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Exness

Exness Review
Trader's rating 4
Editor's rating 4

Account types

 

Trading account Min. deposit Max. leverage* Spread
Mini  $1  1:30  0.2-1.1 pips
Classic  $2 000 1:30  0.1-0.9 pips
ECN  $300 1:30  0.1-0.4 pips + $ 2.5 per standard lot

*Leverage goes up to 1:200 for professional traders and to 1:unlimited for non-EU residents.


This broker offers a choice of three basic account types: Mini, Classic and ECN accounts. The Mini account is targeted at inexperienced traders, as well as such who do not wish to trade in large volumes. The Classic account is targeted at regular and professional traders and offers full range of tools and trading facilities. As its name suggests, the ECN account is designed for clients who wish to trade in Electronic Communication Network environment, which involves a commission fee.

 

Another important thing worth mentioning is that the Mini and Classic account offer market and instant execution option. Most traders prefer instant execution, since it allows greater control on slippage and traders are offered requotes, instead of executing the order at the next best price.

 

Keep in mind that Exness does not provide it services to residents and citizens of the USA and Japan.


The Company. Security of Funds

 

Company

Country

Regulation

Exness (Cy) Limited 

Cyprus

CySEC

Exness (UK) Limited 

UK

FCA

 

The EXNESS group is a global ECN broker, consisting of companies regulated by reputable authorities such as UK's FCA and Cyprus' CySEC a. The broker offers trading in more than 120 forex currency pairs under fairly good conditions through the popular MetaTrader 4 and MetaTrader 5 platforms.

 

EXNESS is the trading name of the EXNESS group, set up in 2008 and consisting several companies: Cyprus-based EXNESS (CY) Ltd., (which operates the website www.exness.eu), and EXNESS LTD., (which operates the website www.exness.com) - an International business company in Saint Vincent and the Grenadines. It also has set up a UK unit, which is licensed by the Financial Conduct Authority.

 

CySEC applies certain rules and procedures to brokerage firms, one of them being the requirement for a minimum capital. Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. The same minimum capital requirement applies to brokers licensed in UK.

 

Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in UK: FCA-regulated brokers fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
     

Trading Conditions


Minimum initial deposit
Most brokers require a certain amount of money to be deposited in order the client to start trading. Exness, however, requires none (for the Mini account). Cyprus-based XM, for instance, requires a minimum initial deposit, amounting to $5, while FxPro, also CySEC-regulated, demands $ 500 from its clients.


Average Spreads & Commissions
EXNESS offers trading with variable spreads, which are attractively low. Average spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD, however a commission amounting to $2.5 per standard lot is charged.

 
You may look up real-time spreads of 15 leading brokers here.

 

Leverage
Leverage levels offered by EXNESS are in line with current ESMA guidelines, up to a maximum of 1:30.

 

 

Leverage may both multiply their profits and lead to heavy losses. Due to investor protection concerns, limitations on leverage rates are set in many jurisdictions: 1:50 in the USA, 1:25 in Japan, and 1:30 throughout the EU and the EEA.


Trading Platform


EXNESS offers its services on two of the most popular platforms among traders - MetaTrader 4 and MetaTrader 5. The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called MT4 Web terminal. More brokers using the MT4 can be viewed here.

The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.


More brokers offering the MT5 can be viewed here.

 

Promotions

EXNESS has partnered with forex rebate web site PayBackFX, and now offers its clients an option to receive cash back for each trade they make in the amount of 30% of the spread if they use Mini or Classic trading accounts, or $0.75 for each round-turn lot.

 

Methods of Payment


The broker accepts customer deposits and allows withdrawals via Wire Transfer, Neteller, Credit card and Internal transfer (available for withdrawals).


Skrill and PayPal are the only major e-payment systems missing.


Conclusion


EXNESS is a reliable broker with solid regulation, offering its clients a variety of tradeable instruments on two platforms under attractive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:
 

Pros Cons
Solid regulation No proprietary platform
MT5 and MT4 both available Leverage capped at 1:30 (as required by law)
Attractive spreads  
No initial deposit required  
   

 

Headquarters: 46, Ayiou Athanasiou Avenue, Interlink Hermes Plaza, Office: 301 A, 3rd Floor, 4102, Limassol

Country: Cyprus

Regulated by: Cyprus Securities and Exchange Commission (Cyprus); Center for regulating OTC financial instruments and technologies (Russia). 

The EXNESS brand covers three companies:

 - EXNESS LIMITED (VC), registered in St. Vincent and the Grenadines

 - EXNESS LLC – a member of Russia's self-regulatory organization CRFIN

 - EXNESS (CY) LIMITED,  Cyprus-regulated, started operations in August 2013.  

The clients of the broker may count on 24/7 support in 23 languages.

 

EverFX

EverFX Review
Trader's rating 3.6
Editor's rating 3

Account Types

 

Account Type   Min.Deposit  Min. Trade Size Maximum Leverage Average Spreads (& Commission)
Standard $300 0.01 1:500 0.2 pips + $6 per round lot
Premium $5 000 0.01 1:500 0.2 pips + $5 per round lot
VIP $20 000 0.01 1:200 0.2 pips + $4 per round lot

 

EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.

 

In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).

 

Keep in mind that EverFX does not offer Contracts for Difference to residents of certain jurisdictions such as the USA, Iran, Canada and North Korea.

 

The Company. Security of Funds

 

Company

Country

Regulation

ICC Intercertus Capital Limited

Cyprus

CySEC

 

With EverFX you can trade in currencies, metals, indices, energies, commodities and bonds on the good old MetaTrader 4. In addition, the brokerage offers high-quality educational tools. 

 

EverFX is a trademark of ICC Intercertus Capital Limited and is regulated by Cyprus Exchange and Securities Commission (CySEC).

 

As UK is preparing to leave the European Union, Cyprus is gaining more and more popularity as an attractive forex broker destination in Europe.

 

The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 as a proof of financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. Similar compensation schemes apply in other jurisdictions.

 

Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open the Standard account with EverFX, and trade with some of the lowest spreads in the market, traders have to invest just $300 – which is very fair considering the savings on trading.

 

Spreads & Commissions

All account types with EverFX offer one and the same variable spreads, which are pretty tight, averaged 0.3 pips on EUR/USD. Commission fees, however, vary from $4 to $8 per traded lot (round trip). So basically, trading costs on the Standard account are below 1 pip EUR/USD (spread averaged 0.2 pips on EUR/USD + $6 commission = approximately 0.8 pips) per standard lot. This is a really competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. 

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

EverFX offers high leverage levels, reaching is 1:500. In an attempt to protect traders with the risks associated with trading at high leverage, the Cypriot financial watchdog proposed default leverage levels to be 1:50. Nonetheless, most Cypriot brokers still offer leverage ratios, which are significantly higher: FXTM - up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker offers two platforms to its clients. One of them is the most commonly used forex trading platform - MetaTrader4 (MT4), available in all forms and shapes: for PC, MAC, tablet, mobile and web version.

 

MT4 is internationally acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs), which users are able to get ready-made or create ones of their own, extensive back-testing options for them, as well as the advanced charting tools and user-friendly interface.

 

More brokers using the MT4 can be viewed here.

 

Additionally EverFX has developed their own unique web-based solution, (which will also be available for mobile devices soon). The Status platform provides an easy access to the forex market, while also packing some advanced functionality. There are two sidebars, which can be extended inwards, toward the chart, revealing the instrument list and news section. Here is a preview:

 

 

At the same time the bottom section is very intuitive. This platform feels like a solid choice for the beginner and veteran alike.

 

Promotions

EverFX often launches various promotions, such as a Refer-a-Friend program or Zero Trading Cost promotion.

 

Methods of Payment

 

The following payment methods are available to EverFX clients: credit/debit cards (Visa, MasterCard), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and Webmoney.

 

There is no minimum withdrawal amount with this broker.

 

Conclusion

 

EverFX is a FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  
MT4 available     
Tight spreads, starting at 0 pips  
Pure STP execution  
Low initial deposit  
Promotions offered from time to time  

 

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