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Dive into the world of Exness as we sit down for an exclusive interview with the CCO, Damian Bunce. Discover unique insights, experiences, and opinions illuminating the latest trends and developments on the multi-asset broker.
In the fast-paced world of trading, brokers play a pivotal role in driving innovation and shaping the future. In this exclusive interview, we sit down with Damian Bunce, Exness CCO, to delve into Exness and his insights into this industry.
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
Damian's on Exness Reputation and Global Reach
As the Chief Customer Officer (CCO) at Exness, Damian focuses on elevating the brand, enhancing the company's reputation, and articulating a compelling value proposition globally.
Damian's efforts are geared towards fostering credibility on an international scale by ensuring transparent communication and clarifying intricate details. Success is gauged through key metrics such as the company's share of reach, measuring the outreach to a broader audience.
In his pivotal role, Damian actively nurtures relationships with partners and clients, contributing significantly to the company's share of voice.
Engaging in press activities and articles yields millions of unique views, with Damian's contributions accounting for an impressive 18% of Exness's total share of voice, marking a notable success in fortifying the brand's presence.
"I contribute about 18% of Exness total share of voice. So in that case it's been a big success and the number of active clients also grow. I mean our number of active clients have grown every month. We're now roughly about 650,000 active clients per month."
Record-breaking Active Clients and Trading Volumes
Exness success lies in the remarkable growth of active clients, with the monthly count surpassing 650,000. This surge is attributed to the collective efforts across marketing, sales and other departments.
Furthermore, the continuous growth in trading volumes reflects the overall triumph and effectiveness of the strategies employed at Exness.
"Our highest record recorded volume was 4.8 trillion in one month. So we are three times bigger than the number two. It is the biggest volume in the world."
Emphasizing key principles for success, Exness places a focus on offering competitive pricing as the foundational element. Recognizing the significance of providing appealing pricing structures, the company ensures accessibility by prioritizing affordability, setting the stage for attracting discerning clients.
Furthermore, Exness strongly highlights fostering favorable trading conditions, encompassing crucial aspects such as leverage, swap-free alternatives, and robust payment provisions.
This comprehensive approach aims to meet and exceed client expectations, creating a positive feedback loop where satisfied clients become advocates, referring new businesses and contributing to sustained growth.
Dynamic Client Segmentation
Exness, renowned for its inclusive approach to serving diverse client segments, accommodates retail and institutional clients. The determination of client levels at Exness is a straightforward process primarily hinged on two key factors: the customer's deposit amount and their trading volume.
"We primarily look at a customer's deposit amount and the amount of volume that they trade. So if a customer has big deposits and if a customer trades a lot of activity, then they become a premier client and we start to categorize them and provide better services."
Sorting them out, Exness gives extra perks to these high-tier clients. Being more active gets you more attention and benefits.
In the dynamic realm of financial transactions, each trade a client executes translates into earnings for Exness, predominantly through spreads. Consequently, the more active a client is, the more pronounced their importance, as their trading activities directly contribute to the company's revenue.
Approach Tailored for Premier Clients
Exness ensures a nuanced approach to customer support to accommodate clients with different levels of engagement. Implementing a tiered system facilitates this differentiation, particularly in treating premier clients.
In the context of premier clients, their elevated status is intricately tracked within Exness's internal systems. This classification translates into tangible benefits, offering premier clients faster access to services and the privilege of a dedicated support team.
To enhance the customer experience further, premier clients receive priority in service queues, ensuring prompt attention to their inquiries or concerns.
The differentiation extends to handling calls and chats, with premier clients receiving preferential treatment. This personalized service aligns with industry norms, where clients with premium status anticipate and appreciate elevated attention and care.
In contrast to some other brokerage models, Exness opts for a standardized product offering across all client categories. The pricing structure remains consistent, emphasizing fairness for every client despite their level.
As clients progress in their trading journey and increase in size, Exness introduces features based on individual preferences. For instance, certain clients may gain access to trade larger lot sizes overnight, provided there is a demonstrated trust in their trading intentions.
"We may allow some clients to trade greater lot sizes overnight rather than smaller amounts because we trust the clients. We understand that they they have good intentions and they want to trade more. There's kind of advantages like that as an example."
Reducing Costs with Swap-free Trading
Exness introduces a noteworthy feature known as 'Swap-free trading,' primarily catering to FX traders who engage in overnight positions.
Traditionally, traders holding positions overnight face an overnight funding fee, which can accumulate, especially if positions are left open during extended periods, such as holidays. Exness addresses this concern by adopting a customer-centric approach aimed at minimizing costs.
The core principle of swap-free trading at Exness revolves around not charging clients for overnight positions, a strategy aligned with the company's broader objective of reducing expenses for its diverse clientele. By exempting them from overnight fees, Exness benefits its clients and strategically enhances its marketing positioning.
Originally conceived to accommodate Muslim traders adhering to Sharia law, the swap-free trading feature expanded approximately two years ago, making it accessible to all clients. Despite its advantages, Exness remains vigilant against potential misuse of the swap-free service.
"However, if we do see some clients that are abusing that, we do have to be careful. Some clients will abuse it and in that scenario then we do switch it off, or we may notify the customer that um, you know we're no longer providing them with swap free service."
Real-Time Checks for Instant Withdrawals
Traditional brokers often introduce delays in withdrawals to ensure the legitimacy of profits and prevent fraud. Typically, internal checks are conducted after clients make profits, leading to frustrating delays in releasing funds.
"The reason that there's usually delays is because if a client makes money, the broker, before they give the client money, they want to make sure that it's not fraud or cheating and so they have internal checks. They check the trades and then they release the funds."
Exness employs a distinctive approach to address the common concern of withdrawal delays, setting it apart from other trading platforms.
Exness has implemented advanced technology that revolutionizes this process. The key differentiator is this fast-execution broker conducts real-time checks on trading activity when the trade is being processed. Exness eliminates the need for post-profit checks during withdrawal by validating trades immediately.
Stop Out and Price Gap Protections
Understanding stop orders is a vital aspect of trading, and Exness offers unique features like 'Stop Out Protection' and 'Price Gap Protection' to address potential challenges. In the context of stop-loss orders, traders can set protective measures with Stop Out to ensure that if the price drops to a specified level, the asset is liquidated to safeguard their investment.
However, market gaps, though uncommon, can present a challenge. In some instances, prices may jump from one level to another, bypassing the set stop level.
"Every client believes that the broker has ripped them off. They always think that but it's not true. What's happened is the market's gapped and so we tell customers that stop levels are not guaranteed. Yes, it's not guaranteed. People don't understand this, and it's not Exness that does this, it's the market."
Exness emphasizes the non-guaranteed nature of stop levels, particularly in market gaps. Notably, the platform provides gap level protection, offering a fair and safeguarding measure for clients, provided the gap is within reasonable limits.
A 0% stop-out complements this commitment with negative balance protection, considered the best in the market. Exness offers an extended timeframe for managing trades, implementing a stop-out only when the account balance reaches zero.
Exness Negative Balance Protection
Like many other licensed brokers, Exness also offers Negative Balance Protection. With this feature, if clients deposit $100, their potential losses are capped at that amount, even with high leverage usage.
In the event of leveraging $100 to purchase an asset valued at $200, resulting in a drop to zero, the client only incurs a $100 loss, while Exness absorbs the remaining $100.
Complaints and Ensuring Customer Satisfaction
Exness has implemented a structured approach to address and resolve customer complaints effectively. Beginning with the general customer support team handling routine queries. For more complex trading-related issues, cases are elevated to the complaints department, where decisions are made.
Customers can appeal to the Financial Commission, an independent third-party organization external to Exness. The Financial Commission collaborates with Exness to assess the situation and determine the fairness of the outcome. If the Commission finds any fault on Exness's part, the company complies with their decision.
"So let's say you come along and have a difficult problem our customer services can't fix. Customer services move it to the complaints team. The complaints team said, 'No, you lost your money.'
You take it to the Financial Commission with this data. The Financial Commission then works with us, and then we determine whether it's fair. Then if the Financial Commission says we're wrong, we pay you."
The resolution process typically spans two to three weeks, though times vary. In cases of technical glitches affecting many customers, Exness promptly compensates them.
Building Trust and Credibility
Exness employs diverse strategies to fortify its brand image, emphasizing trust and credibility. One notable approach involves hosting partner appreciation events and engaging with reputable media outlets like Forbes and USA Today.
Exness opts for a quieter, product-focused approach. The company allows its product to speak for itself, relying on positive customer experiences to serve as powerful endorsements. Satisfied with their interactions, clients become advocates who share their experiences with friends and potential traders, significantly contributing to Exness's reputation and overall growth.
Navigating Market Trends with Dedicated Research Team
Exness remains informed about evolving customer preferences, industry trends, and emerging technologies through a dedicated internal research team.
"We have a dedicated team internally a research team that are always looking in the market for new products. They're always surveilling what new competitors are doing and then they distribute that internally."
In addition to market research, Exness adopts a customer-centric approach by actively engaging with its clientele. Regular face-to-face meetings enable the collection of direct feedback on customer preferences and areas that require improvement.
Focus on Diverse Markets and Innovation
Exness is navigating a growth phase across diverse markets, specifically focusing on Southeast Asia, Africa, and Europe. Key areas of improvement include risk management, brand identity, and enhancing digital interactions for customers.
"We're continuing to grow in all of those markets. So the idea is to kind of like try and consolidate for the next couple of years and just improve the internal processes."
Amidst this consolidation, Exness remains committed to introducing new products, exemplified by the recent launch of copper trading and optimizing pricing structures for commodities like gold and Bitcoin.
The company is also looking into using artificial intelligence (AI) in customer services to provide more personalized support by analyzing customer behavior. Although there have been talks about incorporating AI into trading, Exness recognizes the complexity of this task.
The ever-changing market dynamics make it challenging for AI to accurately predict price movements, considering the impact of factors like news, rollovers, and unexpected events. Despite these challenges, Exness closely monitors AI developments, considering its potential integration into different operational aspects.
EndNote
In wrapping up our discussion with Damian, we've gained valuable insights into the company's commitment to customer satisfaction and innovation in the trading landscape.
The dedication to offering features like Swap-free trading, Negative Balance Protection, and Instant Withdrawals showcases Exness's focus on transparency and user-friendly experiences.
As they navigate the evolving market dynamics and explore the potential of AI, it's evident that Exness is poised to continue making waves in the trading industry. By signing up with this forward-thinking brokerage, traders can anticipate more exciting developments.
