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EXNESS Review

EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two (as far as we are aware), EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected. While EXNESS is regulated by Russian law, this in itself is not a great comfort for foreign traders. No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.

Beyond this uncertainty regarding regulation, it is difficult to find fault with any of the other aspects of trading with these guys. Small accounts can enjoy insanely high leverage of 2000:1 (yes, TWO THOUSAND to one), making it possible for smart traders to take advantage of the market without having all their capital tied up with their broker: you can keep more of you money in the bank where it's safe and earning interest, while a much smaller chunk is with your broker. Larger account holders ($10,000+) are still given decent maximum leverage of 100:1.

EXNESS licenses the almighty MT4 platform and offers unlimited demo accounts (you can "re-deposit" as much as you want in your demo account if you blow it).

Payment processing is also fast and efficient with many withdrawals processed automatically with no human intervention (depending on the payment method used). The only other beef I have is that fees are charged for every type of withdrawal. The fees are not big - usually 1% or less, but it does take away a bit from your profits.

Next on the list are spreads, which are kept extremely low, with EUR/USD starting at 0.7 pips on mini accounts and as low as 0.1 on accounts of $100,000+. Either way, these are some of the best spreads you'll find anywhere, and in spot forex there are no commissions to pay on top of this.

EXNESS also gives clients access to trading a huge number of instruments, from 150 forex pairs to CFDs from 11 different exchanges from New York to Jakarta, as well as Russian futures (FORTS) and NYMEX.

To top everything off, all traders are welcome to trade swap-free accounts, with NO EXTRA FEES. This is quite rare and can be a huge advantage in many longer-term strategies.

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Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
User-friendliness: Four and Half star User-friendliness Rating
Customer support: Five star Customer Support Rating
Transaction costs (spreads): Five star Transaction Costs (spreads) Rating
Rollover interest rates: Four star Rollover interest rates Rating
Withdrawal processing: Five star Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Five star Platform Reliability Rating
Average rating: Four and Half star Average Rating

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Business Details

Broker Headquarters: St. Petersburg, Russia
Regulated By: EXNESS is in full compliance with the Russian Federation Financial Legislation
Client Account Segregation: Yes
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Unknown
Broker Capital as of 09-2010 Unknown
Registered Business Name: EXNESS Limited
In business since year: 2008
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
c-Gold $0 1%
CashU $0 3%
Credit Card $0 0.5%
Liberty Reserve $0 1%
Moneybookers $0 1%
Pecunix $0 1.5%
Perfect Money $0 1%
RBK Money $0 1%
WebMoney $0 0.8%
Wire Transfer $0 0.2%
Yandex Money $0 1%

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Trading Conditions

Browser platform: none
Downloadable platform: EXNESS Metatrader 4 (MT4)
Mobile platform: none
Phone dealing: Yes
No Dealing Desk Execution: Yes
Fixed spreads: No, best available buy and sell prices are presented
Guaranteed stop losses? No, all orders are executed at best available price
Hedging capability: Yes
Trading Hours: Market opening on Sunday: 22.00 (GMT+0).Market close on Friday: 22.00 (GMT+0)
Timezone GMT
Scalping allowed: Yes, all trading methods are allowed.
Account currencies available: USD
Platform languages: Arabic, Bulgarian, Czech, Dutch, English, Estonian, Farsi, French, German, Greek, Hebrew, Hungarian, Indonesian, Italian, Japanese, Korean, Lithuanian, Polish, Portuguese, Russian, Serbian, Simplified Chinese, Spanish, Traditional Chinese, Turkish
Support languages: English, Russian
Demo account: Unlimited, with re-deposits allowed.
Live chat support: Yes - well above average in terms of patience and knowledge.
Promotions & tournaments: None
Swap-free accounts  Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD: 0.1 pips (0.00001) on Expert Accounts, 0.4 pips (0.00004) on Classic Accounts, 0.7 pips (0.00007) on Mini Accounts
Order processing: STP (Straight Through Processing)
OCO orders available: No
Trailing Stops: Client-side
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Mini 2000:1* $100/$9,999 1,000/1,000,000 units (cumulat Spreads from 0.7 pips
Classic 100:1* $10,000/$99,999 10,000/unlimited Spreads from 0.4 pips
Expert 50:1* $100,000/unlimited 100,000/unlimited Spreads from 0.1 pips
Tradeable Instruments: 300   
Automated Trading: Yes, on MT4
Depth of market view (Liquidity):
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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