Exness Madagascar: Is It Legal? MGA, USD, Demo, Deposit

Short answer: Madagascar is not named in Exness's list of places it does not serve, so you can try choosing Madagascar at registration and open a free demo. The Malagasy ariary (MGA) is not an Exness account currency, so you pick USD or EUR and pay conversion whenever your deposit or withdrawal currency differs. Madagascar also has foreign-exchange controls, so read the legal section and ask your bank before you send money abroad.

Disclosure: OnForex earns a referral commission if you open an Exness account through our links.

Sources, all checked November 3, 2026: the Exness Help Center (account currencies, first-time deposits, KYC verification, contact, swap-free status, "Trading Hours Update: End of US Daylight Saving Time"); the Exness website footer; the US International Trade Administration, Madagascar Country Commercial Guide, "Trade Financing" (trade.gov). We did not open a Malagasy account, did not test any deposit, and could not read the Commission de Supervision Bancaire et Financière (CSBF) website or the text of the Banky Foiben'i Madagasikara page on forex trading, so we make no claim about what they say.

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Is Exness available in Madagascar?

The Exness footer says its entities do not serve residents of certain jurisdictions, including the USA, Canada, Iran, North Korea, Europe, the United Kingdom, Russia and Belarus, "and others". Madagascar is not on the named list, but the list is open, so the country menu in the registration form is the final check. If you can select Madagascar, you can create a Personal Area and a demo account.

Exness goes by where you permanently and lawfully live. A Malagasy citizen living in France registers from France with French proof of address; a person living in Madagascar registers from Madagascar. We do not suggest choosing a country where you do not live.

Question	Answer	Source
MGA account?	No, the ariary is not in the list	Help Center, "Trading account currencies"
USD or EUR account?	Yes, both are listed for Standard, Pro, Raw Spread and Zero	Help Center, same article
French-language support?	Not listed; support is English, Chinese, Thai, Vietnamese, Arabic, Hindi and Urdu	Help Center, "How do I contact Exness?"
Demo	Free, except Standard Cent	Help Center
Swap-free by country	Madagascar is not on the list	Help Center, article 18055079599132
Local financial supervisor	CSBF, within the Banky Foiben'i Madagasikara framework	banky-foibe.mg

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Ariary, dollar or euro: choosing the account currency

The account currency cannot be changed once the account exists, and conversion applies when you pay in or out in a different currency. Because MGA is not offered, every deposit from an ariary bank account passes through a conversion somewhere.

An example with an assumed rate, for illustration only (check the live rate with your bank): if USD 1 were MGA 4,500, a USD 200 deposit would cost MGA 900,000 before any fee, and a USD 50 loss would be MGA 225,000. Write your own table before you start and update it with the real rate at every deposit and withdrawal.

• USD: pip values and gold quotes are the easiest to read; most pairs and gold are quoted in or against dollars.
• EUR: can feel natural if your income or savings are in euros. Dollar-quoted instruments are then converted into euros for your balance.
• Deposit in the account currency where you can, as the Help Center advises, and look at the rate your bank or provider applies, because it may add its own spread.

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Deposits, withdrawals and Madagascar's exchange rules

The Help Center does not publish payment methods by country. Open the Deposit tab in your Personal Area to see what is offered to you, with minimum and maximum limits and processing times. Payments must come from an account in your own name; third-party accounts are not accepted. Finish the economic profile and verification first, because they affect which methods are available. See deposit and withdrawal methods and withdrawal time; processing time depends on the payment method.

Minimum first deposit: Standard and Standard Cent are low and set by the method and region. Pro, Raw Spread and Zero have a regional minimum, at least USD 200 in some regions, and a method's own minimum applies to every deposit (minimum deposit guide).

One local point matters. The US Commercial Service guide to Madagascar says overseas earnings must be declared and repatriated, that the authorities have tightened rules on foreign-currency accounts and limited who may hold them, and that transfers tied to foreign investment require a declaration to the Ministry of Economy and Finance. That guide is about companies, and we did not find an official text that covers an individual's trading account abroad. Ask your bank which declarations and limits apply to sending and receiving foreign currency, and keep records of every transfer.

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Is Exness legal in Madagascar?

Short, checkable facts:

• The Commission de Supervision Bancaire et Financière (CSBF) supervises banks and financial institutions; the Banky Foiben'i Madagasikara (central bank) provides its secretariat, according to the central bank's own description. We could not open the CSBF website, and we found no CSBF or central bank statement that names Exness or says whether a resident may hold an account with an overseas online broker. We therefore make no claim either way; ask a Malagasy lawyer.
• Exness operates through several group companies authorised by different financial regulators around the world. The company that serves you is named in your client agreement and in the footer of your Personal Area. Check the current list on Exness's regulation page and confirm it on the regulator's own register. See Exness regulation.
• Never give money to a person who trades for you or promises returns. Open the account yourself, in your own name, and fund it only through the Deposit tab. Treat anyone who contacts you offering to "recover" or "grow" funds as a scam, and never share a password or one-time code.

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Steps to open an account from Madagascar

1. Register with your email and choose Madagascar, the country where you live.
2. Practise on the demo (demo account guide).
3. Verify. For identity use a passport, national ID (the Carte d'Identité Nationale) or driver's licence; for address use a recent utility bill such as a JIRAMA bill, a bank statement or an official government letter, showing your full name and address and dated within the last six months (verification guide). Upload clear, unexpired documents; checks can take up to 24 hours. Many documents are in French, and we could not confirm whether the upload screen accepts French-language documents, so check its examples.
4. Open a live account and pick currency and platform (account types).
5. Deposit a small amount, set a stop-loss and test a withdrawal early.

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Trading hours in Madagascar (EAT, UTC+3)

Madagascar is three hours ahead of UTC. We understand it does not use daylight saving time, so the only one-hour shift comes from London and New York.

Event	Antananarivo time (approx.)
Weekly open (Sunday 22:05 UTC in winter)	Monday 01:05
Tokyo session starts	03:00
London session starts	10:00 or 11:00
New York session starts	15:00 or 16:00
Weekly close (Friday 21:59 UTC in winter)	Saturday 00:59

Weekly open and close times follow the Exness schedule after US daylight saving time ended on November 1, 2026 (Help Center, "Trading Hours Update", checked November 3, 2026). From the second Sunday of March they move one hour earlier, to Monday 00:05 and Friday 23:59 Antananarivo time. Spreads can vary and widen with volatility, news and market open and close, and delays or slippage can occur. See Exness trading hours.

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Swap, leverage and support

Madagascar is not on the swap-free list (Islamic account guide). Leverage depends on your equity and the serving entity (leverage guide) and magnifies losses (risk management). Support runs 24/7 through live chat or a support-hub ticket, in the languages listed above (customer support). For nearby markets see Exness Mozambique, Exness South Africa and Exness Mauritius, keeping in mind that each country is served under its own terms.

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Frequently asked questions

Is Exness legal in Madagascar?

We found no CSBF statement naming Exness and could not open the CSBF site. Madagascar has exchange rules on foreign currency. Check the entity in your client agreement and ask a local lawyer.

Is there an Exness MGA account?

No. USD and EUR are the usual choices.

What is the minimum deposit in Madagascar?

Low for Standard and Standard Cent; at least USD 200 for Pro, Raw Spread and Zero in some regions.

Is the demo free?

Yes, for all types except Standard Cent.

Is Exness support available in French?

French is not in the Help Center's list of support languages (English, Chinese, Thai, Vietnamese, Arabic, Hindi, Urdu).

What are the trading hours?

Monday 01:05 to Saturday 00:59 Antananarivo time from November to March, one hour earlier during US daylight saving time.

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Risk warning: Forex and CFD trading involves a high risk of loss. This article is general information, not investment advice.