If you are new to the world of forex trading, choosing the right broker and account type can be overwhelming. With so many options available, it can be difficult to determine which one is the best for you. In this blog post, we will discuss the best Exness account for beginners and guide you through the process of opening and verifying your account. We will also address some frequently asked questions to help you make an informed decision. So let's dive in and find out which Exness account is the best for you.
Overall Exness Review
Exness broker is regulated in several jurisdictions and has been operating since 2008. Here are some of the main advantages of this broker:
The broker offers excellent trading conditions overall but there are some downsides to consider:
Despite the few disadvantages, Exness remains a recommended choice especially for price-sensitive traders looking for tight spreads. Next, let's look at the different account types on offer.
Exness Account Types Overview Update 2024
Exness has recently updated its account types to provide an even better trading experience for its clients. The new account types offer improved trading conditions, lower spreads, and faster execution speeds. Let's dive into the details of each account type and see how they differ from each other.
Exness Standard Account
The Exness Standard account is designed for beginners and intermediate traders who want to test the waters of the forex market without risking a large amount of capital. This account type offers fixed spreads starting from 0.3 pips, with no commission charges. It also has a minimum deposit requirement of only $1, making it accessible to traders with any budget.
Pros:
Cons:
The Exness Standard account is ideal for traders who are just starting and want to get a feel of the market before committing to larger deposits. It is also suitable for those who prefer fixed spreads and do not require access to advanced trading tools.
Exness Raw Spread Account
The Exness Raw Spread account is designed for experienced traders who require tighter spreads and faster execution speeds. This account type offers raw spreads starting from 0.0 pips, with a commission charge of $3.5 per lot traded. It also has a minimum deposit requirement of $200, making it more suitable for traders with a larger budget.
Pros:
Cons:
The Exness Raw Spread account is ideal for traders who require faster execution speeds and access to ECN liquidity. It is also suitable for those who use advanced trading strategies and require a wider range of trading tools.
Exness Zero Account
The Exness Zero account is designed for high-volume traders who require the lowest possible spreads and fastest execution speeds. This account type offers zero spreads, with a commission charge of $3.5 per lot traded. It also has a minimum deposit requirement of $200, making it more suitable for traders with a larger budget.
Pros:
Cons:
The Exness Zero account is ideal for high-volume traders who require the best trading conditions and are willing to pay a commission for it. It is also suitable for those who use advanced trading strategies and require a wider range of trading tools.
Exness Pro Account
The Exness Pro account is designed for professional traders and institutional clients who require the best possible trading conditions and personalized support. This account type offers custom spreads, with a commission charge of $3.5 per lot traded. It also has a minimum deposit requirement of $200, making it more suitable for traders with a larger budget.
Pros:
Cons:
The Exness Pro account is ideal for professional traders and institutional clients who require customized trading conditions and personalized support from their broker. It is also suitable for those who use advanced trading strategies and require a wider range of trading tools.
Exness account types comparison
When it comes to choosing a forex broker, one of the most important factors to consider is the type of account they offer. Each account type has its own unique features and benefits, and it's crucial to understand them in order to make an informed decision. In this blog post, we will be comparing the different account types offered by Exness, one of the leading forex brokers in the industry. We will delve into the minimum deposit, leverage, spreads, trading tools, overnight fees, and commissions for each account type, giving you a comprehensive understanding of what each one has to offer.
Minimum Deposit
The first thing to consider when looking at account types is the minimum deposit requirement. This is the minimum amount of money that you need to deposit in order to open an account with a broker. The minimum deposit can vary greatly between brokers, and it's important to choose one that fits your budget and trading goals.
Standard Account
The standard account is the most basic account type offered by Exness, and it requires a minimum deposit of $1. This makes it an ideal option for beginners or traders who are just starting out and don't want to risk a large amount of money. With a standard account, you have access to all the basic features and tools needed for trading, making it a great choice for those who are still learning the ropes.
Pro Account
The pro account is designed for more experienced traders who are looking for advanced trading features and tools. It requires a minimum deposit of $200, which is significantly higher than the standard account. However, the pro account offers lower spreads and faster execution speeds, making it a popular choice among professional traders.
Sub Heading 1: Benefits of a Higher Minimum Deposit
While a higher minimum deposit may seem like a disadvantage, there are actually several benefits to opting for a pro account with a higher minimum deposit. These include:
Sub Heading 2: Is a Higher Minimum Deposit Worth It?
The answer to this question depends on your trading goals and experience level. If you are just starting out and don't have a large budget, a standard account with a lower minimum deposit may be the best option for you. However, if you are an experienced trader looking for better trading conditions and access to advanced tools, then a pro account with a higher minimum deposit may be worth it.
Leverage
Leverage is another important factor to consider when comparing account types. It refers to the amount of money a broker is willing to lend you for trading. Leverage allows you to control larger positions with a smaller amount of capital, which can result in higher profits. However, it also increases the risk of losses, so it's important to use leverage wisely.
Standard Account
The standard account at Exness offers a maximum leverage of 1:2000. This means that for every $1 in your account, you can control a position worth up to $2000. While this may seem like a high leverage ratio, it's important to remember that higher leverage also means higher risk. It's crucial to have a solid risk management strategy in place when using high leverage.
Pro Account
The pro account offers a maximum leverage of 1:Unlimited, which means there is no limit to the amount of leverage you can use. This can be beneficial for experienced traders who know how to manage their risk effectively. However, it's important to note that higher leverage also means higher margin requirements, so you will need to have a larger account balance in order to take advantage of this feature.
Sub Heading 1: Benefits of High Leverage
There are several benefits to using high leverage, including:
Sub Heading 2: Risks of High Leverage
While high leverage may seem like an attractive feature, it's important to be aware of the risks involved. These include:
Spreads
Spreads refer to the difference between the bid and ask price of a currency pair. This is how brokers make money, and it's important to choose a broker with competitive spreads in order to minimize your trading costs.
Standard Account
The standard account at Exness offers variable spreads starting from 0.3 pips. This means that the spread can vary depending on market conditions, but it will never be lower than 0.3 pips. While this may not be the lowest spread in the industry, it's still considered competitive and can save you money in the long run.
Pro Account
The pro account offers variable spreads starting from 0.1 pips, which is significantly lower than the standard account. This makes it a great option for traders who are looking to minimize their trading costs and take advantage of tighter spreads.
Sub Heading 1: Benefits of Tight Spreads
There are several benefits to trading with tight spreads, including:
Sub Heading 2: Factors That Affect Spreads
Spreads can vary depending on several factors, including:
Trading Tools
Trading tools are an essential part of any forex trader's arsenal. They can help you analyze the market, identify trading opportunities, and make informed trading decisions. Let's take a look at the trading tools offered by Exness for each account type.
Standard Account
The standard account comes with access to basic trading tools such as charts, technical indicators, and economic calendars. While these tools may be sufficient for beginners, more experienced traders may find them lacking.
Pro Account
The pro account offers access to advanced trading tools such as Autochartist, Trading Central, and VPS hosting. These tools can help you improve your trading performance and make more informed decisions, making the pro account a popular choice among professional traders.
Sub Heading 1: Benefits of Advanced Trading Tools
There are several benefits to using advanced trading tools, including:
Sub Heading 2: Are Advanced Trading Tools Necessary?
While advanced trading tools may not be necessary for all traders, they can certainly give you an edge in the market. If you are serious about forex trading and want to improve your skills, then investing in advanced tools may be worth it.
Overnight Fees
Overnight fees, also known as swap rates, are charged when you hold a position open overnight. These fees are based on the interest rate differential between the two currencies in the pair you are trading.
Standard Account
The standard account at Exness charges overnight fees on all positions held open overnight. The exact amount will depend on the currency pair you are trading and the direction of your trade.
Pro Account
The pro account does not charge any overnight fees, making it a great option for traders who like to hold positions open for longer periods of time.
Sub Heading 1: How Overnight Fees Affect Your Trading
Overnight fees can have a significant impact on your trading, especially if you tend to hold positions open for multiple days. These fees can eat into your profits and increase your trading costs, so it's important to factor them into your trading strategy.
Sub Heading 2: How to Minimize Overnight Fees
There are a few ways to minimize overnight fees, including:
Commissions
Commissions are another important factor to consider when comparing account types. They refer to the fees charged by brokers for executing your trades.
Standard Account
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The standard account at Exness does not charge any commissions. Instead, they make their money through the spreads, which are built into the price you pay for each trade.
Pro Account
The pro account charges a commission of $3.5 per lot traded. This may seem like a high commission, but it's important to remember that the spreads on the pro account are significantly lower, making it a more cost-effective option for high-volume traders.
Sub Heading 1: Benefits of Low Commissions
Low commissions can have several benefits, including:
Sub Heading 2: How to Choose Between No Commissions and Low Spreads
When choosing between a standard account with no commissions and a pro account with low spreads, it's important to consider your trading style and goals. If you tend to make a large number of trades, then a pro account with low spreads and a commission may be more cost-effective for you. However, if you are a low-volume trader, then a standard account with no commissions may be the better option.
Which Best Exness Account?
Exness is a reputable forex broker that offers various account types to cater to the needs of different traders. The three main account types offered by Exness are Standard, Pro, and Raw Spread accounts. Each account has its own unique features and benefits, making it suitable for different trading styles and strategies. Let's take a closer look at each account type to determine which one is the best for beginners.
Standard Account
The Standard account is the most popular account type among Exness traders. It is designed for beginner traders who are just starting their forex journey. This account offers fixed spreads, which means that the spread remains the same regardless of market conditions. The minimum deposit for a Standard account is $1, making it accessible for traders with a limited budget. This account also offers leverage up to 1:2000, which can be beneficial for traders looking to maximize their profits.
Pro Account
The Pro account is designed for more experienced traders who require lower spreads and faster execution speeds. This account offers variable spreads, which means that the spread can fluctuate depending on market conditions. The minimum deposit for a Pro account is $200, which may not be suitable for beginners. However, this account offers higher leverage up to 1:Unlimited, which can be attractive for traders looking for higher leverage options.
Raw Spread Account
The Raw Spread account is the most advanced account type offered by Exness. It is designed for professional traders who require the lowest spreads and fastest execution speeds. This account offers raw spreads, which means that the spread can be as low as 0 pips. However, this account requires a minimum deposit of $500, which may not be suitable for beginners. The leverage for a Raw Spread account is also up to 1:Unlimited.
After analyzing the features and benefits of each account type, we can conclude that the Standard account is the best Exness account for beginners. It offers fixed spreads, low minimum deposit, and high leverage, making it ideal for new traders who are still learning the ropes of forex trading.
How to Choose Best Exness Account for Beginners?
Now that we have determined that the Standard account is the best option for beginners, let's discuss how you can choose the best Exness account for yourself. Here are some factors to consider when selecting an account type:
How to Open Exness Account?
Opening an Exness account is a straightforward process that can be completed in a few simple steps. Here's how you can open an Exness account:
Once your account is created, you will receive a confirmation email with your login details. You can then log in to your account and start trading.
How to Verify My Exness Account?
To comply with international regulations, Exness requires its clients to verify their accounts before they can start trading. The verification process is necessary to ensure the safety and security of your funds. Here's how you can verify your Exness account:
The verification process usually takes 1-2 business days, after which you will receive a confirmation email. Once your account is verified, you can start trading without any restrictions.
FAQs
Can I Have Two Exness Accounts?
Yes, you can have two Exness accounts. However, each account must be under a different email address and cannot be linked to the same payment method.
How Do I Change My Account Type on Exness?
To change your account type on Exness, you will need to close your current account and open a new one with the desired account type. You can do this by contacting the Exness support team or through the "Account Management" section on your Exness dashboard.
Which Exness Account Type is Best?
As discussed earlier, the Standard account is the best option for beginners due to its fixed spreads, low minimum deposit, and high leverage. However, the Pro and Raw Spread accounts may be more suitable for experienced traders who require lower spreads and faster execution speeds.
What is the difference between Exness Standard account and Pro?
In general, the main difference between a Standard account and a Pro account lies in the trading conditions and features offered. Here's a general overview of the two types of accounts:
Standard Account:
Pro Account:
Conclusion
Choosing the best Exness account for beginners can be a daunting task, but it doesn't have to be. By considering factors such as your trading style, budget, and market conditions, you can determine which account type is best for you. The Standard account is the most suitable option for beginners, offering fixed spreads, low minimum deposit, and high leverage. Remember to verify your account before you start trading to ensure the safety and security of your funds. We hope this comprehensive guide has helped you in choosing the best Exness account for your forex journey.
