Today, its been a trend followed by many traders to expand their trading with the means of currency exchange. However, there are all kinds of traders, some appear to be expert at it while others are beginners and need some guidelines to take a look upon before they head for any Forex trading company. This is because, the purpose these companies serve is to provide a platform to the vulnerable or inexperienced traders, which is free from any sort of scammer. For gaining the trust of any such company one must survey multiple authentic sources to make their decision. It behooves a new trader to first review some companies and then head-on. For facilitating such newbies, I have recently researched one of such companies – Exness, which I found was quite amazing and this article can provide some important information that can help people know more about it.
Although one can also delineate their queries from exness review, this guideline is a quick tour to spot some main points and provide an idea for a better understanding!
Founded in 2008, the brokerage company – Exness, works internationally – and is specifically a Cyprus broker, and is based in Seychelles. It is one of the largest brokerage companies. It is amazing to know the huge number of active traders, more than 80 thousand took part in the trading from across the world in the past year – which is one of the facts that can simply suggest that it has been extensively used and a huge number of people have relied upon it.
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Let’s look at some other aspects:
1. Are the funds regulated and safe?
A regulated Forex Broker – is licensed and is safe for the South African traders as it is also regulated by the regulators as well as FSCA in SA.
The regulatory authorities can be briefly read as:
a. Cyprus Securities and Exchange Commission (CySEC)
It is an investment firm in Cyprus, a public supervisory authority, which works independently and is responsible for supervising the market of investment services, the transactions, and the collection and management of the assets. Cyprus security is involved to regulate and authorize it with the license number 178/12.
b. UK Financial Conduct Authority (FCA)
The UK-based FCA with the license number 730729 serves as the regulator for about 60 thousand financial services markets and firms based in the UK.
3. Seychelles Financial Services Authority (FSA)
An autonomous regulatory system that licenses, regulates, and enforces the compliance and regulatory requirements along with monitoring and supervision of the business conduct in the sectors of financial services that are non-bank. Exness is regulated and authorized by FSA with the license as SD025.
4. South Africa Financial Sector Conduct Authority (FSCA)
The authorization of Vlerizo (pty) by FSCA has the FSP number 5120 and is registered under the number 2020/234138/07
5. Central Bank of Curacao and Sint Maarten (CBCS)
With the Registration number: 148698(0), The Securities Intermediary, Exness B.V. is registered in Curacao. CBCS has authorized it with the 0003LSI (license number).
6. Financial Services Commission (FSC) – British Virgin Islands
Responsible for the services within the British Virgin Islands, Venico Capital Limited is licensed as SIBA/L.20/1133 and registered as 2032226.
2. How much one is charged while trading on Exness?
As compared to other brokers, Exness proves to be quite reasonable and inexpensive.
Have a look at these bullets:
- The two terms are used in this realm – Spread and Commission, with which the forex broker makes money.
- After the quotes are received from the account providers, a fee is added by the forex brokers which is termed as the spread, and its unit is Pip.
- If the spread-free account is chosen by a customer, he will be charged with each successful transaction in the form of commission. It ranges from 5$ to 20$
- Other fees may also include fees for account maintenance or swap fees.
- Per lot, the commission will be 5$, which is lower than other brokers which range from 7$ to 15$!
3. Why you should opt for Exness?
1. The Forex Regulations are trusted
As mentioned earlier, the regulatory authorities involved in regulating and securing the Exness make it a more reliable broker in the world. Because these sorts of financial markets are risky and there are many places where people are scammed, one should review the authenticity before heading towards it. And Exness has a reliable system!
2. You can get the highest leverage rate
In this, you can achieve high leverage or say unlimited leverage! which you wouldn’t find in any other broker.
3. The support team is best to facilitate customers
Interestingly, customer services are available 24/7 to facilitate the customers. Moreover, they’ve multiple offices in various countries, so that customers with language barriers may not feel any hesitation.
Moreover, there is even a lot more stuff to know about it, how to open an account, or what are the different account types, exness review is the best possible way to dig that out! Happy Trading!