Exness is one of the most important foreign exchange dealers in the world. They formed in 2008 and also have over 52,000 lively traders with $673. 6 billion usd month-to-month buying and selling extent in December 2020.
We’ve considered exness for detailed rules and conditions, trading account types, universal costs, bonuses, customer facilities, and packages, & many other elements.
So what are the factors that exness seems attractive to traders? Below is a comprehensive exness review about what are the pros of using this platform for South African traders.
- Protection of funds
Exness is an authorized and controlled foreign exchange broking firm with many regulators, and is also controlled by FSCA in South Africa. So it is true to consider that selling and buying (trading) by using an exness platform is totally secure in South Africa. Exness is under control and checked for its reliability and customer care by the following popular regulatory authorities:
- FSCA – FSCA is Financial Sector Conduct Authority and exness trade is synchronized with this authority for supplying by-product instruments. All this is performed under FSP-51024 & FSP Vlerizo (Pty) Limited.
- FCA – It is a monetary conduct authority and authorized as Exness trade (UK) Ltd for justifying financial transference utilizing permit number 730729.
- FSA – They utilize the organization name “Nymstar Limited” for this correspondence and got a permit nu. SD 025. They are managed as securities retailers by the Seychelles Financial Services Authority.
- CySEC – Exness additionally got a permit to trade and manage funds, from CySEC based in Cyprus with number 178/12. They are managed by CySEC since the year 2012.
Exness is currently directed with FSCA (South Africa). They are additionally directed with Tier-1 controller FCA in the United Kingdom.
Generally stating, Exness’ synchronization with FSCA, FCA is something worth being thankful for, as it means that the middle way i.e. exness broker is controlled with one of the world’s major administrative positions. We think of it as exceptionally protected to exchange with Exness.
- The fee
Exness’ exposure is extremely if we compare it with different platforms but still, it is considered useful for traders in South Africa because of a reasonable fee structure. Let us tell you the breakdown:
- Exness offers variable spread with all their accounts. They offer an amazingly low spread of 1 pip on normal for Euros & US Dollars. The spread is much lower with their Pro record. It is pretty much as low as 0 pips with Raw spread record, however, there are some exchanging charges with this record type.
Their spread overall is practically different from dealers who are offering standard account types. It is relatively lower than the spread presented by other top dealers in the trading market.
- Exness trade takes commission money for opening as well as closing with raw spread account. Furthermore, exness look for the trading density in the market to determine these charges. The good thing – there is no extra fee for opening or closing the pro account with exness brokers.
- They demand no additional fee for funds protection and account maintenance as compare to other brokers in the market.
- If a trader left any position empty and unattended for a whole night, then exness would charge that trader. The formula for estimating those charges is as follows:
[Stacks x Size of deal x Size of point x Long or short switch x Days]
Comparatively, Exness is extremely useful for South African traders as they have much fewer additional charges.
- ZAR account
Exness has a ZAR account which is the best alternative for South African traders. An account can be opened easily with ZAR but keep in mind that you will not be permitted to change this account afterward. Like, you will not be allowed to deposit any other currency in that account except ZAR.
Both the account types; Standard and the Pro at Exness can be opened with ZAR as your Account’s base money.
- Trading platforms
Exness supports 2 Meta traders; MT4 and MT5. MetaQuotes Software created both of them. MT (MetaTrader) is most likely the best space for trading for specialized brokers.
Exness’ MT4 can be downloaded from their site and its establishment requires few moments i.e. around 1-2 minutes.
- Additional factors to consider
- Several withdrawal and deposit preferences. (E-wallet/Bank transfer/Credit cards)
- They offer no bonuses to the traders in South Africa for now.
- Customer support options are also available. (Live chat/Email). They have no local landline number.
Recommendation
At the end of the exness review, we recommend Exness trade for brokers in South Africa.
Extremely low spread, FSCA managed, ZAR currency accounts, respectable client service, and multiple choices for payments are the positive components.
There is no fee for deposit and withdrawal payments which is highly beneficial for new traders living in South Africa.
On the drawback, there are no extra offers such as bonuses or deals from Exness brokers presently. Additionally, they don’t have a local landline number, and their email support isn’t awesome.
In general, we think Exness trade is well-controlled by high authorities of the world and managed actively.
