Exness is a popular online forex and CFD broker known for competitive spreads and trading conditions. With market volatility expected to continue in 2024, traders want to ensure they choose a reliable broker with favorable spreads and conditions.
This extensive 2024 review provides an honest look at Exness spreads, fees, leverage, order types, and more. We compare Exness to other top forex brokers to help you make an informed decision.
Introduction to Exness Spreads and Trading Conditions
Founded in 2008, Exness is regulated in several jurisdictions and processes over $1 trillion in monthly trade volume. The broker offers 60+ currency pairs and CFDs on stock indices, commodities, cryptocurrencies, and ETFs.
Exness touts having some of the tightest spreads in the industry. The broker offers variable and fixed spreads with no commissions. Leverage up to 1:2000 is available.
We will analyze Exness’ spreads, fees, leverage, supported platforms, and other key details to reveal how Exness stacks up against the competition in 2022. This comprehensive review aims to provide an objective look at what traders can expect from Exness in the year ahead.
Overview of Exness Spreads
Exness offers both variable and fixed spreads across three account types: Standard, Pro, and Raw Spread. Let’s examine the spread costs for each account.
Standard Account Spreads
The Standard account has variable spreads starting from 0.1 pips on Razor, a popular forex pair. Average spreads for major currency pairs are roughly 0.4 pips. For minor pairs, average spreads are 0.9 pips.
Here are the average Exness Standard account spreads for some popular currency pairs:
- EUR/USD: 0.4 pips
- GBP/USD: 0.9 pips
- USD/JPY: 0.3 pips
- AUD/USD: 0.4 pips
- USD/CAD: 0.7 pips
Overall, spreads on the Standard account are competitive but not the tightest in the industry. Active traders may want to consider the Pro account for lower spreads.
Pro Account Spreads
Exness Pro account offers reduced spreads starting from 0 pips on some pairs. Here are a few average Pro account spreads:
- EUR/USD: 0.2 pips
- GBP/USD: 0.7 pips
- USD/JPY: 0.2 pips
- AUD/USD: 0.3 pips
- USD/CAD: 0.4 pips
As you can see, spreads on the Pro account represent a decent reduction from the Standard account. The Pro account requires a minimum deposit of $50,000.
Raw Spread Account
Exness launched the Raw Spread account in 2018 to compete with other brokers advertising raw spreads. This account offers ultra-tight variable spreads from 0 pips, with an average of 0.1-0.3 pips on major pairs.
The minimum deposit is $500 for Raw Spread. The main catch is that you must maintain a minimum account balance of $2,000 to keep spreads at the lowest range. Otherwise, spreads will increase.
Overall, Raw Spread provides seasoned traders with some of the most competitive spreads in the industry. Just be aware of the balance requirements to maintain super-tight spreads.
Exness Spreads vs. Other Brokers
To provide context around Exness’ spreads, let’s see how Exness compares to some other top forex brokers when it comes to average EUR/USD spreads:
- Exness Pro Account: 0.2 pips
- XM: 0.6 pips
- FXTM: 0.5 pips
- Forex.com: 0.9 pips
- OANDA: 1.1 pips
As you can see, Exness has a competitive advantage when it comes to tight spreads, especially on the Pro and Raw Spread accounts.
For traders choosing between brokers, spreads are an essential factor along with execution quality, fees, platforms, and regulation. Exness stands out for offering tight variable and raw spreads.
Next, let’s breakdown the various fees and charges when trading with Exness.
Overview of Exness Fees and Commissions
One advantage of trading with Exness is no commissions on forex and CFD trades. The broker makes money from the spread alone.
Let’s examine the key fees to be aware of if you trade with Exness:
- No commissions – As mentioned, Exness does not charge commissions on trades. All costs come from the spreads.
- Overnight/swap fees – Like other forex brokers, Exness applies overnight fees (swaps) for keeping positions open past 5pm EST. Swaps can be positive or negative based on interest rates.
- Inactive fee – Accounts with no trading activity for 120 days or more are charged a $5 inactivity fee each month.
- Withdrawal fees – Exness doesn’t charge for most withdrawal methods. Exceptions include a 1.2% fee for Skrill withdrawals. Bank wire transfers cost $50 or $30 for amounts over $300.
- Conversion fees – Exness charges a typical 0.3% conversion fee when depositing in a currency other than your account base currency.
Overall, Exness keeps fees low. Apart from typical overnight swap fees, you just need to be mindful of the inactivity fee and some withdrawal charges.
Now let’s examine the account minimum, leverage amounts, and available order types.
Exness Account Minimum, Leverage, and Order Types
Here are some key details on minimum deposit, leverage, and orders when trading with Exness:
- Minimum deposit – The minimum to open an Exness account is $1. Pro accounts require a $50,000 minimum.
- Maximum leverage – Exness offers leverage up to 1:2000 depending on your jurisdiction and account type. Traders in Europe are limited to 1:30 leverage.
- Supported order types – Exness offers market, limit, stop, and trailing stop orders. Bracket orders are also available for risk management.
- Hedging – Exness allows hedging strategies on the Pro and Raw Spread accounts. Hedging lets you hold opposing positions.
- Scalping – Scalping is permitted on all Exness accounts. No restrictions on short-term strategies.
The competitive leverage, range of orders, and flexibility with strategies like hedging and scalping give traders a lot of capabilities for managing risk and capturing short-term moves.
Next, we’ll explore Exness trading platforms and analysis tools.
Overview of Exness Trading Platforms and Tools
Exness offers three main trading platforms:
- Exness Trader – The broker’s own HTML5-based web platform ideal for beginners. Fast execution with comprehensive charting.
- MT4 – Industry-standard Metatrader 4 platforms available for desktop, web, and mobile. Offers advanced charting and automated trading.
- MT5 – Next generation platform MetaTrader 5 available on desktop, web, and mobile. Provides additional tools for trading stocks and futures.
Key features across the platforms include:
- Advanced charting with 100+ indicators and studies
- One-click trading from charts
- Market watch window with streaming quotes
- Integrated trading tools like sentiment indicators and market depth
- Algorithmic trading via Expert Advisors on MT4/MT5
The desktop platforms include additional advanced features compared to web and mobile. But the web and mobile apps provide fast, reliable access to your account anywhere.
Overall, Exness delivers a choice of robust trading platforms combined with helpful trading tools. The broker also offers a web-based copy trading platform accessible from any device.
Next, let’s go through some example trading scenarios to see potential profits, costs, and margins.
Exness Trading Scenarios – Examples of Potential Profits and Costs
Analyzing potential trading scenarios helps quantify profits, spreads paid, and margin requirements for different markets and trade sizes. Let’s walk through a few scenarios for forex, cryptocurrency CFDs, and indices.
Forex Trading Scenario
Bob has a Standard account with $2,000 USD balance and wants to trade 0.5 lots (50,000 units) of EUR/USD with 100:1 leverage and a 1 pip stop loss.
If the trade hits his 50 pip take profit, the potential profit is $25:
0.5 lots x 50 pips x $10 per pip = $250 potential profit
The average spread cost to open and close the trade is 0.8 pips x $10 per pip = $8 total spread cost.
Margin required is just $500 because Bob is using 100:1 leverage:
50,000 EUR x 1.20 USD/EUR = $60,000 trade size
$60,000 / 100 leverage = $500 margin needed
Even with a relatively small $2,000 account and 0.5 lot position size, the spreads paid are very reasonable at just $8 total. Margin requirements are also low for this forex pair when using 100:1 leverage.
Cryptocurrency CFD Scenario
Sarah has a Pro account with a $20,000 balance and wants to speculate on cryptocurrency movements. She decides to trade a 0.2 Bitcoin CFD (1 Bitcoin CFD = 1 Bitcoin) with 20:1 leverage and a 100 point stop loss.
If Sarah closes at a 500 point profit, she will earn approximately $1,000:
0.2 BTC x 500 points x $1 per point = $1,000 potential profit
The spread to open and close this trade costs about 0.004 BTC, which equals around $20 at current market prices.
Required margin is calculated as:
0.2 BTC x $20,000 market price = $4,000 trade size
$4,000 trade size / 20 leverage = $200 margin needed
Even though cryptocurrency spreads are wider, Sarah can still trade a sizable position with just $200 margin required and earn significant profits from smaller market swings.
Indices CFD Scenario
John has a Raw Spread account with a $15,000 balance. He wants to trade 10 contracts of Germany 30 with 20:1 leverage using a 100 point stop loss.
If John closes the trade 250 points higher, he stands to earn roughly $2,250 before costs:
10 contracts x 250 points x $9 per point = $22,500 / 10 = $2,250 potential profit
The average spread cost is about 0.4 points or $3.60 total (0.4 points x $9 per point x 10 contracts x 2 trades).
Margin required is:
10 contracts x $250 per contract x Germany 30 index value = $250,000 trade size
$250,000 / 20 leverage = $12,500 margin needed
Trading index CFDs requires a bit more margin due to higher contract sizes. However, the potential rewards are greater thanks to multiplier effects. Exness’ competitive spreads keep costs low.
This should provide an idea of potential profits, costs, and margin requirements across different Exness accounts and markets. Be sure to use the broker’s calculators and margin tools to determine costs and payouts for your particular trades.
Next, let’s explore Exness regulation and safety of funds.
Regulation and Safety of Funds with Exness
When evaluating any broker, it’s critical to understand how they are regulated and the security of your deposited funds. Here is an overview of regulation and fund protections with Exness:
- Regulators – Exness has licenses from CySEC, FCA, CB, and other regulators giving it authorization to provide brokerage services.
- Client fund segregation – Exness keeps client funds in segregated accounts at reputable banks and payments processors. Funds are not used for operational expenses.
- Negative balance protection – Exness offers negative balance protection as required by regulators like ESMA. Losses cannot exceed your account balance.
- Investor compensation – Clients may be eligible for up to €20,000 in compensation under investor protection schemes in Cyprus and the UK.
- Audits – Exness publishes quarterly audit reports that verify they maintain sufficient funds to cover client balances and meet regulatory capital requirements.
Overall, Exness adheres to strict regulatory standards around fund handling and reporting. The broker offers adequate protections in the event it ceases operations.
Now let’s summarize the key pros and cons of trading with Exness.
Exness Pros and Cons
When weighing your broker options for 2024, here are some of the core pros and cons to consider for Exness:
Exness Pros
- Ultra-tight spreads on Pro and Raw Spread accounts
- No commissions on trades
- Competitive leverage up to 1:2000
- Advanced trading platforms with useful tools
- Good range of tradable instruments
- Regulated globally including FCA and CySEC
Exness Cons
- Higher spreads on Standard account
-Must maintain minimum balance for best spreads on Raw account - Site and platforms only available in English
- Limited offline support options
As with any broker, there are tradeoffs to consider. But competitive spreads and trading conditions make Exness stand out as a top choice for active forex and CFD traders.
Frequently Asked Questions About Exness Spreads and Conditions
Q: Does Exness offer fixed or variable spreads?
Exness offers both variable and fixed spreads depending on the account type. Standard and Pro use variable spreads while Raw Spread provides fixed spreads.
Q: What are Exness’ trading hours?
Exness is open for trading 24 hours from Monday around 5am EST until Friday 4pm EST. Different instruments have varying trading sessions.
Q: Does Exness charge inactivity or maintenance fees?
Exness charges a $5 monthly inactivity fee if you do not execute a single trade for 120 consecutive days or more. No general account maintenance fees.
Q: What leverage amounts does Exness offer?
Exness offers leverage up to 1:2000 depending on your account type and jurisdiction. EU traders are limited to 1:30 leverage. Check the website for specifics.
Q: Does Exness allow hedging and scalping strategies?
Yes, Exness permits hedging and scalping. These strategies are allowed on all account types with no restrictions.
Q: Does Exness offer swap-free “Islamic” accounts?
Yes, Exness offers swap-free accounts that do not pay or earn overnight interest. Request a swap-free account to avoid swaps and comply with Islamic law.
Q: Can I use Expert Advisors on Exness?
Yes, you can automate your trading on Exness MT4 and MT5 via Expert Advisors, trading scripts and other algorithms.
Final Thoughts – Is Exness Recommended for 2024?
Overall, Exness remains an excellent choice for forex and CFD traders in 2024 based on competitive spreads and decent trading conditions. The availability of ECN-style Raw Spreads accounts gives easy access to institutional spreads.
While the Standard account spreads are slightly higher than other brokers, the Pro and Raw Spread accounts offer very tight spreads that rival other ECN brokers. Active traders who maintain adequate account balances can benefit from Exness’ spread advantage.
With no commissions on trades, strong regulation globally, and advanced trading platforms, Exness deserves consideration alongside the top forex brokers for your trading in 2024. Open an Exness demo account to test their spreads and trading experience.
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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