Exness South Africa Review

Trust & Reputation - 7/10

Nigerian traders are registered under Exness (SC) LTD which is the Exness branch in Seychelles. Seychelles Financial Services Authority (FSA) have licensed Exness and they supervise Exness operations in Nigeria.

Although Exness operates internationally (they don't operate in Europe), they do not hold licenses from well respected market regulators hence the 7/10 score for trust.

Trading Account Types - 5/10

Exness has many account types but most of them have a very high minimum deposit making them unaffordable to the average trader. Because most of these account types are unaffordable we scored Exness 5/10 for account types. See details below:

Standard Account ($10 minimum deposit)

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

Pro Account ($500 minimum deposit)

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.

Raw Spread Account ($500 minimum deposit)

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.

Zero Spread Account ($500 minimum deposit)

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.

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 Currency

Exness has naira account as well as 40+ other account currencies to choose from. This is the highest we have seen from any broker..

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.

Payment Methods - 6/10

Exness provides for local Nigerian deposit methods but there is a lack of variety. For instance, there is no USSD payment method and no bonus on deposits made. Hence we scored them a 7/10 . Read further below:

The Exness minimum deposit is $10 , but this is only for the entry-level beginner accounts. The pro & raw spread accounts are unaffordable as their minimum deposit is too high at $500.

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)

Although you can transfer funds between your trading accounts, there is a $1 minimum limit, meaning you cannot transfer less than $1 from one of your trading accounts to the other. This is an inconvenience and we have not seen any broker with this kind of intra-account transfer limit.

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

Trading & Non-Trading Fees - 6/10

Spread

Exness has both raw spread from 0.0 pips and standard spread pricing from 1.0 pips. However, traders who prefer the raw spread may be disappointed because the account requires a $500 minimum deposit.

We don't get why they offer raw spread, only for them to say you need a $500 minimum deposit to access it. Most competing brokers allow traders open raw spread accounts for as little as $10.

Commission

With an Exness raw spread account type you may get access to tighter spreads from 0.0 pips but you must also pay a flat commission of $3.5 per side per standard lot traded.

Exness commission of $3.5 per side is quite high when compared to what competing brokers offer which is around $3 per side.

Overnight Fees (swaps)

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

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.

Risk Management - 6/10

Exness does not provide much of risk management for the trader, their leverage is very high and the stop out level is 0%. There is also no online wallet to hold your deposits, so all your trading funds must always be in your trading account which is risky. See more details below:

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.

Leverage

Exness allows you access up to 1:2000 in leverage, which means you can open big trades even with a small account balance.

Although the high leverage may seem a good thing, it can mislead traders into taking unnecessarily bigger trades than what their account balance can carry.

Negative Balance Protection

Negative Balance protection ensures that if your account balance should slip into negative, Exness will bring it back to zero. Effectively, you cannot lose more than you deposited.

Range of Markets - 6/10

Forex CFDs

Over 100 FX pairs were listed on Exness product catalogue spanning majors, minors, to exotics which is good.

Energies

Not many energy CFDs on offer but the popular ones (Natural Gas and Oil) are available.

Metals

An impressive listing of metals with the popular gold CFD available along side other precious metals like silver, palladium etc.

Stock CFDs

Several stocks are listed on the Exness catalogue, spanning various industries.

Index CFDs

An impressive listing of all the popular indices and even the not so popular ones.

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 Software & Apps - 6.5/10

Exness falls behind when it comes to trading software because they lack the TradingView & cTrader platforms which are very popular amongst traders. See details of what they offer below:

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 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.

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.

Exness Web Terminal

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

Exness Social Mobile App

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

Customer Support - 6.5/10

Although Exness offers 24/7 support, we did notice a few flaws The live chat service was unavailable sometimes, emails are responded to promptly, but no account managers are assigned to traders.

Exness has a demo account for beginners but that's about it, there is no beginner education on their website.

We also noticed that Exness does not have a physical office in Nigeria and there is no real localized telephone support.

Final Verdict - 6.3/10

Exness is a good broker if you are an experienced trader, howver they are not very ideal for beginners.