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