Exness Singapore Review 2024 - TU expert opinion

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Singapore has established itself as a major global financial hub, with a thriving Forex and crypto trading scene. It is therefore important for brokers to cater well to Singapore-based clients.

Exness is a large multi-asset broker that has been providing trading services to clients around the world for over 10 years. In this article, we analyze whether Exness meets the needs of traders in Singapore across major areas like regulation, account types, platforms, fees and customer support. We compare features like available account types, trading conditions, instruments and order types. The article also evaluates Exness's mobile app, educational resources and overall user experience based on independent research and trader feedback.

Key points from the article

  • Exness is regulated and licensed to operate legally in Singapore by the Monetary Authority of Singapore (MAS).

  • They offer a wide range of account types including Standard, Standard Cent, Standard Plus, Raw Spread and Zero accounts. Minimum deposit starts from just $1.

  • Leverage ranges from 1:2000 for standard accounts up to 1:unlimited under certain conditions. Margin requirements are also competitive at 60/0%.

  • Trading platforms include MT4, MT5 and the Exness Trade Terminal, with apps available for mobile trading.

  • Exness supports over 35 account currencies and uses major banks/payment processors for deposits and withdrawals from Singapore.

  • Spreads are low from 0 pips for Pro and Zero accounts, and swap rates are charged according to contract specifications. There are also Islamic accounts for traders who prefer to comply with Sharia law.

  • Trading instruments cover forex, stocks, commodities, indices and cryptocurrencies.

  • Customer service is available via multiple channels and customer satisfaction scores are very high.

  • Educational resources include webinars, tutorials and articles to help novice traders from Singapore.

  • Traders Union experts rate Exness highly for regulation, fees and overall offering for local clients.

Is the Forex market legit in Singapore?

Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.

The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.

How to Trade Forex in Singapore

First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.

Detailed Review of Exness in Singapore

Exness is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.

Eight international regulators and the independent Financial Commission supervise Exness activities. This ensures a high-security level regardless of the Exness Group subdivision. Financial reports on main indicators, such as trading volume, active clients, withdrawal amounts, and partner rewards, are updated monthly on the broker’s website. Every six months, Deloitte (London), which is one of the Big Four global accounting firms, conducts audits of Exness. The broker also offers a fairly extensive list of CFDs on stocks, such as: Nvidia stock, Apple stock, Google stock, Tesla stock etc.

Exness performance as of September 2023:

  • 650,000+ active clients;

  • Over $1.7 billion of withdrawn funds;

  • Over $140 million of paid partner rewards.

Advantages of Exness for trading in Singapore

Traders Union analysts conducted a detailed analysis of Exness for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:

1

Spreads from 0.3 pips on standard and 0 pips on professional account types;

2

Competitive fees per lot on accounts for experienced traders;

3

Free analytical tools and access to the WebTV newsfeed;

4

High partner rewards for attracting new clients;

5

Participation in international compensation funds that return investors’ money in case of the broker’s bankruptcy;

6

24/7 technical support is available in 5 languages, including English.

Exness adheres to a client-oriented approach in its payment processing policy. Therefore, instant deposits and withdrawals with no broker’s fees are available.

Analysis of the Main Features of Exness in Singapore

Open an account
Your capital is at risk.
You can lose your money.

Traders Union analysts analyzed the key features of Exness for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

9.30

/10

Regulation and safety The score for this parameter is based on the licenses a company holds. The higher the level of the license, the higher the score. Obtaining licenses in other jurisdictions also improves a broker’s score. We divide all licenses into three levels:

Level 1 jurisdictions (high level of trust): CFTC – USA, FINMA – Switzerland, FCA — UK, ASIC – Australia, CBI – Ireland, JFSA — Japan, MAS – Singapore, FMA — New Zealand, IIROC – Canada, SFC – Hong Kong.

Level 2 jurisdictions (medium level of trust): CySEC – Cyprus, FSCA – South Africa, CBRC – China, SEBI – India, ISA – Israel, SECT – Thailand, DFSA – United Arab Emirates

Level 3 jurisdictions (low level of trust): FSC – Belize, FSC – British Virgin Islands, FSC – Mauritius, VFSC – Vanuatu, SCB – The Bahamas, BMA – Bermuda, CIMA – Cayman Islands

8.79

/10

Commissions and fees This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

8.79

/10

Trading instruments For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

8.02

/10

Brand popularity Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

9.60

/10

Customer support The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

9.29

/10

Education This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

1.00

/10

Trading conditions for Exness traders from Singapore

It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Exness trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.

💻 Trading platform:
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile)
📊 Accounts:
Standard type: Cent, Standard, and Plus
Professional type: Pro, Zero, and Raw Spread
💰 Account currency:
EUR, USD, GBP, CAD, AUD, and CHF for all account types;
38 more currencies for non-cent account types
💵 Replenishment / Withdrawal:
Skrill, Neteller, Perfect Money, BTC, USDT, USDC, VISA, VISA Electron, Mastercard, Maestro, and internet banking
🚀 Minimum deposit:
$10
⚖️ Leverage:
1:unlimited for retail clients
💼 PAMM-accounts:
No
📈️ Min Order:
0.01
💱 Spread:
Standard: from 0.3-1 pips subject to the account type;
Professional: from 0-0.1 pips subject to the account type
🔧 Instruments:
Forex CFDs on: cryptos, commodities, indices, and stocks 
💹 Margin Call / Stop Out:
Standard: 0%/60%
Professional: 0%/30%
🏛 Liquidity provider:
FXCM Pro and ADS Securities
📱 Mobile trading:
Yes
➕ Affiliate program:
Yes
📋 Orders execution:
Cryptocurrencies — market;
Other assets — instant/market (Pro), market (Zero, Raw Spread, and standard account types)
⭐ Trading features:
Floating spreads;
Fixed fee per lot on professional account types.
🎁 Contests and bonuses:
Occasionally

Exness Commissions and Fees

Traders Union analysts analyzed commissions and fees charged by Exness for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.

Information

Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.

Account type Spread (minimum value) Withdrawal commission
Standard Cent $0.3 No
Standard $3 No
Standard Plus $10 No
Raw Spread $0 No
Zero $0 No
Pro $1 No

When traders transfer positions overnight, they either earn or lose money on swaps.
The comparative table below shows the average fees of three brokers. TU experts have compared Exness spreads to spreads of RoboForex and Pocket Option to find out whether they are compatible.

Expert Review of Exness

Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use.

Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor.

Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

FAQs

Can Exness be trusted?

Exness has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with Exness.

Is Exness suitable for novice traders from Singapore?

Yes, Exness offers various educational resources and a good practice environment for novice traders.

Has Exness had any incidents involving theft of funds of clients from Singapore?

No. Exness provides reliable security of funds of clients from Singapore.

Does Exness provide Singapore market analysis?

Yes, analysis of Singapore is featured in the information provided by Exness.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.