Exness offers NGN based forex and CFD trading account. It accepts local bank transfer in NGN and is a well regulated broker. Check out complete review to find every detail of Exness in Nigeria.
Exness is a well-regulated and cost-efficient market maker that offers trading services on forex and CFDs. Exness holds a regulatory licenses from top-tier regulatory authorities like the FSCA of South Africa and FCA of the UK. Hence, it has low third-party risk in Nigeria.
Nigerian clients can open live trading accounts at Exness with NGN as the base currency. Clients can trade with different pricing pattern with different account types. Funding and withdrawals can be made through local bank transfers in Nigeria without any added commission.
Exness allows trading on a wide range of instruments. The number of forex pairs available to trade is excellent in Nigeria. Although, it does not have adequate research tools and bonus offerings for Nigerian clients.
Table of Content
Read our comprehensive and honest review of Exness in Nigeria before opening an account at Exness. We have thoroughly covered all the pros and cons that can affect the trading experience of Nigerian clients. Find out the best account type for yourself, the best funding and withdrawal method, and every detail you need to know about Exness in Nigeria.
|Broker Name||Exness Group|
|Regulation||CySEC, FCA, FSCA & FSA|
|Year of Establishment||2008|
|Minimum Deposit||$10 with Standard account|
|Trading Platforms||MT4, MT5 & WebTerminal|
|Trading Instruments||Forex, cryptoсurrencies, energies, metals, indices, stocks|
Exness Safety Pros
Exness Safety Cons
The regulatory license held by the broker defines the safety of traders and their money. Exness is a market maker and can also take the other side of the trade. Apart from spreads, it can also earn revenue with the losses incurred by the traders. In such a case, it is important to check the regulatory licenses and complaints registered against the broker.
Following are the details of the major regulatory license of Exness and the entities that are authorized under Exness brand and trademark.
A total of 9 forex brokers are regulated and authorised by the CMA in Kenya including Exness. All Kenyan clients at Exness are registered under CMA regulation.
Apart from the above-mentioned major regulatory authorities of the world, Exness has also acquired a regulatory license from the FSA of Seychelles (SD025), Central Bank of Curaçao, and Sint Maarten (CBCS) (0003LSI), FSC of Mauritius (GB20025294).
Nigerian clients at Exness are registered under the Financial Services Authority (FSA) of Seychelles with license number SD025 and registration number 8423606-1.
Due to multiple top-tier regulatory licenses including FSCA and FCA, Exness can be considered less risky for traders in Nigeria. Exness has been in the business of forex and CFD trading since 2008 and we didn’t find any proven complaint against the market maker on regulators’ websites.
The third-party risk for choosing Exness as a trading partner is comparatively lower than many other regulated brokers in Nigeria.
Exness Fees Pros
Exness Fees Cons
Trading cost is the major basis of broker comparison and selection for most traders. We have separately reviewed all the components of the trading cost that can be incurred by the traders.
With the standard account at Exness, the spread start from 1 pip. The same with the commission-based professional accounts can go as low as 0 pip. Spreads with all the account types are variable and depend on liquidity, volatility, and market conditions. The table below compares the average typical spreads incurred with different account types at Exness.
|Trading Instrument||Average Typical Spread in pips|
|Standard||Standard Cent||Raw Spread||Zero||Pro|
|Bitcoin/USD||656.7||Not Available||273.3||273.3||Not Available|
|Crude Oil||8.6||Not Available||4||1.9||5.4|
|US Tech 100 Index||55.4||Not Available||10.2||8.2||34.6|
For better analysis and comparison with other forex and CFD brokers in Nigeria, we have compared the average typical spread of most traded currency pairs charged by brokers. These spreads are with the Standard account types that do not involve any trading commission.
|Trading Instrument||IC Markets||FXTM||eToro||Exness||Pepperstone|
The Raw Spread account type has a fixed commission of 3.5 USD for a single side and 7 USD for a round-turn trade of a standard lot. This commission is the same for most of the instruments with the Raw Spread account. The trading commission for each order execution with the Zero account is different for every instrument. The table below mentions the trading commission at Exness with the Zero and Raw Spread account type for a single side trade of a standard lot.
|Trading Instrument||Commission with Zero Account (USD)||Commission with Raw Spread Account (USD)|
|US Tech 100||1.1||3.5|
|Trading Instrument||Swap Long||Swap Short|
|US Tech 100||0||0|
Overall, the trading fees without the commission on the Standard and Standard Cent account are better than many of the top regulated forex and CFD brokers in Nigeria. Trading commission on the commission-based account types is slightly higher than some of the peers in Nigeria. The commission on professional accounts can be slightly costly for small-scale traders. However, there are no non-trading charges in any form at Exness. This makes it more cost-efficient than many of the regulated forex and CFD brokers in Nigeria.
Nigerian traders can choose between 5 types of accounts that are structured to suit the needs of different types of traders. We have thoroughly reviewed every account type at Exness to assist the traders in choosing the right one for themselves.
It is the basic account type at Exness that does not involve commission and spread is the only trading fee that is applicable. The account can be opened with NGN and several other currencies as the base currency. The maximum leverage is unlimited. This means that a position can be opened with negligible margin but it is too risky for the traders.
All the available trading instruments can be traded with the Standard account type with a minimum deposit of 10 USD. There is no upper limit on the number of positions that can be opened simultaneously. MT4 and MT5 trading platforms can be chosen to trade with the standard account. This account is ideal for all types of traders.
The features, trading conditions, as well as fees with the Standard Cent account, are similar to that of the Standard account. However, this account cannot be opened with NGN as the base currency. Some of the trading instruments at Exness are not available with this account type. The base currency of this account is in cents of 6 currencies. USC, EUC, GBC, CHC, AUC, CAC. This account type is ideal for beginners who wish to trade with a smaller volume.
This professional account has a fixed trading commission of 3.5 USD for all the available instruments. The spreads are much lower than the standard account but slightly higher than the Zero Spread account type. This account can be opened with a minimum deposit of $500 with unlimited access to leverage.
All the available instruments can be traded with the Raw Spread account type with the fixed commission. Trading smaller volumes can be costly with this account type as there is a spread as well as commission associated. This account is ideal for experienced traders.
As the name suggests, the spread for most of the instruments with this account type is zero. This makes it the best choice for scalping and large volume trades. The commission associated with each instrument is different and can be checked on the official website and app of Exness. This account is also available with KES as the base currency and can be opened with a minimum deposit of $500.
The Pro account does not involve a commission while the spreads are fairly lower than the Standard Account type. The features like base account currency, leverage, minimum lot size, etc are similar to Raw spread and Zero account type. It also requires a minimum deposit of $500. This account type is ideal for all types of traders as there is no commission and the spreads are also low. According to our review, this is the most cost-effective account type for small to medium volume traders if they are willing to deposit $500.
Overall, the variation in the fees and trading conditions of multiple account types makes it a suitable choice for different types of traders. The flexibility in account types is advantageous to Nigerian clients as they can choose the most suitable account according to their trading strategy and objective. All the accounts except the Standard Cent account can be opened with NGN as base currency which is a plus point for the Nigerian clients.
The account opening process is quick and simple at Exness. To open a real and demo account at Exness, traders need to follow these steps at the official website of Exness or app.
Step 1: Login
The first step in account opening process is to login into the personal area by selecting the country of residence, providing the email address, and choosing a password.
Step 2: Open Account
The completion of first step will lead you to the personal area. Under my accounts tab, clients can open real as well as demo account. Multiple accounts can be opened at Exness and all accounts can be managed through here.
Step 3: Configure Account
Clients at Exness can choose between 5 account types. Each account can further be configured with the choice of trading platform, max leverage, and base account currency. The nickname and password can also be assigned to the trading account.
Step 4: Verification
To trade on the financial markets, traders need to verify their details. The email and phone number will be verified through one time password (OTP). The address and identity of the trader needs to be verified through documents like passport, national identification card, etc.
Step 5: Deposit
Once the verification is complete, clients can deposit the funds through available methods. Each deposit method takes different time to process and has different minimum and maximum limits. Once the deposits are visible in the account balance, clients can start trading through the trading platform.
There are multiple methods to deposit and withdraw from Nigeria at Exness. Exness does not charge any commission for deposits and withdrawals with any of the available methods. It must be noted that the withdrawals can only be made through the methods used for funding the Exness account. Following are the methods that can be used in Nigeria to make a deposit or withdraw funds.
If the base account currency is not NGN, all the NGN deposits will be automatically converted to base account currency. According to our review, MyBux and local bank transfer are the most convenient deposit and withdrawal methods available in Nigeria.
Exness provides a wide range of trading instruments. The number of forex pairs that can be traded at Exness is highest among the regulated forex and CFD brokers in Nigeria. Major, minor, and exotic currency pairs are available at Exness in Nigeria. A great variety of trading instruments provides more opportunities to the traders. Some of the instruments are not available with the Standard Cent Account and Pro Account. All the other account types provide access to trade on all the available instruments.
The table below contains the details of the number of trading instruments available at Exness in Nigeria with the standard account type.
|CFD on Indices||10|
|CFD on Stocks||88|
|CFD on Energies||2|
|CFD on Metals||10|
|CFD on Cryptocurrency||34|
A trading Platform is where traders will spend most of their time trading forex and CFDs. It is important to choose the most suitable trading platform.
For a detailed review of available trading platforms at Exness, we have separately reviewed the web, mobile, and desktop trading platforms at Exness in Nigeria.
Web Trading Platform
Traders can trade at Exness through web browsers without downloading any software on multiple types of devices. The web trading platform at Exness is provided by MetaTrader Software. Traders can choose between MetaTrader 4 and MetaTrader 5 as web trading platforms. The MT5 trading platform is not supported with the Cent Account type but both platforms are available for all other account types.
The MT4 and MT5 web terminal platforms can be used through web browsers on Windows, Linux, macOS, iOS, and Android devices. Online tools and web plugins can be linked with the web terminal but external software and trading might may not get linked with the web platforms.
Mobile Trading Platform
For trading through downloadable applications on mobile devices, traders have multiple options at Exness. Exness offers MT4 and MT5 trading platforms for mobile devices. Additionally, they also have a proprietary mobile trading platform called as Exness Trader App.
The Exness Trader App is a user-friendly platform with a friendly interface. Apart from placing, closing, and modifying trade orders, traders can also manage their accounts, deposit and withdraw through multiple methods. The customer support service is also available on the Exness Trader app 24*7. The Exness Trader app has multiple indicators and analysis tools to assist traders.
MT4 and MT5 mobile applications can also be downloaded on Android and iOS devices and linked with the Exness Trading account. The MT4 and MT5 trading applications are widely used by traders around the globe. However, the interface is average and limited charting tools are available with the MetaTrader trading application.
Desktop Trading Platforms
For desktop devices, MT4 and MT5 are the only two options for trading at Exness. These platforms can be downloaded on windows, Linux, and iOS devices and linked with an Exness trading account. The third-party software and trading tools can be paired with the MetaTrader desktop trading platforms.
MT4 is one of the oldest and most widely used trading platforms for online forex and CFD trading. It was incorporated in 2005 by MetaQuotes Software. MT4 has better compatibility with all types of devices as it is the most basic online trading software with all the necessary tools and indicators.
MetaTrader 5 is an upgraded version of MT4 that offers more tools and indicators to enhance the trading experience. It was introduced in 2010 and has a modern interface. MT4 is considered ideal for beginners while MT5 is considered ideal for automated traders and experienced traders.
Following are the research and education tools offered by Exness:
Economic Calendar: An economic calendar displays upcoming economic events, data releases, and indicators that could impact the financial markets. This tool aids traders in staying well-informed about significant market-moving events.
The customer support service at Exness is decent with the live chat window and email. The absence of local phone support can be a drawback. We tried to connect with the support executives through all the methods to review their support service. Following was our experience.
Compared to all the regulated forex and CFD brokers in Nigeria, the customer support service is decent at Exness.
At the time of this review, there is no bonus offering for opening the account or making deposits. Exness generally does not offer any bonus to traders in any manner.
The partnership program at Exness allows clients to earn by recommending Exness to other traders. The Broker program allows you to earn 40% of the revenue generated from the client that was recommended by you. You can only earn from referring other clients if they execute trade orders and generate revenue for Exness.
The Affiliate Program allows clients to earn up to $1770 equivalent by directing the traffic to Exness. Up to $25 can be gained for each completed registration. Apart from this, no other bonus is offered to Nigerian clients.
$10 or 4150 NGN is the minimum deposit amount at Exness but depends on the prevailing NGN/USD conversion rates. The minimum deposit amount at Exness depends on the method selected for transacting. Internet banking deposit through local banks in Nigeria has the lowest minimum deposit amount of $10.
Yes, Exness holds a regulatory license from top tier FCA and FSCA. The third-party risk of choosing Exness is comparatively lower than many other forex and CFD brokers in Nigeria.
Exness is regulated by multiple top-tier regulatory authorities including FCA of the UK and FSCA of South Africa. Nigerian clients can also register themselves at Exness under the CMA regulation of Kenya.
According to our analysis and comparison, Exness is a better choice compared to OctaFX. Exness offers NGN-based accounts and is regulated by top-tier regulatory authorities, unlike OctaFX. Exness is a non-dealing desk broker while OctaFX is a market maker that can take another side of the trade placed by clients.
XM is a privately owned firm which has its headquarters in the island nation of Cyprus. Apart from this, XM has its offices in various cities of the world.
XM is a market maker which means it primarily matches clients who have placed matching orders but it can also take the opposite side of the trade orders placed by the clients.
Yes, Exness offers multiple account types to suit the needs and trading requirements of different types of traders. There is limited availability of educational tools. Hence clients might have to rely on third-party tools for trading education but the broker can be chosen by beginners.