Although there are many other prominent platforms compared to Exness, in the Vietnamese market, Exness remains truly the number one name, holding a dominant position and being the perfect choice for new traders entering the profession
If we were to choose a “national” forex trading platform, Exness would undoubtedly be the first name that comes to mind. Although, when considering it comprehensively, compared to many other forex brokers, Exness doesn’t have a significant number of outstanding features. Everything seems to be just sufficient, from their products to the trading software they provide, and even some specialized products like securities or ETFs are only common offerings, not as diverse as other brokers.
However, Exness has a highly specific and unique development strategy that aligns well with the “style” of Asian traders, including those from Vietnam. To put it accurately, Exness truly understands the psychology of traders and delivers exactly what they want and need. For this reason, despite the presence of many other prominent brokers, Exness remains the number one choice in the Vietnamese market, holding a dominant position and being the perfect choice for new traders entering the profession. So, what does Exness offer? Is it truly worth trading with Exness? Let’s explore and find out more in the following review of Exness. Find More….
Exness Trading History
You might be surprised to know that Exness is a relatively long-established company, having been in operation for 12 years since its founding in 2008 in St. Petersburg, Russia, by “a group of experts with shared goals in the fields of finance and information technology.”
However, for Exness to achieve its current success, it involved relocating its headquarters from Russia to Europe. This strategic move led to a breakthrough growth, making Exness the largest retail forex broker in the world. According to reports from Exness itself, “by December 2019, the monthly trading volume of its clients reached $325.8 billion, and the number of active traders worldwide exceeded 72,721.”
As a result, Exness now serves customers from various countries around the globe. As you can see, the Exness website has been localized in 15 languages, with offices established in multiple locations, including two main offices in Saint Vincent and the Grenadines. In addition to the aforementioned information, Exness is indeed a strong financial conglomerate with numerous subsidiaries, one of which is the securities company Nymstar Limited. This signifies that Exness not only thrives in the forex market but is also expanding its influence into other sectors, such as the securities market.
Exness is regulated and supervised by the following financial authority:
Financial Conduct Authority (FCA) of the United Kingdom.
One of the key factors that ensure the credibility and safety of a forex trading platform is the licensing and regulatory authority overseeing the platform.
This is something we pay utmost attention to, especially for new traders entering the profession. It’s essential to choose a licensed and regulated platform for trading to minimize risks to your account. The reason for this is that when you deposit money into your trading account, the platform becomes the entity responsible for processing all your trading orders and acts as the “key holder” of your funds. Therefore, if you deal with an unreliable platform, they might create difficulties when it comes to withdrawals or lack the necessary liquidity, resulting in extended withdrawal processing times.
Reputable financial regulatory organizations consider the liquidity of a platform to be a crucial aspect when evaluating whether to grant the platform its operating license.
Exactly, as with organizations like the FCA, they often require a trading platform to implement a segregated account mechanism to ensure that the clients’ funds are kept separate from the company’s operational funds. This measure prevents the platform from using clients’ funds for private or unauthorized purposes. Additionally, some regulatory bodies also require the platform to have client compensation schemes in place. In the event of the platform’s insolvency, clients may receive a certain amount of compensation, subject to the regulations of each authority.
To ensure its credibility, Exness follows similar practices and is not an exception when it comes to obtaining licenses from top financial regulatory authorities such as the FCA and CySec. Furthermore, Exness is also licensed by regulatory bodies from Spain, Italy, Sweden, the Netherlands, and Germany, enabling it to operate in those markets. These licensing and regulation measures serve to strengthen Exness’s reputation and provide reassurance to its clients about the safety and security of their funds and trading activities.
Moreover, Exness is also a member of the Investor Compensation Fund (ICF). This means that traders will receive compensation of up to “20,000 EUR or 90% compensation request for investors” if Exness encounters any unforeseen incidents.
In addition to the mentioned points, Exness also implements a segregated account mechanism, influenced by the FCA license. Therefore, customer deposits are held by Exness in top-tier banks such as Barclays, Baltikums Bank, and OCBC Bank.
The practice of segregating accounts not only demonstrates financial strength and high liquidity but also helps prevent the platform from using clients’ funds to trade against them, thus avoiding potential risks or unjustified losses that may adversely affect traders’ interests.
Another noteworthy aspect of Exness’s transparency and safety is the full disclosure of financial reports on the company’s website. These reports are conducted by Deloitte, one of the Big Four global accounting firms with the largest professional services network in the world.
Exness offers various types of trading accounts, including:
Previously, Exness offered only four main types of trading accounts, including Cent, Mini, Classic, and ECN accounts.
However, in line with their commitment to understanding traders’ psychology and to compete with other trading platforms like ICMarkets, FBS, or XM, Exness has made significant improvements to better cater to traders’ needs. They have introduced a new account classification based on two trading platforms, MT4 and MT5, with two main categories: standard accounts and professional accounts.
Under the MT4 platform, there are two standard accounts: Standard and Standard Cent, along with three professional accounts: Raw Spread, Pro, and Zero.
On the other hand, under the MT5 platform, Exness offers one standard account and three professional accounts: Raw Spread, Pro, and Zero.
Essentially, the differences between the MT4 and MT5 accounts at Exness lie in the minimum deposit amounts, leverage, and most notably, the MT5 accounts allow trading of CFD stocks and indices.
For newcomers, we recommend using MT4 for trading at Exness. However, if you want to trade stocks, you will need to open an account with MT5. Therefore, you should consider your own trading needs to decide which type of account suits you best.
standard account
This type of account is designed by Exness specifically for new traders or those who want to test the platform or Expert Advisors (EA). Hence, the minimum deposit requirement is extremely low, only 1 USD, with leverage reaching infinity (for accounts opened in the MT4 platform) and 1:2000 (for accounts opened in the MT5 platform).
Within the standard accounts category, there are two smaller types of accounts: Standard and Standard Cent accounts.
These two account types share many similarities, differing only slightly in terms of deposit amounts and trading products.
In the Standard account, the currency is denominated in USD, while in the Standard Cent account, the currency is denominated in cents. For example, if you deposit 10 USD, the Standard Cent account will display 1000 cents instead of 10 USD. This allows for increased trading opportunities for traders, especially for beginners. It minimizes the risk as the lot sizes are much smaller, reducing potential losses compared to accounts denominated in USD. The most important aspect is that you experience all of these on a real account, using your own deposited funds for trading, rather than on a demo account. As a result, you can learn and absorb market experiences much faster than using a demo account.
However, with the Standard Cent account provided by Exness, you will have limitations regarding trading products. You can only trade forex currency pairs and metals. If you want to trade digital currencies, energies, and indices, you will need to open a Standard account.
Pro account
Exactly, as the name suggests, these accounts are designed for traders with previous trading experience, which is why Exness requires a minimum deposit of 200 USD or more, significantly higher than the standard accounts. Each type of professional account has specific regulations for traders to choose from. Under the professional accounts category, Exness further divides it into three smaller account types: Raw Spread, Pro, and Zero accounts.
Raw Spread Account:
- Minimum deposit: 200 USD
- Maximum leverage: 1:2000 (for accounts opened in the MT5 platform) and 1: infinity (for accounts opened in the MT4 platform).
- Commission Fee: Fixed at 7 USD per round turn lot (2-way trade)
- Spread from: 0.0 pips
Pro Account:
- Instant Execution. Orders executed fast with no slippage.
- Minimum deposit: 200 USD
- Maximum leverage: 1:2000 (for accounts opened in the MT5 platform) and 1: infinity (for accounts opened in the MT4 platform).
- Spread from: 0.1 pips
- No Trading Commission Fee
Zero Account:
- Enjoy zero spreads for 95% of the trading day on 30 currency pairs.
- Minimum deposit: 200 USD
- Maximum leverage: 1:2000 (for accounts opened in the MT5 platform) and 1: infinity (for accounts opened in the MT4 platform).
- Spread from: 0.0 pips
- Commission Fee per round turn lot starts from 7 USD, depending on the specific trading product.
These professional accounts offer traders more advanced features and competitive trading conditions, such as lower spreads, instant execution, and some even provide zero spreads for certain currency pairs during most of the trading day. Traders can choose the type of professional account that best suits their trading preferences and strategies.
Indeed, when looking at the information provided by Exness for the three account types mentioned above, they appear quite similar. However, these three account types differ mainly in commission fees and spread costs. These are the fundamental criteria that Exness has added these account types to compete with other brokers like ICMarkets, XM, HotForex, or FBS.
As per Exness’ regulations, the Pro account does not incur any commission fees, whereas the Raw Spread account has a fixed commission fee of 7 USD per round turn lot (2-way trade). This means that all trading products have a commission fee of 7 USD under the Raw Spread account. However, for the Zero account, the commission fee varies and can be higher, particularly for precious metals and exotic currency pairs, where the commission fee may be 10 USD per round turn lot.
Due to the higher commission fees in comparison to the Raw Spread account, Exness provides an advantage to the Zero account by offering extremely low spreads, as the name suggests, at 0 pips for approximately 30 financial instruments during 95% of the trading day.
Conversely, the Raw Spread account will have a spread difference starting from 0 pips, slightly higher than the Zero account, and it varies depending on each trading product as Exness sets different spread markups for the Raw Spread account.
Compared to the other two types, the Pro account will have the highest spread starting from 0.1 pips, but in return, Exness does not charge any commission fees for trading under this account.
Therefore, if you have trading experience, you can choose one of the three account types within the Professional accounts category provided by Exness. Of course, your choice will depend on your specific trading purposes and requirements.
With this account classification, it is evident that Exness caters to the needs of a wide range of traders, from beginners to experienced professionals, and is adaptable to various trading strategies and preferences.
Leverage, Commission Fees, and Spread
Exness is known for providing one of the highest leverages in the forex market, which makes it appealing to traders. The accounts that use the MT4 platform offer an unlimited leverage option, while accounts using the MT5 platform have a leverage of 1:2000.
This aspect demonstrates that Exness not only operates on a large scale but also understands the psychology of Asian traders in general and Vietnamese traders in particular. It is this attractive leverage that has attracted a considerable number of traders of various ages to participate in trading on Exness.
However, it’s essential to note that while the maximum leverage Exness offers is 1:infinity, different types of products and the amount of deposited funds will result in varying leverage levels.
Specifically, if you deposit below 1000 USD, you will enjoy a leverage of 1:infinity. Deposits ranging from 1000 USD to 2999 USD will have a maximum leverage of 1:2000. Deposits between 3000 USD to 9999 USD will have a maximum leverage of 1:1000.
This means that the more money you deposit, the lower your leverage will be. Additionally, certain individual products have different leverage levels, such as:
- The leverage for cryptocurrency pairs is fixed at 1:100 for BTCUSD, BTCKRW, BTCJPY, and 1:20 for LTCUSD, BCHUSD, ETHUSD, and XRPUSD pairs.
- The leverage for stocks is fixed at 1:20.
- The leverage for indices is fixed at 1:100.
These variations in leverage allow traders to choose the most suitable leverage level for their trading strategies and risk tolerance. It’s important for traders to be aware of the leverage associated with each product before making trading decisions on Exness.
Furthermore, if you trade during news releases, Exness imposes specific requirements such as: “from 15 minutes before major economic news is released until 5 minutes after, margin requirements for new positions opened for affected trading instruments will be calculated with a maximum leverage of 1:200. After this period, the margin for these positions will be recalculated based on your account balance and the chosen leverage.”
Spread offered by Exness
Exness provides very favorable spreads, especially with the Zero Spread account type, where you can enjoy a spread of 0 for 30 different instruments during 95% of the trading time. This is an extremely competitive spread that very few brokers can match at the current time.
Commission fees provided by Exness
Exness charges commission fees for two account types: Zero Spread and Raw Spread, starting from 7 USD and above. For Raw Spread accounts, this commission fee is fixed, while for Zero Spread accounts, it may vary depending on the specific instruments.
Trading products at Exness
Exness offers a comprehensive range of trading products for you to choose from, including:
- Currency pairs: 107 pairs, with 7 major currency pairs, 25 minor currency pairs, and 75 exotic currency pairs.
- Indices: 10 indices.
- Stocks: 30 stocks, including popular ones like Amazon, Alibaba Group, Apple, eBay, Facebook, Alphabet, and Google.
- Energies: 2 types of oil.
- Cryptocurrencies: 7 pairs, including the major cryptocurrencies BTC, ETH, LTC, and XRP.
- Precious metals: 10 types, including gold, silver, platinum, and palladium.
As mentioned earlier, although Exness may not offer an extensive range of products, it is sufficient for your trading needs. Moreover, Exness is adept at catering to its customers by providing some standout features for cryptocurrencies. One notable advantage is the super high leverage of 1:100 for BTC, which is equivalent to margin trading platforms like Bitmex. Additionally, trading cryptocurrencies at Exness incurs NO SWAP FEES.
This is a significant advantage for BTC traders since this currency pair experiences highly volatile price swings, and it can even trade sideways for several days. If you trade BTC on other forex platforms, you would typically incur substantial swap fees, such as 20 USD/lot/night for both buy and sell positions at ICMarkets, which is much higher compared to gold swaps. Furthermore, Exness allows cryptocurrency trading 24/7, similar to traditional cryptocurrency exchanges (while many forex brokers group cryptocurrencies with forex pairs, resulting in the closure of cryptocurrency trading on weekends).
Exness-supported trading platforms
Currently, Exness offers a full range of trading tools for traders, including the MT4 and MT5 platforms, along with dedicated mobile applications for trading on the go.
Importantly, Exness boasts robust security measures. If any unusual activity is detected on your account, the platform will temporarily lock your account to verify the source of funds. Although this may cause some inconvenience for customers, it is one of the ways to ensure the security of your account, especially in a time when internet trading is rapidly developing, and the risk of account hacking is prevalent.
MT4 Trading Platform by Exness
- Supported pending order types: Buy Stop, Sell Stop; Buy Limit, Sell Limit; Take Profit, Stop Loss.
- Supported timeframes: 9 default timeframes.
- Maximum leverage: 1:infinity.
- Supported account types: Standard Cent, Standard, Pro, Raw Spread, Zero, and ECN.
- Programming language: MQL4.
- Trading products: Forex currency pairs, metals, digital currencies, and energies.
MT5 Trading Platform by Exness
- Supported pending order types: Buy Stop, Sell Stop; Buy Limit, Sell Limit; Take Profit, Stop Loss; Buy Stop Limit, Sell Stop Limit.
- Supported timeframes: 21 timeframes (default and custom).
- Maximum leverage: 1:2000.
- Supported account types: Standard, Pro, Raw Spread, and Zero.
- Programming language: MQL5.
- Trading products: Forex currency pairs, metals, digital currencies, energies, indices, and stocks.
Thus, by reviewing the information about the two trading platforms offered by Exness, you can see some differences in terms of leverage, trading products, timeframes, and programming languages.
We also want to remind you once again that if you wish to trade stocks, you must open an account on the MT5 platform as this is the platform that supports stock trading.
In essence, MT5 is an improvement over MT4, offering several advantages such as more than 38 integrated indicators, 22 analytical tools, and 46 graphical objects. In comparison, Exness’ MT4 only provides 23 analytical objects and 30 integrated technical indicators.
Moreover, MT5 at Exness provides two additional types of pending orders: Buy Stop Limit and Sell Stop Limit, which are very familiar to those who have traded cryptocurrencies on exchanges like Binance. Of course, both MT4 and MT5 are supported by Exness on mobile devices for both iOS and Android operating systems.
WebTerminal Trading Platform
WebTerminal, a web-based platform by MetaQuotes, has all the essential features you need for efficient trading and works on all browsers and operating systems. This means you don’t necessarily have to download software; you can still trade through a web browser as it integrates all the tools found in MT4. However, please note that it is only compatible with MT4; currently, Exness does not support WebTerminal for MT5.
Therefore, you must base your software choice on your individual needs. If you are a beginner and mainly trade forex currency pairs, metals, or energies, you should choose MT4 as it is user-friendly and easy to use. On the other hand, if you want to trade stocks, indices, use multiple timeframes, and different types of pending orders, then MT5 is the choice for you.
Social Trading Platform
Introduced by Exness in March 2019, Social Trading is a brand-new copy trading service that gives you the ability to invest in strategies from experienced traders. It’s an ideal service for those who want to invest in the forex market but lack experience or time to do so.
Getting started is simple: You only need to register one account, find a successful forex trader, and copy their strategies. If they make a profit, you will also earn a profit based on the proportion of your funds.
Exness Deposit and Withdrawal Methods
Exness allows 24/7 deposit and withdrawal, even on Saturdays and Sundays, with ultra-fast processing in just 3-5 minutes.
This can be considered the biggest advantage of Exness as, up to the current time, no other forex broker has matched this level of service. This is possible because Exness implements an automatic withdrawal approval system instead of manual approval like many other brokers. Therefore, the speed is not only fast, but you can withdraw whenever you want, even on weekends.
Moreover, Exness supports various deposit and withdrawal channels for you to choose from, such as Neteller, Skrill, Visa, Ngan Luong, and Internet Banking. As mentioned, because Exness has built an instant deposit and withdrawal system, transactions made through Internet banking are almost instantaneous in both directions and completely fee-free.
Not only that, Exness maximizes your trading experience by allowing immediate trading right after registering an account without the need for identity verification or address verification.
According to Exness regulations, for newly opened accounts, when you make the first deposit with an amount less than 2000 USD, traders do not need to verify documents. You can start trading immediately just by registering an account.
If after 45 days from the registration date, you have not completed the identity and address verification process, you will only be able to withdraw the same amount you deposited, and you cannot add more funds to the trading account using any payment methods. Exness will proceed to lock your account.
Therefore, after 45 days, you only need to complete the identity and address verification process. This can be seen as an extremely convenient point that Exness provides to users. Many traders often find identity and address verification to be complex and time-consuming steps. Hence, allowing users to experience the platform right after registering an account helps Exness connect with more traders and has contributed to making Exness the world’s largest retail forex broker in recent years.
Exness Customer Support Service
In addition to building a Marketing team and creating a dedicated fan page for the Vietnamese market, Exness also has an excellent support team available 24/5, excluding Saturdays and Sundays. You can live chat by clicking on the chat button located on the right side of the screen or call Exness hotline: 18004974 to receive support and advice.
Summary of the strengths and weaknesses of Exness forex trading platform – Is it reliable?
Strengths:
- Low minimum deposit.
- High leverage of 1:infinity.
- Ultra-fast withdrawals, even on Saturdays and Sundays.
- Free overnight swaps for cryptocurrencies and GOLD (a rarity among brokers).
- Dedicated and professional customer support team.
- Quick and straightforward registration process.
Weaknesses:
- Spreads may widen during high market volatility.
- Limited promotional programs.
- Trading product variety is somewhat limited.
If you have read this far, you already understand why Exness is trusted by many traders for their trading activities, right?
In reality, Exness has faced complaints about candle manipulation and sudden order closures, but all of these issues were resolved smoothly. Fairly speaking, Exness is indeed a reputable broker.
Over the past 10 years, there have been many market events/news causing currency pairs to drop thousands of pips, resulting in high slippage. Notably, the Flash Crash shock related to CHF in 2015 caused USDCHF to drop 1866 pips in a short period, leading to many traders losing their accounts or facing losses at that time.
Even the Swiss National Bank (SNB) reported a record loss of 51 billion USD due to this event, causing many brokers to struggle and avoid responsibility. However, Exness is one of the rare brokers that offered compensation to its customers.
Exness compensated over 15 million USD for the historical CHF drop. Moreover, Exness has compensated for many other incidents, such as the 2016 DDOS attack, or the recent 2018 JPY currency pairs incident. Instead of denying responsibility, Exness handled these situations professionally, compensating all customers who suffered losses, while those who made profits from those currency pairs were allowed to keep their earnings. This way, Exness earned trust from its traders by demonstrating professionalism and quick issue resolution, which resulted in long-term loyalty from its clients.
Moreover, Exness is genuinely a financially strong forex broker. There is always about 200 million dollars deposited in a separate bank account by Exness, four times larger than the total reserve, used to compensate customers when issues arise.
Furthermore, Exness is an extremely transparent broker. You can find all information about Exness right on their website, such as trading volumes, active client numbers, customer deposits, or company funds. Transparency is crucial for traders to verify the financial status of the broker, ensuring they are secure for trading.
In addition to the above points, allowing withdrawals on weekends is a significant advantage for traders choosing Exness. Therefore, if you prefer fast withdrawals, the option to withdraw anytime, including weekends, or want to trade with high leverage while depositing the minimum amount to learn and experience, Exness is indeed a broker worth registering and trading with!
