Exness Review South Africa 2024

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.

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

 

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 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.

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.

   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.

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.

   

3. CMA of Kenya: Exness is regulated by the Capital Markets Authority (CMA) of Kenya as a non-dealing online foreign exchange broker. Tradenex Limited is the legal entity of Exness that is regulated by the CMA of Kenya under license number 168.

   

   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.

4. 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.

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 by 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.

   

   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
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

 

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
EUR/USD	0.62	1.9	1.1	1	0.77
GBP/USD	0.83	2	2.3	1.2	1.19
EUR/GBP	1.27	2.4	2.8	1.60	1.40
USD/JPY	0.74	2.2	1.2	1.1	0.86
USD/CAD	0.85	2.5	1.7	2.1	1.07




2. 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.

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

 

3. 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.

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

 

4. 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 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.

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 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.

3) Exness Raw Spread Account

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.

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 the 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.

How to Open an Account at Exness?

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.

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.

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

   

   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 accounts 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. Cryptocurrency: Deposits and withdrawals are also accepted through Bitcoin and Tether (USDT) with a minimum deposit amount of 10$ equivalents. 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.

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 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.

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

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.

Exness Research and Education Tools

Following are the research and education tools offered by Exness:

• Market Analysis: Exness offers daily, weekly, and monthly market analyses encompassing major forex pairs, commodities, indices, and cryptocurrencies. These analyses deliver technical and fundamental insights, price projections, and potential trading opportunities.

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.

• Trading Central: Exness potentially provides access to Trading Central, a third-party tool specializing in technical analysis. This resource offers extensive research, trading signals, and market commentary, assisting traders in making informed decisions based on technical analysis.
• Webinars and Seminars: Exness frequently organizes webinars and seminars covering a diverse range of trading topics, strategies, and prevailing market trends. These virtual sessions enable traders to learn from industry experts and expand their trading knowledge.
• Educational Articles and Guides: Exness’s website likely features a wealth of educational articles, guides, and tutorials encompassing fundamental trading concepts, strategies, risk management, and other relevant subjects.
• Video Tutorials: Video tutorials provide a visual and engaging means for traders to gain insights into trading platforms, technical analysis techniques, chart patterns, and various other trading-related aspects.
• Demo Accounts: Exness often offers demo accounts, enabling traders to practice trading using virtual funds in a risk-free environment. This serves as a valuable tool for beginners to acclimatize themselves with the trading platform and the dynamics of the market.
• Educational E-books: Some brokers, including Exness, may provide educational e-books that span a wide spectrum of forex trading subjects, catering to both novice and advanced traders.
• Interactive Tools: Interactive tools such as calculators (e.g., pip calculators, margin calculators) and trading quizzes might be accessible, contributing to traders’ skill enhancement and comprehension.

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 which is quite useful in resolving any issue faced.



2. 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.
3. 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 clients.
4. 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 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 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.

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.

Exness South Africa FAQs