Exness offer wide range of major, minor and exotic currency pairs. They offer very low spread and zero commission on trading instruments. Traders will get instant deposit while making through card & E-Wallets.
Exness is a well-regulated and cost-efficient market maker that offers trading services on forex and CFDs. It is regulated by the FSCA of South Africa and the FCA of the UK and hence can be considered less risky than many other market makers in South Africa.
South African clients can open live trading accounts at Exness with ZAR as the base currency. Funding and withdrawals can be made through local bank transfers without any added commission.
Exness allows trading on a wide range of instruments. The number of forex pairs available to trade is among the highest in South Africa. Although, it does not have adequate research tools and bonus offerings for South African clients.
Table of Content
Read our comprehensive and honest review of Exness before opening an account at Exness in South Africa. We have thoroughly covered all the pros and cons that can affect the trading experience of South African 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 South Africa.
|Broker Name||Exness ZA (PTY) Ltd|
|Regulation||FSCA, CySEC, FCA|
|Year of Establishment||2008|
|Minimum Deposit||ZAR 160 ($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 from 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 registered under the Exness brand and trademark.
FSCA is the top-tier regulatory authority in the jurisdiction of South Africa. It overlooks the activities of registered financial service providers and safeguards the interest of traders and investors in South Africa.
It is the most important regulatory license for South African clients as any misconduct by the broker can be reported to the FSCA.
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), etc.
Due to multiple top-tier regulatory licenses including FSCA, Exness can be considered safe for traders in South Africa. It 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 in South Africa as a trading partner is very low.
Exness Fees Pros
Exness Fees Cons
Trading cost is the major basis of broker comparison 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 0.3 pips. 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.
|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 South Africa, 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|
With the Standard, Standard Cent, and Pro account types there is no commission involved at all. The trading commission is only applicable with the Raw Spread and Zero Spread account type at Exness. The Raw Spread account type has a fixed commission of 3.5 USD or 55 ZAR for a single side and 110 ZAR for a round 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 (ZAR)||Commission with Raw Spread Account (ZAR)|
|US Tech 100||18||55|
The overnight charges are the same for all the account types at Exness. Compared with other regulated forex brokers in South Africa like XM, HotForex, FXTM, and many more, the swap fees at Exness are much lesser. The swap fees for a standard lot of some of the major instruments are mentioned in the table below.
|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 South Africa. Trading commission on the commission-based account types is slightly higher than some of the peers in South Africa.
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 South Africa.
South African 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 ZAR and several other currencies as the base currency. The maximum leverage is unlimited. This means that a position can be opened with a 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 or 160 ZAR. 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 ZAR 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 amount.
This professional account has a fixed trading commission of 3.5 USD or 55 ZAR 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 ZAR as the base currency and can be opened with a minimum deposit of 500$.
The Pro account does not involve a commission while the spreads are fairly lower than the Standard Account type. The features like base account currency, leverage, minimum lot size, etc are similar to Raw spread and Zero account type.
The Pro account requires a minimum deposit of 500$. 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$ or 8000 ZAR.
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 South African 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 ZAR as base currency which is a plus point for the South African 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 the 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 the first step will lead you to the personal area. Under my accounts tab, clients can open real as well as demo accounts. Multiple accounts can be opened at Exness and all accounts can be managed here.
Step 3: Configure Account
Clients at Exness can choose between 5 account types. Each account can further be configured with the choice of the 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 need to be verified through documents like a 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 times 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 South Africa 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 South Africa to make a deposit or withdraw funds.
The minimum deposit amount with the local bank transfer in South Africa is 10 USD or 160 ZAR while the minimum withdrawal amount with the same method is 4 USD or 64 ZAR. The deposits are reflected instantly in the trading account while the withdrawals can take up to 3 working days to be visible in the bank account.
For the deposits made in ZAR to a ZAR-based account, no currency conversion will be done. According to our review, this is the most convenient, fast, and cost-effective method to transact from South Africa at Exness.
The transaction time is instant for most of these e-wallets and the minimum amount varies for the wallet selected. Ozow and Snapscan can only be used for deposits as withdrawals are not allowed through these methods.
The following table compares the minimum amount and time taken to process through all the available funding and withdrawal methods at Exness.
|Method||Minimum Deposit||Maximum Deposit||Deposit Time||Minimum Withdrawal||Maximum Withdrawal||Withdrawal Time||Fees|
|Local Bank Transfer (SA)||R160||R100,000||Instant||R64||R260,000||Up to 3 Working Days||Free|
|Credit Card||R160||R160,000||Instant||R50||R160,000||Up to 14 Working Days||Free|
|Skrill||R160||R1,600,000||Instant||R160||R190,000||Instant||R16 for less than R320 withdrawal, Free for more than R320|
|Perfect Money||R800||R1,600,000||Instant||R32||R1,600,000||Instant||Deposit Free, Withdrawal 0.5% of amount|
|Mybux||R160||R9000||Instant||R80||R9000||Instant||Depends on Mobile Operator|
|Ozow||R160||R15000||Instant||NA||NA||NA||Depends on Mobile Operator|
|Snapscan||R160||R10,000||Instant||NA||NA||NA||Depends on Mobile Operator|
|Bitcoin||R160||No Limit||72 hours||Current amount of Miner fee||No Limit||72 hours||Miner Fee|
|Tether||R160||No Limit||72 hours||R1600||R1600,000||72 hours||Miner Fee|
It must be noted that the amount shown in ZAR (R) is converted from USD at the rate of 16 ZAR per USD. The prevailing amount can differ according to conversion rates between USD and ZAR.
Withdrawals can only be made through the methods used for depositing. In the case of Ozow and Snapscan, the withdrawals will be made via Mybux.
Exness provides a wide range of trading instruments. The number of forex pairs that can be traded at Exness is the highest among the regulated forex and CFD brokers in South Africa. Major, minor, and exotic, currency pairs available at Exness also include 4 currency crosses with the South African Rand.
A wider range of trading instruments provides more opportunities to 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 South Africa.
|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 South Africa.
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 South Africa, the customer support service is decent at Exness as many other regulated forex and CFD brokers provide local phone support in SA.
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 South African clients.
Yes, Exness is authorised and regulated by the FSCA of South Africa. The spreads at Exness are low and multiple choices in account types are available. This makes Exness ideal for multiple types of traders. The ZAR-based account is a major advantage with free deposit and withdrawal through local bank transfer.
There are limited research and education tools and the bonus offerings aren’t too attractive. The customer support service is good for South African clients but local phone support is not available. A wide variety of trading instruments are available. The maximum leverage is high and beginners should keep safe leverage to avoid dramatic losses.
It is always better to get some experience through virtual trades on demo accounts before making real trades through live accounts.
ZAR 160 is the minimum deposit amount at Exness but depends on the prevailing USD/ZAR conversion rates. The minimum deposit amount at Exness depends on the method selected for transacting. Internet banking deposit through local banks in South Africa is the most convenient method where the minimum deposit amount is 10$.
Yes, all the available instruments at Exness can be traded with MT4 and MT5 trading platforms with any of the account types. The trading platforms can be used through web browser or can also be downloaded for Android, iOS, Windows, and macOS devices.
Yes, Exness is an FSCA-regulated forex and CFD broker in South Africa. Clients residing in South Africa are registered under FSCA-regulation and are protected by regulatory compliance of FSCA.
Yes, Exness is regulated by the FSCA in South Africa apart from several other regulatory authorities. clients residing in South Africa are registered under FSCA regulation.
Yes, Exness offers CFD trading on USTEC (US Tech 100 Index). The average typical spread for this CFD with the standard account is 55.4 pips and can be traded with a maximum leverage of 1:200.