The notice we received reads as follows:
We would like to inform you that as of Wednesday, November 1, 2017 we are restricting new registrations for both Exness Limited and Exness (Cy) Ltd for the Malaysian market. The restriction of new Malaysian clients is based on a commercial decision of Exness in view of changing regulatory and environmental conditions. Existing Malaysian clients can continue trading with Exness.
The reason for the Malaysian market restriction is not in any way related to Exness’s financial performance. Currently, the amount of Exness’s own funds is almost four times larger than the amount of clients’ funds. These funds have been verified by Deloitte, the world-known company providing industry-leading audit and consulting services.
Review of Exness
Exness was established as a Forex broker in 2008. Since Exness started it has grown from strength to strength and is one of the fastest-growing Forex brokerage companies in the world. It’s been described as a rare breed of online Forex broker due to the fact that it practices transparency in its business operation. Exness do quarterly independent audits by Deloitte to support their transparency claim.
In terms of market innovation, traders consider it to be an old-school style broker due to its reluctance to adopt a social trading concept in which other traders can have their trades copied. That lack of exposure to social networking hasn’t seemed to have affected it at all, as it consistently does $450 billion worth of business annually. Exness continually receives industry awards and recently won Best Trading Conditions 2014, Best Educational Broker 2015 and Best MT4 Forex Broker 2016. Exness also has the current sponsorship of Real Madrid and Cristiano Ronaldo.
It’s not over-endowed with a lot of trading platforms like other brokers, but they do have four different trading accounts.
- “Cent” trading account (No minimum deposit) – great for new Forex Traders who want to get a good feel for the trading environment.
- “Mini” trading account (No minimum deposit) – this is also for Forex beginners but with better trading conditions
- “Classic” trading account (minimum $2000 deposit) – for professional traders who are supplied with a full range of trading tools and facilities
- “ECN” trading account (minimum $300 deposit) – for professional traders who want no conflict of interest between them and their broker
- No commission charged on trades done through Exness
- One of the lowest spreads in the industry, probably why it makes them so popular
- For ECN trading accounts there is a minimum fee of $25 for each million dollars worth of trade.
- CySEC and FCA regulated
- Allows CFD trades
- Trial account is available
Exness has Metatrader4 and Metatrader5, Webtrader, as well as a range of mobile trading platforms. Access with mobile is 24/7, an industry standard, and they have high-security encryption to protect a client’s details. If you are a trader with multiple accounts, you can opt for the Metatrader4 multi terminal platform.
Deposits and Withdrawals
Funds can be deposited a number of different ways including Credit Cards, bank wire transfers, Neteller, Skrill and a few other internet cash systems. Exness has a great system that allows automatic withdrawal of funds utilizing a few different electronic payment systems which means traders have 24/7 control of their account funds.
Withdrawals are transacted immediately using the same method adopted to deposit funds.
Exness even supplies a useful chart listing each deposit method and its advantages or disadvantages.
Support for New Traders
Client support is 24/5 in 13 languages and there are two languages, English and Chinese that are supported 24/7. Other forms of contact include live chat, call back service, phone, and emails. Other support is provided through posted up to date financial news and there was access to their library through the website. Dow Jones news was available to clients with accounts.
There was only one bonus promotion available but Exness is rated highly with client care and support. Feedback the company received was answered, which indicated that they really did read and address complaints. Considering all other Forex brokers provided social networking, it was an oddity that Exness did not! Navigation of their website was also another plus – clear presentation.