Exness Broker Review
Exness is among the best forex brokers that offer M-Pesa deposits in Kenya. First, however, we’ve provided a review to check how good this forex broker is and what makes it better than other platforms.
Exness is an international brokerage firm with branches in Seychelles and Cyprus, which operates through two main offices. As a result of the firm’s structured divisions, regional customers can appreciate tailored financial advice and investment strategies. In contrast, the global brand provides world-class retail solutions and primarily corporate partnerships.
According to Exness, it currently serves 72,721 active traders worldwide with a monthly trading volume of $325.8 billion. Additionally, it has more than 80,000 active users.
We are going to explore Exness more in this review. Therefore, if you want to open an account with Exness, you must read the following review first.
You can find our comprehensive review on Exness. Broker reviews are updated regularly!
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Is Exness regulated in Kenya?
The firm Exness is one of the most reputed forex brokers in Kenya that accepts traders. Exness got its license from the Financial Services Authority (FSA) in the UK and Financial Sector Conduct Authority in South Africa.
The company intentionally left the regulatory environment in the UK and EU for its retail operations. However, despite this reform, the Financial Conduct Authority and Cyprus Securities and Exchange Commission (CySEC) still appear on the list of their regulators.
In addition, Exness does not have any regulatory authority outside of its business-to-business (B2B) division, which is authorised by FCA (UK) and CySEC. The Financial Services Commission (FSCA) in South Africa has authorised and licensed Exness with the FSP number 51024.
Further, SFSA (Seychelles), CBCS (Curaçao), BVIFSC (Mauritius), and FSC (Seychelles) are also their license holders. Negative balance insurance is part of Exness’ Client Fund protection policy. As an independent external auditor, Deloitte, a Big Four accounting company, handles Exness’ financial statements.
As a result of these licenses and regulatory bodies, we have full confidence in Exness to uphold ethical practices.
Pros / Cons
- 24/7 Support
- Low Minimum Deposit
- Fund Using M-Pesa
- Broker Verified
- No CMA Regulation
- Limited Account Currencies
Both algorithmic and manual traders need to have a secure trading environment without disruptions or downtime. As a result, you can enjoy a safe and secure trading environment at Exness. Moreover, consumers should have confidence that CySEC will oversee Exness’s market-making and custody duties flawlessly and that it will carry them out flawlessly.
Customer service is essential to any broker’s credibility, and Exness surpasses all its competitors in this area. The company’s customer service help is available 24 hours a day, seven days a week, by email or phone. Moreover, you can get assistance via live chat or apps like WhatsApp and Viber.
Tradeable products in Exness
A total of 107 currency pairs are available for you to trade on Exness, making it one of the complete forex trading platforms out there. Traders actively involved in forex will find the selection appealing, especially the seven cryptocurrencies and 12 commodities.
For cross-asset diversification, you can choose from 40 equity and index CFDs. Traders using Exness can choose from a wide variety of assets, which is a market-leading asset offering. It may disappoint equity traders, however, because it offers only a limited number of stocks.
Exness Account types
Exness’s website lists five account types under its contract description section, but its account page only provides four, and there is no ECN option. These account types include
- Standard trading account
- Raw spread trading account
- Zero account
- Pro trading account
A USD10 minimum deposit is required to open a Standard account, and its leverage limit is 1:2000. But with the other three accounts, the minimum deposit is USD200. For most traders, the Pro account is the best choice due to the flexible trading conditions it provides.
Now you may ask how you can open a live account at Exness. Here is a way to do so.
How to open a live trading account?
The forex market requires all forex brokers to conduct an ongoing Know Your Customer (KYC) process for their customers. The broker requires formal identification (passport or national ID) and evidence of residency (bank statement or utility bill).
Even though proving identity is not difficult, proving residence can be hard, especially since Post Office Boxes are often used as addresses in Kenya. Sadly, most brokerages, including Exness, will not accept a PO Box as proof of residence. The result is that many potential clients are left in a bind.
If you want to prove your address with Exness, you need a Kenya Power or water bill. Your physical address is sufficient proof of residency in the case of any other documents you submit when opening your account.
Bank transfer through Exness
Getting money out of your Exness account with a bank transfer is now easier than ever. In addition, Exness offers a no-commission deposit and withdrawal service.
You can withdraw funds from your trading account using your bank’s bank transfer if it is one of these banks:
- Commercial Bank of Kenya
- Bank of Baroda
- Standard Chartered Bank.
- National Bank of Kenya
- Stanbic Bank
- Kenya Commercial Bank
- Diamond Trust Bank
- NIC Bank
- Equity Bank
Exness doesn’t allow deposit and withdrawal in Kenyan Shilling (KES). However, you can fund your account by converting KES into USD.
The following is the information you need to know while transferring money in Exness through Kenyan
|Minimum deposit (with M-Pesa)||USD 10|
|Maximum deposit (With M-Pesa)||USD 2 700|
|Minimum withdrawal||USD 1|
|Maximum withdrawal||USD 1 000 via RAVE
USD 4 800 via Dusupay
|Deposit processing time (With M-Pesa)||Instant*|
|Withdrawal processing time||Up to 24 hours|
|Deposit and Withdrawal fee||Free|
What is the minimum deposit in Exness?
If you talk about the minimum deposit of a standard account in Exness, it requires a low minimum deposit of $10. Also, to open one of the major pro account strategies, Exness requires a minimum deposit which generally starts from $200. However, it is still one of the lowest minimum deposits Exness requires to open a pro account compared to other pro accounts available in the market.
How to deposit the minimum amount in Exness?
After registering on the website, the trader should log in to his personal area and follow the steps below. So, the following are the steps to deposit the minimum amount in Exness:
- You should ensure that your area is 100% verified by Exness. Also, provide your identification documents along with the verified residence documents. Once your account is verified, you will receive approval.
- After the verification has been completed, you can access the personal area. Then, click on the “deposit” option.
- When you click the option of deposit, the website will direct you to a new page where you should follow the given instructions by the website to deposit the minimum amount. So, the amount you deposit will act as your initial deposit.
Deposit with M-Pesa
Kenyans are advised to deposit using M-Pesa by following these steps.
- Click on M-Pesa in the Deposit section in Your Account.
- By clicking Next, you can select the trading account you wish to deposit into, which currency to deposit into, and how much to deposit.
- Click the Confirm Payment button to complete the transaction.
- You will be redirected to a page where you’ll have to enter the mobile phone number you used to sign up for M-Pesa and your country code (+254 if you’re in Kenya). Then, you can double-check your entry and click Submit.
- You will then be redirected to the Exness site to complete the depositing process, following the instructions on your phone all the way through.
Withdrawal with M-Pesa
You can withdraw funds from your trading account by following these steps:
- To withdraw funds from your trading account:
- In your area, click on M-Pesa under the Withdrawal section.
- To withdraw funds, choose the trading account from which the funds should be withdrawn and the currency in which the amount should be withdrawn. Then click Next.
- This screen displays a report on the transaction. If you have selected SMS or email security for your area, enter the verification code you received either by SMS or email. Once you have confirmed the withdrawal, click Finish.
- Enter your M-Pesa account and phone number after selecting MPESA from the drop-down menu. Ensure that you put the same phone number you used to deposit, or else the transfer will not go through.
Exness deposits and withdrawals using debit cards
Exness accepts the NCBA Loop debit card as a means of depositing and withdrawing funds. NCBA Loop cards are preferred since you can easily top them up with Mpesa and also withdraw money directly into your Mpesa account with no fees.
Exness trading accounts offer free debit card services for depositing and withdrawing money. You can get your funds in your account within seconds following the transaction. NCBA Loop card deposits and withdrawals via Exness typically reflect within one minute of the transaction.
Exness also offers the following deposit and withdrawal methods:
- AstroPay Card
- Skrill and Neteller e-wallets
- Cryptocurrencies (Bitcoin and Tether)
- Perfect money
Many traders interested in opening trading accounts may be attracted to the news that Exness offers real accounts. In general, Exness grants a welcome bonus to traders when they register for a real account. However, welcome bonuses usually represent a percentage of the net deposit.
Whereas, in a trading account, the net deposit is the difference between total deposits and withdrawals. Also, you should know that Exness does not provide any benefit and additional bonuses on a non-deposit bonus. All of the traders have to deposit a minimum deposit amount to start trading.
However, Exness is a well-known and profitable platform for traders to begin trading
Does Exness offer referral bonuses?
Exness does not offer referral bonuses to the existing and new traders. Therefore, an Exness trader will never get a referral bonus on the services and products. Usually, brokers offer referral bonuses to their traders to attract new traders and expand their user base.
In general, traders must meet certain requirements to qualify for this type of bonus. Moreover, users with demo accounts are not eligible for referral bonuses. To get this bonus, traders have to register themselves for a real account.
Traders can only utilise referral bonuses for a limited time. A trader can use this bonus if they notice a decrease in trading activity.
Referring friends to brokers will allow traders to earn some high rewards. When the referrals start trading, traders begin earning commissions. The broker offers a variety of commission plans so that you can find one that meets your needs.
Following are some basic requirements that need to be met:
- Referrals should use a specific referral link to sign up for a real account with the broker. In this way, the entire registration can be traced back to the referral.
- Referral bonuses are available only to traders who register for real accounts on the site. The demo account holders are not eligible for referral bonuses.
- A minimum deposit amount is required from the referral.
- It is required that referrals execute trades on their new accounts before receiving a bonus.
Does Exness offer a trading bonus to its new users?
Different bonuses are available to new clients at Exness. Traders need to open an account and select a deposit type to get a trading bonus. There are four kinds of accounts currently offered by the platform. Each account type has its distinctive features.
For the Forex market, CENT is the best choice. But, even so, for that just starting, mini is an excellent choice.
Exness trading spreads
The spreads for the three account types vary, with cent accounts being the most expensive. The cent account tends to have smaller deposits and smaller trades because traders tend to trade fewer lots. This kind of trading does not make brokers a great deal of money, increasing the spread on cent accounts.
Exness’ floats are largely floating/dynamic spreads, which always change based on the market’s volatility. Although it is found that the spreads are rarely wider than 1.5 pips on the major currency pairs, including EUR/USD, they could be lower or wide.
Average Standard Account Spreads on Majors
- EUR/USD: 1.1
- GBP/USD: 0.7
- USD/JPY: 1.0
- AUD/USD: 0.7
Exness has a great deal of leverage, which makes it one of its best features. For instance, a Standard account can have a leverage of 1:2000. However, as leverage can damage your status, if it is helpful in some ways, you should be cautious.
Exness trading platform
The Exness trading system is compatible with the well-known MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Macintosh, Linux, and the web. In addition, Exness offers the following features on its MT4 platforms.
- A total of 30 indicators are built into the device
- Order execution can be instant or market.
- MQL4-based automated trading
- Real-time updates are available.
On the Exness Trading Platform MetaTrader 5, users can access:
- You’ll find 38 built-in indicators and 22 analytical tools.
- A piece of news and an economic calendar integrated with fundamental analysis is available.
- Depending on your needs, you can choose between 21 different timeframes.
- Create automated systems by using MQL5.
- The Exness Web Terminal is also a web-based trading platform with limited capabilities but quick and easy functionality.
- You can test your strategy with an Exness demo account for free.
Exness has mobile trading apps for the Android and iOS systems that work with MT4 and MT5. Direct download is available from the broker’s website, My: Exness Personal Area, the Google Play Store, and the Apple App Store.
Exness for Beginners
In addition to the lack of a great deal of educational material for new traders, Exness offers a decent amount of market analysis. There’s a lot to learn in the education section, while market research and analysis have a good presentation but don’t offer anything remarkable. They offer excellent customer service, however.
Customer service of Exness
Exness informs users of its availability on its official website and through email or phone. Also, it provides its users with multilingual support. Its customer service support is available in Chinese, English, and Thai 24 hours a day, seven days a week.
Moreover, the Exness help centre provides the answer to frequently asked questions. However, Exness does not offer live chat. Also, most of the traders will not need much assistance.
Multilingual support of Exness
Exness is an international publication that represents the international market, so it is responsible for reaching all of its users around the globe. Furthermore, Exness can communicate in multiple languages that enable it to respond to the needs of its users and to broker communication barriers.
The goal of Exness is to serve all of its users worldwide equally. Also, it ensures that many of its clients feel more comfortable speaking in their native language. Furthermore, as they are multilingual, it can solve your problems and meet your needs quickly and efficiently.
Exness education and research
Exness provides its traders excellent in-house analysis, which is one of the broker’s strongest assets. Also, each week the weekly Forex data section provides detailed analysis of the important upcoming events and the trading ideas to its users. Moreover, including a well-described technical update on trades in the bi-weekly technical review adds value to the trading process.
The trading centre provides high-quality written content, charts, and web TV streams to support its in-house analysis. Also, there is a special educational section that is based on quality research. This educational section is divided into three parts, each with videos and written content that ends with a quiz.
Exness highlights the importance of education before trading that is a must-read for beginners. It provides education to beginners with well-explained educational videos and content in five languages. New traders can also get benefit from one-hour webinars. Overall, Exness offers a comprehensive education program.
Although there is some good content in Exness’ market analysis section, it isn’t as extensive as the education section. Instead, it presents its content primarily in the analysis blog, updated daily with various views on recent and upcoming macroeconomic events.
A standard economic calendar is included, but they also provide a daily video with a brief technical analysis of the upcoming market events. However, Trading Central offers this service more frequently, but it still proves useful for new traders.
With a live account at least worth $500 or the equivalent in another currency, Exness offers free virtual private server hosting. In addition, the remote terminal feature allows you to connect to their trading terminals from a remote location.
Affiliate program for Exness
Aside from the introducing broker program, Exness offers an affiliate program as well. If you refer a trader, you can earn an introductory broker revenue share of up to 40%.
Thinking of Trading with Exness?
Is Exness reliable?
With Exness, traders of all abilities can invest in global markets. In addition, investors can feel secure when investing capital in jurisdictions where regulation is present.
Does Exness offer different account types?
Exness offers a wide range of account options for traders of all experience levels and trading strategies. These are known as Standard Cents, ECN Accounts, and Zero Spread Accounts, respectively. Of course, every type of trading account has pros and cons, so know your needs before opening one.
Does Exness provide trading platforms?
MetaTrader 4 and MetaTrader 5 are the two trading platforms offered by Exness. There are advanced trading features and tools on both machines, including automated trading tools and customisable dashboards
Is Exness available in Kenya?
Yes! Exness is available in Kenya, and it is the most reputable broker in the country. This broker got its license from the Financial Services Authority (FSA) in the UK and Financial Sector Conduct Authority in South Africa.
They are popular in Kenya because of its regulation by the FSCA (South Africa) and the FSA (UK). In addition, the traders of Kenya believe in the trustworthiness of Exness due to its excellent customer support.
As an experienced operator working for 12 years, it is still restructuring its operations. Initially, it voluntarily ceased all retail activity in the United Kingdom and Cyprus. Brokers from this company discussed their business-to-business operations and reorganisation into FinTech companies, offering products and services to help other brokers operate.
Hence, all retail operations were transferred to Seychelles, where its Nymstar subsidiary welcomed clients worldwide with few restrictions. Kenyan Traders with a minimum deposit of $10 can participate. Trading with this broker is popular worldwide since it offers a leverage of 1:2000.
Traders looking for the best trading conditions should consider the Pro Account, with minimum commission-free spreads of 0.6 pips. In addition, investors of Kenya can use M-Pesa for the deposit and withdrawal process.
In addition to its excellent services, Exness also has some shortcomings. For example, an issue is present in the identification of Kenyan residents as most of them use PO box addresses for their identity.
Without third-party add-ons, they do not possess a strategic advantage. Research and education are a core competency of Exness, while VPS hosting in-house accommodates automated trading solutions.
Everyone must consider the pros and cons beforehand to determine whether Exness is the best fit for them or not.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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