When choosing a reliable broker for your forex trading journey, two names stand out: Forex.com and Exness. Both brokers are well-known in the forex trading community and offer great features for traders of all levels. But which one is the right choice for you? In this article, we’ll compare Forex.com vs Exness, focusing on key areas like fees, trading platforms, account types, and customer support. By the end of this comparison, you’ll have a clearer picture of which broker better suits your trading needs.
Here’s a simple expert comparison table for Forex.com vs Exness if you happen to be early, before we dive into detailed comparison:
| Feature | Forex.com | Exness |
|---|---|---|
| Founded | 2001 | 2008 |
| Regulation | FCA, CFTC, ASIC | CySEC, FSA, FSC |
| Trading Platforms | MetaTrader 4, MetaTrader 5, Web Trader | MetaTrader 4, MetaTrader 5, Exness Web |
| Minimum Deposit | $100 | No minimum for Standard account |
| Spreads | From 1.0 pip | From 0.0 pips (Raw Spread account) |
| Commissions | $5 per 100,000 (on commission accounts) | Varies by account type |
| Account Types | Standard, Commission, DMA | Standard, Raw Spread, Zero, Pro |
| Customer Support | 24/5 | 24/7 |
| Mobile Trading | Yes (iOS & Android) | Yes (iOS & Android) |
| Best for | Advanced and professional traders | Beginner and cost-conscious traders |
Overview of Forex.com and Exness
Forex.com is a globally recognized broker with a long history in the forex market. It’s part of the GAIN Capital Group and has been around since 2001. Forex.com is known for its reliability, strong regulation, and user-friendly trading platforms. It is licensed by major regulatory bodies like the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.
Exness, on the other hand, was founded in 2008 and has grown rapidly over the years. Exness operates in various regions worldwide, offering services to traders from different countries. It is regulated by multiple authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles. Exness is known for its low spreads and flexible account types, making it a popular choice among forex traders.
Trading Platforms
Both brokers offer powerful trading platforms, but the user experience differs slightly.
- Forex.com provides access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. They also offer their proprietary platform, Forex.com Web Trader, which is web-based and doesn’t require any download. It’s great for beginners and advanced traders alike. Forex.com also provides a mobile trading app for traders who prefer to trade on the go.
- Exness also supports MT4 and MT5, but they don’t offer a proprietary platform like Forex.com. However, Exness does have a unique web-based terminal that offers smooth functionality and is very user-friendly. Like Forex.com, Exness offers mobile trading apps for iOS and Android, making it easy to trade from anywhere.
Which platform is better?
If you prefer having more platform options, Forex.com might be the better choice. However, if you like a simplified and straightforward platform with an easy-to-use interface, Exness will meet your needs just fine.
Fees and Spreads
Fees are a crucial aspect when choosing a broker because they directly impact your trading profitability. Let’s compare the fees and spreads between Forex.com and Exness.
- Forex.com generally offers competitive spreads, starting as low as 1.0 pip on major currency pairs for standard accounts. They also have commission-based pricing for traders who want tighter spreads, with commissions starting at $5 per 100,000 traded.
- Exness, on the other hand, is known for offering lower spreads, often starting from 0.0 pips on their Raw Spread accounts, but they charge a commission that varies depending on the account type and trading instrument. Exness typically has very low fees, making it an attractive option for cost-conscious traders.
Which broker has better fees?
For traders who want extremely low spreads, Exness may be the better option, especially if you’re trading in high volumes. However, Forex.com’s fees are competitive and come with the advantage of a reliable platform and robust regulatory oversight.
Account Types and Minimum Deposits
- Forex.com offers a variety of account types, including Standard, Commission, and DMA (Direct Market Access) accounts. The minimum deposit to open a standard account is typically around $100, which is suitable for most beginner traders.
- Exness offers several account types as well, including Standard, Raw Spread, Zero, and Pro accounts. What makes Exness stand out is its no minimum deposit requirement on their Standard accounts, which is great for new traders who want to start with small capital. For more advanced account types like Raw Spread or Zero accounts, the minimum deposit can be as low as $200.
Which account is better?
Exness offers more flexibility when it comes to minimum deposits and account variety. If you’re a beginner looking for lower starting capital, Exness is a great choice. However, Forex.com’s structured accounts might appeal to traders who are looking for more professional-grade options.
Regulation and Safety
Regulation is one of the most important factors in choosing a broker, as it ensures that your funds are protected and that the broker operates under strict guidelines.
- Forex.com is heavily regulated by top-tier authorities like the FCA, CFTC, and ASIC. This means that Forex.com must adhere to strict financial standards and offer segregated client accounts, ensuring that your funds are safe.
- Exness is also regulated by multiple authorities, including CySEC, FSA, and FSC. While these regulators are reputable, they don’t offer the same level of oversight as Forex.com’s regulators, such as the FCA. However, Exness also ensures that client funds are held in segregated accounts.
Which broker is safer?
Both brokers are safe, but Forex.com’s stronger regulatory framework gives it a slight edge in terms of investor protection. If regulation is a top priority for you, Forex.com is the safer choice.
Customer Support
Good customer support can make a huge difference when trading, especially during volatile market conditions.
- Forex.com offers 24/5 customer support through phone, email, and live chat. Their support team is highly responsive and well-equipped to handle trader inquiries.
- Exness offers 24/7 support, which is great for traders who need assistance outside of regular business hours. They provide support via live chat, phone, and email in multiple languages, ensuring that their global client base is well-supported.
Which broker has better customer service?
While both brokers have strong customer support, Exness’s 24/7 availability gives it an advantage, especially for traders who need help during weekends or odd hours.
Conclusion
Both Forex.com and Exness are reputable brokers with strong offerings, but your choice will depend on your trading style and preferences.
- If you’re looking for a well-regulated broker with a wide range of trading platforms and competitive spreads, Forex.com might be the best choice for you.
- If you prioritize lower fees, flexible account types, and the ability to start trading with a smaller deposit, then Exness could be the better option.
For beginners, Exness might be more appealing due to its ease of entry and low costs, while advanced traders might prefer Forex.com for its professional-grade features and strong regulatory backing.
No matter which broker you choose, both Forex.com and Exness offer solid platforms that can help you succeed in your trading journey. Take into account your individual needs, and you’ll be on your way to choosing the best broker for you.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.