Regulators: FCA, CySEC
Minimum Deposit: $1
Maximum Leverage: Unlimited
My Score: 7.1
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|
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; brokers regulated by FCA and CYSEC 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 Ronaldo.
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, 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
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-commerce systems like Paypal, Fasapay, WebMoney are not available, just like BitCoin. 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|