Trading foreign exchange (forex) has become a popular investment option for Kenyans in recent years. With many international brokers now accessible online, choosing a suitable platform can be challenging.
In this review, we’ll cover everything you need to know about Exness as a forex and CFD trading broker for the Kenya market.
Introduction to Exness
Founded in 2008, Exness is an online broker providing access to over 250 trading instruments across forex, commodities, indices, shares, and cryptocurrencies.
Headquartered in Cyprus, Exness is regulated by the Cyprus Securities and Exchange Commission (CySEC) and authorized by financial authorities in the UK, EU, and Australia among others.
With over 330,000 active traders worldwide and average monthly trade volume exceeding US$1 trillion, Exness is one of the largest brokers globally. Their services are available in over 120 countries.
Let’s examine Exness’s trading platforms, conditions, fees, and more to see if they are a good choice for Kenyan traders.
Trading Platforms Offered by Exness
Exness offers the popular MetaTrader 4 and MetaTrader 5 trading platforms developed by MetaQuotes.
MetaTrader 4 (MT4)
- Industry standard platform used by millions of traders worldwide.
- Advanced charting capabilities, technical indicators, trading robots.
- Customizable layout and optimized performance.
- Available as desktop, web, and mobile app versions.
MetaTrader 5 (MT5)
- Successor to MT4 with additional features.
- Supports wider range of financial markets including equities and futures.
- Advanced pending orders, depth of market, technical analysis tools.
- Available as desktop, web, and mobile apps.
For beginners, Exness provides a free demo account with virtual funds to try out the platforms risk-free.
Exness Account Types
Exness offers 3 main account types suitable for different trader requirements:
Standard Account
- Minimum deposit of $100.
- Spreads from 0.3 pips on major forex pairs.
- Average execution speed of 0.5 seconds.
- Leverage up to 1:30.
- 24/5 customer support.
Pro Account
- Minimum deposit $500.
- Lower spreads from 0 pips on selected pairs.
- Increased 1:500 leverage.
- STP/ECN execution model.
- Faster execution down to 0.1 sec.
Zero Account
- Minimum deposit $200.
- Raw spread accounts available.
- Minimum spreads down to 0 pips.
- Commission per trade applies instead of spread markups.
- STP/ECN execution with high liquidity.
Islamic Accounts
Exness offers swap-free Islamic accounts compliant with Sharia law. This removes overnight interest applicable on positions held open after market close.
Exness Forex Spreads and Conditions
Exness offers competitive variable and fixed spreads depending on account type chosen. During active trading hours spreads can be as low as:
Average spreads are slightly higher but very competitive compared to other regulated brokers.
Tradable assets include 60+ forex pairs, commodities, global shares, equity indices, and cryptocurrency CFDs.
For larger traders, Exness provides dedicated account managers and bespoke services like API connections.
Exness Leverage Options
Exness provides leverage up to 1:∞ with the maximum set based on your deposit, equity, instrument and knowledge. For example:
- 1:500 for forex on a Standard account.
- 1:100 for cryptocurrency CFDs.
- 1:20 for shares trading.
Higher leverage enables opening larger positions with less upfront capital but also increases risk of losses. Beginners should use more moderate leverage of 1:30 or lower based on their risk appetite.
Exness has negative balance protection across account types so you cannot lose more than your investment. Margin closeout occurs when equity falls below 50% of used margin to reduce risk.
Exness Fees and Commissions
The main costs when trading with Exness are spreads and commissions if applicable. There are no deposit, withdrawal, account maintenance or inactivity fees.
For Standard and Pro accounts, the all-inclusive spread is the only cost. For Zero accounts, a small commission per trade applies based on volume alongside very low spreads.
Typical Exness commissions:
- $3.5 per lot traded for forex on Zero account.
- 0.012% of trade amount for metals, energies, stocks.
Swaps or overnight interest fees apply for holding positions open after market close but are not charged on Islamic accounts.
Overall Exness offers low trading costs suitable for high volume traders. No hidden fees.
Exness Funding and Withdrawals
Exness offers multiple convenient funding methods for Kenyan clients:
- Debit/Credit Cards – Visa, Mastercard deposits processed quickly. 2.6% fee applies.
- M-Pesa – Fast low-cost deposits via M-Pesa.
- Bank Transfer – Local bank transfers via KCB, Equity, Co-op, Standard Chartered.
- Online E-Wallets – Skrill, Neteller, Webmoney, Perfect Money etc supported.
- Bitcoin – Instant BTC deposits.
- 0 pips on EUR/USD for Pro and Zero accounts
- 0.1 pips on EUR/USD for Standard accounts
- 0.3 pips on GBP/USD
- 0.01 pips on Gold
- 0.4 pips on Oil
Minimal fees or charges apply for most payment methods. No deposit processing times as funds reflected instantly.
Withdrawals can be made back to the same method. Processing is fast within 1 day. No withdrawal fees.
Exness Trading Resources
Exness provides market news, analysis, and learning resources for traders:
- TradingView charts – Advanced web-based charting with 100+ indicators.
- Market insights – Daily updates and forecasts by market experts.
- Trading webinars – Frequent webinars to learn new skills.
- Video tutorials – Guides for platform navigation and trading basics.
- E-book library – 15+ books and guides on trading related topics.
- Glossary – Forex and CFD trading terms explained.
- FAQ section – Common questions answered.
- Exness Academy – Structured online courses for beginner to advanced traders. Certificates awarded.
The resources help traders understand markets and enhance their trading strategy.
Exness Customer Service and Support
Exness aims to provide support 24 hours 5 days a week via:
- 24/5 Live Chat – Quick responses directly on Exness website.
- Email – Typically replies within 1 business day: [email protected]
- WhatsApp – Active Exness support on+254-203-892208.
- Telegram – Dedicated support bot.
- Call center – Toll-free phone support in 12 languages.
Exness also provides an online contact form, help guides, international offices, and active social media support.
Customer satisfaction levels are generally high based on online reviews. Queries are resolved promptly by knowledgeable agents.
Exness Order Execution Quality
As a licensed ECN/STP broker, Exness routes orders directly to Tier 1 liquidity providers like JP Morgan and Barclays. This ensures tight spreads and fast execution with no dealer intervention.
Key metrics:
- 99.31% of orders executed in under 1 second.
- Average execution time of 0.5 seconds on Standard accounts.
- Real time spreads and market prices from top banks.
- slippage Regular independent audits of execution quality.
Exness executes millions of trades daily with an established track record, giving assurance of order execution.
Exness Regulation and Safety of Funds
- Exness Group is regulated by CySEC (Cyprus), FCA (UK) , ASIC (Australia) & FSCA (South Africa).
- Client funds kept in reputable bank accounts, segregated from company funds.
- Negative balance protection provided under CySEC rules.
- Member of ICF investor compensation fund covering up to €20,000 per client.
- Uses latest SSL encryption and DDoS protection technology.
- Passed external security audit checks and penetration testing.
Exness follows strict financial standards and compliance ensuring trader funds are protected.
Exness Reviews and Reputation
Exness is well-regarded and rated highly by traders globally. Key external ratings:
- 4.5 out of 5 on Trustpilot based on 15,000+ reviews.
- AA rating for trust by Forex Peace Army with 4.5/5 score.
- 96% of live account users give positive feedback based on Exness survey.
Negative feedback is mostly around strict KYC checks and occasional slippage. Overall most traders praise Exness for low costs, fast execution, platform stability and helpful support.
How Does Exness Compare to Other Forex Brokers?
Exness vs HotForex
- Exness has lower spreads on average. HotForex spreads slightly higher but offers bonus rewards.
- Exness provides faster execution speeds down to 0.1 seconds. HotForex execution is fast too but slower.
- Both use MT4/MT5 and have solid regulatory status. HotForex has wider asset selection.
- Exness has higher leverage up to 1:∞. HotForex max 1:1000 leverage.
- Exness has larger trade volumes and trader base. HotForex also has strong African clientele.
Both brokers are good choices for African traders. Exness has an edge for high volume traders needing tight spreads.
Exness vs FXPesa
- Exness is internationally regulated while FXPesa is locally regulated in Kenya.
- Exness has far lower spreads from 0 pips compared to 1 pip for FXPesa.
- Exness offers more account currency choices while FXPesa focuses on KES accounts.
- FXPesa accepts M-Pesa while Exness has more payment options.
- Exness has more advanced platforms, trade tools, and faster execution.
- FXPesa provides Swahili support which is an advantage for Kenyans.
For serious traders, Exness has better trading conditions and technology. FXPesa better for new traders wanting local support.
Exness Review Verdict for Kenyans
In summary, Exness provides Kenyan traders access to forex and CFDs on a stable globally regulated platform with tight spreads and advanced trading tools.
While the product range is not as wide as some competitors, Exness is a great choice for high volume forex traders needing reliable fast execution and low costs.
The easy account opening, deposit/withdrawal methods and comprehensive learning resources make Exness suitable for beginners too.
Open a risk-free demo account to experience Exness’s trading environment yourself. Overall recommended as a forex brokerage Kenyans can depend on.
