Compare FXCM and Exness, two leading forex brokers in 2024. Discover key differences in regulation, fees, platforms, and account types to make an informed choice.
When it comes to choosing a forex broker, traders are often faced with a myriad of choices. However, two names that frequently come up in discussions of reliable, competitive brokers are FXCM and Exness. Both brokers have established strong reputations in the forex industry, but their offerings are tailored to slightly different types of traders. This detailed comparison will help you make an informed decision by evaluating these brokers across multiple key factors, including regulation, minimum deposits, account types, fees, platforms, and customer support.
Overview of FXCM and Exness
FXCM, also known as Forex Capital Markets, was founded in 1999 and has grown into one of the most established names in the forex industry. Headquartered in London, FXCM is well-regulated by top financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). This makes FXCM a solid choice for traders who value security and regulatory compliance.
Exness, on the other hand, is a relatively younger broker, having been founded in 2008. Despite its youth, Exness has rapidly expanded and now operates in several jurisdictions, including Europe and Asia. Regulated by CySEC and the Financial Conduct Authority (FCA) in the UK, Exness has built a reputation for offering competitive spreads, a variety of account types, and a highly user-friendly trading experience. According to recent reports, Exness has achieved remarkable monthly trading volumes exceeding $2 trillion, further establishing its credibility in the forex world.
Regulation and Security
When selecting a broker, one of the most important considerations is the level of regulation they adhere to. Brokers that are regulated by multiple top-tier authorities provide traders with greater assurance of safety, transparency, and protection from fraud.
FXCM holds licenses from the UK’s FCA, the ASIC in Australia, and the CySEC in Europe, ensuring it meets the stringent standards set by these regulatory bodies. FXCM’s long-standing reputation, combined with its strong regulatory standing, makes it a popular choice for traders across the globe. In addition to being regulated, FXCM offers negative balance protection, ensuring that traders cannot lose more than their initial investment.
Similarly, Exness is regulated by CySEC, the FCA, and several other global regulatory authorities. Exness’s emphasis on safety is further demonstrated by its segregated accounts, which keep client funds separate from the company’s operational funds, providing an added layer of security. Like FXCM, Exness also offers negative balance protection to its clients, which is particularly important for traders using high leverage, ensuring that they are shielded from catastrophic losses in volatile markets.
Minimum Deposit and Account Types
One of the primary factors that many traders, especially beginners, consider when choosing a broker is the minimum deposit requirement. FXCM requires a minimum deposit of $50, which is reasonable and makes the broker accessible to traders who are serious about investing in the forex markets. FXCM offers several account types tailored to different trading styles, including a standard account for retail traders and an Active Trader account for more experienced traders who trade in higher volumes and seek tighter spreads and lower trading costs.
Exness, however, offers an even lower minimum deposit requirement, starting at just $1 for its Cent and Standard accounts. This extremely low barrier to entry makes Exness particularly attractive to beginner traders who want to dip their toes into the forex markets without committing significant capital. Exness also provides a range of account options, including Pro accounts for more experienced traders, as well as Raw Spread and Zero accounts, which offer some of the most competitive spreads in the industry.
Spreads and Fees
The cost of trading is another crucial factor when comparing brokers. Both FXCM and Exness are highly competitive in this area, but they differ slightly in their approach to spreads and fees.
FXCM operates with variable spreads, which can fluctuate depending on market conditions. On average, FXCM’s spread for the popular EUR/USD pair is around 1.4 pips. While this is competitive, it may not be the lowest available for high-volume traders. FXCM also offers commission-free trading on some accounts, which is attractive to traders who prefer not to pay additional fees on top of spreads. FXCM also doesn’t charge inactivity fees, which can be beneficial for traders who aren’t trading frequently.
Exness, on the other hand, shines when it comes to low-cost trading, particularly with its Raw Spread and Zero accounts, which offer spreads starting from as low as 0 pips. Exness charges a low commission of $3.50 per lot for its Raw Spread accounts, making it an ideal choice for scalpers and day traders who execute multiple trades per day. Additionally, Exness does not charge any account maintenance or inactivity fees, further reducing the overall cost of trading.
Trading Platforms
Both FXCM and Exness offer a variety of trading platforms to suit the needs of different types of traders. FXCM provides its proprietary platform, Trading Station, which is available as both a web-based and desktop version. Trading Station is designed for traders who value advanced charting tools and technical analysis. Additionally, FXCM offers MetaTrader 4 (MT4), one of the most widely used forex trading platforms in the world, known for its automated trading capabilities through Expert Advisors (EAs) and its wide range of technical indicators.
Exness, meanwhile, also provides access to both MetaTrader 4 and MetaTrader 5, with a focus on delivering fast execution and a user-friendly interface. MT5 is particularly popular with traders looking for advanced features such as more timeframes, an extended set of analytical tools, and more order types. Additionally, Exness’s mobile trading app allows traders to manage their accounts and execute trades from anywhere, making it an excellent choice for traders who prefer to trade on the go .
Execution Speeds and Leverage
Execution speed and leverage are important factors for forex traders, particularly for those using short-term trading strategies such as scalping. Both FXCM and Exness offer highly competitive execution speeds, with Exness averaging execution times of under 25 milliseconds, making it an attractive choice for traders who need quick trade execution to capitalize on fast-moving markets.
When it comes to leverage, FXCM offers leverage of up to 1:400, which is fairly standard in the industry. Exness, however, provides leverage that varies depending on the account type, with maximum leverage reaching 1:2000 for certain accounts. This high leverage can be beneficial for traders looking to maximize their profits on smaller trades but also comes with increased risk, particularly for inexperienced traders.
Customer Support and Education
Quality customer support can significantly impact a trader’s experience, especially when dealing with technical issues or questions about account management. FXCM offers customer support via live chat, email, and phone,, available 24/5, covering global trading hours. Additionally, they offer multilingual support, which is particularly helpful for traders from various regions. While FXCM’s customer support is widely regarded as responsive, there are occasional reports of delayed live chat responses. Traders have access to a wealth of educational resources, including webinars, market insights, and platform tutorials, which are ideal for beginners and those looking to refine their trading skills . On the other hand, Exness provides 24/7 customer support, which is a significant advantage over FXCM. Exness also offers multilingual support and is known for quick response times, especially in resolving account issues and handling withdrawals. The broker provides extensive educational materials, including video tutorials, articles, and a detailed FAQ section. However, unlike FXCM, Exness does not offer live educational webinars, which could be a drawback for traders looking for interactive learning opportunities .
Withdrawal and Deposit Methods
When it comes to funding and withdrawing from accounts, both brokers provide a wide range of options to accommodate traders from different regions. FXCM supports deposits via credit/debit cards, bank wire transfers, PayPal, and several other online payment methods. Withdrawals are processed relatively quickly, usually within 1-3 business days. However, FXCM does charge a small withdrawal fee for certain methods, which may be a consideration for cost-conscious traders .
Exness, in contrast, offers a more flexible and faster withdrawal process, with most withdrawals being processed instantly, depending on the payment method. Exness also supports a wide array of deposit methods, including credit/debit cards, e-wallets like Skrill and Neteller, and even cryptocurrencies like Bitcoin and USDT. One of the standout features of Exness is that it does not charge any deposit or withdrawal fees, making it a cost-effective option for frequent traders who regularly move funds in and out of their trading accounts .
Demo Accounts and Trading Tools
Both FXCM and Exness offer demo accounts, which are essential for traders who want to test the broker's platforms and strategies without risking real money. FXCM provides a robust demo account that simulates real-market conditions and allows traders to practice on their choice of platforms, including MetaTrader 4, Trading Station, and NinjaTrader. This is a significant advantage for traders looking to familiarize themselves with various trading interfaces .
Exness also offers a free demo account on both MT4 and MT5 platforms, providing traders with an excellent environment to hone their skills before moving to live trading. The demo accounts at Exness are unlimited, meaning traders can use them for as long as they want, which is particularly beneficial for beginners who need ample time to learn the ropes of forex trading .
Unique Features and Trading Tools
In addition to the standard offerings, both FXCM and Exness provide several unique tools and features that help traders enhance their trading strategies. FXCM is known for its advanced charting and analysis tools, particularly the proprietary Trading Station platform, which is packed with features like customizable charts, a wide range of technical indicators, and backtesting capabilities for algorithmic trading. FXCM also integrates with third-party platforms like QuantConnect and ZuluTrade for social trading, making it a versatile choice for traders who want to explore automated or social trading strategies .
Exness, on the other hand, stands out for its ultra-fast trade execution and high maximum leverage options, especially on its Raw Spread and Zero accounts. Exness also supports VPS (Virtual Private Server) hosting for traders who use Expert Advisors (EAs) to automate their trades. This ensures that trades can be executed without interruptions, even when the trader's computer is turned off. Additionally, Exness offers a Trader's Calculator and Currency Converter, which are simple yet powerful tools to help traders manage risk and calculate potential profits .
Market Offerings and Tradable Instruments
When it comes to the variety of tradable instruments, both brokers offer a wide range of markets, including forex, commodities, indices, and cryptocurrencies. FXCM provides access to over 40 currency pairs, as well as CFDs on indices, commodities, and stocks. FXCM has recently expanded its cryptocurrency offerings, making it a great option for traders looking to diversify into digital assets. However, FXCM’s range of instruments, while extensive, may not be as broad as Exness in certain areas .
Exness offers over 100 currency pairs, making it one of the most comprehensive brokers for forex traders. In addition to forex, Exness also provides access to CFDs on metals, energies, indices, and cryptocurrencies. With such a broad range of instruments, Exness caters to traders who want to diversify their portfolios and explore a variety of markets. Furthermore, Exness’s spreads on exotic currency pairs are among the most competitive in the industry, making it an excellent choice for traders interested in less commonly traded currencies .
Final Thoughts: Which Broker Should You Choose?
Both FXCM and Exness are top-tier brokers that cater to different types of traders, so the best choice depends on your specific trading needs. FXCM is ideal for traders who prioritize regulation, robust trading platforms, and a long-standing reputation. Its offering of advanced tools like Trading Station and support for algorithmic trading makes it particularly appealing for seasoned traders and those looking to integrate automated strategies into their trading .
Exness, on the other hand, is the go-to broker for traders who seek low-cost trading with ultra-low spreads and high leverage. Its user-friendly platform, flexible account types, and fast execution speeds make it an excellent choice for both beginner and professional traders. Additionally, the instant withdrawal feature and zero deposit fees make Exness highly attractive for traders who value liquidity and want quick access to their funds .
Ultimately, both FXCM and Exness have their unique strengths, and your choice will depend on your trading style, experience level, and personal preferences. If you are a beginner looking for a low-risk entry into the forex market, Exness might be the better option with its $1 minimum deposit and flexible account types. However, if you are an experienced trader who values advanced tools, multiple platforms, and a long track record of trust, FXCM could be the right broker for you.
Published by:
Daniel Carter