- Tight spread of 0,1 pip
- Great #OnlyTheBest Midfielder contest
- Good customer service
- Unstable connection
- Server issues
- Lack of payment systems for certain currencies
- High initial deposit on ECN/Classic accounts
Exness: How My Affection To Ronaldo Fought With Servers And Lost
Today, the total amount of Forex brokers in the world reached THOUSANDS. A trader-to-be can find literally ANY set of options out there to meet his requirements, which means trading conditions tend to be placed on the back burner, while other characteristics gain a higher importance.
I can perfectly explain this thesis using the example of Exness – a Russia-based broker with almost 10 years of presence.
Exness Group has two types of licenses: a license to perform in investment activities, which was issued by CySEC, and a license to trade financial instruments, commodity derivatives, and other securities, which was issued by the International Financial Services Commission (IFSC/60/315/TS/14). It allows the company to perform in multiple countries of Europe, Asia, and Middle East.
Exness is appreciated for a wide variety of currency pairs – around 120. Nothing much to discuss here. In my opinion, it’s okay.
Accounts, Spreads, and Leverage
Exness attracts a lot of new clients with a tight spread of 0,1 pip for EUR/USD. Indeed, this is a great offer. Besides, they offer leverage from 1:100 to 1:Unlimited.
There are 4 account types available: Cent, Mini, Classic, and ECN. Minimum deposit amount starts from $1, but if you want to trade with better conditions on ECN or Classic account, get ready to pay $300-2000. Apparently, initial deposit on ECN account is way tinier than one on Classic.
At Exness, you can open accounts in around 80 currencies, although certain clients complain of the uselessness of this option since in some cases Exness doesn’t offer a payment system to make deposits in this exact currency. Sometimes it results in a tricky currency conversion process upon deposit/withdrawal. Thus, people want to save money, time, and effort by depositing in the national currency, and end up losing their funds.
Available Trading Platforms
MetaTrader4, MetaTrader5, MT4 web terminal. They also offer mobile platforms (MT4 and MT5 for iOs and Android devices). The set looks complete, but trading with Exness isn’t as easy as it seems.
Clients have very serious server complaints – you can find a bunch of comments saying they get disconnected at the worst possible time, particularly, at the major news release. It makes people lose money, although I haven’t witnessed anything like that during my trial session.
Customer service is available in English, Russian, Chinese, Hindi, Farsi, Urdu, Vietnamese, Indonesian, Arabic, Thai, Bengali, Malay, Korean, Spanish, and Tamil via IM. You can also send them an e-mail or apply for a callback. Luckily, you won’t have to wait long – it takes mere seconds to get the reply.
Exness focuses on instant execution with zero commission – withdrawal through electronic payment systems is claimed to be flawless, although it would take up to 5 days to get your money transferred to your card. Larger amounts may take a bit longer.
In July 2017, the company announced an official partnership with Real Madrid FC. Needless to say, the faces of Ronaldo, Benzema, and Marcelo greet you straight from the homepage. I’m not gonna lie, it raises my spirits right away and makes me want to stay. Real Madrid-inspired contest called #OnlyTheBest Midfielder is a really good example of a generous, inspirational, and beneficial promotion. It involves trading on a Demo account and trying to improve your trading skills in a given period of time. One who turns out to reach the highest trading profitability by the end of the contest will get impressive money prizes.
Unfortunately, there is only one special offer, although they obviously could have reaped more from their sports-related marketing campaign.
There’s one more impression that I want to share: Exness shows its faces in the “Management” section. To me, intensive anonymity typical for brokers is kinda shady – well, at least it raises eyebrows as well as some questions. I really loved to see real people that run the company. Makes me feel committed.
As I wrote in the very beginning, Exness was a case that made me want to talk about user-friendliness. Although the overall impression is great, it isn’t worth investing a dime if you experience disconnections, withdrawal issues, etc. People may be attracted to the broker by its amazing marketing or awesome trading conditions, but they would STAY only if the trading process is satisfactory. Connection issues have never bothered me at FBS, it’s a no-no to me.
Exness massively invests in advertising and neglects the very basics – stable servers, comfy deposit/withdrawal routine, and the overall painless experience that allows people to trade without any unnecessary distractions. If the company fixes these issues, it would become way more competitive and gain some positive feedback for sure.