The number of forex brokers available to traders increases almost daily in this age of high-speed, global internet access.
It can often be difficult to identify which forex broker will be able to best suit your needs by giving anyone with an internet connection access to the global forex markets.
In this article, when picking their preferred forex broker, we outline the key criteria that new forex traders should follow.
1. The Trading Platform
For your success as a trader, the trading platform supplied by your forex broker is crucial. With tools that you can take advantage of as you develop as a trader, you should choose a forex broker that offers a trading platform that is both easy to use and fully functional.
To all our customers, Exness offers the popular MetaTrader 4 and MetaTrader 5 terminals. For traders who prefer to trade on the go, we also offer mobile trading platforms, WebTerminal for traders who want to trade directly from their browser, and Multi Terminal, enabling traders to manage multiple accounts at once. Traders can use a Demo account to test drive all our trading platforms to find the right one for them.
2. Different Account Types
A range of trading accounts will be offered by most quality forex brokers to traders. Typically, each account will offer different trading conditions, providing traders with options based on their goals and available trading budget.
Four real account types are offered by Exness that together meet the needs of all types of traders. For traders in Muslim countries, we also offer swap-free accounts; those accounts are Sharia-compliant.
3. Multiple Instruments
While many traders will stick to the most common of pairs, when trading on more exotic instruments, others enjoy the increased volatility available. Pick one that has as many instruments available as possible when choosing a broker.
You will have access to more than 120 instruments when trading with Exness, including common and exotic currency pairs, precious metals, and crypto currencies.
4. An Award-Winning Broker
You will be joining an award-winning forex broker dedicated to providing the best trading conditions on the market when you open an account with Exness, all while keeping your funds safe. For offering our traders the most comfortable trading environment, Exness has received numerous awards.
Below are some of our awards from the past:
The 2016 Best MT4 Forex Broker
Best 2015 Educational Broker
The 2014 Best Trading Conditions
Plus, our devotion to success goes without saying, with our sponsorship of Real Madrid, and the greatest footballer alive, Cristiano Ronaldo.
5. Protection Of Clients’ Funds
You want to make sure your funds are both safe and accessible when depositing funds with a broker.
Deloitte is audited by Exness so that our traders understand that their deposits are in the safest hands. We keep client funds completely separate from our own funds in segregated client accounts. In accordance with strict policies and procedures, all client funds deposited at Exness are fully segregated.
Depending on your country and payment method, Exness also provides instant deposits and withdrawals, meaning that your money is no longer a few clicks away.
6. Training and Analysis
When you start trading, there is so much to learn. Therefore, having a broker who is able to guide you through your learning journey is helpful.
Exness provides traders access to TradingCentral’s current news and analytics as well as forex training via blog posts, webinars, and eBooks.
Fees & Commission Fees for the Commission
Forex brokers receive their compensation in a variety of ways, including through commission and through distribution (the difference between ask price and bid price).
Exness offers very tight spreads of just 0.1 points and charges no commission at all on trades made through the accounts of the Cent, Mini, or Classic.
Traders using the ECN account, along with clearly laid out commission charges, can enjoy even tighter spreads, as low as 0.0 points.
One of the great advantages of forex trading is the availability to maximise the potential of your capital by using leverage. Traders should look for brokers that offer the greatest possible leverage range.
Exness allows traders to enjoy leverage up to 1:Unlimited. At any moment, they can also change their leverage, meaning they’re always in control.
Of course, the magnifying effect of leverage is a double-edged sword, increasing both the possibility of profit and loss.
9. Customer Service
Quality and prompt customer service is something that new traders should not compromise on, especially since as they get started, most new traders typically require at least some degree of help.
In 13 different languages, Exness provides customer support, along with 24/7 support in both English and Chinese.
10. Trade Execution
In making your decision, the time a forex broker takes to execute a trade is also a critical aspect to consider.
Exness’ average execution time is at 0.01 seconds, which ensures that our traders get into trades and can exit their positions as fast as possible.
There is no one-size-fits-all solution when it comes to electing a forex broker. The best broker is the one that, as a trader, aligns best with your priorities.
The above guidelines, however, should assist you in deciding on your priorities and support you in making your final choice.