Mediocre
Forex.com futures and futures options review
When it comes to Futures and futures options, Forex.com makes it possible for its clients to trade futures and futures contracts. The broker provides a platform through which they can invest in such products as commodities and indices. These are nonetheless only available to the U.S clients who get to trade them through Futures Online – an introducing broker for GAIN Capital.
In helping most of their clients get started with futures and futures contracts investments, Forex.com gives access to a 14-day demo trading account. The simulated trading account is loaded with $50,000 virtual cash and contains all the key trading features like ultra-fast execution speeds and live market data.
What did our traders think after reviewing the key criteria?
Forex.com maintains three primary types of trading fees – all of which are volume-based and tied to different types of accounts. These include pure spreads, spread plus fixed commission, and spread plus variable commission. The spreads, though competitive, are variable and are highly dependent on liquidity and the prevailing market conditions. as broker doesn’t impose deposit or withdrawal charges.
The pure spread account is popular with retail traders and spreads for the major currencies start from 1.0 and average at 1.3 pips. The spread and fixed-rate commission has lower spreads that start from 0.2 pips in addition to the $5 fixed commission for every $100k traded. The direct market access trader fees start from 0.1 pips plus a variable commission that averages $60 for every $1 million traded.
With regards to discounts on fees, broker runs a cash rebate program that is pegged on the volume of trades. Brand offers cash rebates of up to $9 for every million traded on the retail standards account, $9 for every million traded on the commission accounts and $20 per million traded on high volume and direct market access account.
Non-trading fees include the rollover fees charged on trades that remain open at the end of the day trading session – 5 pm ET. Traders on the platform get to earn or pay these rollover rates based on whether they are going long or short of a trade.
There are three primary account types availed by Forex.com.
The broker also hosts free demo accounts for both forex and futures contracts. These come stocked with $50,000 in virtual trading capital and are valid for 14 days.
The live trading accounts include:
The standard account is accessible on both webtrader and the MetaTrader trading platforms. It calls for a $50 minimum deposit and attracts wholly variable trading fees where the spreads average 1.0 pips for the popular EUR/USD pair. Standard account holders subscribed to the broker’s Active Trader Program also get to earn up to 18% cash rebates.
Commission stands out because it employs both variable spreads and fixed commissions in the determination of trading fees. Spreads on the commission account start from 0.2 pips with the fixed commission set at $5 for every $100k traded. The minimum deposit amount is $50 and the account is only available on the broker’s Webtrader and mobile apps and not on the MetaTrader.
Direct market access account:
The Direct Market Access is according to broker specially designed for high volume and frequent traders. Trading fees are a mix of variable spreads that start from 0.1 pips for major pairs and a variable commission starting from $60 for every million traded. The minimum account operating balance is set at $100K but traders are advised to maintain not less than $250K in their accounts. The DMA account is also not available on the MetaTrader platform.
The broker doesn’t maintain the Sharia-compliant trader accounts that are synonymous with the absence of overnight/rollover fees.
Forex.com trading platforms
The broker supports several major trading platforms. These include the MetaTrader (MT4), in-house trading platforms, Ninja trader, and API connections.
You, however, can only access the brand standard forex trading account on the MT4 and Ninjatrader platforms. The two other accounts hosted by the broker will only be accessible via the broker’s in-house trading platform that’s available as a web trader, desktop app, and mobile app.
Most of the forex.com reviewers found the website aptly organized and easy to use. The home page of the broker website features all the important tabs needed for fast and easy navigation. These include the signup and login features for new and existing clients as well as the markets, services, about us, platforms, market analysis, education and support tabs for everyone else looking for more insights about the broker. There also is a search tab where you can key in direct queries for even faster navigation.
Forex.com provides 24/5 customer support but doesn’t offer live chat service on its website. Its clients can, however, access the broker’s support team on telephone and text message, through the different social media pages, and email. The broker website also features a detailed FAQ section.
Supports four key payment methods. These include:
Debit card payments: Forex.com does not support credit card payments but processes debit card transactions for both Visa and MasterCard. The minimum deposit for debit cards is set at $50 and the maximum at $10,000. The broker supports USD, EUR, and GBP currencies but all these are automatically converted to USD. Deposit processing is near-instant and free.
Debit card withdrawals have an estimated wait time of 24 hours. They do not attract processing fee but have a per transaction limit of $50,000.
Bank wire transfers: processes up to seven different currencies when it comes to bank wire deposits that must then be converted to USD. There is no minimum or maximum deposit limits for bank transfers. It may take up to two business days for the transfer to reflect in your trader account and the broker does not impose processing fees in addition to those charged by your bank.
Bank Wire withdrawals have an estimated wait time of 48 hours. There is no withdrawal limit but attract a $25 fee per transaction for amounts above $10,000.
eCheck: processes eCheck payments. The minimum deposit is $50 with the maximum set at $10,000. Transaction processing is immediate and free.
eCheck withdrawals have an estimated wait time of 24 hours, don’t attract processing fees and have a withdrawal limit of $25K per transaction.
Personal or business check: The broker will also process both personal and business checks. There are no minimum or maximum deposits and transaction processing is free. Traders might, however, wait for up to 10 business days after the day of receiving the check for the cash to reflect in their accounts.
The broker also allows for personal or business check withdrawals with a wait time of 48 hours. These are free and there are no maximum withdrawal limits.
Forex.com isn’t running any promotions or bonus offers currently, safe for the cash rebate program available to its Active Trader Program subscribers.
Regulation and deposit protection
Forex.com is the brand name of GAIN Capital Group LLC that’s headquartered in Bedminster, NJ. The broker is registered with and regulated by such financial regulatory agencies as Futures Market commission (FMC), the National Futures Association (NFA), the Retail Foreign Exchange Dealer (RFED), and the Commodities Futures Trading Commission (CFTC).
When it comes to deposit protection, there is no evidence of brand insuring customer deposits with the FDIC. GAIN Capital, however, claims that it maintains a separate account for their customer funds. The broker adds that these funds are then “distributed across a global network of custodian banks and brokers.”
Broker was established in 2001 and has over the years won several awards and global recognition. In Feb 2001, for instance, Forex.com was named the Forbes “Best of the Web” by Forbes.com before being named the “Best Online FX Trading Platform” for the year 2001 by Global Finance later that year. Others include being voted the Best Forex Broker in the USA for 2020 as well as the Best Forex Brokers by FT and Investors Chronicle magazine readers the same year.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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