EXNESS ACCOUNTS COMPARISON - WHAT ACCOUNT SHOULD WE OPEN?
Before opening Exness accounts, you should know that Exness is a broker who doesn’t put too many advertisements out there but they are still one of the most popular and reliable brokers in the forex market. Everybody knows about them. Last month, their trading volume hit the record of $785 billion dollars. Compared to other big brokers, Exness’ forex trading volume surely surpasses them. To be specific, it is three or four times higher than that of Forex.com and doubles the figure of FxPro. There are just 44,000 clients trading at Exness monthly but they generate up to 395 billion dollars, their highest trading volume record.
This shows that traders at Exness trade a lot of money, which means Exness is trusted and loved by experienced and professional traders. And in this world, the ones who you should trust are the professionals. If you want to start a trading career in the forex market, Exness is a broker you should come to. It has all the best trading conditions you can think of. Today, I’ll guide you through different types of Exness account and you can choose which one is suitable for your trading tactics. Exness have 4 types of account in total:
- Exness Standard Cent account
- Exness Standard account
- Exness Pro account
- Exness Zero account
- Exness Raw Spread account
I don’t mention Exness demo account here because I just want to talk about real accounts.
Exness Standard Cent account
For starters in the forex market, it is very difficult to learn everything in a short time. In my opinion, the best way to gain some experience in trading is trying out in real life, with your real money. Some may argue that since most brokers have demo accounts, why not try that? Well, practicing trading with demo accounts is a bad idea. Most brokers want you to win in demo, so that you’ll become over-confident, which leads to your loss in the future. You should practice with real trading conditions, real account, and real risk. Fortunately, Exness provide you with a type of account that can be applied in this situation, which is Standard Cent account. Like demo account, it has low spread, low volatility, good execution, and good prices.
Standard Cent account is highly recommended to beginners because it is a real account. Trading with it gives you the chance to know the feeling of trading in real-life conditions: real spread, prices, volatility, or slippages… That is the best place to try out as a new trader. Trading in real conditions helps you understand the risk of forex trading. Using demo accounts sometimes makes you forget about risk management, which easily leads to losing all your money in a blink of an eye in the future.
Most brokers don’t offer accounts as small as Standard Cent account but some smaller brokers do. However, I don’t recommend small brokers because obviously they are not as reliable and good as big brokers. Exness is a whole different story. They are one of the biggest forex brokers in the world with latest monthly trading volume up to $785 billion (that is 3 times higher than most brokers), yet they still offer Standard Cent account. Here are the reasons why you should practice trading with Exness accounts:
- Exness require as little as 1 USD to open a Standard Cent account. Therefore, it is very suitable for new traders who just want to practice trading. Check my article on Exness minimum deposit.
- Exness allow you to open positions at only 0.01 cent, which is 0.0001 dollar. In the forex market, this is the lowest value that you can’t find anywhere else. Why is it better to have lower value? Research shows that over 90% of beginners will lose all their money when they start trading. Therefore, you need to practice as much as possible. With such low order value like this, you can practice trading up to three months with only 10 USD.
- Standard Cent account at Exness has the highest leverage in this market, even up to unlimited. If the leverage is high, you pay less for the margin. Accordingly, you can keep your orders longer with less margin.
Exness Standard account
Exness Standard account is designed for everyone, both beginners and experienced traders in the fx market. At Exness, there are approximately 80% traders choose Standard account. Why so? Because:
- When you have a Standard account, you just need to deposit only 1 USD to start trading.
- The minimum volume when you trade is only 0.01 lot.
- The spread is relatively low, at around 1 pip for main currency pairs.
- In Asia, the leverage is up to unlimited, a key feature of Exness that is highly appreciated by professional traders.
- Similar to the Standard Cent and Pro account, the Standard account is not charged any commission on trading volume by Exness.
- The maximum volume of position you can open is 200 lots (at Exness Limited VC).
When trading with this Exness account, you mostly gain trading experience since you are more flexible to control your risk and, therefore, you will become more confident in trading currency pairs.
Exness Pro account
The Pro account is designed for professionals or experienced traders in the Forex market. They really enjoy trading with this type of Exness accounts. Why so? Because of the flexibility, cost efficiency, and freedom it brings to them.
- They do not charge any commission when trading with this Exness account. You can trade up to millions and it doesn’t cost you any commission fees. In addition, at Exness, you can open an unlimited number of accounts in your personal area. I really like this feature because it gives me a great chance to test many different trading strategies. You can also open as many orders as you want. There is no limit to it. Here are some advantages you will have when trading with this account.
- Unlimited leverage: When European traders trade forex with regulated brokers, the leverage usually range from 1:50 to 1:200, which means the minimum required margin is from 1/50 (2%) to 1/200 (0.5%). I think this is an advantage for Asian traders when you trade with Exness, because with this Exness account, you are offered the unlimited leverage, which leads to the margin being nearly zero. Exness in Asia is not regulated by anyone, so they can give you that outstanding leverage. However, remember that unlimited leverage is only available for Exness accounts with less than $1000 and having traded more than 5 lots. For others, the leverage is still pretty high, up to 1:2000.
- Low spread: Spread is the difference between the ask price and the bid price. It is the means of making money of brokers. Obviously, all traders would love a broker that offer them a low spread rate. When it comes to Exness Pro account, the spread can be as low as 0.1 pip, the tightest in the market. When you make an instant execution, the spread is only around 0.5 pip for the most popular currency pairs, the EURUSD, and only about 0.7 pip for a market execution. This spread rate is the lowest when compared to other big brokers.
- Variety: When you choose the Pro account, you can trade up to 120 different currency pairs. Moreover, you get to trade precious metals such as gold or silver plus some types of cryptocurrency like Bitcoin or Litecoin. Also, you really should trade cryptocurrency at Exness because cryptocurrency trading is commission-free with this Exness account.
However, to open a Pro account, you have to deposit at least $2000, but next time, you can deposit as low as you want to open this type of account, even $1. Since you are an experienced trader now, 2000 dollars is an understandable amount.
Exness Zero account
This is the ECN account of Exness. Zero stands for zero spread. Most experts know that ECN account is the best account for trading. Because only ECN account allow you trading in real market. You will buy and sell with real traders. And the prices were determined by the market demand and supply. For other account types, you will trade against brokers or banks. This is why experts prefer ECN account. ECN stands for Electronic Communication Network. This is a Network that connects you with others traders. So, this is the real market which you can buy/sell with real demands. Here are some benefits Exness offers for the Zero account.
- The spread of this Exness account is significantly low. As usual, it is nearly none for the most common currency pairs like: EUR/USD, USD/JPY, and CAD/USD… In the perfect world, spread should be zero, but of course no retail broker can do that. Due to market volatility, there is always spread. I have already checked the spread of the top forex brokers and Exness Zero account has the lowest spread ever in the market.
- Exness charges the least commission. When the Zero account’s spread is sometimes nothing, broker has to make a living on trading commission. Most brokers charge from 50 to 100 USD for 1 million dollars’ worth of trading volume. However, Exness only charges 50 dollars for each 1 million dollars’ worth of trading volume. This is by far the lowest commission in the forex market. Of course you know that the lower the commission is, the better that broker is.
- Exness provides clients with better ECN quotes than other brokers. Exness gets their quotes from four different liquidity providers. Therefore, they can offer better quotes, better prices, and stable charts for Exness accounts. If you trade with other brokers, sometimes, it doesn’t show the price. When it comes to Exness, that incident rarely happens.
- Exness only requires a 300 dollars minimum deposit to start trading with an Zero account while other brokers demand up to thousands of dollars. This feature is very good for medium traders who can’t afford much money yet still want to trade with Zero account.
Exness Raw Spread account
This is a new account of Exness. They introduced it at the end of 2019. This account is exactly the same as Exness Zero account except that the spread of this account cannot be as low as Zero account. Here are the basic details of Exness Raw Spread account:
- Minimum deposit: 200 USD
- Maximum leverage: 1:2000 on MT5 platform and 1:Unlimited on MT4 platform.
- Commission: 7 USD/lot
- Spread is from 0.1 pip.
Exness accounts for Scalping
When you decide to choose the scalping strategies, what you need is low spread. Scalping means you earn very little money from multiple small positions in a trading day. Therefore, low trading cost is very much needed for this trading strategy. When it comes to low spreads, Exness Zero account is the most suitable for you. Exness Zero account has spread very close to zero, which makes it perfect for scalping strategies.
Exness accounts for Swing trading
Swing trading is a type of forex strategies that traders hold their positions for a quite long period of time. Because they have to hold the positions for so long, they need low swap and high leverage. All Standard Cent, Standard, and Pro account of Exness have unlimited leverage, which is very good for swing trading. If you focus more on swap, Exness has a free-swap account for Islamic traders.
Exness accounts for Day trading
Day trading is openning and closing a position within a trading day. Never let it last overnight. Therefore, just like scalping, Day traders want low trading cost. Exness Pro and Zero accounts can solve this problem. For Exness Pro account, spread is as low as 0.1 pip. No commission. And the minimum deposit is just 1 dollar. For Exness Zero account, spread is almost 0. Commission rate is the lowest in the market. Both accounts are very suitable for Day trading strategies.
The advantages that all types of Exness accounts share
Absolute security: Exness is a company specialized in the field of offering forex trading services. They have three entities operating in Europe, Asia, and the UK. Since they are one of the biggest trading platforms in the world, Exness is very serious about their security and transparency. You can easily review their financial reports, funds, and clients’ information. Their auditor is Deloitte (the biggest independent accounting firm in the world) so you can rest assured all this data is real. Also, their fund in segregated accounts is 40 times worth of the money their clients cash in so you don’t have to worry about losing money due to technical problems or crisis.
Outstanding customer service: Exness has a great customer support policy. They can now helping clients in Chinese, Thai, Vietnamese, Bahasa Malaysia, and Persian. Furthermore, they have a 24/7 customer service system that will help you with any problems you encounter, which is super helpful to new traders.
Instant withdrawal system: To me, instant withdrawal is the key feature that makes Exness stand out. Instant withdrawal means when you withdraw your funds or transfer money, it only takes milliseconds to complete the task. How so? Because Exness leaves that job to the machines, so it is way faster than human. Compared to other brokers, Exness’ withdrawal speed is the fastest. You can try withdraw money at Exness and other brokers to see it for yourself. The difference is significant. More impressive, Exness allows traders to deposit and withdraw on weekends, a feature that no other brokers have. This is one of the main reasons why traders decide to trade Exness accounts.