Choosing a forex broker that offers competitive fees and tight spreads is crucial for successful currency trading. With so many brokers to pick from, comparing costs across platforms can be challenging. This comprehensive guide examines Exness fees and spreads versus other top forex brokers to help you make an informed choice in 2024.
Introduction
When trading currencies, the costs levied by your broker can significantly impact profitability over time. Even minor differences in spreads and commissions add up with high volume trading.
This review analyzes key fees and spreads offered by Exness and contrasts them with other popular brokers like FXTM, AvaTrade, Pepperstone, XM, OctaFX, and Forex.com.
We cover average spreads for major currency pairs, commission structures, inactivity fees, and deposit/withdrawal costs across these platforms. Read on for an in-depth comparison and recommendations for cost-conscious traders.
Key Factors in Comparing Fees and Spreads
When weighing the costs of using different forex brokers, here are the most important elements to consider:
Average Spreads on Major Currency Pairs
This indicates the typical difference between the bid and ask price quoted. Tighter spreads mean paying less to enter trades.
Commissions per Standard Lot
Many brokers charge a small fee per trade on top of spreads. These fees quickly add up with high volumes.
Inactivity/Account Maintenance Fees
Some brokers charge monthly or quarterly fees if accounts remain inactive for a period of time.
Deposit and Withdrawal Fees
The costs involved in funding trading accounts and accessing profits should be minimized.
Ease of Finding Published Fees
Brokers should be transparent about their full fee structure instead of hiding costs.
By comparing brokers across these metrics, we can identify the most cost-effective options. Now let’s dive into the details for Exness and its competitors.
Exness Spreads and Fees Breakdown
Founded in 2008, Exness is regulated in the UK and Cyprus and serves clients globally. They offer trading across forex, metals, energies, stocks, indices, and cryptocurrencies. What are their costs for currency trading in detail?
Exness Average Spreads
Exness advertises ultra-tight spreads on forex major, minor, and exotic pairs. Here are the typical spreads for key currencies:
- EUR/USD: 0.07 pips
- USD/JPY: 0.14 pips
- GBP/USD: 0.9 pips
- USD/CHF: 0.09 pips
- EUR/GBP: 0.8 pips
- AUD/USD: 0.2 pips
- USD/CAD: 0.09 pips
These spreads are variable based on market conditions but consistently rank near the lowest in the industry.
Exness Commissions
Exness does not charge any commissions on forex trades. This makes their overall costs very competitive compared to brokers that impose trading fees.
Exness Fees
Beyond spreads, Exness has the following additional fees:
- Inactivity fee: None
- Deposit fee: None
- Withdrawal fee: $7 flat fee through wire transfer
- Conversion fee for deposits/withdrawals: 1%
The lack of inactivity and deposit fees is a major advantage compared to other brokers charging monthly account fees. The $7 withdrawal cost is reasonable relative to competitors.
Overall, Exness has a very transparent, low-fee structure that keeps trading costs to an absolute minimum.
FXTM Spreads and Fees
FXTM or ForexTime offers popular MetaTrader 4 and 5 platforms for web, desktop, and mobile trading. How do their spreads and fees stack up against Exness?
FXTM Average Spreads
FXTM advertises tight spreads but does not publish specific averages for currency pairs. Independent analysis suggests typical variable spreads around:
- EUR/USD: 1.2 pips
- USD/JPY: 0.9 pips
- GBP/USD: 1.7 pips
- USD/CHF: 1.2 pips
- EUR/GBP: 1.6 pips
- AUD/USD: 1.3 pips
These spreads are noticeably higher than Exness across major pairs.
FXTM Commissions and Fees
Beyond spreads, FXTM charges these additional costs:
- Inactivity fee: $5 per month after 12 months
- Deposit fee: None
- Withdrawal fee: None
- Conversion fee: 1% on deposits/withdrawals
The inactivity fee adds up over time if you stop trading for an extended period. But otherwise, FXTM does not have deposit, withdrawal, or conversion fees.
Overall, spreads are higher than Exness while direct fees are reasonable. Active traders will incur higher costs over time.
AvaTrade Spreads and Fees
AvaTrade is an Irish brokerage offering currency trading alongside stocks, crypto, indices, and CFDs. How competitive are their pricing models?
AvaTrade Average Spreads
AvaTrade offers fixed and floating spread options. Typical fixed spreads include:
- EUR/USD: 1.8 pips
- USD/JPY: 1.7 pips
- GBP/USD: 2.5 pips
- USD/CHF: 2.2 pips
- EUR/GBP: 2 pips
- AUD/USD: 1.6 pips
Floating spreads may be slightly lower but still exceed Exness.
AvaTrade Commissions and Fees
AvaTrade has the following additional costs:
- Inactivity fee: $50 annually after 1 year inactive
- Deposit fee: None
- Withdrawal fee: $10 bank wire; $3 card/eWallet
- Conversion fee: None
The inactivity and withdrawal fees are disadvantages compared to Exness. Overall trading costs will be higher.
Pepperstone Spreads and Fees
Pepperstone is an Australian broker offering the popular cTrader and MetaTrader platforms. How affordable is their pricing?
Pepperstone Average Spreads
Pepperstone advertises “razor-thin” spreads including typical averages around:
- EUR/USD: 0.10 pips
- USD/JPY: 0.10 pips
- GBP/USD: 0.9 pips
- USD/CHF: 0.4 pips
- EUR/GBP: 0.9 pips
- AUD/USD: 0.13 pips
These spreads are ultra-tight but Exness still beats them on major pairs like EUR/USD.
Pepperstone Commissions and Fees
Pepperstone has these additional costs:
- Inactivity fee: None
- Deposit fee: None
- Withdrawal fee: $5 wire transfer
- Conversion fee: Not specified
With no inactivity or deposit fees, Pepperstone is competitive on costs outside of spreads. But Exness still comes out slightly ahead overall.
XM Spreads and Fees
XM is a popular forex and CFD broker regulated in Australia, Cyprus, and global jurisdictions. How affordable are they?
XM Average Spreads
XM advertises variable spreads as low as:
- EUR/USD: 1.2 pips
- USD/JPY: 0.9 pips
- GBP/USD: 1.7 pips
- USD/CHF: 1.2 pips
- EUR/GBP: 1.6 pips
- AUD/USD: 1.1 pips
These spreads exceed Exness on every major currency pair.
XM Commissions and Fees
For other fees, XM charges:
- Inactivity fee: $5 per month after 2 months inactive
- Deposit fee: None
- Withdrawal fee: None
- Conversion fee: Not specified
The monthly inactivity fee adds to costs over time for intermittent traders.
OctaFX Spreads and Fees
OctaFX is a global forex broker based in Saint Vincent and the Grenadines. How reasonable are their costs?
OctaFX Average Spreads
OctaFX advertises “floating market spreads” including typical averages around:
- EUR/USD: 1.2 pips
- USD/JPY: 1 pips
- GBP/USD: 1.5 pips
- USD/CHF: 2 pips
- EUR/GBP: 2 pips
- AUD/USD: 1.2 pips
Once again, these spreads are noticeably higher than Exness across all major pairs.
OctaFX Commissions and Fees
Beyond spreads, OctaFX charges:
- Inactivity fee: $10 per month after 90 days inactive
- Deposit fee: None
- Withdrawal fee: None
- Conversion fee: 50 pips on deposits/withdrawals
The inactivity fee and high conversion cost add to the expenses of trading with OctaFX.
Forex.com Spreads and Fees
Forex.com is a major US-based forex broker from Gain Capital. How cost-competitive are they versus Exness?
Forex.com Average Spreads
Forex.com offers variable spreads that are wider than Exness:
- EUR/USD: 1.2 pips
- USD/JPY: 0.9 pips
- GBP/USD: 1.7 pips
- USD/CHF: 1.5 pips
- EUR/GBP: 2 pips
- AUD/USD: 1.5 pips
These spreads consistently exceed Exness across all major currencies.
Forex.com Commissions and Fees
Additional costs at Forex.com include:
- Inactivity fee: $15 per month after 12 months inactive
- Deposit fee: None
- Withdrawal fee: $25 wire transfer
- Conversion fee: Not specified
The high inactivity and withdrawal fees add to the expenses of a Forex.com account.
Recommendations for Lowest Cost Forex Trading
Based on this extensive fees analysis between Exness and leading competitors, some clear recommendations emerge:
Exness offers the overall lowest costs for forex trading through tight spreads and a transparent, low-fee structure. No commissions and inactivity fees are major advantages.
Pepperstone comes second with ultra-tight spreads barely exceeding Exness. No inactivity fees keeps costs down. Withdrawal fees are minimal.
AvaTrade offers competitive fixed spreads but trails Exness on variable major pair spreads. Inactivity and withdrawal fees add expenses.
FXTM, XM, OctaFX and Forex.com charge noticeably higher spreads on average and have inactivity fees raising costs over time.
For forex traders focused on keeping fees as low as possible, Exness provides the most cost-effective solution based on our in-depth comparison across these leading platforms. Their combination of ultra-tight spreads and minimal account fees cannot be matched.
Frequently Asked Questions
What is the cheapest forex broker?
Based on average spreads and overall fee structure, Exness ranks as the cheapest forex broker compared to leading competitors. No commissions and inactivity fees combined with tight spreads on all currency pairs make their costs unbeatable.
Is Exness regulated and safe?
Yes, Exness is regulated by the FCA in the UK and CySEC in Cyprus. They must comply with strict financial standards and keep client funds segregated for safety and transparency. Exness is considered a safe broker for forex trading.
What is the catch with Exness low spreads?
There is no catch. Exness is able to offer ultra-competitive spreads through advanced liquidity aggregation from top tier banks and ECNs. High trading volume allows them to keep spreads tight while still making revenue.
Does Exness have guaranteed stop loss orders?
No, Exness does not offer guaranteed stops. There are no guaranteed stops with their floating variable spreads that shift with the market. Other brokers do offer guaranteed stop loss orders for a premium.
Does Exness have an inactivity fee?
No, Exness does not charge any inactivity or account maintenance fees for periods of no trading. Your account can stay open indefinitely without extra charges. Other brokers impose monthly inactivity fees if you stop trading.
How long does it take to withdraw from Exness?
Exness withdrawal time frames are fast compared to other brokers. Wire transfers are processed within 1 business day. Other methods like e-wallets or cards take just hours for withdrawals to be completed.
Conclusion
Choosing a low-cost forex broker is essential for maximizing profits from currency trading. Our detailed analysis shows Exness provides the most affordable trading solution through industry leading spreads and a transparent, low-fee structure.
Competitors like Pepperstone and AvaTrade are viable as well but have slightly higher spreads or additional fees. Brokers such as FXTM, XM, OctaFX, and Forex.com cannot match Exness for overall fees and average spreads.
For traders who prioritize keeping fees as low as possible, we highly recommend Exness as the top choice based on real data. Analyze your trading style and volume to estimate potential cost savings by using Exness for forex trading. Just a fraction of a pip difference in spreads adds up over time.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
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