Exness is one of the most popular and trusted forex brokers in the world, with over 15 years of experience and millions of clients spread across the world. But is Exness working in Kenya? And if so, what are the benefits and drawbacks of trading with Exness in Kenya?
In this Exness review, we will answer these questions and more, based on our own research and feedback from Kenyan traders.
What is Exness?
Exness is an online forex and CFD broker that offers over 120 currency pairs, metals, cryptocurrencies, indices, stocks, and commodities for trading.
The trading platform was founded in 2008 by Petr Valov and Igor Lychagov and it is regulated by several reputable authorities, such as the Financial Conduct Authority (FCA) in the UK, Capital Markets Authority (CMA) in Kenya, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Authority (FSA) in Seychelles.
Exness has a global presence, with offices in Cyprus, the UK, Singapore, and South Africa. The Exness broker also has a local representative office in Nairobi, Kenya, which provides customer support and education for Kenyan traders.
Does Exness Have Mpesa?
One of the main advantages of trading with Exness in Kenya is that it supports Mpesa as a payment method.
And what is Mpesa you ask?
Mpesa is a mobile money service that allows you to send and receive money using your phone. Mpesa is widely used in Kenya, with over 40 million users and 200,000 agents.
With Exness, you can deposit and withdraw money from your trading account using Mpesa, without any fees or commissions. This makes it very convenient and cost-effective for Kenyan traders to fund their trading activities.
You can also use other payment methods with Exness, such as bank cards, e-wallets, bank transfers, and cryptocurrencies.
What is the Minimum Deposit for Exness in Kenya?
Another benefit of trading with Exness in Kenya is that it has a very low minimum deposit requirement. You can start trading with Exness with as little as $1 or KES 100. This makes it accessible for beginners and traders with small budgets.
Other than that, Exness traders in Kenya can also choose from different account types, depending on their trading style and preferences.
And what are these account types?
The five main account types offered in Exness are Standard account types, Standard Cent, raw, Pro, and Zero.
Each account type has different features and specifications, such as leverage, spreads, commissions, minimum lot size, and instruments available.
Here is a brief overview of each account type:
Standard Cent Account type in Exness
This is the best account type for beginners and traders who want to test their strategies with minimal risk.
The minimum deposit for this account type depends on the payment system, the leverage is up to 1:Unlimited (depending on your experience level), the spreads are from 0.3 pips (variable), there are no commissions, the minimum lot size is 0.01 (micro lots), and you can trade over 35 currency pairs and 2 metals.
Standard Account type in Exness
This is the most popular account type for traders who want to trade with standard conditions.
Just like in the Standard cent account, the minimum deposit depends on the payment system, the leverage is up to 1:Unlimited (depending on your experience level), the spreads are from 0.3 pips (variable), there are no commissions, the minimum lot size is 0.01 (micro lots), and you can trade over 120 currency pairs and 6 metals.
This is the best account type for experienced and professional traders who want to trade with optimal conditions.
The minimum deposit is $200 or KES 20,000, the leverage is up to 1:2000 (depending on your experience level), the spreads are from 0.1 pips (variable), there are no commissions, the minimum lot size is 0.01 (micro lots), and you can trade over 120 currency pairs and 6 metals.
The Zero account type in Exness is the best account type for scalpers and high-volume traders who want to trade with zero spreads.
The minimum deposit is $200 or KES 20,000, the leverage is up to 1:2000 (depending on your experience level), the spreads are from 0 pips (variable), there are commissions from $3.5 per lot per side (depending on your monthly trading volume), the minimum lot size is 0.01 (micro lots), and you can trade over 60 currency pairs and gold.
How Trustworthy is Exness?
Exness is a trustworthy broker that has been operating since 2008 and has a solid reputation in the forex industry.
As mentioned earlier, Exness is regulated by several reputable authorities, including the FCA, CySEC, CMA, and FSA, which means that it follows strict rules and standards to protect its clients’ funds and interests.
Exness also provides a high level of security and transparency for its clients.
Notably, Exness uses SSL encryption to protect its website and client data, segregates its clients’ funds from its own in top-tier banks, provides negative balance protection to prevent clients from losing more than they have in their accounts, and publishes regular audit reports from independent auditors to verify its financial performance and compliance.
Exness also has a good customer service and support system for its clients.
In Kenya, Dennis Okari is its brand ambasador and besides Dennis, it has a local representative office in Nairobi, Kenya, which provides customer support and education for Kenyan traders.
If need be, you can contact Dennis via his social media accounts or reach out directly to Exness via phone, email, live chat, or social media, 24/7, in multiple languages, including English and Swahili.
Exness also has a comprehensive FAQ section on its website, where you can find answers to common questions and issues.
How to open an account in Exness
To open an account in Exness, you can follow these steps:
- Visit the Exness website and click on the “Register” button.
- Select your country of residence, enter your email address, create a password, and enter a partner code (optional).
- Tick the box declaring you are not a citizen or resident of the US, if this applies to you, and click “Continue”.
- Congratulations, you have successfully registered a new Exness account and will be taken to your new Personal Area.
- From your Personal Area, you can open new trading accounts, choose from different account types, set your leverage, choose your account currency, and create a nickname and password for each account.
- You can also download the Exness Trader app from the App Store or Google Play and register an account through the app.
For more details, you can watch this video tutorial.
How to Fund Exness with Mpesa
The Exness Broker Review 2023: Conclusion
Exness is a reliable and reputable forex broker that offers a great trading experience for Kenyan traders.
It supports Mpesa as a payment method, has a low minimum deposit requirement, offers different account types to suit different trading styles and preferences, and provides a high level of security and transparency.
The Exness platform also has a local representative office in Nairobi, Kenya, which provides customer support and