Exness Review

Regulation - 7/10

Is Exness Legal in Nigeria?

Exness (SC) LTD. trading as "Exness", operates in Nigeria under the supervision/regulation of the Financial Services Authority (FSA) located in Seychelles. The implication of this is that any disputes that may arise between you & Exness will be settled in courts seated in Seyechelles.

Exness is also has a regional footprint in Africa with regulation from the CMA kenya FSCA South Africa.

Range of Accounts - 10/10

You can visit the Exness website or download the Exness Trade App & open an account online. See below some Exness account types for Nigerian traders:

1. Standard Account

An entry level account targeted at beginners. It has the lowest minimum deposit of all Exness accounts but the highest spread.

2. Pro Account (Instant Execution)

The Pro Account is basically a Standard Account where you get lower spreads in exchange for a higher minimum deposit.

What makes the Pro Account unique is that it comes with Instant Execution.

The Exness Pro Account is for expert traders who understand that with instant execution, your desired price is guaranteed but execution is not.

3. Raw Spread Account

The Exness Raw Spread Account charges a much lower spread than the standard & pro accounts, but in return you must pay a flat commission on every trade.

4. Zero Spread Account

This account has the lowest spreads of all the exness accounts with spreads on major fx pairs being 0.0 pips. But, you must also pay a commission (higher than that of the raw account) on every trade.

5. Social Trading Accounts

Exness Social Trading Accounts are meant for copy trading. Their base currency must be USD and their leverage is pegged to 1:200 maximum.

Account Management - 8/10

Account Currency

Exness allows you to open your trading account in 40+ account display currencies including the Naira.

Leverage

Exness traders in Nigeria can access leverage as high as 1:2000.

Number of Exness Accounts You can Open

Using the same email address & under the same personal area, you create up to 400 trading accounts: 100 real MT4, 100 demo MT4, 100 real MT5, 100 demo MT5.

Changing Leverage on Exness Trading Account

You can edit/change the leverage on your Exness account as many times as you want to as there is no limitation.

Sometimes before important news/economic data is released, Exness could lower the leverage for the affected instruments to 1:200 meaning there will be Higher Margin Requirement (HMR) on some instruments.

Even 5 minutes after the news/data has been released the HMR reduction in leverage will still be in force until the normal leverage of 1:400 is restored by Exness.

Margin Call & Stop Out

Exness Margin Call will come when your Margin Level falls to 60% and you will be Stopped Out of all your trades when your Margin Level falls to 0%. This is high risk, because it means by the time you are stopped-out your account balance will be wiped out to zero.

Negative Balance Protection

Exness Nigeria trading accounts are designed with Negative Balance Protection. This means even if your account should slip into negative due to prices jumping over your stop loss without triggering it, Exness will refund the negative balance and bring your account balance back to zero.

Account Opening Procedure

You basically start by registering & creating your profile, You register with your email address & supply your phone number.

From your Personal Area, you can choose to open extra accounts in other base currencies.

To open an additional account, click on "Open Account", pick an account type, select an account currency, & open the account.

The last stage is the verification stage where you submit your BVN, then snap & upload your your NIN slip, drivers license, or int'l passport.

If Exness authenticates your documents as genuine & not close to their expiry date, you will get a notification within minutes telling you your account has been verified & you can make a deposit/

Please note that Exness does not create an electronic wallet for you after registration (some brokers do this). Instead, after registration, Exness automatically creates a trading account for you.

The implication of this is that, any funds in your account are on the line when you open a trade as you cannot save it in your wallet which should have acted as a savings account of some sort

Exness Deposit & Withdrawals - 10/10

Exness Minimum Deposit

The Exness minimum deposit is $10 , which only applies to the Exness Standard & Cent Account categories. For the Professional Accounts, the minimum deposit is $500.

How Can I Make A Deposit?

You can deposit into your account through these methods:

Exness Minimum Withdrawal

The minimum withdrawal at Exness Nigeria is $3 when withdrawing to your local Nigerian bank account.

How To Withdraw From Exness Nigeria

1. Visit Your Dashboard or Personal Area

You can acces your Personal Area from the Exness website or on your Exness Trade mobile app.

From your Personal Area click on "withdraw" & select your preferred withdrawal method.

2. Request A Withdrawal

Fill in your destination bank account details into the request a withdrawal form that will pop up & submit.

Exness Fees - 7/10

1. Spread

Spreads on the Standard Account start from 0.2 pips in theory but in reality we saw the spreads start around 0.8 pips most of the time (Exness calls it the average spread.

On the Pro Account the spreads start from 0.1 pips in theory but in reality we saw spreads start around 0.6 pips most of the time (Exness calls it the average spread).

For the Raw Spread & Zero Spread Accounts, the spread starts from 0.0 pips when trading major instruments like EUR/USD. However when trading volatile instruments like DXY, Bitcoin etc. the spread starts higher than 0.0 pips.

2. Commission

When using the Zero Spread & Raw Spread Exness Accounts, you will be charged a flat commission per trade and you will also be charged lower spreads.

The Raw Spread Account commission is $3.5 per side per standard lot traded.

The Zero Spread Account commission exceeds $3.5 per side per standard lot traded. This is because you get near-zero spreads on a higher number of instruments on the Zero Spread Account.

3. Overnight Fees (swaps)

Exness allows swap-free trading, so you won’t pay fees for keeping the following CFD trades open overnight:

4. Zero Inactivity Fees

Exness does not charge inactivity fees on dormant accounts

Instead they archive the account after 30 days of inactivity; if the account balance is below $10.

When your trading account is archived, you lose the history even if you unarchive/restore it later.

Range of Markets - 7/10

1. Forex CFDs

You can trade over 100 forex CFDs including major ones like the EUR/USD, US Dollar Index (DXY) & USD/JPY.

Exotics such as USD/ZAR, GBP/ZAR & ZAR/JPY are also available at Exness Nigeria.

2. Commodity CFDs

Metals & Energy CFDs are available at Exness but there are no soft commodities such as grains & livestock CFDs.

Silver, Aluminum, Copper, Nickel, Lead, Palladium, Platinum, Zinc & Gold are the available Metals.

Energies are limited to Crude oil & Natural Gas only.

3. Stock CFDs

Exness offers a lot of U.S. & European stock CFDs but you don't get to speculate on local stocks listed on the Nigerian Stock Exchange (NSE).

4. Index CFDs

Popular indices such as NASDAQ are available at Exness Nigeria but again you don't get to speculate on Nigerian Stock Exchange indices.

4. Crypto CFDs

Exness allows Nigerian traders to trade only Bitcoin & Ethereum cryptocurrency CFDs.

Bitcoin is paired with the South African Rand (BTC/ZAR), Bitcoin Silver (BTC/XAG), US Dollar (BTC/USD), Gold (BTC/XAU) etc.

Trading Tools - 7/10

1. Exness Calculator

The all-in-one Exness calculator helps you calculate your margin, spread cost, commission, swap short, swap long, and pip value.

To use this calculator:

2. Tick History Tool

The Exness Tick History tool gives you access to past bid/ask prices as far back as 2015. You can download this tick data for any instrument & use it for backtesting.

3. Exness VPS Tool (free)

Exness Virtual Private Servers (VPS) allow you connect to Exness internet for high speed trading without any interruptions.

Because Exness VPS servers are placed near Exness main servers, the execution speed is higher & this is useful if you are using a trading robot.

Exness VPS is free but to qualify for VPS use, you need to trade 7.5 standard lots then you can apply for VPS from your Exness personal area.

4. Economic Calendar

With the Exness economic calendar, you can track the exact dates when important economic data such as Non Farm Payroll, PCE, CPI etc. will be released.

5. Copy Trading (USD Accounts Only)

Exness has copy trading where you can copy trades of others & also interact with them hence the name social trading. Only Exness accounts with USD base currency can be used to copy trades.

Investor

If you want to copy trades of others, then Exness will classify you as an investor.

Exness copy trading minimum deposit for investors is set by the Strategy Provider you intend to copy.

When you are copying trades of an SP, Exness will always display a certain minimum account balance so your account balance should not fall below it.

Strategy Provider

If you want others to copy your trades at a fee, then you are a Strategy Provider (SP). SPs must also open either a Social Standard or Social Pro copying account.

Exness copy trading accounts are spread-only accounts so commission is zero and leverage cannot exceed 1:200.

Strategy Providers at Exness can open up to 10 Social Trading Accounts at any given time.

A maximum number of 1,000 investors can connect to a Strategy Provider at any time.

SPs can choose to set their strategy as Public (can be viewed by everyone) or as Private (can be viewed via a link).

After choosing to make your strategy public or private, you must setup your account by choosing a performance fee (between 0% and 50% of profit realized), then choosing the leverage of not more than 1:200.

SPs are also required to create a password, choose a strategy name & upload a profile photo.

Here are some rules Exness Strategy Providers must abide by:

Exness Platforms - 8/10

1. Exness MT4

The MetaTrader 4 is available on Android and iOS devices. You can also download and trade on the Exness MT4 platform on your Windows or Mac PC. You can manage up to 128 different accounts on the MT4 platform only on a Windows desktop.

2. Exness MT5

The MetaTrader 5 is available on Android and iOS devices. You can also download and trade on the Exness MT5 platform on your Windows, macOS, and Linux-powered PC.

3. Exness Trade Mobile App

The Exness Trade mobile app is very sophisticated and tries to replicate all the features of the Exness Web Trader.

Exness Trader mobile app has features like TradingView themed charts, Custom order entry, Drawing tools, Inbuilt MT5 terminal, Set stop loss from charts, etc.

4. Exness Web Terminal

The Exness Terminal offers you a user-friendly web trader platform that can be accessed on any browser.

5. Exness Social Mobile App

The Exness Social app lets you copy the trades and strategies of experienced traders.

Customer Support - 5/10

Exness offers 24/7 customer support, and you can reach out via these channels:

When it comes to education, Exness does not offer much in terms of learning as all they have is a frequently asked questions section. We expected Exness to have a well organized academy with comprehensive video tutorials.

Video Review of Exness Kenya

Final Verdict - 7.6/10

Exness Nigeria is one of the best forex brokers for experienced traders who are focused on trading currencies only and not Indices or commodities.

We deducted some points from Exness final score because their professional accounts alienate many Nigerians with the high $500 minimum deposit & the quality of their customer support is not as good as what competition offers.