Regulators: FCA, CySEC
Minimum Deposit: $1
Maximum Leverage: Unlimited
Exness forex broker attracts many forex traders with high leverage. Founded in 2008, this broker is believed to be a scam broker by some investors due to the high leverage that it has offered. However, it is a broker licensed both by FCA and by CySEC.
Is Exness a safe broker or a scam? What are Exness account types? How much is the maximum leverage and minimum deposit? What are the methods of depositing and withdrawing money? Let’s browse together.
Regulation and Investor Protection
|Exness (Cy) Limited||Cyprus||CySEC|
|Exness Europe Limited||UK||FCA|
Reliability is the first and foremost point to consider in Forex companies’ reviews. There are a few things to look at to test reliability. The most important of these is whether the company is regulated or not.
As you can see in the table above, Exness is regulated by FCA and CySEC. Both of these regulators are known as reputable regulators all over the world. Both have strict supervision and rigid control mechanism policies.
For example; CySEC and FCA regulated forex brokers must hold at least 730,000 euros in order to service legitimately. As a result, these brokers already have a certain financial strength. Also, the brokers must keep client’s funds in segregated accounts, separated from the company’s operating funds. So if the broker goes bankrupt, investors’ funds will not be affected from this negative situation. Exness is in a sponsorship deal with Real Madrid and Christiano Ronaldo.
A forex company is considered reliable if it is controlled by regulatory entities and licensed from them. Of course, only the license may not be enough. It is also necessary to look at withdrawals.
If a forex broker does not cause problems for investors when they withdraw, if every investor can withdraw their money at any time, that shows that the broker is reliable.
When I tried this broker, I did not have any problems during the withdrawals. I also looked at the opinions of other investors. But I have not seen anyone who has trouble withdrawing money.
Exness Account Types
|Account type||Minimum deposit||Maximum Leverage||Minimum Trade Size|
As you can see on the table above, Exness offers 4 different account types. The minimum deposit for Cent account and Mini account is $ 1. But two of them are not the same account. Cent account is a kind of nano account. The lot in this account type is not the standard lot, but the nano lot.
As I explained in my previous articles, nano account types are generally used for testing purposes. For example; investors using Forex robots can try their robots in this account type. Likewise, investors who want to try out new trading strategies may prefer nano account types. The amount of money earned in this type of account is also very low. However, you can measure how successful you are as a percentage without taking risk.
Mini account type is similar to standard account type. The most obvious difference from the standard account type is that the minimum deposit is $ 1. Investors who learn forex via demo account may prefer mini account to better adaptation to real forex account as second step. investment psychologies are also more comfortable during trading as they invest less money.
The Classic account is the standard account type on other brokers. The minimum deposit is 2000 dollars. Spreads are competetive as around 0.9 pips on EURUSD. A significant disadvantage compared to other brokers is the minimum trade size of this account type is 0.1 lot (10k units). However, the minimum trade size is 0.01 lot (1k unit) in Mini and ECN accounts.
For the ECN account type, the minimum deposit is $ 300 and spreads are very competetive as 0,4 pips + $ 2,5 commission on EURUSD. The disadvantage of this account is that the maximum leverage is 1: 200. However, the maximum leverage is higher in other ECN brokers like Pepperstone, XM Forex and FxPro.
With other types of accounts, except for ECN accounts, the maximum leverage is up to you. You can specify the leverage level you want.
Payment Methods in Exness
When you decide to invest in companies, you will have to deposit money in order to open an account. Then you may have to withdraw money. For this, you will use the deposit and withdrawal options.
You will be able to perform these transactions within the money transfer options offered by the companies. The important part here is the rapid transfer of money transactions. The faster it is, the better for investors.
The methods of depositing and withdrawing in Exness are rather limited. You have only 4 options for this. As an e-payment system you can deposit and withdraw money with Neteller and Skrill. Many other e-wallet systems like Paypal, Fasapay, WebMoney are not available, just like BitCoin.
If you want to deposit money with a credit card, you need to deposit at least $ 3, if you want to invest with Neteller, Skrill or bank transfer, you must deposit at least $ 10. There is no charge for deposits and withdrawals.
|Payment system||Deposit funds||Withdraw funds|
|Wire Transfer||$10||0%||3-5 days||$40||$350000||0%*||3-5 days|
|Credit Card||$3||0%*||$3 / $6||$10 000 / $20 000||0% / 0%**||3-5 days / 1 min - 7 days|
Exness is a duly-regulated forex broker who offers good trading conditions. It provides MT4 and MT5 trading platforms. These platforms have good performance and they are reliable.
You can easily open an account with this broker. You can click the open an account button and go to website of the broker. If you did not like the offers of the broker, you can check my best forex brokers list and find a better one!