Exness is one of the earliest Forex trading platforms in Vietnam. Today I will send you a review of the Exness exchange in 2021. What are the advantages and disadvantages of Exness? Is Exness a scam or not?
Table of Contents
- 1 What is Exness Exchange?
- 2 Advantages of Exness
- 3 Disadvantage of Exness
- 4 The truth about the scam Exness floor
- 5 Exness exchange fees
- 6 What types of assets can you trade on Exness?
- 7 Exness App and Trading Platform Review
- 8 Evaluation of Exness account types
- 9 Evaluation of the quality of customer care of Exness
What is Exness Exchange?
Exness Exchange is an online Forex trading platform founded in 2008 and headquartered in Seychelles. Exness is licensed and regulated by the Financial Services Authority (FSA) and CySEC.
Exness exchange constantly promotes promotion and improves service quality, so it is trusted by many traders. To date there are more than 60,000 traders from all over the world active on the Exness exchange.
Exness uses the MetaTrader 4 and MetaTrader 5 platforms, which are two professional trading platforms that traders should use. You can trade all kinds of assets commission free and the main thing that I love about Exness is the super fast execution speed.
Exness Vietnam offers 2 different account types with a variety of leverage levels to suit different risk appetites of investors. Exness’s lowest leverage is 1:100.
Advantages of Exness
Extremely low floating spread
Fees at Exness Vietnam can be said to be super competitive, commissions are very low or even free. The spread fee also only ranges from 0 – 0.3 pips. Depending on the type of account, traders will have different spreads.
Offer a variety of account types
Recognizing the risk appetite, capital capacity of traders is different. Exness Vietnam has developed and offered four different account packages to suit the needs of beginner to professional traders and even algorithmic traders.
Various levels of leverage
Most exchanges only offer 1 fixed leverage and usually less than 1:500. However, the Exness floor will have different leverage levels depending on the trader’s initial capital. Leverage can be up to 1: infinite which is very suitable for extreme risk-loving traders.
Super fast order matching speed
Exness’s order matching speed is also among the top exchanges with fast order matching speed with an average matching speed of 0.1 seconds.
Various deposit and withdrawal methods
As an international exchange operating in many countries, Exness also supports various forms of instant deposit and withdrawal. For traders in Vietnam, they can deposit and withdraw via bank card, e-wallet, bank transfer in Vietnam and do not have to pay any deposit or withdrawal fees. Exness exchange can also top up cryptocurrencies like Bitcoin, USDT, but these two forms take time for the system to process.
Disadvantage of Exness
Types of trading products are limited
Although Exness’s fees are very competitive and attractive, the number of products that can be traded on Exness is quite limited. The most diverse on Exness exchange is trading currency pairs, while with Crypto can only trade BTC, ETH, LTC and XRP.
Spread is increased when the market has strong volatility
Many investors have encountered the situation that Exness exchange changes the spread of account types in case of strong market fluctuations. When the spread is stretched, traders will encounter a situation where the order is closed when the price has not reached the take profit or stop loss order. This directly affects the profitability of traders and is a pretty big minus point for Exness.
The minimum level of large take profit is not suitable for scalping strategy
Exness has a default minimum of 2 pips to take profit, while on average scalping traders will take profits in the range of 1-2 pips. With such a large default minimum take profit, Exness broker is not very suitable for scalping traders.
The truth about the scam Exness floor
Exness floor has existed in the market for more than 12 years, also experienced many ups and downs with reviews about placing orders that do not match or not being able to withdraw transaction funds to the account. So is it true that Exness is a scam or not?
First, in order to evaluate the Exness floor in terms of reputation, we will evaluate the license and regulatory agency. Exness is licensed by a leading financial regulator, the FCA, and a Category 2 agency, CySEC. In addition, Exness also operates in countries such as Spain, Italy, and Germany, which must also meet the standards and apply for a separate license to operate in each country. Exness licenses can be found on the FSA’s website
Second, Exness’s financial statements are also appraised by Deloitte as one of the four most prestigious auditing firms in the world. With the participation of Deloitte, traders are also somewhat assured of their assets not being used by the company for trading.
Third, the issue of not being able to place orders or not withdrawing accounts does not mean that the exchange is a scam, but it may have had some technical transmission problems. This is a phenomenon that you may also encounter in some other exchanges. It is important that you be able to contact the floor’s customer service team and receive a response to resolve your request.
In summary, I rate Exness Exchange as a reputable Forex broker, and you can rest assured that you can trade on Exness.
Exness exchange fees
Exness broker is quite popular because of its very low transaction fees and spreads. You can look up the specific spread of each product on the Exness website.
In order for you to see the competitive fees of Exness, I have compared the spread between Exness and some other Forex brokers in the table below.
It can be seen that the spread of AUDUSD and USDJPY on Exness exchange is quite low, the fees of the remaining forex pairs are similar to the general market level. Only with cryptocurrencies, Exness’ spread is quite high compared to other exchanges.
What types of assets can you trade on Exness?
Exness exchange focuses on currency pair products, while products such as Crypto, Stocks or commodities are quite small and are not regularly updated with new products.
Specifically, I have listed the number of assets that you can trade on Exness in the table below.
Exness App and Trading Platform Review
Now we will go specifically to evaluate the actual trading experience on the Exness exchange
Exness offers three trading platforms which are Exness MT4, MT5 and web trading version with app. MT4 and MT5 versions are no stranger to many investors. I will also dedicate another article to a detailed review of these 2 software. Here I will only mention the Web and Mobile versions of the Exness exchange.
Web version trading platform
If you don’t want to download Exness MT4 or MT5 trading software, Exness also has a very convenient Web trading version that doesn’t take up a lot of computer memory. However, the configuration of the Web version of Exness is also quite heavy, so if you open it for too long in the background you will also feel your computer slow down.
The web version is also designed with full function of placing orders, technical analysis, indicators, economic calendar. However, if you are a professional trader, algorithmic trading, the web version cannot integrate the EA like on Exness MT4, MT5.
Mobile trading platform
There are two ways you can trade on your phone. Either you use the MetaTrade 4 application and select Exness’s trading server. Or you can download an app designed by Exness itself.
Exness’s mobile application is quite easy to see and supports many languages, including Vietnamese. Exness’s app doesn’t take up much space and the experience is very smooth, with few bugs and crashes. Exness’s app is also rated 4.8 out of 5 stars on the Appstore.
Evaluation of Exness account types
The Exness website shows 5 types of accounts, but in reality there are only 4 types of accounts you can open. ECN account selection is currently not available.
The four account types have different deposit requirements with the Standard account having the lowest deposit from just $1, while the pro account line requires a minimum of $200. New investors can start with a standard account, while experienced investors can choose from one of three pro account types.
The biggest difference between the pro account types is the way the transaction fees are charged. Raw Spread account is entitled to a fixed spread, Zero account is entitled to zero spread with the remaining 30 forex pairs, it is a floating spread.
With a pro account, you will enjoy floating spreads and zero transaction fees. You must determine what products you want to trade and then choose an account type with a fee that suits your needs.
Evaluation of the quality of customer care of Exness
Exness has a dedicated customer care team you can contact Exness through a variety of media. The most traditional is to submit a support request through the Helpdesk, the Exness team will get back to you in 1-2 days.
You can also contact through the official fanpage of Exness in Vietnam.