The collection of 13 tents houses a group calling themselves Occupy Exeter, in tribute to similar movements which began in New York and spread around the world.
It comes after widespread criticism of the ongoing demonstration set up outside St Paul's Cathedral in London, which last month forced the building to close for the first time since the Blitz.
The protesters did not disrupt either the Remembrance Sunday service or two minute silence held yesterday, which attracted hundreds of people to the cathedral's main entrance, and laid their own 'Occupy Exeter' wreath covered with poppies next to their camp.
One of the group said: "We don't want to antagonise people at the service. We have removed any placards which might have caused offence today.
"We are making sure the site is clean and we are recycling everything."
About 20 people are thought to have slept at the camp on Saturday night, but protesters said up to 150 people had turned up to a recent rally.
Police were yesterday monitoring the area around Cathedral green.
One of the protest's organisers said: "The cathedral authorities have said we can stay here as long as we don't obstruct any pathways.
"We all have different commitments so different people will be here at different times. But we aim to be here indefinitely."
A leaflet being distributed by the group, entitled "We are the 99 per cent", states: "This peaceful protest movement calls itself Occupy Exeter and is opposed to economic inequalities in society.
"People have been pushed too far by recent events, such as the bank bailouts.
"We are not expressly anti-capitalist – but we are against unethical capitalism, capitalism without values or morals."
One elderly couple who walked past the protest camp as they headed for the Remembrance service said: "They look quite well dressed and clean."
St Paul's Cathedral reopened late last month after being shut for health and safety reasons stemming from the presence of a sea of tents between its steps and the nearby London Stock Exchange.
But the controversy over the presence of the camp has cost the cathedral two senior members of its clergy, who resigned amid a row over whether the protesters should be forcibly evicted.
Orignal From: Protest occupies Exeter Cathedral