Russian broker EXNESS, has recently began to publish its monthly volume and new client figures on its website. The data publishing occurs as the broker also announced last month that it has gained a CySec license. While Russian brokers affiliating themselves with Cyprus is nothing new, the public reporting of volume data from a mid-sized private firm is rare. As such, it appears that EXNESS, which has a growing presence in Russia and the rest of Asia including Malaysia and China is planning to use the new license to begin to target Europe as well.
Currently, EXNESS offers two products, an ECN and Mini/Classic account (dealing desk). With the broker advertising an aggressive up to 2000:1 leverage on its Mini/Classic accounts, it will be interesting to see if EXNESS creates a separate CySec based offering with different trading conditions.
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In regards to EXNESS’s published, but unaudited figures: While we are not able to verify the number, the total trading volume to new client ratio is indicative of average initial deposit sizes in the $500-1000 area. Within the forex industry, this is a typical target area for market makers as they generally try to convert smaller sized clients and then let their retention teams solicit larger re-deposits. For a broker with both 2000:1 leverage and ECN accounts, EXNESS appears to be trying to cover both ends of the spectrum by being able to offer products to the newbie and gambler type client to more experienced traders.