Exness is the #3 best forex broker in South Africa. They are regulated with top regulators i.e. FSA, FCA (UK), CySEC (Cyprus). We like their zero spread with ECN account, very good support and instant withdrawal options. Read our Exness review to learn whether they are a good choice for you!!
Exness is one of the largest forex broker in the world. They were established in 2008 and now have over 52,000 active traders with almost $350 billion USD monthly trading volume. This makes them one of the largest broker in terms of their traded volume.
So what makes them so good? To start Exness offers really low spread of almost zero pips with their ECN account. They are also regulated with top-tier Regulators i.e. FCA (UK) & CySEC in Cyprus. So we consider trading with them to be really safe.
We have tested Exness for their regulations, trading accounts, fees, bonus, customer support & many other factors. Below is our detailed review that you must read before choosing them!
Table of Contents
|Broker Name||Exness Group|
|Registered Address||Cedar Hill Crest, Villa, VC0100, Kingstown, St. Vincent and the Grenadines.|
|Exness Minimum Deposit||$1|
|Major Regulations||FCA (UK), CySEC (Cyprus)|
|Trading Instruments||Forex Trading, Metals, Cryptocurrencies|
|Trading Platforms||MT4 and MT5 for PC, Mac, Web, Android, iOS and Linux|
Exness is a licensed and regulated forex broker with many foreign regulators, but they are not regulated with FSCA in South Africa.
They are regulated with the following regulatory authorities:
On the downside, Exness has no regulation with FSCA (South Africa). This can be a negative for you if you are only looking to trade with local regulated brokers.
Overall, Exness’s regulation with FCA is a good thing, as it is an indication that the broker is regulated with one of the major regulatory authority. We consider it very safe to trade with Exness.
Exness’s spread is very low, probably even the lowest out of all the regulated forex brokers that we have compared on our website.
Here is a breakdown of all the fees that you will be charged for trading on Exness:
Their spread in general is almost un-matched out of all the brokers offering standard accounts! It is lower than the spread offered by other top brokers i.e. XM (0.8 pips for EUR/USD), FXTM (2.2 pips for EUR/USD), but almost as good as Hotforex’s spread (as low as 0.8 pips for EUR/USD with standard accounts).
For ECN account on $100,000 USD trading volume (1 standard lot), Exness charge commission of $2.5 (each order) for opening and closing the position. That is $5 for both sides. This is a bit higher than the commissions by Hotforex & FXTM with their ECN accounts.
Moreover, there is no commission(s) on trading with their cent, mini and classic account.
Swap or Overnight charges can be calculated using the formula:
Lots x Contract Size x Point Size x Swap Short or Swap Long x Number of Days
Overall, Exness is very competitive in terms of their trading fees. The spread is very low (probably even the lowest), there are no hidden fees, and commission with ECN account is very straightforward.
Exness offers Live accounts as well as demo accounts. Below is the detailed description and comparison of all the trading account offered by the Exness.
Exness does offer demo accounts.
Exness demo account has all the features of their real accounts. They offer demo account for their Mini account, Classic account and ECN account.
Before opening a real account with Exness, you should test out their platform on demo. But like almost every other broker, the environment (spread, bid/ask) on their demo account can be a bit different from Live accounts sometimes, so you should use demo for building your strategy only.
Exness offers 4 types of Live trading accounts on their website. You can choose any one of the trading account as per your requirement & after comparing the features.
Here are the list of detailed features that come with all their Live trading accounts:
Low minimum deposit: The minimum initial deposit depends upon your account type with Exness. In Cent and Mini there is no limit. So you can start with 1USD. But in Classic this minimum initial deposit limit is USD 2,000 and in ECN is USD 300.
Instant & Market Order Execution (depends on your account): Exness offer Instant order execution with Cent and Classic accounts.
But with Mini and ECN account they have market execution. So you should carefully choose your account type depending on your order execution requirements.
Negative Balance Protection: Exness compensate the negative balance of the clients and make it zero. So Exness offers negative balance protection to their clients, in case your account balance goes into negative.
Below are all the 4 Trading accounts offered by Exness:
1) Cent Account: For Cent account the minimum deposit is 1 USD. It means you can start trading using this account using only 1 USD.
Using this account you can open the trading position using 1 Cent (0.005219 dollar) which is only possible with Exness.
Cent account has very high leverage when compared to accounts of another brokers. You will get upto unlimited leverage in Cent account. But we don’t recommend you to trade with very low balance or use over 1:30 leverage.
2) Mini Account: Like Cent account, the minimum deposit for Mini account is 1 USD. You can trade mini lots with this account, and the spread for EUR/USD is as low as 0.8 pips.
3) Classic Account: This account is made for professional traders who need very low spread. To open classic account you need to make a minimum deposit of $2000 which is the initial deposit.
There is no any commission in classic account. The only trading fees is the spread per trade.
4) ECN account: The spread offered with Exness’s CN account is extremely low, as low as 0.0 pips for many of the currency pairs during normal market conditions. We have checked the account of all brokers in South Africa and Exness has probably the lowest spread with ECN account.
But their commissions for trade is higher than other brokers. Exness charges commission of USD 25 for each 1 milion USD trading volume. There is no limit on maximum volume can trade in this account.
The minimum deposit in ECN account to start trading is USD 300.
Opening an account with Exness is really fast an simply. It only involves a few steps and does not take much time.
You simply need to follow the below steps to create an account with them to start Trading:
Step 1) Setup New Account: First of all you need to open the home page of Exness and strat filling the details under New Account Section as shown in the below screenshot.
Step 2) Fill Details in Registration Page: Now you will be redirected to Registration page where you need to enter the General & Personal Information.
Step 3) Select Account Type: After finished with filling the details you need to select the Trading account type with which you want to start. You need to click on Open New Real Account and then select the trading account type.
Step 4) Select Leverage and Base Currency: While selecting the trading account type, you also need to select the leverage and Base Currency for your trading.
Step 4) Verify your account: At last you need to verify your account by uploading your documents like ID proof and Address proof.
Note: It can take maximum 24 hours to verify the documents. You will receive a confirmation mail once your account us verified.
Congratulations! Your account has been set up and now you can start trading with them. In case of any issue while registering your account with Exness then you can easily contact them via instant live chat support on their website.
Exness supports 2 Metatrader trading platforms i.e. MetaTrader 4 (MT4) & MetaTrader 5 (MT5), which are developed by MetaQuotes Software Company. Metatrade is probably the best trading platform for technical traders.
Exness’s MT4 can be downloaded from their website and its installation takes few minutes i.e approximately 1-2 minutes.
Here is more information on the Metatrader platforms offered by Exness:
1) MetaTrader 4 (MT4): MetaTrader 4 can be downloaded from the Exness website for the operating system of Linux, Windows, Android, iOS and MAC. You can use charting tools, EAs & even news feed is ibuilt in the platform.
Their MT4 is fast (we did not experience any freezing), has many features.
2) Meta Trader 5 (MT5): MT5 is the latest version of Metatrade & Exness does offer it. Their MT5 platform is available for Mac OS, Linux, Windows, iOS, Android. But their MT5 is only available for Mini & Classic Trading accounts.
Also there is an Exness app available on Android and iOS, which can be useful for Exness clients to trade and manage their account. But we have not tested their app yet.
To sum up on Exness’s platform, they offer the latest & best MT4, MT5 platforms. Some brokers don’t offer the latest MT5 platform, so we consider this to be a pro with Exness.
There are many options for withdrawing and depositing the funds with Exness.
Here are some common methods that you can use to add or withdraw funds :
1) Credit/Debit Cards: You can use your VISA or Master credit or debit card to add the funds. In case of using the card you will get instant activation. The minimum amount for deposit using the card is $3.
2) E- Wallets: Transfer using various E-Wallets like Neteller, Skrill, Perfect Moneny, etc. is also accepted. Minimum amount for depositing funds using the E-Wallets vary depends upon the type of E-Wallet that you will choose. You can check all the fees from here.
3) Bank Transfer: There are minimum $50 required for deposit funds using the Bank Transfer. You can send them the details of your payment & transaction via email or chat after making the payment.
1) Credit/Debit Cards: You can receive the withdrawal on your card that you was used while making deposit on their website. The minimum amount required to receive using the card is $6 & maximum amount can be $10 000. There is no commission or fee on it and the process can take 1 min – 7 days to complete.
2) E-Wallets: There is instant withdrawal via E-Wallets. Exness does not charge any commission on withdrawal. You can check the minimum and maximum about that can be withdraw on Exness website.
3) Bank Transfer: You will instant withdrawal i.e maximum 24 hours in case of bank transfer. The minimum amount that can be withdraw is $50 & maximum amount is $500. You can send your bank account details via email or chat to request for withdrawal.
Exness does not have any bonus available currently for new South African traders or existing clients. They rarely offer any bonus or offers, and this is where they lack.
If they will announce any bonus or promotions in future, we will update it for you. But for now, if you are looking for brokers offering bonus then you should check out Hotforex’s 100% bonus or XM trading’s 50% deposit bonus.
Exness’s customer support in really good! The support hours of Exness are 24 hours in a week. Their support is also available on Saturday and Sunday.
Here is how you can get support at Exness:
Exness support is far better than other brokers in South Africa due to their 24 hours availability during all days in a week. Moreover their chat support is quick, friendly, highly responsive and it hardly takes more than a few minutes to get answers to any query on chat with them.
Yes, we highly recommend Exness broker to South African traders.
Very low spread, regulated, excellent customer support, local deposit/withdrawal options, what more can we ask for!
They have very low spread even with their Mini account, the spread is even lower with the ECN account. Moreover, the account types they offer are very diverse to fit all traders.
Moreover, they have instant withdrawal options which is a very unique feature among South African brokers. The deposit from the bank is free, which means you don’t need to pay any additional charges except charges.
On the downside, they are not regulated with FSCA, so you should not choose them if you are only looking to trade with a South Africa regulated broker. Moreover, there are no bonus offers available with Exness currently.
Overall, despite the fact that they are not FSCA regulated, we still think Exness is a really good globally regulated broker and we couldn’t recommend them more!
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