Exness Nigeria Review 2022
Exness is our #3 ranked forex and CFD broker in Nigeria. We liked the low spreads, lowest minimum deposit of 1$, and availability of large number of trading instruments. Read our honest review with all the pros and cons before trading at Exness in Nigeria
Exness is a market maker forex and CFD broker that was launched in 2008. It is regulated by FCA & CySEC and offers a large number of currency pairs and CFDs on various instruments.
We liked the low spreads on major currency pairs, low minimum deposit, variety of trading instruments, and various other pros of trading at Exness for Nigerian traders. Although, the unavailability of a local office in Nigeria and local bank transfer can be an obstacle for many traders in Nigeria.
Read our honest review of Exness Nigeria which includes various pros and cons for Nigerian forex and CFD traders.
Exness Nigeria Pros
- Exness is regulated by top tier FCA and CySEC, hence considered safe.
- The minimum deposit is as low as 1$ which is the lowest in Nigeria.
- It is one of the oldest forex and CFD brokers in Nigeria.
- It offers the highest number of currency pairs (107) in Nigeria.
- The spreads are comparatively lower than a majority of other reputed brokers operating in Nigeria.
- The maximum leverage is as high as 1:2000.
- Exness supports Naira trading account with NGN as the base currency.
- Exness accepts deposit and withdrawal through local banks transfer in Nigeria
Hotforex Nigeria Cons
- Exness does not have a local office in Nigeria.
- Exness does not have a local phone number in Nigeria for customer support.
- There is no bonus offer available.
Exness Nigeria – A quick look
|👌 Our verdict on Exness||#3 Forex Broker in Nigeria|
|🏦 Broker Name||Exness Nigeria|
|💵 Typical EURUSD Spread||1 pips (with Standard MT4 Account)|
|📅 Year Founded||2008|
|💰 Exness Minimum Deposit||$1|
|⚙️ Maximum Leverage||1:2000|
|⚖️ Exness Regulation||FCA, CySEC, FSA|
|🛍️ Trading Instruments||107 currency pairs, 60+ CFDs on Indices, Cryptos, Metals, etc|
|📱 Trading Platforms||MT4 & MT5 for desktop, web & mobile|
Is Exness Safe?
Exness is regulated by 3 Top Tier regulatory authorities out of which one (FCA) is a Tier-1 regulator. The broker has been providing forex and CFD trading services since 2008 and is among the largest brokers in world in terms of trading volume.
Exness is regulated by the following regulatory authorities:
- Financial Conduct Authority (UK)
Exness forex and CFD broker is regulated by the FCA (UK) with the name of Exness (UK) as an investment firm under license number 730729. The FCA is a top-tier regulatory authority based in the jurisdiction of the United Kingdom. Nigerian clients are not registered under FCA regulatory compliance.
- Cyprus Securities and Exchange Commission (Cyprus)
Exness is regulated by CySEC (Cyprus) with the name of Exness (Cy) as an investment firm under license number 178/12. CySEC regulation allows financial services providers to operate their business in the European Union.
- Financial Services Authority (Seychelles)
Exness is regulated by FSA (Seychelles) with the name of Nymstar Limited as a securities dealer under the license number SD025. The registered office of Nymstar Limited is at F20, 1st floor, Eden Plaza, Eden Island, Seychelles. Nigerian clients are registered under FSA regulation. The FSA regulatory compliance guidelines are lenient compared to FCA or FSCA.
We found Exness to be quite transparent with the financial statement as they publish their financial report each year on their official website. The financial statements are audited by Deloitte, which is a reputed global auditing firm.
But, Exness does not have a local office in Nigeria. It does not have a parent banking firm and is not listed on any stock exchange which limits us to give five-star ratings in terms of safety.
Compared to other forex and CFD brokers operating in Nigeria, we found Exness to be safe for the traders. It is regulated by multiple regulatory authorities and is transparent with the financial statements and balance sheets.
The fee structure is a bit complex at Exness as they provide 5 different account types and the fee pattern differs for each account type. Out of the five, 4 account types can be opened with Naira (NGN) as the base currency. To provide a better perspective of the fees to traders in Nigeria we compared the trading and non-trading fees for each account type.
The trading fees at Exness involve the spreads and commissions for executing a trade. The spreads for the standard account type, which is a commission-free account, start from 0.3 pips per lot. The most attractive account type is the pro account at which the spreads are as low as 0.1 pips per lot. The spreads for standard, standard cent, and pro account types are variable while the raw spread and zero account types offer fixed spreads.
We checked the spreads for EUR/USD as a benchmark and found it to be 1 pips per lot for the standard account and 0.6 pips per lot for the pro account type. Both the account types do not charge any commission or hidden charges from traders. Following is the comparison table that differentiated between the spreads incurred at Exness with different account types for major trading instruments.
|Trading Instrument||Standard||Standard Cent||Raw Spread||Zero||Pro|
|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|
The commission-based ‘Raw Spread’ and ‘Zero’ account types do not involve any spread for the EUR/USD currency pair. Although, a commission of 3.5$ is charged per lot for each executed order. The zero account type does not involve spreads for any currency pair while the raw spread account may charge a small spread for some of the currency pairs.
Swap Fees: The swap fees or overnight charges are incurred to traders for every position that is kept open overnight. The swap rates for each instrument are different and must be checked before keeping any position open for the next trading session. The cost on every opened position will keep increasing by swap rate for every night.
The average swap rate at XM for EUR/USD as a benchmark is -0.3821 and 0.1167 for long and short positions respectively. If we compare these swap rates with those of other regulated brokers in Nigeria, the swap fees at Exness are lower than average.
Non Trading Fees
Non-trading fees include all the charges incurred to the trader without executing any trades. The Non-trading fees at Exness are comparatively lower than most of the regulated brokers in Nigeria.
Exness does not charge any deposit or withdrawal fees from the Nigerian traders for most of the methods. However, some of the third-party payment gateways like Bitcoin, Neteller, Skrill, etc may charge additionally from the traders for each transaction.
The account opening is free and unlike many forex and CFD brokers in Nigeria, Exness does not charge any inactivity fees from the traders.
Overall, we liked the low trading as well as non-trading fees at Exness. As a market maker broker, it makes a profit on the losses of traders, and hence, the fees are fairly low. Compared to its peers in Nigeria, we found the fees at Exness to be much lower than a majority of the brokers.
Exness Trading Platform
Exness supports the most widely used MetaTrader 4 and MetaTrader 5 trading platforms for various devices. It supports the web, PC, tablet, and mobile trading with multiple features to enhance the trading experience.
The trading platform is user-friendly and supports various features for charting and analysis purposes. We found no issues related to the trading platform in Mac OS, Linux, Windows, iOS, and Android devices.
Exness Customer Support
The customer support service is impressive, with the live chat and email support at Exness. It does not have a local phone number in Nigeria although, traders can connect with their international helpline number. We tried reaching out to Exness with all the three available methods.
- Live chat: We tried to connect with the support executives at three different times of a day through live chat at their official website. We faced a slight delay of 5-7 minutes once during connecting, but the executives were helpful, resourceful, and user-friendly every time we raised a query. The live chat support at Exness is available 24/7 which means it is also available on the weekends.
It provides an automated menu initially which includes all the commonly asked queries. At the end of the menu, there is an option to connect live with customer support executives.
- Email Support: Traders can also raise their queries through email at [email protected] any time of the day. They usually revert within 1-3 hours with a helpful and relevant solution.
- No Nigerian Phone Number: Exness does not provide a local Nigerian phone number for customer support but they have an international helpline number. The phone support is available 24/7 in 15 different languages.
We found the customer support staff to be helpful as all our queries were answered with relevant replies. The unavailability of local Nigerian helpline phone number is a major drawdown for Nigerian traders but the customer support is still better than many of the regulated forex brokers in Nigeria.
Exness Account Types
Exness allows traders to choose from 5 different account types as mentioned on their website. However, we found that the standard and standard cent account types are nearly identical and the only difference is of the lot size. Below is the description of all the available account types at Exness.
- Standard Account: The standard account at Exness is the most popular trading account as it can be opened with a minimum deposit of 1$. All the available instruments at Exness are available with the standard account and the spreads start from 0.3 pips per lot. It is a variable spread account with no commission involved. The average typical spread for EUR/USD with the standard account is 1 pips per lot. Traders can trade with a minimum lot size of 0.01.
- Standard Cent Account: This account type has similar fees and features to the standard account. The only extra feature is the availability of micro-lots as it is designed for beginners and newcomers in forex trading.
- Pro Account: It is the most attractive account type at Exness in terms of spreads although it requires a minimum deposit of 500$. The spreads are low for all the available instruments at Exness with no commission involved. The spreads start from 0.1 pips per lot while the average typical spread for EUR/USD is 0.6 pips per lot. Due to the higher minimum deposit, it is ideal for high volume and experienced traders.
- Raw Spread Account: This is a commission-based account type that charges a very low spread. The minimum deposit for this account type is 500$ but the spreads start from as low as 0 pips. The spreads for various major currency pairs and CFDs including EUR/USD was found to be 0 pips. A commission of 3.5$ is charged for each executed order.
- Zero Account: As per the name, it is a zero spread account type at Exness which requires a minimum deposit of 500$ for account opening. This account type allows traders to trade with 30 instruments with 0 spread. A commission of 3.5$ is charged for each executed order.
Traders in Nigeria must note that all the available account types at Exness can be opened with Naira (NGN) as the base currency. Each account type allows maximum leverage of 1:2000 and gives access to all the available trading instruments. Each of the account types can also be converted into an Islamic or swap-free account if the trader wants it.
Exness also offers a demo trading account to allow traders to gain some experience and test their strategies with virtual currency before making actual trades. The account opening process is simple and can be completed within a few minutes. The KYC process takes less than 24 hours on working days. Clients need to submit their name and address proof along with their basic details.
We liked the variation in the account types offered, low spreads, and the low minimum deposit for the standard and standard cent account types. Exness provides a suitable account type to each type of trader which is the reason we gave it a five-star rating in terms of account types.
Exness Research and Education
We could not find useful research and education tools at Exness. There are no additional tools that can assist the technical or fundamental analysis of the traders.
The financial calendar has details of the upcoming events and affairs that can impact the prices of currency pairs and CFDs. It provides details of upcoming interest rate change decisions, GDP declaration, NFP numbers, etc.
Exness grants access to the video stream of global financial news that is provided by Trading Central. It is a third-party financial investment research provider that includes news of every financial capital market globally. The videos are uploaded at regular intervals and can allow the traders to get market insight.
For Education, there are no specific tools that can enhance the trading strategies of the clients. However, most of the details required for learning to trade are provided under the Help Center which is similar to FAQ. The help center covers comprehensive details and step by step guide of account opening, personal area, trading platform, and common queries of the traders. We could not find any educational or learning videos to assist the traders in forex and CFD trading.
Exness Trading Instruments
Wider variety in the availability of trading instruments gives more opportunities for traders to make profits. Exness offers a wide variety of major, minor, and exotic currency pairs. A total of 107 currency pairs are available at Exness which is very high compared to other forex brokers available in Nigeria.
Apart from currency pairs, Exness also allows CFD trading on 40 stocks and indices, 7 cryptocurrencies, and 12 metals and energies.
Those traders who only trade with forex currency pairs find Exness to be quite fascinating as it offers a significant number of currency pairs. The number of CFDs on stocks, indices, energies, and metals is decent when compared to other regulated brokers in Nigeria.
Exness Deposits and Withdrawals
Exness does not charge any fees on deposits and withdrawals for most of the methods however some of the third-party methods may incur additional charges on transactions.
The minimum deposit at Exness is $1 for various methods which is the lowest among all the available forex and CFD brokers in Nigeria.
Exness Deposit Methods
Traders in Nigeria can deposit at Exness with multiple methods. The minimum deposit amount, time taken to process, as well as additional charges, can be different for each method.
Offline Local Bank Transfer: Nigerian traders can fund their accounts with local bank deposits offline. The minimum amount for this method is 10$ and the amount is reflected in the account balance within 48 hours.
Online Bank Transfer, Credit/Debit Cards: Online deposits can also be made from local bank accounts in Nigeria or with credit/debit cards. This is a much quicker alternative as the payment gets processed within 3 hours. There is no lower cap on the amount for this deposit method.
E-wallets: Skrill, Webmoney, SticPay, and a few other E-wallets can also be used to deposit at Exness. This might incur additional commission from the third-party E-wallets which may not be covered by Exness. The payment processing is instant and the lower limit on deposit is 10$.
Bitcoin: Deposits can also be made through Bitcoin cryptocurrency. The payment is processed within 3 days and the minimum deposit requirement is 10$.
Local bank transfer is the best alternative for traders in Nigeria. It must be noted that the Professional account requires a minimum deposit of 200$ for every deposit method. There is no lower limit for the deposit on a Standard account.
Exness Withdrawal Methods
All the methods available for deposits are also available for withdrawal. The withdrawals can only be done with the same method used for depositing. Traders can withdraw any amount of more than 1$ available under the free margin section in the personal area.
If you deposit 100% amount through a local bank transfer, it can only be withdrawn with the same method. If you deposit 60% amount through Skrill and 40% through Bitcoin then only 60% can be withdrawn through Skrill. The other 40% can be withdrawn through Bitcoin.
Compared to other regulated forex brokers in Nigeria, we found Exness to be quite convenient as the lower cap on deposit amount is much lower. The availability of local bank transfers with no additional commission makes it much comfortable for Nigerian traders.
At the time of this review, we couldn’t find any bonus offering at Exness. We also enquired from their customer support staff regarding the same.
Do we Recommend Exness?
Yes, we do recommend Exness to traders who wish to trade forex and CFDs from a regulated broker at low spreads with a low minimum deposit.
It offers a significant number of currency pairs and has different account types suitable for every type of trader. The customer support is user-friendly and helpful but a local Nigerian phone number is not available.
Traders in Nigeria can have a trading account with Naira (NGN) or any other currency as a base currency. Compared to all the regulated forex and CFD brokers in Nigeria, we found several advantages of choosing Exness over others.
Frequently asked questions: Exness Nigeria
Is Exness regulated in Nigeria?
Exness is regulated by top-tier FSCA (South Africa) and CySEC (Cyprus). Forex trading is not yet regulated in Nigeria but choosing a foreign regulated forex broker is safe and legal in Nigeria.
What is the minimum deposit/withdrawal at Exness Nigeria?
The minimum deposit and withdrawal requirement at Exness depends on the method of deposit. For internal bank transfers, the minimum deposit is 1$ with instant execution. For most of the other methods like online bank transfer, e-wallets, cryptocurrencies, the minimum deposit limit is 10$.
Is Exness good for beginners?
Exness allows forex trading with low spreads and very low minimum deposit requirement and can be a good choice for those seeking to learn forex trading with smaller amounts. However, the educational tools are limited and the maximum leverage is very high making it risky for beginners.