Jan 07 2021 0
What is spread?
Most brokers don’t charge commission when you trade on their platforms. So how do they make money? The answer is spread. Spread is the difference between the buy (ask) and sell (bid) price and it is their main income.
Exness gives traders the best spread
Of all big retail brokers, Exness is the one I’d like to trade with most. They offer professional traders excellent trading conditions and a safe trading environment. One of the features that make Exness stand out is their low spread. After two years of trading with different brokers, I found Exness’ spread rate is the best after reviewing them everyday.
In this article, I will only review the spread of 3 types of accounts on Exness: Cent account, Mini account, and Classic account. Exness ECN account is the whole different story.
Exness spread review
This is the account for people who are new to the forex market and Exness. The minimum deposit is only one dollar to open multiple $0.0001 lots. Cent account is mostly for practicing purposes, since traders here don’t trade much money. But still, brokers must treat them as ordinary traders. Therefore, the spread of this type of account tends to be higher. However, that’s not the case of Exness. The spread is only 0.3 pip, which is pretty low. The most common currency pair, the EUR/USD, is charged only about 1.1 pip. Compared to other brokers’ standard account, this spread rate is much lower.
Data shows that 80% of all traders on Exness use Mini account. It is popular in the world of traders thanks to its little deposit, unlimited leverage, various currency pairs, low spread and instant withdrawal system. For the EUR/USD currency pair, the spread is approximately 1 pip. Other popular currency pairs’ spread rate is also pretty low. Especially for cryptocurrency like Bitcoin, Litecoin, ETH... with Mini account, traders are not charged any commission from Exness. The spreads of those currencies are considered the lowest in the forex market.
This is the account for experienced traders because it requires a 2000 USD deposit to open. Professional traders like this type of account because of its spread rate. When it comes to spread, this is the best account you can’t find anywhere else. Exness charge traders from just 0.1 pip. If you make an instant execution, the spread is only about 0.5 pip for the EUR/USD currency pair and only 0.9 for a market execution. Compared to other big brokers, this spread is the lowest ever. Cryptocurrency trading is also commission-free with this account.
You can check out the current spread on Exness by clicking this link.