VS
ExnessSide-by-side comparison
XM vs Exness
The real differences first: licences, minimum deposit, leverage, spreads, withdrawals and bonuses — with the numbers each broker publishes. Both are established, regulated brokers, so this is not a choice between a safe option and a scam. The bigger risk is starting before you are ready: practise on a demo, learn the basics, then choose.
The numbers, side by side
Taken from each broker's own pages and the regulators' registers, checked on . Licence, leverage, local-currency accounts and payment methods depend on your country — pick yours to see what applies to you. Your client agreement has the final word.
| Criteria | | Exness |
|---|---|---|
| Changes by country | ||
| Licence in Kenya | TPXMGLOBAL Kenya Limited — CMA licence 233 | Exness (KE) Limited — CMA licence 162 |
| Licence in South Africa | XM ZA (Pty) Ltd — FSCA FSP 49976 (intermediary) | Exness ZA (Pty) Ltd — FSCA FSP 51024; Exness (SC) Ltd also holds an FSCA ODP licence |
| Nigeria | No SEC Nigeria licence. Served by XM Global Limited (FSC Belize, licence 8557558) | No SEC Nigeria licence. Served by an offshore Exness company, e.g. Exness (SC) Ltd (FSA Seychelles, SD025) |
| Maximum leverage | Up to 1:1000 (XM Global) | 1:Unlimited on Standard; capped at 1:400 for Kenyan clients |
| NGN / ZAR / KES account | Not published — expect a USD account | Yes — NGN, ZAR and KES Standard accounts |
| Same in every country | ||
| Minimum deposit | $5 (Standard) | Typically $10 (Standard); $200 for Pro, Raw Spread and Zero |
| Spreads and commission | Advertised from 0.8 pips, no commission — the actual spread depends on account type | Standard: from 0.2 pips, no commission |
| Withdrawals | 92.9% approved automatically; the rest in principle within one business day | Over 98% processed automatically; the rest within 24 hours |
| Platforms | MT4, MT5 and the XM app | MT4, MT5, Exness Terminal (web) and the Exness Trade app |
| Bonus | Yes — $30 no-deposit bonus and deposit bonuses (details below); availability depends on the XM company serving you | None — Exness says it offers no welcome, deposit or trading bonus |
| Free demo account | Yes | Yes |
| Open an accountDemo or live — after sign-up you choose. Start with the free demo. | Open XM account | Open Exness account |
Changes by country
Licence in Kenya
XM: TPXMGLOBAL Kenya Limited — CMA licence 233
Exness: Exness (KE) Limited — CMA licence 162
Licence in South Africa
XM: XM ZA (Pty) Ltd — FSCA FSP 49976 (intermediary)
Exness: Exness ZA (Pty) Ltd — FSCA FSP 51024; Exness (SC) Ltd also holds an FSCA ODP licence
Nigeria
XM: No SEC Nigeria licence. Served by XM Global Limited (FSC Belize, licence 8557558)
Exness: No SEC Nigeria licence. Served by an offshore Exness company, e.g. Exness (SC) Ltd (FSA Seychelles, SD025)
Maximum leverage
XM: Up to 1:1000 (XM Global)
Exness: 1:Unlimited on Standard; capped at 1:400 for Kenyan clients
NGN / ZAR / KES account
XM: Not published — expect a USD account
Exness: Yes — NGN, ZAR and KES Standard accounts
Same in every country
Minimum deposit
XM: $5 (Standard)
Exness: Typically $10 (Standard); $200 for Pro, Raw Spread and Zero
Spreads and commission
XM: Advertised from 0.8 pips, no commission — the actual spread depends on account type
Exness: Standard: from 0.2 pips, no commission
Withdrawals
XM: 92.9% approved automatically; the rest in principle within one business day
Exness: Over 98% processed automatically; the rest within 24 hours
Platforms
XM: MT4, MT5 and the XM app
Exness: MT4, MT5, Exness Terminal (web) and the Exness Trade app
Bonus
XM: Yes — $30 no-deposit bonus and deposit bonuses (details below); availability depends on the XM company serving you
Exness: None — Exness says it offers no welcome, deposit or trading bonus
Free demo account
XM: Yes
Exness: Yes
Demo or live — after sign-up you choose. Start with the free demo.
Both are licensed — here is what that means
XM and Exness each hold a local licence in Kenya (CMA) and South Africa (FSCA), and both are listed on those regulators' registers. In Nigeria neither holds an SEC licence: you are served by an offshore company regulated in Belize, Seychelles or a similar jurisdiction, so Nigerian investor protections do not apply.
A licence means the broker is supervised and must keep client money separate. It does not protect you from trading losses — those are on you, which is why the next two sections matter more than the licence.
Bonuses, plainly
XM runs bonuses. Exness does not. That is the clearest difference between the two.
- $30 no-deposit bonus: $30 credit to trade with, no deposit needed. The $30 itself cannot be withdrawn.
- Deposit bonus: 100% on your first deposit up to $200, then 50% on following deposits up to $500, then 20% up to $5,000.
The bonus is not withdrawable — only profits made with it are. Terms and conditions apply, and availability depends on your country and the XM company that holds your account. Source ↗
Exness- No bonus: No welcome, deposit or trading bonus — Exness states this on its Help Center.
- Exness Rewards: A loyalty programme for selected clients: benefits such as priority support grow with trading activity. It is not a cash bonus.
What you deposit is what you trade with: no bonus credit, and no bonus conditions on your withdrawals. Source ↗
Before you take a bonus
- Bonus credit is not your moneyIt lets you open bigger positions — and bigger positions lose faster.
- Read the terms before you acceptCheck what happens to the bonus when you withdraw, and whether it disappears once your own balance is gone.
- Never pick a broker for its bonusLicence, local payment methods and withdrawals matter far more than free credit.
High leverage: what it really does to a $100 account
Both brokers offer very high leverage — up to 1:1000 at XM and 1:Unlimited on Exness Standard accounts. Leverage does not make you more profitable. It only lets you open a bigger position, and a bigger position loses money just as fast as it makes it.
| Leverage | Largest EUR/USD position | Per pip | Move that empties $100 |
|---|---|---|---|
| 1:30 | $3,000 (0.03 lot) | $0.30 | about 330 pips |
| 1:100 | $10,000 (0.1 lot) | $1 | about 100 pips |
| 1:400 | $40,000 (0.4 lot) | $4 | about 25 pips |
| 1:1000 | $100,000 (1 lot) | $10 | about 10 pips |
EUR/USD can move 10 pips in a few minutes around news. At full 1:1000 leverage, that is your whole account. The fix is position size, not a lower leverage setting: risk around 1% of your balance per trade — $1 on a $100 account — and use a stop loss on every trade. Size a position →
Which one fits you
XM may suit you if
- You want the lowest entry: $5 on the Standard account
- You want bonus credit and accept its conditions
- You value webinars and structured beginner education
Exness may suit you if
- You want an NGN, ZAR or KES account so deposits and withdrawals need no conversion
- You care about tighter spreads on the Standard account
- You want no bonus strings attached to your withdrawals
The order that protects your money
Forex attracts noise — signal sellers, “account managers”, guaranteed returns. The way through it is slow and boring, and it works. Comparing is step one, and you have just done it. Then:
Open a free demo with both
A demo costs nothing and uses virtual money. Try both platforms on your own phone until placing, managing and closing a trade feels routine. Platform checklist →
Learn before you risk money
Pips, lot size, leverage and how much one trade may lose. If you cannot size a position from your stop loss, you are not ready for a live account. Risk management →
Choose the broker that fits you
Not the one with the loudest advert or the biggest bonus — the one whose licence, local payment methods and platform work for you.
Go live small, test a withdrawal
Start with money you can afford to lose. Make a small withdrawal early, so you know your money comes back before you add more. Funding guides →
Compared, practised, ready?
Open the broker that fits you — start with its free demo, and go live only with money you can afford to lose. ForexTradeAfrica may earn a commission when you open a broker account through our links, at no extra cost to you.
Forex and CFDs are leveraged products and carry a high risk of losing money quickly. Only trade with money you can afford to lose.
Sources: CMA Kenya register: non-dealing online forex brokers · XM ZA FAIS disclosure · Exness regulation page · XM regulation page · XM: why trade with XM · Exness Help Center: Standard account · Exness Help Center: payments in Nigeria · Exness South Africa deposits & withdrawals · Exness Help Center: payments in South Africa · Exness Kenya: forex trading in Kenya · XM account types · Exness minimum deposit guide · XM homepage · XM Global client agreement · Exness deposits & withdrawals · XM promotions · Exness Help Center: does Exness offer bonuses? · Exness Rewards