Exness South Africa Review
For South Africa
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.54% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Exness is just an average broker, they are not as good as they male themselves to look especially with all their fancy advertising
I like that exness has many account base currencies to choose from but their mobile app user interface is not friendly, the buttons are too small and not evenly spaced.
Are you kidding me? to transfer money from one of my trading accounts to another one there is a limit of $1 (meaning I cant transfer below $1 between my trading accounts?) thats very inconveniencing and I dont see the sense in that. Exness withdrawal process is also lengthy you initiate on your laptop then they send a confirmation to the mobile app which is too stressful
I use Exness just for currency trading because their spreads are okay. However they have to improve on their overall presentation and user interface speed. They are not as smooth as my former broker
I use Exness from Nigeria and I love their fast withdrawals and their MT5 platform which I use is stable. The issues I have had with them are that their customer support is not as good as what rivals like HF Markets offer.
Terrible broker, do not believe what they say. They keep manipulating their spreads and making their system to freeze during high volatility so that you cannot trade and make money. Very many cases of slippage too!
I actually opened a standard account with Exness but they were always manipulating the spreads, even when markets were calm and so I had to abandon them for IC Markets.
Very good mobile trading app & MT5 they got & their withdrawals are instant but I noticed price exceeds my Take Profit without triggering it.
Exness has great platforms and everything you do on their MetaTrader shows on the mobile app in real time. However, their spread can widen at anytime so even if they say EUR/USD is 0.9 pip it doesnt really stay that way I also noticed that when volatility is high my Stop Loss gets triggered even without price getting to it
I've traded with Exness before, they are an okay broker. I traded on their Pro Account, the spreads were normally okay during London & NY opening, usually 0-6-0.7 pips on EURUSD. The main issue I had with them is for other indices CFDs, all of a sudden they would stop trading on that. Also, their spreads, fees on these indices are very high. I'm paying 1/5th now for the same instruments at my new broker. If you are only trading EURUSD or other majors, they are okay, but don't expect too much.
Exness is an FSCA authorized forex broker with advanced trading platforms
| 👨 Broker | Exness |
| 👨 Accepts South African Traders? | Yes |
| 📅 Year Founded | 2008 |
| ⚖ Regulators | FSCA |
| ⚖ Authorized ODP | Yes |
| 📈 Trading Instruments | Forex CFDs, Commodity CFDs, Stock CFDs, Index CFDs, Crypto CFDs |
| 🚀Leverage | 1:2000 |
| 💱Account Currency | ZAR, USD |
| 💻 Platforms | MT4, MT5, Exness Trade app, Exness Web Terminal, Exness Social App. |
| 💰 Minimum Deposit | $10 |
| 💰 Minimum Withdrawal | $3 |
| 📞Live Support | 24/7 |
| 🏖️ Inactivity Fee | $0 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation -5/5
Is Exness in South Africa?
Yes, Exness is in South Africa & is an FSCA authorized Financial Service Provider, with FSP number 51024 obtained in the year 2020.
Exness is also an FSCA authorized Over the Counter Derivative Provider (ODP) which allows them to act as intermediaries/market makers when offerings CFDs.
In the United Kingdom, Exness is licensed by the Financial Conduct Authority as an Investment firm.
In Seychelles, Exness is licensed by the Financial Services Authority (FSA) as a Securities Dealer.
In Cyprus, Exness is regulated by the Cyprus Securities & Exchange Commission (CySEC) as an investment firm.
Exness is also regulated in Kenya, Exness (KE) LTD. (formerly Tadenex Limited) is registered & regulated by the Capital Markets Authority (CMA) Kenya as a non-dealing forex broker with license number 162.
Exness also accepts clients from neighboring countries like Tanzania & Uganda.
Exness Regulation Summary Table
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued | 🔒Trust |
| Kenya | CMA | 162 | 2022 | Medium |
| United Kingdom | FCA | 730729 | 2016 | High |
| South Africa | FSCA | 51024 | High | |
| Seychelles | FSA | SD025 | Low | |
| Cyprus | CySEC | 178/12 | 2012 | Medium |
Range of Markets - 3.3/5
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 South Africa.
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 Johannesburg Stock Exchange (JSE).
4. Index CFDs
Popular indices such as NASDAQ are available at Exness South Africa but again you don't get to speculate on Johannesburg Stock Exchange indices.
4. Crypto CFDs
Exness allows South African 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.
| 🛒CFD | #️⃣Number | 🌙Swap Free Trading |
| Forex | 100+ | Yes (major pairs) |
| Commodities | 10+ | No |
| Stocks | 100+ | No |
| Indices | 10+ | Yes |
| Crypto | 10+ | Yes |
| ETFs | Unavailable | Unavailable |
| Bonds | Unavailable | Unavailable |
| Agricultural Commodities | Unavailable | Unavailable |
Range of Accounts - 5/5
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
Raw spread is basically spread in its natural state without any addition from the forex broker.
The spread on Exness Raw Account has not been marked up so it is very low. However this account has a higher minimum deposit than the Standard Account
4. Zero Spread Account
Here, spread is eliminated when you trade major currency pairs. You simply don't pay any spreads.
However, this account has a high minimum deposit & high fees.
5. Social Trading Accounts
Exness Social Trading Accounts are meant for copy trading and their leverage is pegged to 1:200 maximum.
Account Management - 3.4/5
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.
Negative Balance Protection
Exness South Africa 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 0.0 KES.
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.
Does Exness have ZAR Base Currency?
Yes, Exness accounts can be opened in ZAR account base currency.
The advantage of ZAR base currency is that you save the money you would have spent on paying for currency conversion.
How Do I Open an Exness Account in SA?
You basically start by registering & creating your profile, You register with your email address & supply your phone number.
After registering you will be redirected to your Personal Area which is basically a dashboard where you can do everything in one place.From your Personal Area click on "Open Account" to get started, 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/
Exness Withdrawal & Deposit Conditions - 4/5
What is Exness Minimum Deposit in ZAR?
The Exness minimum deposit in South Africa is 175 ZAR or $10, which only applies to the Exness Standard & Cent Account categories.
For the Pro, Zero, & Raw Spread Accounts, the minimum deposit is 8,755 ZAR or $500.
How Do I Deposit into My Exness Account?
You can deposit into your account through these methods:
- Online bank transfer
- Neteller
- Bank payment
- Skrill
- SticPay
- Bank Card
- Perfect Money
- Tether (USDT ERC20)
- Tether (USDT TRC20)
- USD Coin (USDC ERC20)
How Much is Exness Minimum Withdrawal?
The minimum withdrawal for Exness is $3, however certain withdrawal methods may impose higher withdrawal limits. See list below:
- Online bank - $3
- Neteller - $4
- Skrill - $10
- Perfect Money - $2
- Tether (USDT ERC20) - $100
- Tether (USDT TRC20) - $10
- USD Coin (USDC ERC20) - $100
How To Withdraw From Exness
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.
Wait for a confirm action message to be sent to your Exness Trade Mobile App then click on "confirm".Request A Withdrawal
Fill in your destination bank account details into the request a withdrawal form that will pop up & submit.
Exness Fees - 3.7/5
Exness spreads on currency pairs are not high as they are at par with industry averages.
However, once you depart from currency trading, the fees become a bit high.
The Standard Account EUR/USD average spread is 0.9 pips with zero commission payment.
The Pro Account average spread on EUR/USD is 0.6 pips with zero commission payment.
The Raw Spread Account spread on all major currency pairs including EUR/USD is 0.0 pips. However, you pay commission of $3.5 per side per 100,000 units traded.
The Exness Zero Spread Account allows you trade all major forex pairs (except DXY) & some minor forex pairs without paying any spread at all.
The Zero Spread Account charges commissions exceeding $3.5 per side per 100,000 units traded in exchange for the absence of spread.
Exness allows swap-free trading, so you won’t pay fees for keeping the following CFD trades open overnight:
- Major Currency pairs – swap-free on Exness
- Minor Currency Pairs - swap-free on Exness
- Gold - swap-free on Exness
- USOIL - swap-free on Exness
- Cryptocurrencies - swap-free on Exness
- Indices - swap-free on Exness
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.
,p>When your trading account is archived, you lose the history even if you unarchive/restore it later.| Account Type | ✂️Avg. Spread | 💰Commission per side | 💱Currency Conversion Fee | 🌙Overnight Fees | 😴Inactivity Fee |
| Standard & Cent Account | From 0.9 pips | No | No | Yes | No |
| Pro Account | From 0.6 pips | No | No | Yes | No |
| Zero Account | From 0.0 pips | $3.5 & above | No | Yes | No |
| Raw Account | From 0.0 pips | $3.5 | No | Yes | No |
Is Exness A Market Maker?
Yes, Exness acts as a Market Maker in South Africa so they can trade against you & this could sometimes result in a conflict of interest. Please read Exness conflict of interest policy on their website (under legal docs).
Trading Tools -3/5
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:
- Select your account type
- Choose the account currency
- Select the instrument
- Fill in the lot
- Select the most preferred leverage
- Click on calculate and see your results.
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.
Exness Social Trading (USD Accounts Only) - 4/5
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 minimum deposit for copy trading is $500 on the Social Standard Account & $2,000 on the Social Pro 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:
- Do not expose your account to high risk for a prolonged period
- Your trading style must correspond with your strategy description.
- No arbitrage allowed
- No prohibited trading
| 💰 Minimum Deposit for Investors | Set by Strategy Provider |
| 💰 Minimum Deposit for Strategy Provider | $500 |
| 📞 Max. No. of Strategy Provider Accounts | 10 |
| 👩🏫 Max. No. of Investors that can follow one SP Account | 1,000 |
| 💱Copy Trading Account Currency | USD |
What Trading Platforms Does Exness Offer?
| 💻Trading Platform | ❓Availability |
| MT4 | Yes |
| MT5 | Yes |
| Proprietary Apps | Yes |
| cTrader | No |
| TradingView | No |
Exness offers you various trading platforms, these include:
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.
Exness MT5The 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.
Exness Trade Mobile AppThis is available on all iOS and Android devices, making trade on the go.
Exness Web TerminalThe Exness Terminal offers you a user-friendly web trader platform that can be accessed on any browser.
Exness Social Mobile AppThe Exness Social app lets you copy the trades and strategies of experienced traders.
| Pros | Cons |
| ✅MT4 & MT5 available | ❌No cTrader |
| ✅Proprietary web trader can be accessed from any device | ❌No TradingView collaboration |
| ✅Exness Trade mobile app lets you monitor your trades on the go & has advanced charting | ❌A separate app for copy/social trading can be inconvenient & take up phone storage |
| ✅Exness Trade Mobile App has an inbuilt MT5 terminal for convenience. | ❌No MetaTrader support such as free Expert Advisors for MT4/5 |
Exness Customer Support - 4/5
Exness offers 24/7 customer support, and you can reach out via these channels:
1. Live Chat
Exness South Africa has live chat where you can get a response from an Exness agent almost immediately. The agents are very knowledgeable it would seem, so your are probably going to get the answers you seek.2. Telephone Support
You can also reach Exness Kenya on local telephone but the lines are not toll-free.
3. Email Support
You can also reach Exness Kenya by sending them an email but responses can take up to 1 hour on a good day.
4. Help Center
Exness has a Help Center section on their website where you can visit to seek for answers to common questions.
| 🎧 Live Chat Support | Yes |
| 📧 Email Support | Yes |
| 📞 Telephone Support | Yes |
| 📖 Help Center | Yes |
| 👨 Personal Account Manager | No |
| 👩🏫 Academy | No |
Video Review of Exness South Africa
Final Verdict - 7.9/10
Exness South Africa is one of the best forex brokers for beginners because of the wide range of trading accounts & great customer support.
Even after you graduate into a more experienced trader, you will still find Exness is suitable because they offer professional account types.