How much does it cost to trade with Exness? – Spreads & fees explained
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The importance of trading is globally established and acknowledged worldwide. Global trading indicates the exchange of services between people. And when it comes to global trading, Forex and Stocks play a pivotal role. However, the trader chooses the services they want to get.
Many people do wonder about the differences between Stocks and Forex. Although a few differences can be seen between Stock and Forex, the major difference between Stocks and Forex lies in the trading factor. To add more, Forex deals with buying and selling of global currencies, and on the other hand, Stocks deals with buying and selling shares of different companies.
Well, the value of the currency in the economy is undeniable, and currency does impact the stocks and share market trading. Additionally, exchanging currency is necessary if we are visiting another country. For instance, when an Indian tourist goes to the USA, converting the Indian rupee into USD is necessary. Thereby, the tourist requires to take the help of foreign currency exchange to convert rupees into USD as that is accepted in the USA. The same goes for buying anything as well.
However, it is important to note that exchanging the currency for international trade and services requires a good conversation rate. That is where Forex becomes a good name for converting the currency with a good conversion rate.
The foreign exchange, aka Forex or FX, is an international marketplace that exchanges the national currency. Forex is considered the largest market globally because of its reach in various sectors like finance, trade, commerce worldwide. In addition to that, Forex works as a liquid asset in the market. And apart from the conversion of the currency, Forex helps in trading and has profited from it.
However, exchanging the currencies is always done through liquid exchange rates, called forex pairs. A simple example can explain this to us. For instance, USD/JPY is the currency pair while exchanging the Yen against the U.S. dollar.
Apart from all of these, Forex has one distinctive feature it does not have any central marketplace for currencies conversion. And Forex transacts all the currencies trading electrically through the computer, which can easily unite all the traders worldwide. Moreover, Forex works 24 hours a day, and prime financial places like New York, Frankfurt, Hong Kong, London, Tokyo, Sidney, Singapore, Zurich play a vital role in trading the currencies.
Forex trading depends on a few factors, especially; a trader must be aware of the spread while doing Forex trading. And for trading, one necessarily needs to keep in the mind the aspects that can affect the spread size. Apart from that, one should select the high liquidity forex currency pairs, and time also plays an important role in Forex trading.
However, for trading in Forex, one requires a Forex broker who is experienced and reliable enough to aid in trading safely while making profits. And that is when the good name of Exness comes to our mind.
The Exness Group
Exness is one of the trustworthy brokers for online trading in Forex. Established in the year 2008, Exness has lifted their position so high that they are mentioned as the most reliable and secured broker. It offers various trading services to traders worldwide. As per the record of July 2021, Exness has more than 208 000 active traders worldwide and has gained training volume like USD 974.5 billion monthly. And because of such huge trading volume, Exness has become the largest Forex broker.
The founder and CEO Petr Valov are helping to shape Exness with the utmost care, honesty, and transparency. Although the headquarter of the Exnesss group broker is in Limassol, Cyprus, it has offices in South Africa, Nigeria, India, Kuala Lumpur. One of the best things about Exness is it allows the minimum deposit of $1 to the traders.
In addition to that, Exness offers trading in 200+ CFD different instruments such as 107 Forex pairs, Metals, Stocks, Cryptocurrencies, etc. Besides, it uses several platforms for trading, and those platforms are MT4, MT5 for pc, Mac, Linux, IOS, Android, etc.
Another worth mentioning feature of Exness is it has a low spread to offer with the ECN account to the traders globally. However, Exness has a license. It is regulated by Forex broker and other major regulators like FSCA in South Africa, FCA in the United Kingdom, CySEC in Cyprus, and FSA in Seychelles.
What is spread in Forex?
Before focusing on what spread signifies in Forex, first, let’s know a few things about the spread. To begin with, there are two prices in the trade market; one is bid (buy) price, and another is asking (sell) price. And the difference in between these prices has greater value. Well, to put it simply, the difference between bid prices and ask prices is the spread and this difference decides whether the market can be traded or not.
Apart from that, when a market is actively trading and has high volumes, it signifies a small spread. On the other hand, a large spread means the market is not trading actively, and the volumes are low.
Accounting to a spread in Forex, we will understand what spread signifies. Well, there are several definitions of spread in Forex. However, generally, it refers to the difference between two prices or rates. The two prices are bid and ask price. The bid is referred to as the buying price, and the ask means the selling price of the assets.
Another way to understand the spread definition in Forex is to see it as the gap rather than the difference. Therefore, the spread is the gap between the bid or buying price and any assets ask or selling price.
As we have mentioned earlier, a pair is required for trading the currencies. And while knowing the currency pairs, we must understand two parts of it. One is the base currency, and another one is the quote currency. The base currency defines the currency required by the trader to buy one unit of the base currency. However, on the other hand, quoted currency means the counter currency. Well, an easy example can remove the doubts in us.
For example, if we look at the GBP/USD trading condition, it is 1:1.36. The first currency- GBP, is the base currency, and USD is the counter one. Therefore, it implies that a trader certainly has to pay 1.36 USD for buying 1 GBP. Similarly, take USD/JPY, for instance, and the currency rate is 1:114.32, where a trader must pay 114.32 JPY for buying 1 USD.
Additionally, the Exness organization offers for buying a base currency against the asking price. A simple example of GBP/USD is enough to clarify where the bid price is 1.36, the buying price. However, if the asking price is 1.33, there is a spread of 3 pips. Although pip here means a small movement in price, in this example, pip is 3.
Spread in Exness
After discussing the spread in the Forex, let’s talk about what spread in the Exness group means. The spread of Exness depends on the difference between the bid (buying) price and the ask (selling) price, and another closet explanation of the spread in Exness is the fee that the broker asks for the complete the order.
Now, there are 3 regular types of accounts in the Exness group. And those accounts are the Standard Cent, Standard, and Pro. The spread is different in these accounts. Moreover, the Standard Cent account is used by beginners, and as a matter of fact, brokers do not get profit from it and thereby, charges more spread. However, Exness does not follow this and charges only low spread. For instance, the spread in EUR/USD is 1.1 pip only.
In addition to that, the Standard account is popular among traders. This account provides benefits like- low spread, unlimited leverage, easier withdrawal, 140+ currency pairs. The spread in the account is lowest, near 1 pip for EUR/USD. Further, cryptocurrencies like Bitcoin, Litecoin, ETH are traded in the Standard Account. However, the spread for Bitcoin is $5 and ETH $1, and there is no such commission charge by Exness.
Apart from these 2, a Pro account is considered the best account as it provides the lowest spread, 0.5 pip for EUR/USD. Besides, this account is best suited for big traders, and the minimum deposit fee for opening a Pro account is $2000. Exness takes no commission charges.
The list of the spread of Exness is shown compared to the other brokers.
Apart from the 3 regular accounts, Exness offers a Zero account as well. The most striking feature of this account is it has zero spread. However, in the Zero account, the commission charge is required.
All the brokers charged commission from the Zero account, and Exness is no exception in this regard. However, the commission charged is not much. Now, let’s understand this with a table
Additionally, various leverage is offered to the traders of Exness. The leverage undoubtedly depends on the account type, instruments, etc. However, unlimited leverage can happen also.
The spread is flowing and can change frequently and for that, the trader needs to be careful. Besides, as per the report of 2014, the spread is different in various currency pairs. Let’s clarify this with the help of a spread table.
Euro vs US Dollar
Great Britain Pound vs US Dollar
US Dollar vs Japanese Yen
Australian Dollar vs US Dollar
US Dollar vs Swiss Franc
New Zealand Dollar vs US Dollar
Euro vs Japanese Yen
Till now we discussed the old report, however, needless to say, the current report is much more important. The below-mentioned table below signifies the spread by the 2022 report.
Australian Dollar vs US Dollar
US Dollar vs Canadian Dollar
Euro vs US Dollar
Great Britain Pound vs US Dollar
US Dollar vs Japanese Yen
US Dollar/Swiss Franc
New Zealand Dollar vs US Dollar
A swap means the interest one earns or pays for the trade that can be kept open overnight in these spread tables. Long swap refers to the long positions, and short swap implies short positions open overnight.
Exness deposit fees
Needless to say that the minimum deposit always depends on the account type and payment method, and the amount varies. Exness allows the traders to open the Standard Cent account with $1, whereas IC Markets offers a minimum of $200. Besides, Exness never charges a fee for any payment method, although third-party charges may occur.
A few deposit methods are-
- Credit/Debit Cards: Master, Visa credit, or debit cards can be used for adding the funds. However, the minimum deposit is $3.
- Perfect Money: Through Perfect Money, funding happens immediately, although it requires to deposit of a minimum amount of $50.
- E-Wallets: With the help of Neteller Skrill, one can have instant funding by depositing $10.
- WebMoney: Instant funding takes place in WebMoney by depositing a minimum of $10.
- Online Bank Transfer: The Online Bank Transfer requires a minimum $15 amount to deposit.
Withdrawals in Exness Group
The best thing about Exness is it never charges for withdrawals. However, other brokers take more than 5 days to withdraw the money, but with Exness, it is easier. Additionally, the customers must be happy to know that the transactions will be back through the original payment method.
The withdrawal methods
- Credit/Debit Cards: Withdrawals are easy with Credit/Debit Cards. However, the minimum profit for withdrawal should be $3, and the maximum is $10000 to receive through these cards.
- E-Wallets: E-Wallets ensure instant withdrawal; in Neteller, the minimum profit should be $4, and in Skrill, it is $10 to withdraw the amount.
- Perfect Money: The minimum amount must be $2, and the process is instant.
- Webmoney: Webmoney is popular among young traders as it allows the minimum profit for withdrawal $1.
- Online Bank Transfer: With Online Bank Transfer, withdrawal is simple and the minimum profit amount needs to be $15 while it takes 1-3 days to receive the money.
Well, the good thing about Exness is it does not encourage spread betting among traders, and thus the spread betting fees are not asked. Moreover, additional fees are not required in Exness, which means there are no inactivity fees or account management fees.
To conclude, the comprehensive features have made Exness popular among brokers with each passing day. Furthermore, Exness provides 24/7 hours’ customer support. Besides, you can check out more information regarding Exness through their official website.
FAQ – The most asked questions about cost to trade with Exness :
Is Exness free?
Exness is free and does not charge a commission from the traders. However, a few times, overnight fees can be applied.
Is Exness a reliable Forex broker?
The Exness is considered to be the most trusted Forex broker worldwide. And it is licensed by FSCA in South Africa, FCA in the United Kingdom, CySEC in Cyprus.
What are the Exness fees for making a deposit and withdrawal?
Exness does not charge any fees from traders to make any deposits and withdrawals. Thus, there are no Exness fees for making a deposit/withdrawal. However, the withdrawal fees can vary according to the payment method that a trader chooses. For instance, if you choose bank transfer, your bank might charge you a fee for international payments.
Does a trader have to pay Exness fees to use the platform?
No, a trader need not pay the Exness fees to use the platform. The platform makes available its services free of cost for traders. So, a trader doesn’t need to worry about paying to trade.
Are there any Exness fees levied when a trader keeps his positions open overnight?
Yes, a trader has to pay the Exness fees to keep his positions open overnight. Other than this, the broker does not charge any kind of fees from traders. Almost all brokers apply overnight fees on traders. So, there is nothing new about this kind of fee on Exness.
Are there any Exness fees for inactivity?
Exness fees might incur if a trader keeps his trading account inactive for a long time. To avoid this fee, a trader should try to keep his account usage steady.
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Last Updated on January 27, 2023 by Arkady Müller