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The internet has over the past fifteen years or so helped many companies expand their operations. It has also posed brand new challenges to businesses that mainly rely on the World Wide Web to generate their revenue. The issue has materialized more significantly amongst traders in the Forex industry and those in particular located in far-flung countries.
Business Regulations in Farflung Locations
The internet has always been a place where building trust has and continues to be a challenge. In the light of financial scams, hacking and fraud the challenge of relationship building is immense. However, on the flip side, it has also helped fuel the growth of many sectors including trade and finance.
The dot-com bubble for instance which burst during the early half of the millennium was mainly caused by investors hoping to ride a high wave of online businesses. So, when the bubble finally burst as few had predicted, the result was fear and distrust amongst firms and individuals that relied on the internet to make money.
Another nail in the coffin was the latest financial meltdown in 2008 that dealt a fatal blow to many businesses and in turn public confidence in internet based businesses. So, the prevailing perception amongst people is that online businesses engage in fraudulent activities even if that isn’t always the case.
That perception is reinforced when you couple it with lax or perhaps a lack of proper regulation in often third and second world countries. Plus, many scams are based in those countries with residents of first world countries in their sights. But those businesses are few and far between.
What many people fail to realize mainly because of a lack of information is the fact that the United States despite having the most stringent regulations for online businesses is still the hotbed for financial scammers. The country holds the record for having the highest number of swindlers online that have made money by scamming people and in many cases left unprosecuted.
So, it stands to reason that Russian brokers shouldn’t be considered less credible as compared to US based brokerages. In the case of Exness.com, the company is regulated by none other than CySEC, and so they conform to all the required financial, trade and practice standards that are required of European brokers/businesses.
Is Exness.com a reliable broker or business?
Exness.com was originally established back in 2008 and has since then grown tremendously. As of 2012, the company’s trading volume is over $450 billion which is larger than the GDP of many developing countries. If there were a lack of integrity or credibility, it would have never grown so tremendously.
You can see the huge trading volume of Exness above.
The sheer landslide of negative feedback from people being scammed by the service would have ruined it a long time back. However, Exness.com realizes that it faces challenges owing to it being based in Russia and it is for this reason that they have taken great measures to ensure that its capable of providing a very safe and secure trading environment to traders.
So, the company has tried and continues to implement new measures which are aimed at taking care of traders and not just as a way to build their brand image or establishing a large market share.
One of the things that will strike you first on the company’s website is their selection of images which are colorful, large and invigorating. Since they have partnered with Red Bull Racing Championship, they are proud of their Infiniti racing car which is boldly presented for everyone to see on the website.
Some of the many advertised features on Exness’s Webpage
EXNESS Group is one of the few businesses that connects traders with the interbank market via ECN. The system works like a software aggregator which coordinates a client’s orders and their execution for the best prices after comparing many of the well-known providers who are connected to the aggregator.
So, traders end up getting the best prices when buying via the system. The liquidity provider will execute the offer based on the best price available at the time. Information regarding the liquidity provider and the transaction is stored in the business’s database. The information is accessible to the client when requested.
As of this writing, the broker provides Swap Free ECN accounts.
EXNESS has also been involved in many social causes over the years. It currently supports a number of WWF Russia projects one of which is to restore extinct species such as the Siberian tiger, and the Persian leopard which is native to the Caucasus.
Types of Trading Accounts Offered
Even though Exness does not provide a vast number of different trading platform as other online brokers, but they do serve a diverse array of clients. The company offers four trading account types each suited to a particular type of trader. The trading accounts are:
- Cent – Account (Does not require a minimum deposit)
The Cent account is ideally suited for newbie traders who just wish to try out the trading platform.
- Mini – Account (Does not require a minimum deposit)
The Mini Account is similar to the ’Cent’ account mentioned above but provides slightly better trading options. It too is also intended for beginner traders.
- Classic – Account (Mandatory deposit of $2000)
The Classic account is meant for professional traders. It offers an array of trading tools and information
- ECN – Account (Mandatory deposit of $300)
It is a professional account intended for traders that want to use an environment where there is no so-called conflict of interest between them and the broker.
Commission and Spreads
Many Forex brokers do not charge traders a commission and Exness is no different, so every trade is commission free. So, how does the company earn? Exness makes a profit by adding a slight price on the spread that’s quoted.
However, the spreads they quote are still some of the lowest in the industry which is why they became popular in the first place. But it’s important to note that ECN accounts are subject to a $25 minimum trading fee for every $1 million that’s traded via the platform.
The company has taken a number of steps to ensure that clients have no problem with depositing funds into their accounts. Traders can select from an array of payment methods such as:
Starting from September 2009, funds are automatically withdrawn if its setup by Exness clients. Clients don’t have to wait for their withdrawal to be processed after making a request. As of this writing, Exness is the only company with the technology capable of supporting this feature.
Other than the various methods of withdrawing and adding funds to a trading account the company also has a News Section which is run in-house. The News Section keeps clients updated with the latest happenings at the company.
Since Exness is duly regulated by none other than CySec with license number 178/12 they already have an excellent reputation which shows that they fully comply with the regulator’s stipulations.
Exness very efficient customer support. Their website is available in 17 different languages:
- Bahasa Indonesia
- Bahasa Malaysia
To assure clients that they are serviced adequately the company provides many methods for contacting support. The company can be contacted via the following methods:
- Live chat
- The Call Back service
- Phone support at +357 25 030 959 available 24 hours a day
- E-mails can be sent to: [email protected], [email protected], and [email protected]
Despite so many different online forex brokers available these days what makes Exness stand out from the crowd is their genuine care for clients. That concern is evident from their excellent customer service which resolves complaints right away and is on standby to answer any questions.
The customer service has been praised by many independent Forex broker blogs and review websites. In our experience, the customer service does take the time out to read and resolve complaints which is rare in this industry. So, you don’t feel like a nameless, and faceless trader but actually like the company really cares for you.
- Tight spreads from 0.3 a pip
- Regulated by FCA and CySEC
- Great customer service
- Excellent trading platform
- Little to no minimum deposit requirements
- High leverage ratio
- A variety of trading accounts
- Automated withdrawal feature
- The platform does not support social network based trading