Broker comparison · Checked 25 Oct 2026
Exness vs XM: licences in Kenya and South Africa
Both are big with beginners in Africa; the difference is in how each is licensed in South Africa.
Exness vs XM at a glance
| Exness | XM | |
|---|---|---|
| 🇰🇪 Kenya (CMA) | 162Exness KE Limited | 233TPXMGLOBAL Kenya Limited |
| 🇿🇦 South Africa (FSCA) | FSP 51024Exness ZA (Pty) LtdExness ZA is an intermediary. Both Exness (SC) Ltd and Exness Markets ZA (Pty) Ltd are approved OTC derivative providers (ODPs) on the FSCA list of OTC derivative providers, checked 25 Oct 2026. Check which of them issues your CFDs. | FSP 49976XM ZA (Pty) LtdXM ZA is an intermediary and not the counterparty to your trades. The CFDs are issued by XM Global Limited, regulated in Belize. |
| M-Pesa (Kenya) | Yes | Yes |
| Also regulated by | — | — |
| Full review | Exness review → | XM review → |
Licence data from the CMA register and the FSCA FAIS register. Always confirm on the regulator's own site before you deposit.
Which should you choose?
In Kenya, both Exness and XM hold CMA licences, so the choice comes down to costs, platform and deposit methods. Open your account with the local company shown below.
In South Africa, both Exness and XM hold FSCA licences, so the choice comes down to costs, platform and deposit methods. Open your account with the local company shown below.
Buttons appear only where the broker holds a local licence. Some links are affiliate links; see our disclosure. Our real-money tests of fees and withdrawal times will be added to this page.
Questions people ask
Is Exness or XM regulated in Kenya?
In Kenya, both Exness and XM hold CMA licences, so the choice comes down to costs, platform and deposit methods. Open your account with the local company shown below.
Is Exness or XM regulated in South Africa?
In South Africa, both Exness and XM hold FSCA licences, so the choice comes down to costs, platform and deposit methods. Open your account with the local company shown below.
Which is safer, Exness or XM?
Safety starts with the licence in your own country: a CMA licence in Kenya or an FSCA licence in South Africa gives you a local regulator to complain to. Neither licence protects you from trading losses; most retail CFD accounts lose money.