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Choosing a Broker is the Most Important Part

Choosing-a-Broker-Exness

Choosing a broker is the most important part before we enter the world of the forex trading business.

Because the broker is the part that will support and provide trading services for us as a trader. Without the presence of a broker, we will not be able to plunge into the world of forex trading in the global financial market.

Because basically the global financial market can only be accessed by parties who have very large funds. So that only certain people, banks, companies, billionaires can enter the global financial market. Moreover, we are only traders with very limited capital, so the broker will be very helpful to launch our forex trading business.

After knowing the importance of brokers to support our forex trading business activities, the problem that comes next is the selection of a lot of forex brokers. Maybe we as people who are new to the world of forex trading will be very confused by the many choices of brokers. There are several brokers to choose from such as Exness broker.

Exness Forex Broker Services and Advantages

We certainly also understand that there is no doubt about the performance of the Exness broker. Exness Broker is a foreign or international broker that has been established since 2008 and until now continues to provide forex trading services for traders in various countries. Please check the official website Exness in the "About" section when Exness was founded.

Regarding Exness broker regulations, several countries have given this broker permission to operate forex trading services. Exness broker is licensed by the UK FCA, CySEC Cyprus and several other regulators. We need to know, Some countries make very strict regulations with trading, so we use services based on laws from other countries.

Traders will be shaded by one of the regulators that Exness has obtained. Usually we as traders in countries with strict trading rules will be subject to CySEC Cyprus rules. The main reason is because this regulator allows to provide services with extra high leverage and also very small deposits. Much different when compared to FCA England.

Clients will be very pampered with the various services provided by this Exness broker. We can choose various transaction spots such as forex trading transactions, metals and also Crypto sets. So we can choose which assets we control the most and promise a high enough return. Because every trader certainly has a currency pair or spot that they rely heavily on to gain profits.

To date, there are four types of forex trading accounts that we can choose from if we use the Exness forex broker. Accounts are like Standard Cent, Standard as well as Professional accounts. For Professional accounts, it is divided into three options, namely Raw Spread, Zero and Pro. Currently all accounts can access modern trading platforms such as MT5. But there are some special requirements for the account if you want to open on the MT5 platform.

Now the most important thing is that the minimum deposit rules that Exness applies are very low. But for very low deposits, we can only choose two accounts, namely Standard Cent and Standard. Only by making a deposit of $ 1, we can look for profits from forex transactions.

Meanwhile, other accounts such as Professional have a much larger minimum deposit. Because indeed the account is more focused on providing services to traders who are already quite professional and have high experience. So they don't hesitate to make large deposits because Exness brokers are trusted forex brokers.

In addition, for leverage, we can choose to start from the lowest at 1:1. But we can choose leverage far above up to more than 1:1000 for Standard Cent and Standard accounts. Meanwhile for Professional accounts, leverage also varies greatly. If using MT4 then the leverage is unlimited. But Professional accounts for MT5 are limited to 1:2000 only.

Another service is the spread fee which can be said to be quite large, namely 30 points on each currency pair. However, we will not be charged a commission fee because the spread is already charged on every transaction on a non-professional account. For Professional accounts, we are not subject to spreads or zero spreads where the spread only moves from 0 points to 5 points.

But there are a number of fees that we have to pay, namely commissions of up to $35 per 10 standard lots or $3.5 per 1 normal lot. With this amount of costs, it will be very balanced or even more profitable because there are so many advantages that we will get.

For Muslim traders, we can turn off swap where many consider this a service that is not allowed by the Shari'ah. The language of the traders forum is also known as sharia account because it does not apply a swap fee.

We can also freely use transaction techniques ranging from scalping, hedging, short positioning, robots or EAs and others. So that we can seek profit from forex trading in various ways because it is free to use various techniques.

Weaknesses of Exness Brokers

Before choosing this Exness broker, at least we can assess what the advantages are and what are the disadvantages. So we can understand and accept if we already know some of the weaknesses.

One of the downsides is the high spread costs. As a broker for beginners to professional traders, the spread load of up to 30 points is very high. So for Cent, Mini and Classic accounts it is not recommended to use scalping techniques. Because our profits will be deducted by the cost of the spread.

The next drawback is that the swap-free feature cannot be applied to professional ECN accounts. The main reason for the absence of this service is because every incoming transaction will be executed directly by the financial market liquidity provider. So it is not possible to provide swap-free services. But we need to find out more info whether there has been an update of the swap service or not.

It is very important for us to know in detail and clearly the services provided by our target broker like Exness. Because by understanding some of the advantages and disadvantages, we can easily consider which broker of our choice. Even though there are weaknesses, they can all be covered with the advantages offered by this Exness broker.