Wondering if Exness is a good choice for forex trading in India? You’re not alone. As someone who’s been in your shoes, I know how crucial it is to pick the right broker. That’s why I’ve created this review of Exness, based on my real experience as a trader.
Here’s what we’ll cover:
- Introduction to Exness
- Services Offered to Indian Traders
- Getting Started with Exness
- Depositing Funds
- Trading on Exness
- Fees and Commissions
- Withdrawing Funds
- Regulatory Compliance and Security
I’ll give you the honest lowdown on Exness – the good, the bad, and everything in between. By the end of this review, you’ll have a clear picture of whether Exness is the right broker for you. Let’s get started and see what Exness has to offer Indian traders like you.
What Is Exness?
Exness is one of the top forex brokers in India, and I’ve been keeping an eye on them since they started in 2008. Founded by Petr Valov, this broker has its main office in Cyprus but reaches traders worldwide, including here in India.
What’s Exness all about? Simply put, they’re an online platform where we can trade forex, stocks, and cryptocurrencies. They’ve grown a lot since they began, now handling over $2 trillion in monthly trading volume. That’s huge!
For Indians, Exness offers a straightforward way to get into forex trading. They provide the platform, we provide the trades. It’s that simple.
Services Offered to Indian Traders
Exness gives us Indian traders a bunch of options:
- Forex trading: This is their bread and butter. We can trade major, minor, and exotic currency pairs.
- Cryptocurrency trading: For those of us into digital currencies, Exness has us covered.
- Stocks and indices: We can also trade shares of big companies and stock market indices.
When it comes to currency pairs, Exness offers over 120 options. Sadly, I couldn’t find any INR-paired options, which is a bit of a letdown for us Indian traders.
Getting Started with Exness
Setting up an Exness account is straightforward, but there are some important steps to follow:
First, I went to Exness.com and clicked “Open Account.” I filled out a quick form with my name, email, and phone number. This part took about 5 minutes.
But here’s the crucial bit – the KYC (Know Your Customer) process. Exness asked me for:
- A clear photo of my PAN card
- A clear photo of my Aadhaar card
- A selfie of me holding my ID
- Proof of address (I used a recent electricity bill)
Why do they need all this? Well, it’s to keep things legal and safe. These documents prove I am who I say I am, and that I’m legally allowed to trade. It also helps prevent fraud and money laundering.
I was a bit worried about sharing these documents online, but Exness explained they use strong encryption to keep my info safe. That made me feel better.
After I uploaded everything, Exness took about 2 working days to verify my account. Some of my friends said theirs was done in just a few hours, while others waited up to 3 days. I guess it depends on how busy they are.
Once verified, I could start trading. But if you’re in a hurry, Exness does let you deposit funds before verification is complete. You just can’t withdraw until they’ve checked your documents.
For those who prefer using their phones, Exness has apps for both Android and iPhone. The signup process is pretty much the same as on a computer.
Account Types
Exness offers us Indians five account options:
- Standard Account: This is what I started with. It has low spreads and no commission.
- Professional Account: This one’s for the big players. It offers institutional-grade conditions.
- Social Trading Accounts: Boost your income by sharing your trading strategies on the Exness Social Trading platform. Discover the right account for you.
- Portfolio Management Accounts: These are for the needs of Portfolio Managers. Use these accounts for trading in Funds created in the Portfolio Management feature.
- Demo Account: This is a risk-free demo trading account that offers you the benefit of sharpening your trading skills and strategies, as well as mastering Exness’ unique trading tools without financial risk.
Each account type has its perks, but for most of us starting out, the Standard Account works just fine.
Depositing Funds
Getting money into my Exness account was straightforward:
- Minimum deposit: It’s just $1 (about 75 INR). That’s lower than most brokers I’ve seen.
- Deposit methods: They offer a ton of options for us Indians. I used UPI, but they also have bank transfers, e-wallets like Skrill and Neteller, and even cryptocurrency.
Here’s a quick guide on how I deposited using UPI:
- I logged into my Exness account and clicked “Deposit”
- Chose UPI as the payment method
- Entered the amount (remember, minimum is just $1)
- Got a UPI ID to send money to
- Used my UPI app to send the money
- Funds showed up in my account in minutes
Exness sometimes runs deposit bonuses, but they change often. Check their promotions page for the latest offers.
Trading on Exness
Here’s how I placed my first EURUSD trade:
- Opened the MetaTrader platform (Exness provides MT4 and MT5)
- Clicked on “New Order”
- Selected EURUSD from the list of pairs
- Chose my trade size
- Set my stop loss and take profit levels
- Clicked “Buy” (for a long position) or “Sell” (for a short position)
Trading Tools and Features
Exness offers some cool tools to help us trade:
- Copy Trading: This is great for beginners. I can copy trades from successful traders automatically.
- Economic Calendar: Helps me keep track of important economic events that might affect my trades.
- Trading Calculator: I use this to figure out potential profits or losses before I trade.
- Technical Analysis Tools: These come built into the MetaTrader platforms.
Educational Resources for Indian Traders
Exness has a decent learning section. I found these particularly helpful:
- Video tutorials: Short clips explaining trading basics
- Webinars: Live sessions where I could ask questions
- Trading guides: Detailed articles on various trading topics
While the education section is good, I wish they had more content specifically for Indian traders. Still, it’s a solid resource for learning the ropes.
Fees and Commissions
When it comes to costs, Exness is pretty competitive. Here’s what I’ve found:
- Standard Accounts: No commission, just the spread. Spreads start from 0.3 pips for major pairs.
- Raw Spread Accounts: Very low spreads (from 0 pips), but there’s a $3.5 commission per lot.
- Pro Accounts: Similar to Raw Spread, but with even tighter spreads and lower commission.
There’s no deposit fee, which is great. Withdrawal fees depend on the method you choose. I usually use UPI or bank transfer, which are free.
One thing I love? Exness doesn’t charge inactivity fees. So if I need to take a break from trading, I don’t have to worry about surprise charges.
Here’s how Exness stacks up against other popular brokers:
Broker |
Minimum Spread |
Commission |
Inactivity Fee |
|---|---|---|---|
Exness |
From 0.3 pips |
$0-$3.5 per lot |
No |
Octa |
From 0.4 pips |
$0 |
Yes, after 6 months |
IC Markets |
From 0.0 pips |
$3.5 per lot |
No |
XM |
From 0.6 pips |
$0 |
Yes, after 3 months |
Withdrawing Funds
Getting my money out of Exness has been smooth so far. Here are the withdrawal methods available for us Indians:
- Bank Transfer
- UPI
- E-wallets (Skrill, Neteller)
- Cryptocurrency
I usually use UPI because it’s quick and free. Here’s how I do it:
- Log into my Exness account
- Click on ‘Withdraw Funds’
- Choose UPI as the withdrawal method
- Enter the amount and my UPI ID
- Confirm the withdrawal
The money usually hits my bank account within 24 hours. Sometimes it’s even faster – I’ve had withdrawals complete in just a few hours.
One thing to note: Exness has a “same-way” policy. This means you have to withdraw using the same method you used to deposit, up to the deposited amount. It’s for security reasons, but it can be a bit of a hassle if you want to change methods.
Regulatory Compliance and Security
This is a big one for me, and I bet for most Indian traders too. Here’s the deal with Exness:
Exness is regulated by several top-tier authorities, including:
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Conduct Authority (FCA) in the UK
- Financial Sector Conduct Authority (FSCA) in South Africa
But here’s the catch – Exness isn’t directly regulated in India. They operate here under the offshore regulations of CySEC.
In terms of security, Exness uses strong encryption to protect our data and funds. They also offer two-factor authentication, which I always use for an extra layer of security.
One thing that gives me peace of mind is that Exness keeps client funds in segregated accounts. This means our money is separate from the company’s operational funds.
Compared to Indian brokers, Exness’s regulatory standing is solid, but not perfect. Local brokers registered with SEBI might offer more India-specific protections. But among international brokers popular in India, Exness’s regulation is on par with the likes of Octa, IC Markets, and XM.
Remember, while Exness is generally reliable, forex trading always carries risks. It’s up to us to trade responsibly and within our means.
Customer Support for Indian Traders
I’ve had to reach out to Exness support a few times, and here’s what I’ve found:
They offer 24/7 support through:
- Live chat (my preferred method)
- Phone
The good news? They have a specific Indian phone number, which is great for us. The not-so-good news? There’s no support in Hindi or other Indian languages. It’s all in English.
Response times have been decent. Live chat usually connects me with someone in a few minutes. Emails take longer, sometimes up to 24 hours.
The support staff I’ve dealt with know their stuff. They’ve been able to solve most of my issues quickly. But once or twice, I felt like I was talking to a robot reading from a script.
One thing I really like is their FAQ section. It’s comprehensive and has answered many of my questions without needing to contact support.
Pros and Cons for Indian Traders
Pros:
- Low minimum deposit (just $1)
- Quick account opening process
- Wide range of trading instruments
- Competitive spreads
- No inactivity fees
- Fast withdrawals
Cons:
- No direct regulation in India
- No support in Indian languages
- No INR-paired currency options
- Copy trading limited compared to some competitors
- Educational resources could be more India-specific
The low entry barrier is great for us Indians just starting out. But the lack of INR pairs and local regulation might be deal-breakers for some.
Why Exness is Reliable for Indian Traders
I’ve been using Exness for a while now, and here’s why I think it’s reliable:
- Track Record: They’ve been around since 2008 and have grown consistently. In 2023, they reported a monthly trading volume of over $4 trillion. That’s huge!
- Transparency: Exness publishes monthly reports on their website. I can see their trading volume, number of active clients, and withdrawal times. This openness is reassuring.
- Awards: They’ve won several industry awards. In 2022, they got the “Best Trading Platform” award from Forex Expo Dubai. That said, I always take awards with a grain of salt.
- User Feedback: I’ve checked out reviews from other Indian traders on forums and review sites. The feedback is mostly positive, especially about fast withdrawals and low spreads.
- Personal Experience: In my time with Exness, I’ve had smooth withdrawals and haven’t experienced any major issues. Their platform is stable, and I’ve never had problems executing trades.
However, it’s not all perfect. The lack of direct regulation in India is a concern. And while they’re reliable for day-to-day trading, I always remind myself (and other traders) that forex trading itself is risky.
Remember, no broker is 100% perfect. It’s about finding the one that fits your trading style and comfort level. For me, Exness has been reliable so far, but I always keep an eye out for any changes or red flags.
Comparing Exness vs Octa vs IC Markets vs XM
Let’s see how Exness stacks up against other brokers popular among us Indian traders:
Feature |
Exness |
Octa |
IC Markets |
XM |
|---|---|---|---|---|
Min Deposit |
$1 |
$25 |
$200 |
$5 |
Spreads from |
0.3 pips |
0.4 pips |
0.0 pips |
0.6 pips |
Commission |
$0-$3.5/lot |
$0 |
$3.5/lot |
$0 |
Leverage |
Up to 1:2000 |
Up to 1:500 |
Up to 1:500 |
Up to 1:888 |
INR pairs |
No |
Yes |
No |
Yes |
Indian regulation |
No |
No |
No |
No |
From my experience, Exness shines with its low minimum deposit and competitive spreads. The high leverage is a double-edged sword – great for experienced traders, risky for beginners like me when I started.
The lack of INR pairs is a bummer, especially compared to Octa and XM. But for trading major pairs, Exness holds its own.
One thing that stands out? None of these big international brokers are regulated in India. It’s a reminder for us to be extra careful and do our homework before choosing a broker.
Tax Implications for Indian Traders
Alright, let’s talk taxes. It’s not the most exciting topic, but it’s crucial for us Indian traders.
Here’s the deal: In India, forex trading is considered speculative business income. This means:
- We need to report our forex trading income in our ITR (Income Tax Return).
- Profits are taxed according to our income tax slab.
- We can offset losses against other speculative income.
Now, here’s where it gets tricky with Exness:
- Exness doesn’t provide any India-specific tax reports. We’re on our own when it comes to calculating our profits and losses.
- Since Exness is offshore, there’s no TDS (Tax Deducted at Source). It’s our responsibility to pay the right taxes.
What I do:
- Keep detailed records of all my trades.
- Use the reports from my Exness account to calculate my overall profit/loss.
- Consult with a tax professional who understands forex trading.
One more thing: If you’re moving large sums in and out of India for trading, you might need to report this under the Liberalised Remittance Scheme (LRS).
Remember, I’m not a tax expert. These are just my experiences and what I’ve learned. Always consult a professional for personalized tax advice.
In my opinion, Exness could do more to help Indian traders with tax compliance. Some India-specific tax resources or reports would be a great addition to their service.
Exness India Review – Conclusion
Look, I’ve been in your shoes, trying to figure out if Exness is the right choice for us Indian traders. After using it for quite some time now, I can say this: Exness is a solid pick.
If you’re on the fence, I’d say give them a shot. Start small, use their demo account, and see how it feels. Forex trading is a journey, and from my experience, Exness is a pretty good vehicle for that journey.
Just remember, whether you choose Exness or not, trade smart and stay safe out there. Here’s to your success in the forex world!
FAQs
- Is Exness legal in India?
Yes, Exness is legal to use in India. They operate as an offshore broker, which means Indian traders can use their services. However, remember that just because it’s legal doesn’t mean it’s regulated by Indian authorities.
- Is Exness registered with SEBI?
No, Exness is not registered with SEBI (Securities and Exchange Board of India). They operate under offshore regulations, not Indian ones.
- Is Exness a regulated broker?
Absolutely. Exness is regulated by some heavy hitters in the financial world. Their main regulators are the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK. These are top-tier regulators that keep a close eye on brokers.
- What is the minimum deposit in Exness?
Just $1! That’s right, you can get started with Exness for less than 100 rupees. It’s one of the lowest minimum deposits I’ve seen among forex brokers.
- Is Exness better than Octa?
That’s like asking if cricket is better than football – it depends on what you’re looking for! Both have their strengths. Exness has a lower minimum deposit and higher leverage, while Octa offers INR pairs. I’ve compared Octa vs Exness in detail earlier in this review. Check that out to see which one might be a better fit for your trading style.
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