Exness Review – Detailed & Unbiased Exness Broker Review in Kenya

Exness is one of the forex brokers that offer Mpesa deposits in Kenya. But just how good is this forex broker and what sets them apart from all the other trading platforms we have so far reviewed?

Our team of expert reviewers hit the ground running and gave Exness Kenya the ultimate test. Usually, when we review forex brokers in Kenya, there are a few things that we analyze including:

  1. Ease of account opening and verification
  2. Available deposit and withdrawal methods
  3. Level of customer support offered
  4. Cost of trading
  5. Trading platform technologies

We then try to compare all these factors with other forex brokers and rank them accordingly. Exness ranks #4 in our list of the best trading apps in Kenya. Saying it, is however, not enough by itself. And that’s why we have done this detailed Exness review. After all, if you’re going to be trading with this forex broker, it is better when you know what to expect.

Is Exness is Regulated in Kenya?

Exness is one of the best regulated forex brokers that accepts traders in Kenya. The forex broker is licensed by the Financial Services Authority (FSA) in the UK and the Financial Sector Conduct Authority of South Africa. With these two licenses, we fully trust Exness to uphold fair trade practices.

Mobile Trading on Exness

Exness fully supports mobile trading. There are two smartphone apps that you should download in order to enjoy the full mobile trading experience.

The first app is the Exness Trader App.

The Exness Trader app has several outstanding features. For starters it lets you visualize the balance in your account, your open positions as well as which currency pairs are being traded the most at that particular moment.

Additionally, you can easily initiate deposits and withdraw your profits from Exness using the app.

The other app that makes mobile trading at Exness a bliss is the Exness MT4 app. With this app, you can open charts and do your analysis right from your smartphone, open and close trades.

At Kenya Forex Firm, We particularly like using the Exness MT4 app when we are on the go, and don’t have the time to manage open trades from our computers.

Exness Kenya Review – Ease of Account Opening and Verification

Exness sign up process
Exness has an easy sign up process

Every forex broker out there takes their customers through a process called Know Your Customer (KYC, in short). During this process, you’ll be required to provide the broker with a proof of identity (National ID or Passport) and a proof of residence document (bank statement/utility bills).

While it is easy to provide the proof of identity document, many customers usually have a hard time trying to come up with a proof of residence document, especially seeing that in Kenya we normally use Post Office Boxes as our addresses. And unfortunately, most forex brokers, Exness included, do not accept a P.O Box as enough proof of residence. This leaves a lot of would-be clients at crossroads.

See: How to choose a forex broker in Kenya

With Exness, you’ll need either a water bill or Kenya Power bill to prove your address. Any other document that bears your physical address will also suffice as proof of residence when you’re opening your account. We were personally able to verify our accounts using a slightly edited copy of Safaricom ebill.

Exness Kenya review
List of documents you can upload as proof or residence on Exness

However, if you do not have such a document, contact us to help you verify your trading account. Otherwise you won’t be able to start trading (can’t deposit) until you verify your identity and residence.

There are a few brokers who have an easier account opening process. LiteForex and XM Forex are some of the brokers that are not overly strict with the format of documents you use to open your account.

exness withdrawal review

Exness Review – Deposit and Withdrawal Methods

Exness supports various deposit and withdrawal methods that are convenient for forex traders in Kenya. Top in the list of the most favorite deposit methods is Mpesa. With just a few simple steps, you’ll have money into your Exness account, ready to start trading.

1. Exness Mpesa Paybill Number

Exness Mpesa Paybill Number

For Kenyan traders, Exness offers easy deposits via Mpesa. However, we do not recommend you rely entirely on Mpesa for deposits and withdrawals. Sometimes, the option to withdraw via Mpesa disappears from the trading platform, leaving traders stranded.

However, depositing money into your Exness using Mpesa is quite easy. Here’s the short process to fund your Exness trading account using Mpesa

  1. Log into your Exness account at my.exness.com
  2. Once logged in, click on “Deposit” and choose Mpesa
  3. Choose the trading account you want to fund, enter amount (at least 400/=), and click on “Next
  4. On the next screen, click on Confirm Payment.
  5. Enter your Mpesa phone number on the next screen and click on Pay. Make sure you have your phone with you, and preferably unlocked as you’ll receive a prompt on the phone asking you to input your Mpesa PIN number
  6. Complete the Mpesa payment process using your phone

As you can see, the Mpesa deposit process is quite easy using Exness. You do not even need to know the Exness Mpesa Paybill Number as the whole process is automated when you are logged into your account at My.Exness.Com.

2. Exness Deposit and Withdrawals Using Debit Card

Our favorite alternative deposit/withdrawal method at Exness is the NCBA Loop debit card. Admittedly, we haven’t tried other debit cards out there, but our guess is that they should all work fine. We love the NCBA Loop card because you can easily top it up using Mpesa and also withdraw money from it into your Mpesa at no cost at all.

Depositing and withdrawing money from your Exness trading account using the debit card is also free of charge and only takes a matter of seconds for the money to reflect into your account. To be precise, deposits and withdrawals at Exness using the NCBA Loop card take approximately 1 minute to reflect.

The other deposit and withdrawal methods at Exness include:

  • Skrill and Neteller e-wallets
  • Cryptocurrencies including Bitcoin and Tether
  • AstroPay Card
  • Perfect Money, and
  • WebMoney

Exness Review on Cost of Trading and Spreads

Exness offers varying spreads depending on the account type you choose. There are 3 main account types offered at Exness:

  1. Standard Cent Account ( $1 minimum deposit)
  2. Standard Account ($1 minimum deposit)
  3. Exness Pro Account ($100 minimum deposit

These 3 account types have varying spreads with the cent account being costlier than the other two. This is because traders on the cent account tend to deposit less money, and tend to trade lower lot values. Brokers do not get a lot of profit from this kind of trading, so they naturally raise the spread on cent accounts.

The floats offered on Exness are mostly floating/dynamic spreads, meaning that they constantly change depending on the market volatility. The spread might be lower or wide, but we’ve found that on the major currency pairs including EUR/USD the spreads rarely go beyond 1.5 pips.

If you’re worried about wider spreads, we recommend that you trade during the best forex trading sessions as shown here.

Frequently Asked Questions About Exness

How Reliable is Exness?

Founded in 2008, Exness is one of the most reliable forex trading companies in Kenya. The broker is regulated by Financial Services Authority (FSA) in Seychelles and the FSCA of South Africa.

Does Exness Allow Scalping?

While some forex brokers do not allow scalping, Exness is quite open to all trading strategies and does not place any restrictions on scalping. You can open and close positions with whichever frequency you desire. Only dealing desk market makers put do not allow scalping. Exness, being an STP forex broker allows scalping.

Does Exness Have Nasdaq?

The Nasdaq-100 represents a capitalization-weighted index of the 100 largest non-financial companies listed on the NASDAQ and is available for trading on Exness. The index is available on Exness by the name of USTEC.

What is the Minimum Deposit on Exness?

The minimum deposit for Exness is $1.00. This applies to the Standard and Cent accounts. Other accounts (Pro, Zero, and Raw Spread) have a minimum deposit of $100. Additionally, the minimum deposit for Exness is also dependent on the deposit method that you choose. For instance, deposits using Mpesa and debit card are capped at a minimum of $3 while Neteller and Skrill deposits start at $10.

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[Revised and Updated for 2021]
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Written by Patrick Mahinge, CEO, Kenya Forex Firm.
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