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eToro vs Exness - 2023 Comparison | FX Scouts
AuthorAuthor: Björn Michels
Updated: Sep 16, 2023
Last Updated On Sep 16, 2023
Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Scouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.58/ 5 USD 200CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityMarket MakerCommodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices4976
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
Read Review 11110.54.5/ 5 111104/ 5 111104/ 5 110002/ 5 10.50001.5/ 5 111104/ 5 1110.503.5/ 5 77%30:11 pips Professional, Standard etoroBank Transfer, Mastercard, Visa, Paypal, Skrill, NetellerFees Included in Spread
11110.54.12/ 5 USD 3FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services CommissionMarket MakerCryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals10034
  • Great platform choice
  • Tight spreads
  • Wide range of FX pairs
  • 24/7 customer service
  • Extreme leverage
  • Unavailable in Europe
  • Limited range of share CFDs
Read Review 111003/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 1110.503.5/ 5 111104/ 5 11110.54.5/ 5 71.67%Unlimited:10.10 pips Pro MT4, Pro MT5, Pro Raw Spread MT5, Pro Raw Spread MT4, Standard Cent MT4, Standard MT4, Standard MT5, Pro Zero MT4 MT4, MT5, Exness TerminalOzow, Tether, Bitcoin, Visa, Mastercard, Bank Transfer, Neteller, Skrill, PerfectMoney, WebMoney7 USD/lot

How do Exness and eToro stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

eToro

Exness

At FX Scouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Exness and eToro, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Exness or eToro have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that eToro holds two Tier 1 and one Tier 2 licences, and Exness holds no Tier 1 and no Tier 2 licences.

 

Can I trust eToro?

Yes as eToro was founded in 2006 and is regulated by ASIC, CySEC, FCA and FSA-Seychelles.

 

Can I trust Exness?

Yes as Exness was founded in 2008 and is regulated by B.V.I FSC, CMA, FSC, FSCA and FSA-Seychelles.

 

Based on these findings, eToro earned a higher trust rating than Exness.

Does Exness or eToro have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Exness has overall lower trading costs than eToro. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
eToro
111104/ 5
USD
1.00 pips
USD 10
1.00 pips
2.00 pips
1.00 pips
USD 0
Exness
111115/ 5
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD+40
0.70 pips
USD 7
0 pips
0.10 pips
0 pips
USD 0

 

Does Exness or eToro offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Exness offers support for MT4, MT5 and Exness Terminal and eToro offers support for etoro. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both eToro and Exness offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
eToro
111104/ 5
etoro
Exness
11110.54.5/ 5
Exness Terminal

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Exness offers a greater range and depth of instruments to trade than eToro. Exness offers 100 Forex pairs to trade and eToro offers 49 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, eToro offers 76 cryptocurrencies while Exness offers 34 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with eToro.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that eToro charges a withdrawal fee and Exness does not. Overall, Exness has better deposit and withdrawal processes than eToro. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Exness has better educational support than eToro. Both eToro and Exness offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
eToro
Low
Exness
Medium

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Exness offers better research analysis than eToro and that both eToro and Exness offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
eToro
Exness

 

Our overall Verdict on Exness

Exness is a Russian CFD broker with over 200,000 clients worldwide, offering trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms - many more than most brokers. These range from a Standard Cent Account with no minimum deposit to a selection of Pro Accounts with tight spreads, market execution and minimum deposits starting at 500 USD. 

NGN accounts are available for Nigerian traders, deposits and withdrawals are free of charge, and customer service operates 24/7. While Exness’ trading costs are generally below the industry average, its education and market analysis are poor compared to other major brokers. While minimum deposits are very low, Exness offers very high levels of leverage so beginners should be careful, especially with smaller deposits.

Our overall Verdict on eToro

Note: eToro no longer provides service to residents of Nigeria.  This review is for informational purposes only.

Founded in 2007, eToro is an ASIC, FCA, and CySEC-regulated CFD broker offering multi-instrument trading on Forex, stocks, commodities, cryptocurrencies, ETFs, and indices. Having created the first social trading system, it remains the largest social trading broker in the market.  Its unique bespoke web trader platform offers full support for eToro’s CopyTrader, and CopyPortfolios, social trading systems at the core of eToro’s offerings.  

eToro offers a single commission-free live account with a minimum deposit requirement of 50 USD and spreads starting at 1.0 pips on the EUR/USD, which is wider than other well-regulated market makers.   Unlike other brokers, eToro also charges high withdrawal and currency conversion fees, affecting the profitability of trading.

Lastly, eToro provides a relatively limited selection of educational and market analysis compared to other large international brokers and only offers support for its proprietary platform.  Furthermore, its trader community is often let down by non-responsive customer support.

Which broker has the highest overall rating?

Exness has an overall rating of 4.12 and eToro has an overall rating of 3.58. For more detail please read our reviews of Exness and eToro.

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