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Exness review

Exness Review

Overall, Exness is very competitive in terms of its trading fees and spreads. Exness is a multi-regulated forex broker headquartered in Cyprus. Exness is regulated by FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA. Exness is currently not regulated by the CBN.

Updated : August 29, 2022

Jump to:

005 feature selection

Account Types and Features

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Exness at glance:

🏛️ HeadquarteredCyprus, with offices in United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao

🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2008
📱 Nigerian Office Contact NumberNone
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, Seychelles

🔎License NumberSeychelles – SD025
Curaçao – 0003LSI
British Virgin Islands – SIBA/L/20/1133
Mauritius – GB20025294
South Africa – FSP 51024
Cyprus – 178/12
United Kingdom – 730729
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States

☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts5

🚀 Offers a Nigerian Account?Yes
💻 Dedicated Nigerian Account Manager?Yes
📈 Maximum LeverageUnlimited

📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)41,000 (or equivalent to $10)

💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
👥 Active Nigerian-based Exness customers1,000+
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsBitcoin
Debit Card
Credit Card
Internet Banking
Skrill
Neteller
Perfect Money
Tether (USDT OMNI)
WebMoney
Mybux
Ozow
💰 Segregated Accounts with Nigerian Banks?Yes

💻 Trading PlatformsMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app

💰 Tradable AssetsForex
Metals
Crypto
Energies
Indices
Stocks
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, French, Indonesian, Portuguese, Spanish, Vietnamese, Arabic, Thai, Chinese (Simplified), Japanese, Korean, Urdu, Bengali, Hindi

👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/7

👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNone
✴️ Education for Nigerian beginnersNo

📊 Proprietary trading softwareYes

💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is Exness a safe broker for Nigerians?Yes
✔️ Rating for Exness Nigeria 8/10
✔️ Trust score for Exness Nigeria97%
👉 Open an account👉 Open Account

Exness Overview

Exness overview

👉 According to research in Nigeria, Exness is a multi-regulated forex broker headquartered in Cyprus with offices in the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao. Exness is affiliated with reputable names through which it offers its services including Nymstar Limited, Tortelo Limited, and Vlerizo (Pty) Limited (South Africa).

 

👉 Exness is not regulated by the Central Bank of Nigeria (CBN), but the broker has regulations through several other reputable entities, including the Financial Sector Conduct Authority (FSCA), one of the best regulators in Africa.

 

👉 While the global brand provides a broad range of prospects for retail and corporate customers, the firm’s divisions provide for tailored financial services and investment solutions for clients throughout the globe, as well.

 

👉 Exness experiences a monthly trading volume that exceed $1.5 trillion daily and as of January, there are more than 257,000 active clients registered with Exness.

 

👉 The service offered by Exness offers traders several benefits, including minimal commissions, immediate order execution, and the ability to quickly withdraw cash using instant withdrawal options.

 

👉 This Exness review will provide beginner and experienced traders the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Distribution of Traders

👉 The distribution of traders for Exness is as follows:

➡️️​ Thailand – 43.10%

➡️️​ Vietnam – 27.36%

➡️️​ South Africa – 8.95%

➡️️​ India – 6.82%

➡️️​ Saudi Arabia – 3.35%

 

Popularity among traders who choose Exness

🥇 Exness is one of the active brokers in Africa and while it has a market share of less than 3%, it is still one of the Top 20 forex brokers for Nigerian traders.

 

Regulation and Safety of Funds

Exness regulation

 

👉 Exness is a multi-regulated broker and entity with offices based around the globe. Exness is well-regulated and overseen by:

 

➡️️​ The Financial Services Authority (FSA) in Seychelles under license number SD025 under its operating company, Nymstar Limited, a trusted Securities Dealer.

 

➡️️​ The Central Bank of Curaçao and Sint Maarten (CBCS) in Curaçao through Exness B.V, a Securities Intermediary. The license number is 0003LSI and this entity offers services to individuals and regions that are not a part of the European Economic Area (EEA).

 

➡️️​ Exness VG Limited is authorized and overseen by the Financial Services Commission (FSC) based in the British Virgin Islands under registration number 2032226 and license number SIBA/L/20/1133.

 

➡️️​ Tortelo Limited is authorized and overseen by the Financial Services Commission (FSC) in Mauritius. Its registration number is 176967 and it operates as an Investment Dealer or Full-Service Dealer excluding underwriting, with license number GB20025294.

 

➡️️​ Vlerizo (Pty) Limited is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa as a reputable and valid Financial Services Provider (FSP) under license number 51024.

 

➡️️​ Exness (Cy) Ltd is a firm that is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC) under license number 178/12.

 

➡️️​ Exness (UK) Limited is an Investment Firm that is licensed, registered, and authorized by the Financial Conduct Authority (FCA) under Financial Services Register number 730729.

 

➡️️​ Exness keeps all client funds in segregated accounts with top-tier banks in regions where the broker offers its services. In addition, Exness is also a member of the Financial Commission. The Financial Commission is involved with solving disputes in the financial services industry, with a focus on the foreign exchange market.

 

➡️️​ The Financial Commission provides a range of services, including a compensation fund that can be seen as insurance policy for the clients of its members, such as Exness. The cover provided by the Financial Commission is up to €20,000 per client.

Account Types and Features

👉 Exness offers two sets of live account types, namely Standard Accounts and Professional Accounts. Each of these two categories offers account options that suit different experience levels and different types of traders according to their trading needs and unique trading styles.

 

👉 The live trading accounts offered by Exness include:

➡️️​ Standard Account

➡️️​ Standard Cent Account

➡️️​ Raw Spread Account

➡️️​ Zero Account

➡️️​ Pro Account

 

Live Trading Accounts

Standard Account

👉 The Standard Account is the typical account that is suited for all types of traders regardless of their trading experience, skill, or their trading style.

 

👉 The features on this account include the following:

 

Account FeatureValue
💳 Minimum Deposit Requirement41,500 Nigerian Naira
📈 SpreadsVariable, from 0.3 pips
💰 Commission ChargesNone
📈 Maximum Leverage offeredUnlimited leverage
📊 Instruments AvailableForex major pairs, minor currency pairs, exotic pairs, energies, cryptocurrencies, stocks, indices
📊 Minimum lot size0.01 lot
📈 Maximum Lot Size200 lots from 7 am to 8h59 pm (GMT +0)
20 lots from 9 pm to 6h59 am (GMT +0)
📈 Maximum positionsUnlimited
✴️ Hedged Margin (%)0
✴️ Margin Call (%)60
🔎 Stop-out Level (%)0
📊 Order ExecutionMarket Execution
☪️ Islamic AccountYes

 

Standard Cent Account

👉 The Standard Cent Account is perfect for beginner traders who are still learning to trade, giving them exposure to live market conditions with a lower degree of risk. In addition, this account is also suited to advanced traders who want to test their trading strategies in live market conditions without the risk of loss.

 

Account FeatureValue
💳 Minimum Deposit Requirement41,500 Nigerian Naira
📈 SpreadsVariable, from 0.3 pips
💰 Commission ChargesNone
📈 Maximum Leverage offeredUnlimited leverage
📊 Instruments AvailableForex, Metals
📊 Minimum lot size0.01 lot
📈 Maximum Lot Size200 lots from 7 am to 8h59 pm (GMT +0)
20 lots from 9 pm to 6h59 am (GMT +0)
📈 Maximum positions1000
✴️ Hedged Margin (%)0
✴️ Margin Call (%)60
🔎 Stop-out Level (%)0
📊 Order ExecutionMarket Execution
☪️ Islamic AccountYes

 

Raw Spread Account

👉 This account type is suited to traders who want competitive and tight spreads such as scalpers, day traders, and algorithmic traders.

 

Account FeatureValue
💳 Minimum Deposit Requirement208,100 Nigerian Naira
📈 SpreadsVariable, from 0.0 pips
💰 Commission ChargesUp to $3.5 per side, per lot
📈 Maximum Leverage offeredUnlimited leverage
📊 Instruments AvailableForex, metals, cryptocurrencies, energies, stocks, indices
📊 Minimum lot size0.01 lot
📈 Maximum Lot Size200 lots from 7 am to 8h59 pm (GMT +0)
20 lots from 9 pm to 6h59 am (GMT +0)
📈 Maximum positionsUnlimited
✴️ Hedged Margin (%)0
✴️ Margin Call (%)30
🔎 Stop-out Level (%)0
📊 Order ExecutionMarket Execution
☪️ Islamic AccountYes

 

Zero Account

👉 The Zero Account, as the name suggests ensures the tightest spreads and lowest commission with market execution and no requotes.

 

Account FeatureValue
💳 Minimum Deposit Requirement208,100 Nigerian Naira
📈 SpreadsVariable, from 0.0 pips
💰 Commission ChargesFrom $0.1 per side, per lot
📈 Maximum Leverage offeredUnlimited leverage
📊 Instruments AvailableForex, metals, cryptocurrencies, energies, stocks, indices
📊 Minimum lot size0.01 lot
📈 Maximum Lot Size200 lots from 7 am to 8h59 pm (GMT +0)
20 lots from 9 pm to 6h59 am (GMT +0)
📈 Maximum positionsUnlimited
✴️ Hedged Margin (%)0
✴️ Margin Call (%)30
🔎 Stop-out Level (%)0
📊 Order ExecutionMarket Execution
☪️ Islamic AccountYes

 

Pro Account

👉 The Professional Account is dedicated to professional traders who have the highest level of expertise in trading financial markets.

 

Account FeatureValue
💳 Minimum Deposit Requirement208,100 Nigerian Naira
📈 SpreadsVariable, from 0.1 pips
💰 Commission ChargesNone
📈 Maximum Leverage offeredUnlimited leverage
📊 Instruments AvailableForex, metals, cryptocurrencies, energies, stocks, indices
📊 Minimum lot size0.01 lot
📈 Maximum Lot Size200 lots from 7 am to 8h59 pm (GMT +0)
20 lots from 9 pm to 6h59 am (GMT +0)
📈 Maximum positionsUnlimited
✴️ Hedged Margin (%)0
✴️ Margin Call (%)30
🔎 Stop-out Level (%)0
📊 Order ExecutionInstant Execution on Forex currency pairs, metals, energies, stocks, and indices and market execution on cryptocurrencies
☪️ Islamic AccountYes

 

Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.

 

👉 There is a certain degree of risk involved when trading financial markets and Exness offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

 

Islamic Account

Exness islamic account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 Exness offers an Islamic Account option on all its live trading accounts which ensures that Muslim traders of all experience levels, despite their trading objectives, can participate in several financial markets without risking exposure to different types of interest.

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Account Registration

exness account registration

 

👉 Account registration with Exness is easy and traders can register an account by completing the registration on the website and verifying their details. Traders will be subject to a Know Your Client (KYC) process in which they must offer proof of their identity and their proof of residence, this is to ensure that Exness can continue to provide a safe trading environment for all traders.

 

👉 Before traders can start trading, they can deposit funds into their trading account and start trading.

Trading Platforms

Exness trading platforms

 

👉 Exness offers a choice between powerful trading platforms including the following:

➡️️​ MetaTrader 4 on mobile, desktop, and web terminals

➡️️​ MetaTrader 5 on mobile, desktop, and web terminals

➡️️​ Exness Trader App

➡️️​ Exness Web Terminal

 

👉 MetaTrader 4 and MetaTrader 5 are two of the most popular trading platforms in the world, offering a wide range of technical indicators, graphical objects, access to several financial markets, time frames, technical analysis, fundamental analysis, an economic calendar, and advanced charting capabilities.

 

👉 The Exness Trader App is available to iOS and Android devices, and it offers a wide range of markets, access to instant deposits and withdrawals, and extreme diversity across several financial instruments. Traders have access to free analytical tools, 24/7 customer support from the app, and more. However, this trading app is only offered to traders who have MetaTrader 5 retail investor accounts.

 

👉 The Exness Terminal is a web-based trading platform with a simple and intuitive interface, innovative charting technology, and the best user experience. There are more than 50 drawing tools, 100 technical indicators, and charting is offered by the reputable TradingView.

Exness Vs CM trading Vs Tickmill – Broker Comparison

ExnessCM TradingTickmill
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCAFSA, FSCA

Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA

📱 Trading PlatformMetaTrader 4
MetaTrader 5
MetaTrader 4
CM Trading Web
CopyKat
Expert Advisors
Trading Apps
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoYesNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit4,100 NGN4,1700 NGN4,1700 NGN
📈 LeverageUnlimited1:2001:200
📊 SpreadVariable, from 0.0 pipsFixed, from 0.9 pipsFixed, from 0.0 pips
💰 CommissionsFrom $0.1 per side, per lotNone$1 per side per 100,000 traded
✴️ Margin Call/Stop-Out60%/0%From 20%100%/30%
✴️ Order ExecutionMarketMarketMarket
💳 No-Deposit BonusNoNoYes
📊 Cent AccountsYesNoNo
📈 Account TypesStandard Account
Standard Cent Account
Raw Spread Account
Zero Account
Pro Account
Bronze Account
Silver Account
Gold Account
Premium Account
Pro Account
Classic Account
VIP Account
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsYesYesNo
📊 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/724/524/5
📊 Retail Investor Accounts543
☪️ Islamic AccountYesYesYes

Range of Markets

👉 Exness offers more than 200 financial instruments which are spread across the following asset classes:

➡️️​ Forex Major Pairs

➡️️​ Forex Minor Pairs

➡️️​ Forex Exotic Pairs

➡️️​ Metals

➡️️​ Cryptocurrencies

➡️️​ Energies

➡️️​ Precious Metals

➡️️​ Stocks

➡️️​ Indices

 

Exness Broker Comparison for Range of Markets

ExnessCM TradingTickmill
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyNoNoYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoYes

Trading and Non-Trading Fees

Exness fees

 

Spreads

👉 The spreads that are charged will depend on the type of account that traders choose to use because every account caters for different types of traders. The average spreads that traders can expect include the following:

➡️️​ Standard Account – from 0.3 pips EUR/USD

➡️️​ Standard Cent Account – from 0.3 pips EUR/USD

➡️️​ Raw Spread Account – from 0.0 pips EUR/USD

➡️️​ Zero Account – from 0.0 pips EUR/USD

➡️️​ Pro Account – 0.1 pips EUR/USD

 

Commissions

👉 Commissions are charged at a flat rate on certain accounts to ensure that the broker is paid for facilitating the trade. The commissions charged are on the following accounts:

➡️️​ Raw Spread Account – Up to $3.50 per side, per lot

➡️️​ Zero Account – From $0.1 per side, per lot

 

Overnight Fees, Rollovers, or Swaps

👉 The fees that traders can expect when they keep positions open overnight will depend on several components including the interbank rate, the position size, how long the position is held, which instrument is being held, and whether the trader holds a long or a short position.

 

👉 Typical overnight fees on EUR/USD, for instance, is -0.353 pips long (buy) swap and 0.096 pips short (sell) swap.

 

Deposit and Withdrawal Fees

👉 There are no fees indicated for either deposits or withdrawals with Exness.

Deposits and Withdrawals

Exness deposits and withdrawals

 

👉 Exness offers the following deposit and withdrawal methods:

➡️️​ Bitcoin

➡️️​ Debit Card

➡️️​ Credit Card

➡️️​ Internet Banking

➡️️​ Skrill

➡️️​ Neteller

➡️️​ Perfect Money

➡️️​ Tether (USDT OMNI)

➡️️​ WebMoney

➡️️​ Mybux

➡️️​ Ozow

 

Process to Withdraw Funds from an Exness Trading Account

👉 To withdraw funds from a trading account with Exness, traders can do the following:

➡️️​ Log into their Personal Area on the official Exness website.

➡️️​ Select the “Withdrawal” Tab from the dashboard

➡️️​ Choose a preferred payment method

➡️️​ Complete the necessary details such as bank account number, payment method information, and the amount to withdraw

➡️️​ Confirm the transaction by providing the verification code sent either via SMS or email.

 

👉 Traders must note that the payment system they use to withdraw funds must be the same that they used when they funded their trading account. If traders do not have access to this payment method, they can contact Exness’ customer support to provide proof of such.

 

👉 The payment system that is used must be in the name of the trader and reflect the name that they used when they registered a trading account. The withdrawal amount entered must always be the same as the account currency.

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Education and Research

Exness education

 

👉 There are no educational materials offered by Exness currently. The research tools that are offered include:

➡️️​ Analytical Tools

➡️️​ Trader’s Calculator

➡️️​ Economic Calendar

➡️️​ Currency Converter

➡️️​ Tick History

Exness Affiliate Program

👉 Exness is an industry leader where scheduled and attractive pay-outs are concerned. The broker offers its partners commissions up to $1,770 for every client that the partner refers that becomes an active client.

 

👉 Exness pays for first-time deposits (CPA) as well as leads (CPL), with CPA as follows:

➡️️​ Exness pays up to $1,770 according to the platform, country of residence, and the amount that referrals deposit with a minimum first-time deposit of $10.

➡️️​ Exness accepts traffic from over 40 worldwide countries

➡️️​ The broker offers regular monthly pay-outs and additional bonuses are given for the best overall performance.

➡️️​ Once registered, the CPA plan is selected by default.

 

👉 The CPL plan offers the following:

➡️️​ Up to $25 for every registration according to the referral’s country of residence and the platform that they use.

➡️️​ The pay-out will increase according to the rate of registrations.

➡️️​ Exness welcomes traffic from more than 40 countries around the world.

➡️️​ There are reliable and regular monthly pay-outs.

➡️️​ There are optional incentives offered for the best overall performance.

➡️️​ To select this plan, partners must contact the Exness Affiliate Department.

Verdict on Exness

👉 Exness is a transparent and fully regulated broker that accepts traders from around the world. Nigerian traders can expect tailormade solutions that accommodate beginner traders as well as advanced and professional investors.

 

👉 While there is a limited selection of tradable instruments and funding options, Exness has become increasingly popular in several African countries recently. This is attributable to the safety of funds, investor protection through the Financial Commission, and comprehensive trading solutions with competitive trading conditions that include low spreads, low commissions, and reliable trade execution speeds.

Exness Pros and Cons

✔️ Pros❌ Cons
Exness is well-regulated by several reputable market regulators across the globe

United States clients are excluded from Exness’ global reach

There are tight, variable spreads offered across five retail investor accounts

There is a limited selection of tradable instruments offered

There is a choice between dynamic retail investor accounts, each featuring competitive trading conditions

There is a limited selection of funding options offered

The broker offers solutions to both novice traders and professionals

There are advanced trading tools offered

Provides a powerful proprietary platform on the web and mobile devices

Client fund safety and investor protection guaranteed

Instant withdrawals and deposits supported

Exness offers multilingual customer service that is available 24/7

Frequently Asked Questions

Which trading platforms are supported by Exness?

Exness offers the following: MetaTrader 4 MetaTrader 5 Exness Web-based Terminal Exness Proprietary Trader App

What is the overall rating for Exness out of 10?

The overall rating for Exness is 8/10.

Which financial instruments can I trade with Exness?

Forex Metals Crypto Energies Indices Stocks

Is Exness suitable for beginner and professional traders?

Yes, Exness is a broker that caters for both beginner traders as well as professionals despite their trading objectives or trading styles.

Where is Exness Office in Nigeria?

Exness Nigeria office is located in the capital city Lagos, Nigeria.

9.4/10 - (19 votes)

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