Is Exness Regulated in South Africa?
Yes, Exness is regulated with FSCA in South Africa. Exness ZA (Pty) Ltd is a licensed FSP with no. 51024.
You should verify it from (type in the FSP number or FSP name Exness) https://www.fsca.co.za/Fais/Search_FSP.htm
As per FSCA's website, Exness has been authorized under Category 1 license, for 2 products as Intermediary other. But my suggestion is to verify this on your own as well from FSCA's website.
2. Also, you can verify their ODP (Over-the-Counter Derivative Provider) status from: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Forex brokers in South Africa are required to be approved as an ODP. When I checked now, their status is showing as approved. But you should verify the ODP status of Exness on your own as well from the above FSCA's website link.
Because this information could change over time when someone reads this, so you should verify these details on your own as well.
Now on the second question, being regulated does not mean they are good. I did trade with Exness in the past, it was an okay broker, not great.
Their spreads are quite high, and at one point I had regular issues (every week) with their platform during order execution, not always, but sometimes it just gave execution errors on their MT4. I had to restart MetaTrader to fix the issue, and that too did not fix it sometimes. It is possible that it was a server error.
I did not have issues with withdrawals. But I've read online that some users have complained about issues with their automatic payment methods. Their support was slow in responding to issues.
Yes, Exness is regulated with FSCA in South Africa. Exness ZA (Pty) Ltd is a licensed FSP with no. 51024.
You should verify it from (type in the FSP number or FSP name Exness) https://www.fsca.co.za/Fais/Search_FSP.htm
As per FSCA's website, Exness has been authorized under Category 1 license, for 2 products as Intermediary other. But my suggestion is to verify this on your own as well from FSCA's website.
2. Also, you can verify their ODP (Over-the-Counter Derivative Provider) status from: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP
Forex brokers in South Africa are required to be approved as an ODP. When I checked now, their status is showing as approved. But you should verify the ODP status of Exness on your own as well from the above FSCA's website link.
Because this information could change over time when someone reads this, so you should verify these details on your own as well.
Now on the second question, being regulated does not mean they are good. I did trade with Exness in the past, it was an okay broker, not great.
Their spreads are quite high, and at one point I had regular issues (every week) with their platform during order execution, not always, but sometimes it just gave execution errors on their MT4. I had to restart MetaTrader to fix the issue, and that too did not fix it sometimes. It is possible that it was a server error.
I did not have issues with withdrawals. But I've read online that some users have complained about issues with their automatic payment methods. Their support was slow in responding to issues.
As at today, Exness is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa with FSP license number 51024.
The FSCA also granted Exness an Over-the-counter Derivative Provider (ODP) license so that they can act as market makers instead of just being middle men or intermediaries when offering CFDs to clients in South Africa.
To confirm for yourself, visit the FSCA website and search the FSP licensees & ODP list.