EXANTE for Ukrainians: Full Review
EXANTE is a multi-asset prime broker founded in Malta in 2011, offering access to over 2 million financial instruments across 50+ global markets. The platform targets experienced investors and institutions rather than retail beginners, with a minimum deposit of €10,000 for individual accounts. Prior to 2023, EXANTE was one of a small number of international brokers accessible to Ukrainian investors. That changed significantly in July 2023, when Ukraine's National Security and Defense Council (NSDC) imposed sanctions on EXANTE's core legal entities.
Availability for Ukrainians
Technically, yes. EXANTE does not list Ukraine as a restricted country and has no publicly stated ban on Ukrainian residents opening a direct account. The standard online registration process is available.
There is, however, a significant risk that anyone considering this should understand before proceeding.
NSDC Sanctions — What They Mean for You
On 5 July 2023, Ukraine's National Security and Defense Council imposed sanctions on EXT Ltd (Cyprus) and XNT Ltd (Malta) for a period of 10 years (through 2033), citing alleged ties to Russia's Alfa Group. The sanctions include asset-blocking and capital movement restrictions.
The practical risk: if Ukrainian authorities move to enforce these sanctions against individual account holders, your assets could be frozen or withdrawals back to Ukraine could be blocked. This is exactly what happened to clients of Monobank and Univer, which both used EXANTE as a sub-broker: in July 2023, both intermediaries were forced to close client positions immediately. Monobank recovered $5.5 million on behalf of its clients with assistance from the National Bank of Ukraine — but under significant stress and time pressure.
Opening a direct account with EXANTE as a Ukrainian resident means accepting the risk that access to your funds could be restricted for as long as the sanctions remain in force.
Ukrainians Living Abroad
If you hold confirmed residency in the EU, the UK, or another country, you can apply as a resident of that jurisdiction. The sanctions risk in this case is considerably lower.
Account Opening
For residents of jurisdictions where EXANTE accepts clients, account opening is conducted entirely online. Required documentation includes:
- Proof of identity: passport or national ID card (valid, not expired)
- Proof of residence: bank statement or utility bill issued within the last three months
- Information on source of income and funds
- For corporate accounts: incorporation documents, beneficial ownership information
All accounts go through standard KYC and AML verification. Processing typically takes several business days.
Minimum Deposit
| Account Type | Minimum Deposit |
|---|---|
| Individual | €10,000 (or equivalent) |
| Corporate | €50,000 (or equivalent) |
| Demo | €1,000,000 (virtual funds) |
EXANTE does not charge fees on incoming transfers. SWIFT correspondent banking fees, if applicable, are paid by the client.
Available Markets and Instruments
EXANTE provides access to more than 2 million financial instruments across 50+ markets:
- Stocks: 24,000+ equities on major global exchanges (NYSE, NASDAQ, LSE, Euronext, and others)
- ETFs: US and European exchange-traded funds
- Bonds: 13,000+ debt instruments including government, corporate, and Eurobonds
- Options: 270,000+ options contracts from Chicago to Osaka
- Futures: 500+ futures on CME, LIFFE, and EUREX — commodities and rates
- FX: 50+ currency pairs, spreads from 0.2 pips
- Cryptocurrencies: Bitcoin futures (CME and CBOE), Bitcoin fund shares, plus Ethereum, Litecoin, Monero, Ripple, and others
Fees and Commissions
Trading Commissions
| Market | Rate |
|---|---|
| US stocks | $0.02 per share (min. $1 per trade) |
| Euronext stocks | 0.05% of trade value |
| FX | Spreads from 0.2 pips |
Service Fees
| Fee | Amount |
|---|---|
| Inactivity fee | €50/month (if no trades for 6+ months) |
| Trade Desk fee (phone order) | €90 per trade |
| Custody fee | None |
| Internal account transfers | None |
| Currency conversion | No additional fee |
Withdrawal Fees
| Type | Fee |
|---|---|
| Standard | €30 (or equivalent) minimum |
| Non-standard | 0.9% or €30, whichever is greater |
Funding Your Account from Ukraine
NBU restrictions: Since February 2022, the National Bank of Ukraine has maintained foreign exchange controls under martial law. Direct SWIFT transfers from Ukrainian banks to foreign brokerage accounts by private individuals remain restricted — this is a constraint on the Ukrainian side, not an EXANTE policy.
Practical funding route
The most realistic path for a Ukrainian investor is a two-step process:
- Transfer from a Ukrainian Visa/Mastercard to an account at a European payment service — Wise, Paysera, or a similar provider. A conversion fee applies at this step (roughly 0.4–1% depending on the service), and the NBU monthly limit on outgoing card transfers applies.
- Bank transfer (SWIFT/IBAN) from the European account directly to EXANTE. EXANTE charges no incoming transfer fee; small correspondent bank fees may apply.
In practice this means at least one intermediate stop between your hryvnia card and your EXANTE account, with associated conversion and transfer costs at each step.
Withdrawals
The standard withdrawal method is an international bank transfer (SWIFT/IBAN) to the client's own account. Transfers to third-party accounts are not permitted. Processing is handled within one business day; funds typically arrive within 3–5 banking days. The minimum withdrawal fee is €30 or the equivalent.
Taxation
US Withholding Tax
EXANTE operates as an IRS Qualified Intermediary (QI):
- Without a signed W-8BEN form: 30% is withheld on US-source dividends by default
- With a signed W-8BEN form: the reduced rate under the Ukraine–US tax treaty (in force since 2000) applies — 15% for individual investors
Ukrainian Tax Obligations
Ukrainian tax residents (183+ days per year in Ukraine, or centre of vital interests in Ukraine) are required to declare all foreign investment income:
| Income Type | Personal Income Tax | Military Levy | Total |
|---|---|---|---|
| Dividends from foreign companies | 9% | 5% | 14% |
| Capital gains (asset sales) | 18% | 5% | 23% |
Tax credit: Under the Ukraine–US double taxation treaty, amounts already withheld in the US may offset Ukrainian tax liabilities on the same income.
Filing deadline: 30 April of the year following the reporting year.
UAH conversion: All foreign income must be reported in hryvnias at the official NBU exchange rate on the date of receipt.
Safety and Asset Protection
Regulatory oversight by legal entity:
| Legal Entity | Regulator | License |
|---|---|---|
| EXT Ltd (Cyprus) | CySEC | 165/12 |
| LHCM Ltd (United Kingdom) | FCA | 789421 |
| XNT Ltd (Malta) | MFSA | IS/52182 |
| XHK Ltd (Hong Kong) | SFC | BNN565 |
Investor compensation schemes:
| Legal Entity | Scheme | Limit |
|---|---|---|
| LHCM Ltd (UK) | FSCS | £85,000 per eligible client |
| EXT Ltd (Cyprus) | Cyprus Investor Compensation Fund | €20,000 per eligible investor |
| XHK Ltd (Hong Kong) | Investor Compensation Fund (ICF) | HKD 500,000 per client |
Compensation covers broker insolvency only — not market losses.
Segregation of assets: Client assets are held separately from company funds in compliance with MiFID II requirements, in segregated accounts across 25+ custodian banks.
Pros and Cons for Ukrainians
Pros
- Broad instrument range — 2M+ instruments across 50+ markets from a single account
- Multi-jurisdictional regulation — CySEC, FCA, MFSA, and SFC simultaneously
- MiFID II-compliant asset segregation across 25+ custodian banks
- No deposit or conversion fees
- Demo account available with €1M in virtual funds
Cons
- NSDC sanctions (July 2023) — EXT Ltd and XNT Ltd are under Ukrainian sanctions until 2033; assets held by Ukrainian residents could be frozen if authorities move to enforce sanctions against individual account holders
- AML violations (FIAU Malta, 2022) — XNT Ltd was fined €244,679 for failing to adequately verify sources of funds in client files totalling €40M+, including a single transaction exceeding $24M; the fine was subsequently challenged on constitutional grounds in Maltese courts
- SEC complaint (2015) — EXANTE was named among 37 companies in an SEC complaint alleging trading on insider information obtained by cybercriminals, generating over $100M in alleged illegal profits
- High minimum deposit — €10,000 for individual accounts limits accessibility for most retail investors
- Inactivity fee — €50/month after six months without any trades
- Two-step funding required — direct transfer from a Ukrainian bank is not possible; funds must pass through an intermediate European account (Wise, Paysera, or similar), adding conversion fees and extra steps
Conclusion
EXANTE is a technically capable multi-asset broker with broad regulatory coverage and access to global markets, designed for experienced investors with capital of at least €10,000. A Ukrainian resident can technically open a direct account — Ukraine is not on EXANTE's restricted country list — but the broker is under Ukrainian NSDC sanctions until 2033, which means assets could be frozen if those sanctions are enforced against individual holders. Add to that the two-step funding route through an intermediate European account, a 23% combined tax burden on capital gains, and the €10,000 minimum deposit.
Anyone considering EXANTE should factor in: the sanctions risk on assets, the two-step funding route via an intermediate European account, a 23% combined tax burden on capital gains (18% PIT + 5% military levy), and the €10,000 minimum deposit. For those not comfortable with this combination, brokers with a confirmed track record of accepting Ukrainian clients and simpler funding paths are the more straightforward starting point.