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:
- Ease of account opening and verification
- Available deposit and withdrawal methods
- Level of customer support offered
- Cost of trading
- 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.
- Exness Review – Ease of Account Opening and Verification
- Exness Review – Deposit and Withdrawal Methods
- Exness Review on Cost of Trading and Spreads
- Frequently Asked Questions About Exness
Exness Review – Ease of Account Opening and Verification
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.
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.
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 Review – Deposit and Withdrawal Methods
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
- Log into your Exness account at my.exness.com
- Once logged in, click on “Deposit” and choose Mpesa
- Choose the trading account you want to fund, enter amount (at least 400/=), and click on “Next“
- On the next screen, click on Confirm Payment.
- 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
- 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.
Depositing 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
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:
- Standard Cent Account ( $1 minimum deposit)
- Standard Account ($1 minimum deposit)
- 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.