If you’re considering trading forex, two brokers that might come to your attention are FXTM and Exness. Both are well-known in the industry, offering a wide range of services to traders worldwide. But how do they compare? This article will break down the key features of FXTM and Exness, helping you decide which platform is best suited for your trading needs.
Here’s a simple comparison table for FXTM and Exness in case you are in hurry:
| Feature | FXTM | Exness |
|---|---|---|
| Founded | 2011 | 2008 |
| Regulation | CySEC, FCA, FSCA | CySEC, FCA, FSA |
| Account Types | Cent, Standard, ECN, Pro | Standard, Pro, Zero, Raw |
| Spreads | From 0.1 pips | From 0.0 pips |
| Commissions | From $4 per lot (ECN) | From $3.50 per lot (Raw) |
| Trading Platforms | MT4, MT5, FXTM Trader App | MT4, MT5, Exness Trader App |
| Customer Support | 24/5, multilingual | 24/7, multilingual |
| Withdrawal Speed | Up to 24 hours | Instant |
| Education Resources | Extensive webinars and tools | Knowledge base and tutorials |
Overview of FXTM and Exness
FXTM (ForexTime) was founded in 2011 and has quickly grown to become a leading broker, especially in emerging markets. Known for its excellent customer service, educational tools, and range of account types, FXTM appeals to both beginners and experienced traders.
Exness, founded in 2008, is another popular broker in the forex market. It has gained a reputation for offering competitive spreads, fast execution speeds, and a transparent trading environment. Exness has built trust with traders through its strong regulations and flexible trading conditions.
Account Types
FXTM
FXTM offers a variety of account types that cater to different trading styles:
- Cent Account: Suitable for beginners who want to trade with small amounts of money.
- Standard Account: Designed for more experienced traders looking for standard conditions.
- ECN Account: Aimed at professional traders seeking tighter spreads and direct market access.
- FXTM Pro Account: Offers zero spreads and is suited for institutional traders.
Exness
Exness also provides a wide range of account options:
- Standard Account: Suitable for beginners with low spreads and no commission.
- Pro Account: Offers tight spreads, fast execution, and no commission, ideal for experienced traders.
- Zero Account: This account provides zero spreads on major forex pairs 95% of the time.
- Raw Spread Account: Features very low spreads but comes with a commission per trade.
Trading Platforms
Both brokers offer multiple trading platforms to ensure flexibility and convenience for their users.
FXTM
FXTM provides access to two of the most popular trading platforms:
- MetaTrader 4 (MT4): Known for its user-friendly interface, MT4 is ideal for beginner traders.
- MetaTrader 5 (MT5): This platform is perfect for more advanced traders, offering more technical tools and features.
Additionally, FXTM has its own proprietary FXTM Trader App, allowing users to trade on the go.
Exness
Exness also offers both MT4 and MT5 platforms. However, one standout feature is their Exness Trader App, which is highly optimized for mobile trading, providing real-time updates, technical analysis tools, and an easy-to-use interface.
Spreads and Fees
One of the most crucial factors for traders is the cost of trading, including spreads, commissions, and hidden fees.
FXTM
- Spreads: FXTM offers competitive spreads starting from 0.1 pips on their ECN account and from 1.3 pips on their standard accounts.
- Commissions: FXTM charges commissions on ECN accounts, starting at $4 per lot.
- Swap-Free Options: FXTM also provides swap-free (Islamic) accounts, making it a good option for traders who adhere to Sharia law.
Exness
- Spreads: Exness is known for its extremely tight spreads, starting from 0.0 pips on their Zero account.
- Commissions: Commissions are charged on the Zero and Raw Spread accounts but are relatively low, starting from $3.50 per lot.
- No Swap Fees: Exness offers a swap-free option for all traders, regardless of religion, which sets it apart from FXTM.
Regulations and Safety
When choosing a broker, regulation is one of the most important factors to consider for safety and trust.
FXTM
FXTM is regulated by several top-tier authorities, including:
- CySEC (Cyprus Securities and Exchange Commission)
- FCA (Financial Conduct Authority, UK)
- FSCA (Financial Sector Conduct Authority, South Africa)
This multi-regulation framework makes FXTM a safe and reliable broker for traders worldwide.
Exness
Exness is also highly regulated by top financial authorities:
- CySEC (Cyprus Securities and Exchange Commission)
- FCA (Financial Conduct Authority, UK)
- FSA (Financial Services Authority, Seychelles)
Both brokers have solid regulatory backing, ensuring the safety of client funds and offering transparency.
Customer Support
Customer support can make or break your experience with a broker, especially for beginner traders who may need more guidance.
FXTM
FXTM is known for its exceptional customer support. They offer:
- 24/5 support via live chat, email, and phone.
- Multilingual support in over 10 languages.
- A dedicated education section with webinars, articles, and tutorials for traders at all levels.
Exness
Exness also provides excellent customer service, including:
- 24/7 support through live chat, phone, and email.
- Multilingual support in 13 languages.
- A comprehensive knowledge base that includes articles, FAQs, and tutorials.
Deposit and Withdrawal Methods
FXTM
FXTM offers various deposit and withdrawal methods, including:
- Bank transfers
- Credit/debit cards
- E-wallets like Skrill and Neteller
Processing times for withdrawals can range from a few minutes to 24 hours, depending on the method.
Exness
Exness supports a wide range of deposit and withdrawal options, including:
- Bank transfers
- Credit/debit cards
- E-wallets like Skrill, Neteller, and even Bitcoin
One significant advantage Exness offers is instant withdrawals, a feature that sets it apart from many competitors, including FXTM.
Conclusion: FXTM or Exness?
In the debate of FXTM vs Exness, the best choice depends on your personal trading preferences and goals.
- Choose FXTM if you’re looking for a broker with extensive educational tools, great customer service, and a variety of account types suitable for both beginners and advanced traders.
- Choose Exness if you prefer tighter spreads, instant withdrawals, and flexible account options with competitive commissions.
Both FXTM and Exness are reputable brokers with strong regulatory oversight, so you can feel confident with either option. However, Exness might appeal more to experienced traders who value low costs and faster withdrawals, while FXTM is ideal for those who need more educational support and guidance as they grow in their trading journey.
Final Thoughts
In the end, the decision between FXTM and Exness comes down to your individual trading needs. Take advantage of demo accounts on both platforms to test their features and find which one suits your style better.
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.