• January 17, 2023
• BrokerIdeas
• News & Blog

EXNESS’ Range of Account Types: Which One is Right for You?

When it comes to choosing a trading account, it can be difficult to know which one is right for you. With so many options to choose from, it can be overwhelming to determine which account type best suits your needs. In this article, we will explore EXNESS’ range of account types and help you determine which one is right for you.

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Standard Account

Suitable for beginners and experienced traders

The Standard Account is the most popular account type offered by EXNESS. It is suitable for both beginners and experienced traders, as it allows for the trading of all instruments and provides access to all trading platforms and tools. The minimum deposit for this account is $1, and the maximum leverage is 1:2000.

No commission and tight spreads

The Standard Account has no commission and tight spreads, which means that traders can trade at lower costs. This is important for traders, as it can help to increase their profit potential.

Cent Account

Suitable for beginners and traders with small deposit

The Cent Account is designed for beginners and traders who want to start trading with a small deposit. The minimum deposit for this account is $1, and the maximum leverage is 1:1000. The Cent Account allows for the trading of all instruments and provides access to all trading platforms and tools.

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Low minimum trade size

The Cent Account has a low minimum trade size, which means that traders can start trading with as little as 0.01 lots. This is useful for traders who want to test their strategies or practice trading with a small deposit.

ECN Account

Suitable for experienced traders and scalpers

The ECN Account is suitable for experienced traders and scalpers who want to trade with the lowest possible spreads. The minimum deposit for this account is $300, and the maximum leverage is 1:300. The ECN Account allows for the trading of all instruments and provides access to all trading platforms and tools.

Direct access to the interbank market

The ECN Account provides direct access to the interbank market, which means that traders can trade with the best possible prices. This is useful for traders who want to take advantage of the tightest spreads and the fastest execution speeds.

ECN Zero Account

Suitable for professional traders

The ECN Zero Account is suitable for professional traders who want to trade with the lowest possible spreads and no commission. The minimum deposit for this account is $500, and the maximum leverage is 1:200. The ECN Zero Account allows for the trading of all instruments and provides access to all trading platforms and tools.

Direct access to the interbank market

Like the ECN Account, the ECN Zero Account provides direct access to the interbank market, which means that traders can trade with the best possible prices.

Cryptocurrency Account

Suitable for traders who want to trade cryptocurrencies

The Cryptocurrency Account is suitable for traders who want to trade cryptocurrencies, such as Bitcoin, Litecoin, and Ethereum. The minimum deposit for this account is $10, and the maximum leverage is 1:5. The Cryptocurrency Account allows for the trading of all cryptocurrency instruments and provides access to all trading platforms and tools.

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Access to a wide range of cryptocurrency pairs

The Cryptocurrency Account provides access to a wide range of cryptocurrency pairs, allowing traders to diversify their portfolio and take advantage of different market conditions.

Swap-Free Account

Suitable for traders following Islamic law

The Swap-Free Account is designed for traders who follow Islamic law and are not allowed to earn or pay interest. This account type offers the same trading conditions as the Standard Account, but with no overnight swap charges. The minimum deposit for this account is $1, and the maximum leverage is 1:2000.

No commission and tight spreads

The Swap-Free Account has no commission and tight spreads, which means that traders can trade at lower costs. This is important for traders, as it can help to increase their profit potential.

PAMM Account

Suitable for traders who want to invest in a managed account

The PAMM Account is suitable for traders who want to invest in a managed account. This account type allows traders to invest in a fund managed by a professional trader. The trader then makes trades on behalf of the investors and shares the profits with them. The minimum deposit for this account is $1, and the leverage is determined by the professional trader managing the account.

Access to professional traders’ strategies

The PAMM Account provides access to professional traders’ strategies and can help investors to diversify their portfolio and potentially earn higher returns.

MAM Account

Suitable for money managers and traders who manage multiple accounts

The MAM (Multi-Account Manager) Account is designed for money managers and traders who manage multiple accounts. It allows for the simultaneous management of multiple sub-accounts from a single master account. This account type allows for the trading of all instruments and provides access to all trading platforms and tools. The minimum deposit for this account is $1, and the maximum leverage is 1:1000.

Advanced management and reporting features

The MAM Account provides advanced management and reporting features, such as allocation methods, client management, and performance reporting. This makes it easy for money managers to manage and monitor their clients’ accounts.

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How to Choose the Right Account Type in EXNESS

Consider your trading style

Are you a beginner or an experienced trader?

The first step in choosing the right account type is to consider your trading style. Are you a beginner or an experienced trader? EXNESS offers a Standard Account, which is suitable for both beginners and experienced traders, as it allows for the trading of all instruments and provides access to all trading platforms and tools.

Are you a scalper or a long-term trader?

If you’re a scalper or a short-term trader, you may want to consider an ECN account, which provides direct access to the interbank market and the lowest possible spreads. If you’re a long-term trader, you may want to consider a Standard or Cent account, which offers tight spreads and no commission.

Consider your deposit and leverage

How much are you willing to deposit?

Another important factor to consider is the amount you’re willing to deposit. EXNESS offers a Cent account, which is designed for traders who want to start trading with a small deposit. The minimum deposit for this account is $1. The Standard account has a $1 deposit requirement as well and the ECN account is $300.

What level of leverage are you comfortable with?

It’s also important to consider the level of leverage you’re comfortable with. EXNESS offers flexible leverage options, allowing clients to choose the level of leverage that best suits their needs. The maximum leverage for the Standard account is 1:2000, Cent account is 1:1000, ECN account is 1:300, ECN Zero account is 1:200 and Cryptocurrency account is 1:5.

Additional features

Are you looking for a swap-free account?

EXNESS also offers a Swap-Free account, which is suitable for traders who follow Islamic law and are not allowed to earn or pay interest. This account type offers the same trading conditions as the Standard Account, but with no overnight swap charges.

Are you interested in investing in a managed account?

EXNESS also offers a PAMM (Percent Allocation Management Module) account, which allows traders to invest in a fund managed by a professional trader. The trader then makes trades on behalf of the investors and shares the profits with them. This account type can be an option for traders who want to diversify their portfolio and potentially earn higher returns.

Do you manage multiple accounts?

EXNESS also offers a MAM (Multi-Account Manager) account, which is designed for money managers and traders who manage multiple accounts. It allows for the simultaneous management of multiple sub-accounts from a single master account. This account type provides advanced management and reporting features, such as allocation methods, client management, and performance reporting.

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Which trading platforms do you prefer?

Another important factor to consider is the trading platform and tools offered by EXNESS. The company offers a variety of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary platform, EXNESS Trader. Additionally, it provides a variety of trading tools, such as educational resources, trading signals, automated trading, and more. This can be useful for traders who are looking for specific tools or platforms to enhance their trading experience.

Consider the customer service and security

How important is customer service to you?

Another factor to consider is the customer service and security provided by EXNESS. The company excels in customer service, providing quick and efficient support in multiple languages. Additionally, it offers fast and secure deposit and withdrawal options and uses advanced security measures to protect client’s information. This can be important for traders who want to feel confident in the security and support of their trading account.

Consider the additional benefits and promotions

Are you looking for additional benefits and promotions?

Lastly, traders should also consider the additional benefits and promotions offered by EXNESS. The company offers a variety of trading tools and features such as advanced charting and technical analysis tools, a mobile trading platform, research and analysis reports, trading robots and EAs, a virtual private server (VPS) service, an economic calendar, partnership program, loyalty program and 24/7 customer support. Additionally, it also offers bonuses and promotions to its clients from time to time. This can be useful for traders who are looking for extra incentives to enhance their trading experience.

Conclusion

In conclusion, choosing the right account type in EXNESS is an important decision that should not be taken lightly. It’s important to consider your trading style, deposit and leverage, as well as the trading platforms and tools, customer service and security, additional benefits and promotions offered by the company. By considering all of these factors, you can choose the account type that best suits your needs and trading goals.

EXNESS offers a range of account types, including the Standard, Cent, ECN, ECN Zero, Cryptocurrency, Swap-Free, PAMM and MAM accounts, each with their own unique features and requirements. The Standard account is suitable for both beginners and experienced traders, the Cent account is designed for traders who want to start trading with a small deposit, the ECN account is suitable for scalpers and experienced traders, the ECN Zero account is designed for professional traders, the Cryptocurrency account is suitable for traders who want to trade cryptocurrencies, the Swap-Free account is suitable for traders following Islamic law, the PAMM account is suitable for traders who want to invest in a managed account and the MAM account is suitable for money managers and traders who manage multiple accounts.

By carefully evaluating your needs and preferences, you can determine which account type will best suit your trading style and goals. Additionally, you can reach out to EXNESS’ customer service team for more information and clarification about their account types. This way you can make an informed decision and start trading with confidence.

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