4 FACTS YOU MUST KNOW ABOUT EXNESS DEMO ACCOUNT
The forex market is growing more and more popular these days. Everyone seems to be love to participate in it. Beginners usually ask me what type of account they should choose when starting trading at Exness. To be honest, I would suggest you open a real account rather than a demo account. Why so? Because most brokers know that when you open a demo account, you just want to know whether that broker is good or not. Therefore, they put as many advantages and favors as possible in that demo account. Sometimes, it has become too unrealistic to trade with that account. The worse scenario, you become too confident, which is very dangerous because it is very hard to make a profit in the forex market when you first start trading. You should practice with real money, real account, and real risk. However, to open a real account, you need to deposit a minimum amount of money. I think most people don’t want that. They just want to learn or sometimes they simply just don’t have the budget. In that case, it’s fine to open a demo account to practice trading. In this article, I will tell you what features of an Exness demo account to pay attention to when trading because they are the same as real account so you can identify what are the real advantages of a demo account.
What is Exness demo account?
The Exness demo account is available for the Standard, Pro, and Zero account.
Demo account is a place where you trade forex for free. No fee is charged here. This is a safe place where there is no risk. You can trade for how long you want, how much you like. And of course, since you're not losing anything, you are not earning anything also. All the money you use to trade on the demo account is virtual money. You make nothing even when you win. So, what is Exness demo account for? Well, demo account is mostly for testing the forex broker. If you want to know whether a broker is good or not, you can use the demo account to check the features of the broker. Moreover, if you want to test a trading strategy, demo account is a great place because it is risk-free.
The difference between the bid price and ask price is call spread. It is also the amount of money which traders must give back to the broker. Spread is the main income of all brokers. Compared to other big brokers, Exness has one of the tightest, which is the best, spreads. Some of the most common currency pairs such as the EURUSD, GBPUSD... usually have the spread rate at about 1 pip, sometimes down to even 0.5 pip. With demo accounts, you can experience the spreads as real accounts, which are really low. For demo Mini account, the spread is around 0.3 pip. For demo Classic account, the spread is as low as 0.1 pip. For demo ECN account, the spread can be none. However, you can choose only USD for your account currency, but I don’t think this is a problem. Moreover, Exness has amazing swap rate. Learn more about Exness swap now.
Exness does offer their traders the highest leverage possible, exclusively 1:Unlimited. As beginners, you might find high leverage risky, but professional and experienced traders think it is safer to have higher leverage. Two traders open the same order size and deposit the same amount of money. The one with the higher leverage is the safer one. For demo Mini and Classic account, the leverage is up to unlimited. For demo ECN account, the leverage is only 1:200.
The withdrawal system
In my opinion, what really makes Exness stand out from other brokers is the instant withdrawal system. Instant withdrawal means it only takes milliseconds to complete the task when you withdraw your fund or transfer money. Exness lets the machines do all that work so it is significantly faster than human. Compared to other big brokers, Exness’ withdrawal speed is the best. You can try withdraw money at Exness and other brokers to see it for yourself. The difference is very noticeable. This is one of the main reasons why I love to trade at Exness. This is the feature you should put into consideration when choosing a broker. It really affects your trading strategy.
The customer service
Exness knows that customer service play a vital role in traders’ concern. New traders always need as much support as possible. Unlike some other brokers who only have their service in English, Exness provide their customers with around the clock support in Chinese, Thai, Bahasa Indonesian, Vietnamese, and Persian. There is a customer care team for every target countries Exness operates in. When you are practicing trading with Exness, you must be aware of this advantage to get support whenever you need. You can check the contact information of Exness here.
So there you have it. Some features that are applied for both Exness demo and real accounts. Remember that you don’t want to trade with the demo account for too long. You just need to understand some of the basic features of forex trading and familiarize yourself with the platform and then you’re good to go trading with real accounts.