Exness Review 2024

Rating 8.2/10

Max. Leverage

1:400

for Forex

Minimum Deposit

$10

EUR/USD Spread

1 pip

Benchmark

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Exness is a Forex and CFD broker offering CFDs on forex, precious metals, energies, indices, stocks and cryptocurrencies for both individual and institutional traders.

Exness was founded in 2008 and regulated in Kenya and have a local branch office in Nairobi. As a regulated Forex broker, Exness is authorised by Multiple Top-Tier Financial Regulators to provide services for trading Forex & CFDs on financial instruments. Their website provides access to real-time charts for all instruments.

In this Exness Kenya review, we have looked at what you should know about Exness account types, platforms, deposit and withdrawal, customer service, execution policies, and regulations.

Exness is considered a safe broker in Kenya. This is because this broker is regulated by the Capital Market Authority of Kenya, and is also regulated by other top tier regulatory bodies in other jurisdictions.

Here are the regulation of Exness:

1) Capital Markets Authority (CMA), Kenya: Exness is licensed under by CMA as Tadenex Limited with the license number 162 as a non-dealing online foreign exchange broker.

2) Financial Conduct Authority (FCA), United Kingdom: Exness is licensed by FCA, a Tier 1 regulator, in the United Kingdom of Great Britain (UK) as Exness (UK) Ltd, which is registered as an Investment firm with Financial Services Register number 730729. The Exness UK website is www.exness.uk.

3) Cyprus Securities and Exchange Commission (CySEC): Exness is authorised by CySEC, a Tier 2 regulator, in Cyprus as an Investment Firm with license number 178/12. Registered as Exness (Cy) Ltd, and their website of operations is www.exness.eu.

4) Financial Services Commission (FSC), Mauritius: Exness is regulated by FSC in Mauritius as Exness (MU) Ltd, an investment dealer.

Exness Investor Protection

Exness leverage depends on the instrument you are trading the trade size. The maximum leverage on Exness Kenya is 1:400. This means that you can open a trade position worth 400 times or more than your deposit.

For example, with a deposit of Ksh1,000, you can open a trade position worth Ksh400,000. Depending on your risk appetite and the amount of leverage you want to use, higher leverage means that the chances of loss are higher too.

However, some instruments have preset leverage, which is fixed and you cannot change it. The maximum leverage of 1:400 applies to forex majors, other instruments have lower leverage limits.

Note: All instruments on Exness trade at a maximum leverage of 1:200 during weekends and holidays.

Exness trading account types are categorised into 2; Standard and Professional Accounts, accessible with the MT4, MT5, and Exness Trader trading applications.

Your account type on Exness determines the tradeable instruments available to you and the fees you will pay. Both the Standard and Professional Accounts have sub-categories of accounts. Details of the different account types offered by Exness are described below:

Exness Standard Accounts

Exness offers 2 Standard Account types, the Standard Account and Standard Cent account.

1) Standard Account: This account type is designed for all types of traders, and the tradeable instruments on Standard Accounts are Forex, metals, energies, stocks, indices, and cryptocurrencies, accessible on the MT5 platform.

There are no commission charges with this account, spreads start at 1 pip for majors like EURUSD, and you pay swap fees whenever you keep a trade position open past the market closing time.

You can trade maximum leverage of 1:400, a maximum lot size of 200 and a minimum lot size of 0.01. The minimum deposit on this type of account is $10.

This account has negative balance protection which means you cannot lose more than the money deposited. If you suffer a loss on a trade position and your account balance goes negative, the negative balance will be reset to zero.

2) Standard Cent Account: The Exness Standard Cent Account is a subcategory of the Exness Standard Account, designed to suit new traders. This account allows you to trade only Forex and metals and is accessible only on the MT4 platform.

Standard Cent Account is also commission-free, spreads start at 1 pip for majors like EURUSD, and you pay swap fees if your open trade rolls over to the next trading day before you close it.

The account has maximum leverage of 1:400. The minimum trade lot size is 0.01 and the maximum is 200 with 1,000 maximum open orders.

The required minimum deposit is $10 and the account also has negative balance protection.

Exness Professional Accounts

The Exness Professional Accounts are designed for experienced traders, this account type has 3 subcategories. The features of Exness Professional Account types are shown below:

3) Raw Spread Account: The Exness Raw Spread Account can be accessed on all trading platforms. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

Spreads start at 0.0, and commission charges are about $3.5 per side lot (which makes it $7 for a round turn) for major pairs like EURUSD. You also pay swap fees for overnight positions.

The account features maximum leverage of 1:400, and an unlimited number of open positions, with minimum and maximum lot sizes of 0.01 and 200 respectively and requires a minimum deposit of $500.

This account also has negative balance protection on Exness.

4) Zero Account: The Exness Zero Account can be accessed on all trading platforms and features zero spreads for the 30 major instruments. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

Commission charges on Exness Zero Account are from $0.2 per side lot and up to $3.5 per side ($7 per round turn) for major pairs like EURUSD. Spreads start from 0.0 pips, and you pay swap fees for keeping a position open past the market closing time.

The maximum leverage on this account is 1:400 and no limit to the number of open orders. You need to trade a minimum lot size of 0.01 lot and a maximum of 200, with a minimum deposit of $500 and you have negative balance protection as well.

5) Pro Account: The Exness Pro Account can also be accessed on all trading platforms. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

This is a spreads-only account, with no commission charges for opening or closing trade positions. Spreads start from 0.1 pips for major and you will be charged overnight funding costs if you keep a trade position open overnight into a new trading day.

The maximum lot size is 200 with a minimum of 0.1, with maximum leverage of 1:400 and a required minimum deposit from traders of $500.

This account offers unlimited open positions and negative balance protection.

Exness Social Trading Accounts

Exness supports two social trading accounts. Thus trading account is useful if you want to share your trading strategies on Exness social trading app.

6) Social Standard Account: This account has a $500 minimum deposit with spreads beginning from 1 pip. Forex, metals, and cryptocurrencies are the instruments offered.

7) Social Pro Account: The Social Pro Account has the same conditions as the Social Standard. However, the minimum deposit is higher at $2000 with spreads starting from 0.6 pips.

Exness charge no commission on their social trading accounts

Exness Portfolio Management Accounts

Exness has a portfolio management feature. You can use either of the two accounts below to manage the funds in this feature.

8) Social Pro Account: You need $500 to open this account. The spreads begin from 0.6 pips with no commission charged. Forex metals, and cryptos are the only CFDs available.

9) Pro Account: The Pro account for portfolio managers have no minimum deposit. Spreads are lower, beginning from 0.4 pips and zero commission. The CFDs market is deeper with forex, metals, cryptoсurrencies, energies, stocks, and indices on offer.

Note: Though Exness offers Social and Portfolio Management Accounts, these accounts are not available in Kenya at the time of this writing. You cannot open them in Kenya.

10) Swap-free Account: Exness offers Interest-free Islamic Accounts to Muslim traders for all account types. With this account, you do not pay any swap fees for keeping a trade position open overnight.

If you want a swap-free Islamic Account on Exness, first open a standard or professional account, then contact customer support to change the status of your account to Islamic Account.

Note that for countries that have Islam as the predominant religion, swap-free status is applied automatically.

Exness Base Account Currency

Exness supports many base account currencies, depending on the account type. The Standard Cent account has the lowest number of supported currencies.

Exness has KES (Kenyan Shilling) as account base currency for all account types except the Standard Cent Account. Kenyan traders can open Exness KES accounts, make deposits in KES, and withdraw in KES to their Kenyan bank cards or MPesa.

It is important to note that when you first open an Exness account, you are assigned a general account that has United States Dollar (USD) as base account currency, you will have to click on ‘Create New Account’ on your dashboard, to open a specific type of standard or Professional Account, and then select KES as your base currency. See a screenshot of this below:

Fees on Exness depend on the account type, although there are some general fee rules. Details of the trading and non-trading of Exness are shown below:

Trading fees

1) Spreads: Typical spread starts from 0.0 pips for the Professional Account types and 0.3 for the Standard Account types. The typical average spread for majors like EURUSD on the Standard Account is 1 pip. Note that the spreads on Exness are dependent on the account type of the trader and the instrument you are trading.

Find the average spreads for majors on Exness on the table below:

2) Commission fees: Most account types on Exness charge no commission on trades. Only the Professional Account (Raw Spread and Zero) have commission charges starting from $0.2 and up to $3.50 for each side lot for major pairs like EURUSD, which makes it $0.4 to $7 for a round turn. Other pairs have higher commissions on the Zero Account while Raw Spread has a fixed commission per side lot of $3.50.

Commission fees are charged whenever you open and close a trade position with the Raw Spread and Zero Accounts.

Exness Trading fees Table

Here is a summary of the average fees Exness charges on some instruments:

Minimum Deposit

$10

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