Discover Why Exness is the Best Forex Broker: Low Costs, Powerful Platforms, and Multiple Base Currencies
Introduction
Choosing the right forex broker can make or break your trading experience. If you’re in the market for the best forex broker that offers low costs, powerful trading platforms, and a variety of base currencies, Exness might just be the broker for you. Established in 2008 in Cyprus, Exness has grown to become a well-regulated market maker, accepting clients from Nigeria, South Africa, and Kenya. Recently, Exness completed a rebranding exercise, unveiling a new logo that now adorns all their platforms and website.
Company Background
Exness was founded in 2008 and is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa. This robust regulatory framework ensures that Exness operates with high standards of transparency and security, providing traders with peace of mind. These factors contribute to why many consider Exness as one of the best forex brokers in the industry.
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Pros and Cons
Pros
- Great proprietary trading platforms: Exness offers platforms with built-in MT5 and TradingView terminals, providing a seamless trading experience, a feature that places it among the best forex brokers.
- Low trading costs: With low spreads and swap-free instruments, trading costs are kept to a minimum.
- Multiple base currencies: Traders can choose from a variety of base currencies, including NGN, ZAR, GHS, KES, and UGX.
- Different account types: Exness offers a range of account types, including a Cent Account for beginners.
- No inactivity fees: Dormant accounts are not charged inactivity fees.
- 24/7 customer service: Exness provides excellent customer support every day of the week.
- Demo account: New traders can practice without risking real money.
- Tier-1 regulation: Regulated by the FCA in the UK, among other authorities.
Cons
- Regional restrictions: Clients from the USA, Europe, and some other regions are not accepted, which might limit accessibility for some traders looking for the best forex broker.
- Limited MetaTrader support: No free plugins or EAs to enhance MT4/5.
- Difficult-to-find education resources: The Help Centre on the Exness website can be hard to navigate.
- Limited range of markets: Certain markets like bonds and ETFs are not available.
- Not a publicly traded company: This may affect transparency for some traders.
- No bonuses or promotions: Traders looking for incentives may be disappointed.
Account Types
Standard Accounts
- Cent Account: Minimum deposit of $10, spreads starting from 0.3 pips.
- Standard Account: Recommended for beginners, with a minimum deposit of $10 and spreads starting from 0.2 pips.
Professional Accounts
- Pro Account: For commission-free trading, minimum deposit of $500, spreads from 0.6 pips.
- Raw Spread Account: Offers spreads as low as 0.0 pips, with commissions not exceeding $3.5 per side.
- Zero Account: Eliminates spread fees on major instruments, with commissions that can exceed $3.5 per side.
Social Trading Accounts
- Social Standard Account: Minimum deposit of $500, spreads from 1.0 pip.
- Social Pro Account: Minimum deposit of $2,000, spreads from 0.6 pips.
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Trading Platforms
Exness Mobile App
- User-Friendly Interface: Easy to navigate with over 10 million downloads and positive reviews.
- All-in-One Calculator: Compute all your trading needs in one place.
- Built-in MT5 Terminal: Switch to MT5 without downloading a separate app.
- TradingView Charts: More interactive and customizable charts for better analysis.
- Live Market Sentiment Data: See the percentage of bullish and bearish traders on specific instruments.
Exness Web Trader
- Fast and Efficient: No need to download software; access it directly from your browser.
- Advanced Features: More technical indicators, chart types, and TradingView charts.
- Market News and Signals: Collaborates with Trading Central for up-to-date market news and signals.
Exness MT4 & MT5
- Comprehensive Tools: Available as mobile apps, desktop apps, and web traders.
- Monitoring Copy Trading: Manage your copy trading portfolio from the Exness Personal Area.
Exness Social (Copy Trading Mobile App)
- Easy Setup: Use your Exness Mobile App login details.
- Economic Calendar: Stay updated with important economic events.
- Strategy Providers: Choose from different strategy providers for copy trading.
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Exness is known for its low trading costs. Here’s a breakdown:
Fees and Costs
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Standard Accounts
- Cent Account: Minimum deposit of $10, spreads from 0.3 pips.
- Standard Account: Spreads from 0.2 pips, competitive at 1.0 pip for EUR/USD.
Professional Accounts
- Pro Account: Minimum deposit of $500, spreads from 0.6 pips, no commissions.
- Raw Spread Account: Spreads as low as 0.0 pips, with commissions up to $3.5 per side.
- Zero Account: Spreads of 0.0 pips on major instruments, higher commissions.
Copy Trading Accounts
- Social Standard Account: Minimum deposit of $500, spreads from 1.0 pip.
- Social Pro Account: Minimum deposit of $2,000, spreads from 0.6 pips.
Exness also offers swap-free trading on various instruments, eliminating overnight holding costs. Currency conversion fees apply when depositing or withdrawing in a currency different from your account’s base currency.
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Market Access
Exness provides access to a range of markets, though it lacks some diversity:
- Forex: Over 100 currency pairs with unlimited leverage for small capital.
- Crypto: 10 cryptocurrency pairs with leverage up to 1:400.
- Indices: 10 indices with leverage up to 1:200.
- Metals: 15 metal pairs, including gold with leverage up to 1:2000.
- Energies: 3 energy instruments with leverage up to 1:200.
- Stocks: 70+ stocks with leverage up to 1:20.
While Exness offers a wide range of forex pairs, it lacks CFDs on bonds, ETFs, and certain commodities like grains.
Regulation and Security
Exness is regulated by multiple authorities:
- FCA (UK): Tier-1 regulator, license number 730729.
- CySEC (Cyprus): Tier-2 regulator, license number 178/12.
- FSCA (South Africa): Tier-3 regulator, license number 51024.
- CMA (Kenya): Tier-3 regulator, license number 162.
- FSC (Mauritius): Tier-3 regulator, license number GB20025294.
- FSC (Virgin Islands): Tier-3 regulator, license number SIBA/L/20/1133.
This extensive regulation ensures that Exness operates with high standards of security and transparency.
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Customer Support
Exness offers excellent customer support:
- 24/7 Availability: Support is available 24 hours a day, seven days a week.
- Multiple Channels: Email, phone, and live chat support.
- Multilingual Support: Services offered in multiple languages.
Trading Conditions
Exness provides favorable trading conditions:
- Low Spreads and Fast Execution: Spreads from 0.3 pips and an average execution speed of 25 milliseconds.
- Swap-Free Instruments: No overnight holding costs.
- Trading Tools and Resources: Economic calendar, market analysis, and more.
Regional Restrictions
Exness does not accept clients from the USA, Europe, and some other regions. This means traders in these areas will need to seek alternative brokers.
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Exness Mobile App
The Exness Mobile App offers a range of features:
- User-Friendly Interface: Easy to navigate.
- Built-in MT5 and TradingView: Enhanced trading experience.
- Live Market Sentiment Data: Stay updated with market trends.
Exness Web Trader
The Web Trader platform offers:
- Advanced Features: More technical indicators and chart types.
- Integration with TradingView: Enhanced analysis capabilities.
Copy Trading with Exness
Exness offers copy trading through its Social Trading app:
- Strategy Providers: Choose from various providers.
- Limitations: Not available to clients in the European Economic Area.
Conclusion
Exness stands out as a low-cost forex broker with powerful proprietary trading platforms and multiple base currencies. While it has some limitations, such as regional restrictions and a limited range of markets, it remains a strong choice for traders in accepted regions. For those seeking the best forex broker, Exness provides a compelling combination of features, security, and customer support.
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FAQs
What is the minimum deposit in various currencies? The minimum deposit varies by account type. For a Cent Account, it’s $10, while for a Pro Account, it’s $500.
How do I delete my Exness account? Contact customer support for assistance with account deletion.
Can I open a demo account with Exness? Yes, Exness offers demo accounts for practice.
Can I change my account currency? No, you cannot change the account currency once set. You must open a new account in the desired currency.
Does Exness offer swap-free trading? Yes, Exness offers swap-free trading on various instruments.
