With new forex brokers coming online every day, it often requires a lot of research and patience to choose the best forex broker for you. We have identified some of the key things that every trader needs to assess when selecting a broker to save you time and help beginner traders, and we have compiled a list of the best Forex brokers on the market.
The Bottom Line: The brokers below represent the best brokers for beginners.
Pro Tip: Most of these brokers provide free demo accounts so that you can use virtual money to test the brokers and their platforms. Before using your own cash, give it a try with some game money.
Here is a summary of the best novice brokers.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.
Founded in 2008, the Exness Group holds licences from the United Kingdom Financial Conduct Authority ( FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA), on whose services this review is based. The group has more than 80,000 active traders and posts on its website key performance indicators.
Exness provides users with the ability to trade across five core trading accounts on a wide range of asset classes covering Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices. Professional accounts are referred to as Raw Spread, Pro and Zero with account leverage of up to 1:2000, no Pro Account trading commissions and 3.5 USD per lot commission per Raw Spread and Zero Accounts side. Standard accounts, which are both commission-free, are called Standard and Standard Cent. Demo accounts and swap-free Islamic accounts are available as well.
Customer support is offered in 13 languages with 24/5 support in 11 languages and 24/7 support in English and Chinese via Live Chat or Email.
Finding out about the broker ‘s support and some other important things is the simplest way to find out the good or bad of any broker. We have reviewed and selected some of the issues in order to provide reviews of the broker, and based on that, we have provided reviews. We will concentrate on the following 4 topics in order to provide reviews.
2 Fund Security
4 Exness Spread
Using a wide range of deposit and transfer options, including wire transfers, Neteller , Skrill and others, funds can be deposited. The automatic withdrawal of funds using a number of electronic payment systems is one of the main advantages of EXNESS, providing traders with round-the-clock control over the funds of their trading accounts.
On request, withdrawals are done instantly and funds are returned using the same method used for the deposit.
Each method of deposit and its benefits and disadvantages for the trader are listed in a useful chart, not offered by many other brokers.
2 Exness Fund Security
By depositing funds into the broker, all traders are a little worried. Because this money isn’t going to be lost, or isn’t it going to kill the broker? We know it’s normal here. Because that’s our hard-earned money, brother. It won’t be as difficult if we lose money by trading, as if the broker doesn’t allow us to withdraw funds or doesn’t provide protection for the money we have invested.
There are a lot of you who have heard the surrogate account ‘s name. Now the question is, what does this have to do with the security of funds? The broker itself is not a bank that deposits your invested funds into the broker’s account for your convenience. Brokers offering Surrogate Accounts directly deposit the funds of their client with a listed and trusted bank in the name of a client, as opposed to depositing them in their own account. Now the question is, what advantages are there? Let me clarify with a simple example of –
Suppose you deposit funds with a broker called “A” that does not have a surrogate account facility. If your broker goes bankrupt at any time, all of the funds you have invested in it will be lost. That is, you’re never going to get back that money.
He deposited funds in a broker called “B,” which has the benefit of a surrogate account, on the other hand. If your broker goes bankrupt at any time, the bank will be required to return all the funds you have invested in it. Hope you’re understanding. The safety system at Exness is powerful enough. Wherever you go to deposit or withdraw any amount from the broker, a security code will be sent to your registered phone number. And you can then withdraw funds from the broker by providing that code.
With its improved terminal interface, increased performance and speed, MetaTrader 4 and the newer MetaTrader 5 are the trading platforms of choice at EXNESS, as they work well with currency pairs, CFDs, and futures.
MetaTrader 4 offers the most freedom for trading strategies to be implemented and a large number of expert advisors (EA) have been created for this terminal by traders around the world. Clients who prefer Forex algorithmic trading can easily adapt and effectively use their advisors by trading on EXNESS servers.
For traditional desktop computers as well as the most popular mobile platforms, Macs, and Linux, EXNESS offers MetaTrader 4.
The MT4 web platform is also offered by EXNESS. This platform, operated by Meta Quotes, is a web terminal with all the basic functions that traders need, including real-time quotes, customizable price charts, different timeframes for charting, and basic analytical objects. At the request of many of its customers who are interested in using a traditional desktop platform, it is offered.
MataTrader 5 supports shares and options for trading. There have been two new types of pending orders — Buy Stop Limit and Sell Stop Limit, and additional terms are now available when trading on the stock market — Fill or Kill (FOK) and Immediate or Kill (IOK).
Level 2 quotes are supported by the MT5 terminal, enabling the analysis of market depth, and new programmes appear automatically in MetaTrader 5.
The ability to hedge Forex positions has been taken away by MT5 developers for whatever reason.
From their mobile devices, traders can perform most of the functions of the Metatrader 4 and Metatrader5 platforms. Mobile Forex trading offers traders the ability from anywhere to complete trades. The important thing is to have a connation to the Internet. As the number of mobile platforms for different devices grows, more and more traders are opting for mobile Forex trading, so this capacity is important for this company’s continued growth.
In short, the gap between the purchase price you receive and the sale price of the entry you receive. This gap is called the spread, which is known as the broker ‘s profit. For traders, spread is a loss, because if you enter a currency pair where the spread amount is higher, it will open with more losses.
Now, trading without spreads is not possible. The broker that has less spread is therefore preferred by traders. There is tolerability for the amount of spread in Exxon Broker. That is, this broker doesn’t charge for the additional spread. The broker has to change its spread based on the movement of the market. That is, the spread is “variable” in this broker, which is constantly shifting above the market price movement.
This spread can be observed in all major currency pairs, depending on market movement, from a minimum of 1 to 16 pips. Which is a lot less than other brokers in comparison. If you are looking for a low-spread broker, then one of your options may be Exxon.
HOW LONG DOES EXNESS WITHDRAWAL SYSTEM TAKE?
Based on my experience with Exness, this broker’s deposit / withdrawal process typically takes less than 5 minutes to continue. The 5-minute is when the web is slow. If you have a good connation, it usually takes only 1 minute for Exness to withdraw.
. Traders in most countries can deposit and withdraw through local payment methods.
. There are different international methods of payment that traders can use . wherever they are. And Exness charges no fee.
.There are instant exit payment systems. Most are instant transactions. While other brokers take a few hours to a few days to withdraw, you can get your money in seconds. Open a FREE account now at Exness!
You’ve got to withdraw the same way you deposit. It does not have a limit on the withdrawn amount.
The amount you withdraw must follow the ratio of your depositing techniques. You can withdraw 60% of your money from Skrill if you deposit $600 from Skrill, for instance, and $400 from Netteller. Withdrawing the other 40 percent through Netteller is necessary.
EXNESS EXECUTION SPEED IS THE FASTEST
You can test it on your own easily. I just checked and discovered the speed of the Exness server is 5 times faster than other brokers. Let’s test it and now see the outcomes!
THERE ARE NO SWAP ACCOUNTS
Swap is also a type of trading expense. So, the smaller, the better. For Islamic countries, Exness offers a free swap account. If you are not in Islamic countries, you can get a free Cryptocurrency trading swap. Check Exness no swap accounts
YOU CAN USE EA FOR TRADING AT EXNESS
Any EA that you want can be installed. You can also request a free VPS to host your EA, which operates 24/7. You can also install trading robots. Some of my friends have won a lot of money from robot trading, but finding a good robot isn’t easy.