When it comes to foreign exchange trading, Exness is a major player. They launched in 2008 and by July of 2021, they had over 209,000 active traders and a monthly trading volume of $974.5 billion USD.
In terms of total volume traded, they are now one of the largest brokers in the industry.
With forex trading booming across the African continent, Exness has emerged as the favourite broker amongst most Forex traders in Africa. Here, we explore some of the features of this outstanding broker that have caused it to dominate forex trading in Africa.
1. A safe, well-regulated broker in Africa
When it comes to foreign exchange, Exness has numerous regulators on their side, including the Financial Sector Conduct Authority (FSCA) in South Africa. For this reason, traders in South Africa feel secure using Exness.
2. Some of the lowest fees in the industry
Exness’ spread is incredibly low in comparison to other brokers, and is likely the lowest of all authorised forex brokers. Exness provides flexible spreads with all trading accounts.
Even with their Standard account, they offer an exceptionally low spread of 1 pip on average for EUR/USD. With their Pro account, the spread is significantly reduced (about 0.6 pips on average).
Standard and Pro Accounts do not incur any additional commission. With a Raw spread account, the spread can be as little as 0 pips, but there are trading commissions.
In general, their spread is nearly unrivalled among all brokers providing standard accounts. It is tighter than the spread provided by other leading brokers.
3. Fantastic account options
Exness provides both live and demo accounts. Under their customer account, a client can have many trading accounts.
So, with Exness, you can have one trading account using ZAR, for example, as your base currency and another with a different base currency. Exness demo accounts include all of the same features as their live accounts. They provide demo accounts for their Mini, Classic, and ECN accounts.
4. Popular, powerful trading platforms
Exness supports two MetaTrader trading platforms established by MetaQuotes Software Company: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). For technical traders, MetaTrader is most likely the best trading platform.
Exness’ MetaTrader platforms can be downloaded from their website and installed in a matter of minutes, roughly 1-2 minutes. There is also an Exness app for Android and iOS that Exness customers may use to trade and manage their accounts.
To summarise the platform offering, they provide the most recent and greatest MT4 and MT5 platforms. Because some brokers do not provide the most recent MT5 platform, we consider Exness to have an advantage here.
Final Thoughts
Exness is dominating the African forex trading market for a variety of reasons. Some of the benefits include a very low spread, high regulation, local deposit/withdrawal options, the MetaTrader platform, and a wide selection of CFD instruments.
Furthermore, they offer instant withdrawals (for some payment methods, but not all), which is a highly unique feature among African brokers.
