Exnova South Africa – Overview
What we found interesting about Exnova
- Exnova allows nano-lot trading and requires a low minimum deposit of 10 USD, or 170 ZAR.
- Exnova offers 24/7 customer support through its proprietary web, mobile, and desktop platforms.
- The Exnova app is available on Android and has already been downloaded over 100,000 times.
- Exnova offers in-depth and comprehensive educational materials through its proprietary platform to beginners.
What we did not like about Exnova
- Exnova is not currently regulated, which could be a threat to the safety of client funds and could cause issues if there are client-broker disputes.
- The Exnova website is not informative, and all information must be obtained from lengthy legal documents. Furthermore, there are no sections dedicated to trading accounts, trading platforms, financial instruments, etc. and everything is compressed into the homepage. Since Exnova wasn’t officially launched yet, we expect this to improve soon.
Exnova Regulation and Client Fund Safety
Regulation in South Africa
Exnova is not currently regulated by the local regulatory entity for financial companies, the Financial Sector Conduct Authority (FSCA). This means that South Africans might not be covered if they have issues with Exnova’s conduct, withdrawals, or any other issues.
However, despite the lack of regulations through FSCA, Exnova is not currently listed on the FSCA as one of the many brokers against which South African traders are warned. There are currently no reports claiming any Exnova scam, which shows that it is a legit broker.
Exnova Trading Accounts and Features
Live Trading Account
Exnova only offers South Africans a single trading account denominated in USD. Furthermore, the account features are basic and include the following:
- A low minimum deposit of 10 USD across payment methods.
- Access to variable spreads and market execution.
- Spreads from 1.2 pips on major instruments such as EUR/USD.
- Trading positions from 0.001 lots (nano-lots).
- Over 260 financial instruments that can be traded spread across several asset classes, including:
- Forex CFDs
- Options (Binary and Digital)
- Share CFDs
- Crypto CFDs
- ETF CFDs
- Index CFDs
- Commodity (Energies and Metals) CFDs
- Negative Balance Protection, which is automatically added to a retail trading account.
Exnova offers all traders a free practice account funded with virtual money up to a maximum of 10,000 USD. This amount can be reset at any time.
It is important to note that this virtual money should not be considered real and therefore traders are unable to withdraw these funds or any profits made on the demo account.
The demo account is designed to simulate real trading conditions and may be useful for beginner traders who wish to gain valuable experience before risking real funds. It may also benefit more experienced traders who wish to evaluate trading strategies.
The demo account is available for a period of 1 month (30 calendar days) and any open positions will be closed when the demo account expires. However, it is worth noting that the conditions, pricing, and execution on the demo account may not necessarily reflect those on a live account.
How to Register for an Exnova Account in South Africa
We registered an account with Exnova South Africa by following these steps:
- We navigated to the Exnova South Africa website and clicked the “Start Trading” banner on the homepage.
- This redirected us to an online application to register on the Exnova South Africa website and to access the web platform and client portal. Here, we had to provide the following:
- First and Last Name as it is indicated on a South African ID card or green ID book.
- Country of Residence – chosen from a drop-down list, in this case South Africa.
- A valid Email Address where we can receive communication from Exnova.
- Next, we could choose a password.
- We could have signed up using Facebook or Google credentials, but we opted for manual to explain the process to prospective South African traders.
- Once completed, we submitted the form and the Exnova platform automatically initialized. However, before we started, we had to verify our email address.
- In our inbox we found the link and activation code to verify the email address we provided. South Africans should note that once they click the link, the activation code will automatically be used, and it cannot be used again.
- With our email confirmed, we returned to the Exnova platform where we were met with a pop-up screen featuring a short tutorial on the web-based platform.
- After viewing this tutorial, we noticed that we were automatically on a demo account, and to change this, we clicked on the profile icon and then on “Real Account.”
- Next, we needed to complete the “Know Your Customer” or KYC from the profile icon and “Fill in personal details.”
- A new page will load, and we had to provide our First and Last Name again, along with the following:
- Date of Birth
- Country of Residence (South Africa)
- Citizenship (South African – for ID verification)
- City, Postal Code, and Full Residential Address (According to a utility bill in our name).
- Next, we had to upload the documents required to complete KYC, which included the following:
- ID Verification – A government-issue ID card, green ID Book, or passport.
- Proof of Residence (POR) – a utility bill or a credit card statement displaying the name and residential address.
- It could take Exnova a few minutes or hours to verify your documents, depending on when you submit it and the quality thereof. However, our verification was completed within an hour and w were able to proceed to our initial deposit of 10 USD / 170 ZAR.
Exnova Trading Platforms
After we signed up for an account, we were introduced to the Exnova trading platform on our internet browser (Google Chrome).
The Exnova platform offers a user-friendly interface and quick initialization, allowing traders to view their watchlist and receive live updates and quotes on various instruments.
The web platform includes a simple account overview, where traders can modify their personal data, deposit, and withdraw funds, contact customer support, view their balance, and trade history, and adjust various settings.
The left-hand sidebar provides access to the overall portfolio, trading history, market analysis, tutorials, and alerts.
Exnova Desktop – Windows
The Exnova Desktop version (available for Windows only) mirrors the interface and layout of the web-based platform following successful download and installation.
Exnova Mobile – Android
Exnova Mobile (available for Android only) is available to traders residing in countries accepted by Exnova.
The mobile app offers a condensed version of the web and desktop platforms, granting traders access to all markets and featuring analytical tools as well as access to the demo account.
Traders can also make deposits and withdrawals, access educational resources, and contact Exnova’s customer support through the app.
Exnova Range of Markets
Exnova offers over 260 instruments that can be traded. However, when compared to other brokers in the industry, this is a small amount. However, while there is not much offered in quantity, the quality of instruments offered is superb.
- Exnova offers 31 currency pairs and South Africans can trade major, minor, and exotic pairs.
- Exnova offers 19 cryptocurrencies, which is a decent amount when compared to competitors, spread across well-known coins such as Ethereum, Bitcoin, Dash, and more.
- Indices – South Africans can choose from 12 CFDs on Indices that follow popular exchanges such as UK 100, US 100, Russell 2000, and many others.
- Options – South Africans can choose between 10 options divided between Digital and Binary options.
- Share CFDs – Exnova offers over 188 CFDs on shares listed on some of the top exchanges in the world, including Tesla, Amazon, Google, etc.
- Commodities – Exnova only offers three commodities, including Gold, Crude Oil WTI and Crude Oil Brent.
- ETFS – Exnova offers a decent selection of ETF CFDs that are spread across Dow Jones Industrial Average ETF, S&P 500 ETF, etc.
Note: South Africans cannot see the comprehensive list from the website. Instead, traders must register a demo account with Exnova to view the comprehensive list of financial instruments.
Once South Africans have verified the trading account, they can compile a watchlist to remain updated on live quotes.
Exnova Fees and Commissions
Exnova is a Non-Dealing Desk (NDD) broker, which means that all orders are routed to liquidity providers, and South Africans can trade directly with interbank rates. This means that Exnova charges variable spreads that can fluctuate according to market conditions.
Exnova’s typical spreads start from 1.2 pips on the most popular financial instrument, EUR/USD.
Exnova does not charge flat commission fees, as the broker fee is already included in the spread. As a result, these spreads are often referred to as “marked-up.”
The forex market runs 24 hours a day, 5 days a week and there are several markets that open and close around the world during that time. However, when an open position is kept open for longer than 24 hours, it rolls over to the next day, and traders can receive/pay swap fees.
The fees that South Africans can expect from Exnova will depend on the instrument, position size, and the overall market conditions when the position remains open.
However, as per Exnova’s Fees, a fee of 0.01% to 0.5% typically apply, but these can go up to 1.7% of the underlying value of the position. In addition, South Africans can expect triple swaps on Friday to cover the weekend gap.
Exnova does not charge any fees on deposits. However, the payment providers might charge processing fees that are not related to Exnova’s fee schedule.
Exnova provides all clients with one free withdrawal every month. However, if traders make subsequent withdrawals, they are charged 2% on every transaction. The typical fees that traders can expect are as follows:
|United States Dollar (USD)
|Pound Sterling (GBP)
If a South African trader’s account becomes dormant after 3 months, a 10 EUR fee will be deducted from the account balance until the balance reaches zero, after which the account will automatically be terminated, and traders must complete the application and verification process again when they log in.
Exnova Deposits and Withdrawals
Exnova is flexible regarding deposits and withdrawals but does not offer local payment options to South Africans.
Exnova accepts these payment methods for deposits:
- Perfect Money
Exnova accepts several payment methods for withdrawals. Traders can choose from the following:
- Credit and Debit Card
- ADVcash USD
- Perfect Money
- C6 Bank
- Credit Suisse
How to Deposit Funds to Exnova in South Africa
The steps below indicate how we deposited Exnova in South Africa.
- We accessed the web-based platform by clicking “Trade Now” in the top right-hand corner of the Exnova website. Additionally, South Africans may sign in using the mobile or desktop app by following the steps outlined below.
- The online platform subsequently launched and connected to the server, following which we picked “Deposit” from the Profile Icon.
- On this screen, we selected an acceptable deposit method and deposited the Exnova minimum of 10 USD. Traders must be aware that they cannot make a deposit of less than this amount, although they may choose or input higher sums.
- Our preferred deposit method was ADVcash, which we utilized to finish the transaction. After selecting the option, we were sent to our ADVcash wallet, where we logged in, reviewed the transaction details to check their accuracy, and completed the transaction.
- ADVcash is a fast payment option for South Africans, and our ten-dollar investment was reflected within minutes.
How to Withdraw Funds from Exnova in South Africa
- We accessed our account to withdraw funds by clicking on our profile picture.
- Then, we selected ADVcash from the available withdrawal payment choices.
- We sent the withdrawal form to Exnova after completing it online.
- As soon as the payment was processed, the money was accessible in our ADVcash wallet.
- Logging into our ADVcash wallet and submitting a withdrawal request to our South African bank account took 10 minutes.
Exnova Customer Support Review – Live Chat
Our review of Exnova support revealed a positive user experience. Once we signed up on the Exnova website, we could contact support using the Live Chat function from the client portal. South Africans can contact Exnova customer support at any given time and on any day.
The operator was friendly and extremely helpful, with the operating replying within minutes. In addition to answering our questions, the operator also provided additional information that was relevant and useful.
Pros and Cons of Exnova in South Africa
|Low minimum deposit of 10 USD or equivalent
|Fast, innovative trading platform
||The demo account expires after 30 days
|24/7 customer support offered
||Inactivity fees apply to dormant accounts
|Commission-free trading offered
||Withdrawal fees are charged
|Dedicated and friendly customer support
||There is only one trading account
|A comprehensive platform tutorial is offered
|Trader education is available on the client portal
Our Final Thoughts on Exnova
Our review found that Exnova is a legit broker with an innovative trading platform and dedicated customer support. Exnova’s offering can do with a boost in terms of the number of trading accounts, range of markets, and advanced trading tools, but overall, Exnova receives a decent 6/10 from us.
How many financial instruments can I trade with Exnova?
Exnova offers more than 260 financial instruments that can be traded.
Is Exnova legit?
Exnova is a legit forex and CFD broker in Saint Vincent and the Grenadines, operating under Digital Smart LLC.
How long can I use the Exnova Demo Account?
The Exnova demo account is available for 30 days.
Can South Africans open an account with Exnova?
South Africans are not restricted from Exnova’s service, and they can register a trading account.
Can I deposit in ZAR from South Africa?
You can currently only deposit USD or BRL to Exnova, but you can deposit in ZAR from your bank to a payment provider such as Perfect Money or ADVcash. If you deposit in ZAR, it will automatically be converted to USD or BRL.