Exness Review South Africa 2022

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.

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Minimum Deposit
ZAR 160
Typical EUR/USD Spread
0 pips
Regulation(s)
CySEC, FCA, FSCA & FSA

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 FCA of the UK 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.

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.

HotForex South Africa Summary

Broker Name Exness ZA (PTY) Ltd
Website www.exness.com
Regulation FSCA, CySEC, FCA
Year of Establishment 2008
Minimum Deposit ZAR 160 ($10) with Standard account
Maximum Leverage 1:2000
Trading Platforms MT4, MT5 & WebTerminal
Trading Instruments Forex, cryptoсurrencies, energies, metals, indices, stocks

 

Safety and Regulation

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 registered under Exness brand and trademark.

  1. FSCA of South Africa: EXNESS ZA (PTY) LTD is the authorized entity of Exness that holds the regulatory license from the Financial Sector Conduct Authority of South Africa. The registration number of the license is 2020/234138/07 and the FSP number is 51024. Clients can also check the other details of this license from the FSCA website.Exness FSCA license

    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 the South African clients as any misconduct by the broker can be reported to the FSCA.

  2. FCA of UK: Exness (UK) Ltd is regulated by the Financial Conduct Authority (FCA) of the UK as an investment firm. The regulatory license is registered with financial services register number 730729. FCA is also a top-tier regulatory authority in the jurisdiction of the United Kingdom. The FCA license was acquired by Exness in 2016 and we didn’t find any complaint registered against the broker.

    Exness FCA Regulation

  3. CySEC of Cyprus (EU): Exness (Cy) Ltd is regulated by Cyprus Securities and Exchange Commission as an investment firm under license number 178/12. It is a tier 2 regulatory authority that grants permission to operate a financial business in the European Union.
  4. Exness CySEC 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

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 from the traders.

  1. Spread: Exness is a market maker and the spreads are the major component of the revenue generated by the broker. However, compared to other regulated forex and CFD brokers in South Africa, the spreads at Exness are lower than the majority of CFD brokers. The spread incurred depends on the account type chosen by the trader.

    Exness Contract Specification

    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 the liquidity, volatility, and market conditions. The table below compares the average typical spreads incurred with different account types at Exness.

  2. Standard Standard Cent Raw Spread Zero Pro
    EUR/USD 1 1 0 0 0.6
    GBP/USD 1.2 1.2 0.1 0 0.7
    Gold/USD 20 20 6.3 0 12.5
    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

     

  3. Commission: This is the fixed charge that is incurred to traders for certain conditions. The commission can be trading as well as non-trading but Exness does not charge any non-trading commission from the traders in South Africa.

    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.

  4. Trading Instrument Commission with Zero Account (ZAR) Commission with Raw Spread Account (ZAR)
    EUR/USD 55 55
    GBP/USD 71 55
    Gold/USD 128 55
    BTC/USD 55 55
    Crude Oil 224 55
    US Tech 100 18 55

     

  5. Overnight Charges (Swap Fee): If a trader keeps a position open overnight, swap fees are incurred that depend on the traded instrument and the position. Swap fees are different for each instrument and also differ for the long and short positions for each instrument.

    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.

  6. Trading Instrument Swap Long Swap Short
    EUR/USD -0.35398 0.09688
    GBP/USD -0.16108 -0.13193
    Gold/USD 0 0
    BTC/USD 0 0
    Crude Oil 0.65 -3
    US Tech 100 0 0

     

  7. Other Charges: The account opening is free for all the account types although minimum deposit requirements are different. Exness does not charge any inactivity fees. There is no commission involved in funding and withdrawals from the broker’s end. Apart from the spread, commission, and swap, there are no other charges at Exness for South African clients.

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.

Exness Account Types

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.

1) Exness Standard Account

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 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.

2) Exness Standard Cent Account

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 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 the beginners who wish to trade with smaller amount.

3) Exness Raw Spread Account

This professional account has a fixed trading commission of 3.5 USD or 55 ZAR for all the available instrument. 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 fixed commission. Trading smaller volumes can be costly with this account type as the there is a spread as well as commission associated. This account is ideal for the experienced traders.

4) Exness Zero Spread Account

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 base currency and can be opened with a minimum deposit of 500$.

5) Exness Pro Account

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.

Exness Deposits and Withdrawals

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.

Exness Deposit & Withdrawal Methods

  1. Internet Banking: Exness accepts funding and withdrawals through internet banking from local banks in South Africa. The banks that support internet banking transaction with Exness account in South Africa are ABSA Bank, Standard Bank, First National Bank, Nedbank, Capitec Bank, and Investec Bank.

    Exness Internet banking Funds Method

    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.

  2. Credit Cards: Deposits and withdrawals can also be done through credit cards after entering the details of the cards in the deposit section. The minimum amount is 10$ or R160 for deposit as well as withdrawal. Deposits are reflected instantly while withdrawals through credit cards can take up to 3 business days to process.
  3. E-Wallets: Several e-wallets are accepted as funding and withdrawal methods at Exness from South African clients. Traders can use Skrill, Neteller, Perfect Money, Webmoney, Mybux, Ozow, and Snapscan to deposit and withdraw from Exness account in South Africa.

    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.

  4. Exness Funds Deposit Methods

  5. Cryptocurrency: Deposits and withdrawals are also accepted through Bitcoin and Tether (USDT) with a minimum deposit amount of 10$ equivalent. Exness does not charge anything but the miner fee for cryptocurrency transactions has to be paid by the clients. During withdrawal, the miner fee will be deducted from the withdrawal amount.

Exness deposit and withdrawal 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
Neteller R160 R800,000 Instant R64 R160,000 Instant Free
Perfect Money R800 R1,600,000 Instant R32 R1,600,000 Instant Deposit Free, Withdrawal 0.5% of amount
Webmoney R160 R16,000,000 Instant R160 R16,000,000 Instant Free
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 Available Instruments

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 South Africa. Major, minor, and exotic, currency pairs available at Exness also include 4 currency crosses with South African Rand.

A wider range 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 South Africa.

Forex Pairs 107
CFD on Indices 10
CFD on Stocks 88
CFD on Energies 2
CFD on Metals 10
CFD on Cryptocurrency 34

 

Exness Trading Platforms

Trading platforms are where traders will spend most of their time while trading online. Exness allows traders to choose between the MT4 and MT5 trading platforms for all types of devices.

The Standard Cent account at Exness can only be opened with MT4 trading platform. All the other account types at Exness can either be opened with MT4 or MT5 trading platform.

MT4 is the one of the oldest and most widely used trading platform for online forex and CFD trading. It was incorporated in 2005 by the 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.

MT4 trading platform

MetaTrader 5 is an upgraded version of MT4 that offers more tools and indicators to enhance 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.

 SA MT5 platform

To use either of the trading platform on your Android, iOS, macOS, and Windows device, you will need to open a live trading account at Exness in South Africa.

Exness Customer Support

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.

  1. Live Chat: When you start a conversation through the live chat window at the bottom right corner of the screen, you are first connected to a chatbot. We tried it 3 times and the bot wasn’t able to resolve our query with helpful replies. Upon making a request, the support executives can be connected that is quite useful in resolving any issue faced.
  2. Exness Chat Support

  3. E-mail: The email support is decent but you might need to wait for 2-6 hours to receive a relevant and helpful reply. The live chat window is a much better alternative.
  4. Help Center: The Center at the official website and App of Exness can resolve a lot of your queries. It contains hundreds of articles regarding common queries faced by the clients.
  5. No Local Phone Support: There is no local office of Exness in South Africa and no local phone support is available. Although international phone numbers are available for customer support in English and several other languages.

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.

Exness Bonus

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.

Exness Bonus

Exness Partnership Program

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.

Exness Affiliate Program

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 the South African clients.

Do we Recommend Exness?

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.

Their 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. Wide variety of trading instruments are available. The maximum leverage is high and beginners should keep a 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 account.

Exness South Africa FAQs

What is the Minimum deposit at Exness in ZAR?

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$.

Does Exness offer the MT4 Platform?

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.

Does Exness have Nasdaq?

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.

  1. 0 pips spread on EUR/USD with professional account
  2. FSCA Regulated Forex Broker
  3. Minimum Deposit is ZAR 160
Exness is #3 Forex Broker in South Africa 77.29% of retail investors accounts lose money when trading CFDs with this provider. Visit Broker