Comprehensive Broker Review dedicated to traders from Nigeria
Exness Broker Review Nigeria
Accepts Nigerian Clients
Who is Exness?
Exness is a forex and CFDs broker that has been serving traders since 2008. Today, Exness is one of the largest financial brokers in the world by trading volume. Luckily, Exness accepts Nigerian traders and even offers them superior spreads and high financial leverage of 1:unlimited.
The Exness minimum deposit is $10 which is equivalent to 7,775 NGN (Nigerian Naira). Exness supports the Nigerian Naira as one of the account base currencies.
Financial Sector Conduct Authority, based in South Africa, license no 51024.
Capital Markets Authority, based in Kenya, license number 162.
Cyprus Securities and Exchange Commission, based in Cyprus, license no 178/12.
Risk warning: Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
With Exness, Nigerian traders can access slightly over 200 different trading instruments from a variety of markets. These instruments include CFDs on:
- Forex – On this broker site, clients can trade over 100 different currency pairs. These include majors, minors, and exotics. Some of the major currency pairs for Nigerian traders to invest in include EURUSD, AUDUSD, USDCAD, GBPUSD, and NZDUSD.
- Stocks– Exness avails of various stocks of some of the biggest names in technology and industry. These include stocks on Google, Amazon, Tesla, Alibaba, and Intel.
- Energies– Under this asset class, investors can trade Crude Brent, Crude Oil, and Natural Gas.
- Metals – Exness also allows its clients to trade various precious metals including gold, silver, platinum, and palladium.
- Indices – With this broker site, traders get exposure to highly traded global indices including the US Tech 100, Dow Jones Industrial Average, the S&P, and many more.
- Cryptocurrencies – There are 27 different popular cryptocurrencies available to trade 24/7 on the Exness trading site. Some of the cryptos on this broker site include Bitcoin, Binance Coin, Dogecoin, Cardano, Aave, and more.
Available Deposit & Withdrawal Methods
A look at Exness supported deposit and withdrawal methods
Supported Platforms by Exness
Exness supports the following trading platforms
Trading platforms of the broker
Exness has four main trading platforms to choose from. These include MetaTrader 4, MetaTrader 5, Exness Terminal, and Exness Trade App. Here, clients choose the trading platform that best suits them and their needs. Notably, the two MetaTrader platforms are powerful and intuitive enough for both beginner and experienced traders. They are widely used for their robust functionality and customization features.
The Exness Terminal platform, on the other hand, is the in-house-built platform provided by the company itself. It does not need any downloading and provides the same core features and benefits as MT5.
On top of that, the company provides trading apps for mobile users, starting with its Exness Trade App. Nigerian traders have access to this application alongside MetaTrader mobile apps.
Further, the broker provides several trading tools to help clients in their trading journey. These include an economic calendar, currency converter, investment calculator, and Trading Central WebTV. The economic calendar and Trading Central WebTV give clients insights into upcoming and developing events to ensure traders make informed decisions.
A Review of Exness Trading Fees
On the Exness trading site, the fees that apply when trading depends on the account that a lenient is on. There are two main standard accounts and three different professional accounts. The Standard account and the StandardCent account both feature spreads when trading with no commission paid. The spreads on these accounts start from 0.3 pips for major currency pairs.
On the other hand, the three professional accounts all feature different spread structures. The Raw Spread account features the lowest spreads possible starting from 0.0 pips with a fixed commission of $3.5 per sie per lot. The Zero account has zero spreads (0.0 pips) on the top 30 instruments plus a commission from $0.2 per side per lot upwards. Finally, the Pro account comes with ultra-low spreads starting from as low as 0.1 pips with no commission paid.
On other asset classes, the spreads are as well low. On the commodity market, the spreads average 4.7 pips for the XAGUSD pair. For stocks, the spreads can start from as low as 0.1 pips with no commissions paid. Indices can see spreads averaging as low as 5.7 pips for the Germany 30 Index. Finally, cryptocurrencies have spreads averaging as low as 5.2 pips for the LINKUSD pair.
Swap fees are paid by clients who want to hold positions overnight. These fees are paid every day except on weekends. However, the company provides swap-free accounts for residents in countries where Islam is the predominant religion. Clients in Non-Islamic countries that practice Islam can also request a swap-free account which the company provides as an Extended Swap-free account. Nigerian traders can have a muslim swap-free accounts.
Exness Educational Resources
A broker that provides an education section shows its commitment to supporting the success of its clients. Such a resource is important for beginner traders who are just learning the ropes. However, it can also be useful for experienced traders who want to increase their knowledge and expertise. Luckily, Exness serves both of these kinds of traders with a rich collection of training materials.
The Academy section on Exness has a plethora of lessons for both beginners and intermediate traders.
The lessons range from basics such as how trading works, to more advanced lessons on technical analysis. Additionally, the company provides a collection of training videos covering topics like margin, leverage, swaps, and more.
Finally, there is a number of articles that cover a variety of topics including trading strategies, diversification, and fundamental analysis. If all these do not provide the client with the information they are looking for, they can go to the help section which has a few short articles on different topics.
Did you know?
Exness crossed this year the $3 trillion monthly trading volume mark, making it one of the world’s largest brokers.
Exness Customer Support
Any company that handles people’s money should have reliable customer support in case a client has an issue. In such a case, customer support is not a privilege, but rather a necessity. With Exness, clients have 24/7 access to the live chat function which can be a valuable resource to clients looking for a quick resolution.
If the matter is more urgent or complex, clients can email the support team of Exness via their official email email@example.com.
Better yet, traders can also call the company directly on their line +35725030959. While there is no local line for Nigerian traders, this number is still available for traders who are willing to pay the call rates.
Finally, this broker has a strong social media presence where clients can receive updates and contact the support team. The company has accounts on Instagram, Twitter, Facebook, LinkedIn, and even YouTube. Customers can take advantage of this and message the company on these various channels, but more official ways such as the live chat or email are recommended
Exness VPS Hosting and Trading Strategies Allowed
VPS stands for Virtual Private Server. This is software that helps computer systems run at optimal performance without much downtime. They do this by dividing the physical servers into multiple virtual servers that are cloud-based which serve clients in case the physical servers go down.
Exness offers free VPS Servers at the request of traders who deposit at least $500. Incidentally, these private servers that Exness provides have faster execution times as they are located in the same data centre as trading servers. As such, they are faster than when a trader uses their own internet servers. This means that price updates and market developments stream in faster for traders using the VPS.
On top of that, Exness supports EAs and a variety of trading strategies. With EAs, it means traders can deploy automated strategies that can run 24 hours. This is a great option for traders who lack the time to keep checking the markets for trading opportunities.
EAs Allowed – Yes
Scalping Allowed – Yes
Hedging Allowed – Yes
Did you know?
Exness is regulated in 8 countries including the FSCA in South Africa or the FCA in the UK
and maintains local offices in 6 countries (South Africa, Kenya, Cyprus, the UK, Curaçao, and the Seychelles)
Exness Leverage Review
Exness avails its traders one of the highest financial leverage in the market. With this broker site, clients can access leverage of up to 1:unlimited. However, as such high leverage presents a lot of risks, it is not available by default and is more suitable for experienced traders looking to control large positions. Exness has in place conditions to limit exposure of such high leverage to beginner traders while still accommodating experienced traders. The conditions in place include:
- The trading account must have equity of less than $1,000.
- The trader must close at least 10 orders (excluding pending orders) with a minimum of 5 lots (500 cent lots) across all real trading accounts in their personal area.
If a trader does not meet these conditions, then they will not have access to unlimited leverage. To start with, traders receive a default maximum leverage of 1:400 for forex. The default maximum leverage on the broker site is as follows for the different asset groups:
Expert’s critical opinion
from the author of this Exness Review
Exness is globally recognized as one of the best forex and CFDs brokers in existence. It is a great option for Nigerian traders who want to invest in a variety of market instruments as it features various markets on its trading site. With slightly over 200 trading instruments, Exness is a trading site where clients can diversify their portfolios.
The Securities and Exchange Commission of Nigeria together with the Central Bank of Nigeria have the mandate to set standards, laws and framework for forex trading in Nigeria. However, there are currently no brokers under the regulation of the Nigerian SEC or the CBN. As such, it is only fair to consider a company’s overall regulations in other jurisdictions. For Nigerian traders, it is advisable to choose a broker regulated by the FSCA or the CMA alongside other top-tier regulators from around the world.
Luckily, Exness is regulated by two organizations in Africa plus other top-tier regulators from around the world. Specifically, the company is supervised and licensed by the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus.
To determine the strength and quality of services offered by Exness, we will compare it to other key forex brokers in the Nigerian market. For this review, we are pinning Exness against FP Markets and XM. Among these three, XM has the lowest minimum deposit requirement at $5, followed by Exness at $10. FP Markets has a higher minimum deposit requirement of 100 AUD. Exness does not have a high minimum deposit requirement and most traders from Nigeria would afford to invest with this broker.
Regarding the trading platforms offered by the brokers, all three match up great. Exness offers three main trading platforms plus mobile trading apps. On the other hand, FP Markets offers four trading platforms alongside trading apps while XM offers two main platforms plus mobile trading apps. Either way, all three brokers offer both MT4 and MT5, two of the most popular and powerful trading platforms.
Finally, let’s look at the spreads. In this category, Exness has the edge. The spreads on its standard account start from as low as 0.3 pips with no commissions paid. In comparison, the spreads start at 1.0 pips on both FP Markets and XM. On top of that, Exness offers a Raw spread account with spreads from as low as 0.0 pips plus a small commission of $3.5 per sie per lot. Granted, FP Markets also offers a Raw account with spreads from 0.0 pips plus a commission of $3 per side per lot.
Peter Cook Ndungo
Editor, Senior Broker Analyst