Is Exness in Malaysia a scam or a legit broker? The Review 2022

Exness Review:

Exness has hundreds of thousands of active clients and trillions of dollars in trading volume of April 2022. The broker provides its clients with access to various assets, including Forex, energies, etc. The Exness also offers a range of account kinds to accommodate the unique requirements of each trader. Malaysian traders should choose EXNESS Group. The broker follows all of the rules set by the local regulator and gives its clients good trading conditions.

The market is a competitive place to do business. With STP technology, orders are carried out in 250–400 milliseconds. With ECN technology, orders are carried out in 100–150 milliseconds. Even though the spread is very small, it is possible that it could grow when markets are unstable. A broker's "chip" is infinite leverage, which allows the broker to minimize the amount of money he has to put up and open as many deals as he wants. You can use a sample account to try out different strategies and absorb more about what this is all about.

Exness comes out with a new trading platform that gives traders even more ways to make money. Today, you can trade currency pairs, cryptocurrencies, metals, stocks, and energy on the Exness.com website. Here are a few facts about Exness that traders might want to know when choosing a broker:

• An estimated 325 billion US dollars worth of trade is done monthly.
• More than 72,000 customers who are still using the service in 131 countries.
• Worked in the EU market for more than ten years.

What is Exness?

Exness is a Russian CFD broker with more than 200,000 clients worldwide. It lets people trade on more than 100 Forex pairs, a small number of cryptocurrencies, 70+ stock CFDs, indices, commodities, and a few cryptocurrencies. On the MT4 and MT5 platforms, Exness offers nine account types, which is much more than various brokers. 

There is a Standard Cent Account with no minimum investment and several Pro Accounts with tight spreads, market execution, and minimum deposits starting at USD 500. There are no fees for deposits or withdrawals, and customer service is open 24/7 for seven days a week. 

Exness Pros and Cons:

Pros:

• There are 107 pairs of currencies.
• One of the most nominal fees on the Forex markets.
• Accounts that have no spread.
• There are many different trading accounts for both beginners and professionals, and each has its way of charging commissions.
• There are more than sixty basic account currencies to choose from.
• Here is a record of tick data from 2015.

Cons:

• Regarding licensing, Seychelles is not a good place to protect the rights of people who use financial services.
• Choices are limited on the market.
• No instruments for passive investment.
• Training in the arts and intellectual depth.

Is Exness safe or a scam?

When choosing a broker like Exness, it's essential to consider the broker's governing body and regulatory status. Brokers who trade without being regulated by a government body do so at their own risk. Your money is at stake.

Exness has been in business for 13 years since it opened in 2008. The headquarters of the company is in Cyprus.

Exness-broker-office There are strict rules for Exness. This implies that Exness is controlled and watched by the Cyprus Securities and Exchange Commission (CySEC), CRFIN, the Federal Financial Supervisory Authority Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the Netherlands Authority for Financial Markets (AFM), Banque de France, the National Securities Market Commission (CNMV), and the Commissione Nazionale per le Società e la Boite.

Brokers who the government controls won't change the price of the market. Exness will honour your request to leave. Exness's status as a regulated company could be removed if they break any rules. Losses could be more significant than deposits.

Exness demo account:

Read the customer contract and any clauses before using the Exness trading platform. After carefully reviewing them, you can sign up and make a Demo account or a real one. Clients of this stock broker can trade for free on the Meta Trader 4 and Meta Trader 5 channels, which they can enter after signing up on the broker's platform. 

With an Exness Demo account, we can check the company's trading functionalities, make sure the terminal's function, that the support team is knowledgeable, and that the website's information is up-to-date and of excellent quality, among several other things. A free Exness Demo account gives you a safe place to learn how to trade in an actual trading simulation model, get over your worries and anxieties, make your first trade, and try out your strategies. With this method, the trader can access the exact terminal features on a real account.

Exness Account types:

Exness has nine accounts, which is much more than most brokers offer. Many accounts are suitable for beginners, while others might be appropriate for people with more expertise. The most important of them are as follows

• Standard Cent Account
• Standard Account
• Raw Spread Account
• Pro Account
• Zero Account

Let us discuss each of the following types of accounts in detail.

Standard Cent Account (only for Meta Trader 4):

It is a wonderful account for novel traders looking to understand without taking on too many potential losses. The minimum deposit is only $3, micro-lots are unlocked, and spreads can be as low as 0.3 pips. With this account, you can only trade Forex and metals. The Meta Trader 5/Exness web trader platforms are not endorsed.

Standard Account (MT4, MT5, or Exness Web Trader):

It also only needs a 3 USD lowest payment. Trading conditions are parallel to the Cent Account. Still, you will have full rights to Meta Trader 5/Exness web trader and more resources, such as cryptocurrencies and metrics.

Raw Spread Account (MT4, MT5, or Exness Web Trader):

It needs a minimum deposit of USD 500, has a commission of USD 3.50 (7 USD round turn), and spreads on the EUR/USD start at 0 pips. We can access it by using the Meta Trader5/Exness web trader.

Pro Account (MT4, MT5, or Exness Web Trader):

Exness only offers one account with instant execution. It has a minimum deposit of $500, spreads that start at 0.6 pips (EUR/USD), and no slippage is guaranteed. It can be accessed through the MT5/Exness web trader.

No Account (MT4 or MT5):

This account requires a minimum deposit of USD 500 and a commission of USD 3.50 (7 USD round turn). Still, traders are guaranteed 0 pip (EUR/USD) spreads on 30 pairs for 95% of the trading day. It can also be used on the MT5/Exness web trader.

Aside from the Pro Account, which has immediate execution for all CFDs except cryptocurrencies, all accounts have market execution. All accounts can be opened as Islamic accounts with no swaps for Muslim traders.

Leverage:

 Exness gives traders the most plausible leverage, which can go as high as infinity. Increased leverage may seem risky to traders who haven't done it before. But traders who have been around for a while think there is no threat in trading with more leverage. Your trading strategies, experience, and self-control are what matter. Just stick to your trading plans and make choices based on your assessment, not your feelings. Also, with unlimited leverage, you don't have to pay for margins. So, you can keep your orders open for as long as you want. Here, you can see how much leverage Exness has.

Exness' infinite leverage:

With the launch of its exclusive Infinite Leverage offer, Exness has taken the forefront in forex trading. Exness's unique "infinite leverage" feature lets traders trade with almost no margin, open a lot more positions and even bigger lots, and use a variety of trading strategies.

So that traders can keep using Unlimited Leverage, the service has been set up to be unavailable when the market is very volatile. As an implicated broker, Exness has also put in place extra safeguards to ensure that only traders with a certain market knowledge can use the service. The service is unavailable from Monday 00:00 GMT to Thursday 23:59 GMT when the market is volatile. On Friday at midnight GMT, the leverage will go up to 1:2000, making margin requirements go up. This rule applies to all transactions, both new and old.

Account opening:

It is very simple to create an account and get verified at Exness. Even though it takes almost 48 hours to verify your account, you can still make a deposit and start trading. You can open an account at Exness in about 5 minutes. You can put money in your accounts right away and start trading. The steps are as follows:

• Go to the Exness homepage and click on the "New Account" tab. This will take you to a page where you can sign up for an account.
• On the Exness registration form, you have to put in your home country and email address and specify a password.
• This gives you further access to the Personal Area of Exness.
• By default, the new Personal Area has an actual trading account and a demo trading account for MT5, but you can open new trading accounts.
• In the "My Accounts" section of the new "Personal Area," you need to click on "Open New Account."
• You need to pick up account type, whether you want a real trading or demo account.
• Then, you need to choose between the MT4 and MT5 platforms, set your maximum leverage, and choose your account currency (which, once set, can't be changed):
• Lastly, give this trading account a nickname, set a password, and click "Create an Account."
• The "My Accounts" tab will show that you have created a new trading account.

Even though you can deposit up to USD 2,000 and trade for 30 days without proving who you are, it is best to do so as soon as possible. Note that a fully verified profile must be deposited with crypto assets or a bank card.

Fees:

Reviewers say that Exness's pricing is satisfactory. There are low spreads for standard accounts and commissions for ECN accounts. There are also no funding fees, but you should check the inactivity fee and other terms based on where you live, as they may differ.

Instruments:

The markets for trading with Exness include the well-known foreign exchange (Forex) with 107 currency pairs, CFDs on stocks and indices, energies, metals, and cryptocurrencies. This range of markets is regarded as a good offering within the industry. The Exness Markets Range Score is an 8 out of 10, which indicates that the company has a decent assortment of trading instruments; nevertheless, the main weakness is that various entities have varied proposals reflecting instrument choices.

Trading Platform:

In spite of the fact that both platforms are well-known software in the industry, MetaTrader4 offers traders a trading platform that is both practical and feature-rich, whereas MT5, which is a more modified form of the platform that came before it and boasts both powerful features and new opportunities, is an improvement over its predecessor. You can access the platform either through Website Trading or on other versions that are more suited to your requirements. This platform does not require downloads or installations and can be accessed through the browser.

However, the desktop version is always more complex than the Website version, so if you construct a complete plan and want further customization and charting options, you should use the desktop version instead of the Web version.

Desktop platform:

Since MT4 and MT5 are compatible with all devices, including personal computers and Macintosh computers, the decision as to which platform you would want to use—the industry standard, MT4, or its newly created counterpart, MT5—is entirely up to you. There is no need to choose, and it's awesome that you may use both of them simultaneously.

Trading Platform for Mobile Devices:

You may stay current on trade information while on the road by downloading one of the applications available for both the iPhone and Android platforms. These apps are user-friendly, cost nothing, and are compatible with both the MT5 and MT4 versions. Apps are well-recognized and professionally developed, which means that you may apply complete customization on your phone and check the status of your account, request withdrawals, and view fee records from your mobile device.

Trading Platform Comparison to other Brokers

Spreads:

The Exness spread is based on narrow variable spreads; however, the specifics of the spread are determined by the account type you select for your trading. Spreads for the Standard Cent Account begin at 0.3 pips, and there is no fee depending on trading volume. This means that the total cost of each trade is determined in cents. The Standard account's expenses are based on narrow spreads beginning at 0.1 pips.

Lastly, the Professional ECN account offers the raw spread and the commission per transaction, making it an attractive choice for more skilled traders. The Exness Spreads are considered to be average.

Customer Support:

Last but not least, in addition to pleasant conditions for trading, you will take pleasure in quite high-quality support, which includes customer service that is available 24 hours a day, five days a week, in thirteen different languages, and support in English and Chinese that is available around the clock. The overall rating for Exness's customer support is 8 out of 10, which corresponds to a good ranking. Exness received fairly strong rankings for its assistance and is acknowledged throughout financial markets for its quality. 

FAQS:

Conclusion:

On paper, Exness is a competent all-around broker that should be considered by most traders, regardless of their level of expertise. It supports MT4, MT5, and its proprietary platform, providing 24-hour customer assistance, entry-level accounts with minimal fees, and professional accounts with favourable trading conditions. However, Exness traders have access to significant leverage levels, which, when combined with the company's minimal required initial deposits, might raise the danger of their accounts being completely wiped out.