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Both Exness and FXOpen are qualified to compete for the best broker for scalping. But if you could only choose one, here are some things to consider.
Exness or FXOpen, which one is the best broker for scalping? Both brokers are frequently compared with one another to see which one provides a superior trading environment. Here is a detailed comparison between Exness and FXOpen to help you determine which is better for your scalping strategy.
Exness
| 💰Minimum deposits | $10 for Standard Accounts on most payment methods, or $200 for Professional Accounts |
| ⚖Maximum leverage | unlimited |
| 🔢Spreads | from 0.3 pips for Standard Accounts, or from 0.0 for Professional Accounts |
| 💸Commissions | no commission for Standard Accounts, or up to $3.50 each side per lot for Professional Account |
| ⚡Execution speeds | less than 1 second |
| 💻Trading platforms | MetaTrader4, MetaTrader5, Exness Trade app, Exness Terminal, MetaTrader WebTerminal, MetaTrader Mobile |
| Instruments | 100+ forex pairs, 30+ Cryptocurrency CFDs, Precious Metals CFDs, Energies CFDs, Share CFDs, and Index CFDs. |
Scalpers are recommended to open a Professional Raw Spread account on Exness. Raw spreads of 0.0 pips are available, with commissions of up to $3.50 per side per lot. The minimum deposit of $200 is quite affordable, and you can apply for as much leverage as you can handle.
Exness exceeds others in terms of maximum leverage and range of markets. If you are looking to automate your scalping strategy for more instruments at a time, then Exness will be your best bet.
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
FXOpen
| 💰Minimum deposits | $1 on Micro account, $10 on STP account, and $100 on ECN account |
| ⚖Maximum leverages | up to 1:500 |
| 🔢Spreads | floating from 0 pips |
| 💸Commissions | no commissions on Micro & STP, or starting from $1.5 each side per lot on ECN |
| ⚡Execution speeds | less than 1 second |
| 💻Trading platforms | MetaTrader4, MetaTrader5, TickTrader, TickTrader Web, Metatrader WebTerminal |
| Instruments | 50+ forex pairs, 30+ Cryptocurrency CFDs, Precious Metals CFDs, Energies CFDs, Share CFDs, and Index CFDs |
Getting an ECN account on FXOpen may be beneficial for scalpers. You may start by depositing $100 and then choose to use TickTrader or Metatrader5 (both provide Depth of Market feature). The ECN account offers raw spreads starting at 0.0 pips with commissions starting at $1.50 per side per lot (it is one of the lowest in the industry!).
See Also:
FXOpen outperforms competitors in terms of costs. FXOpen will be the best option if you are a first-time scalper or an experienced scalper who doesn't seek a highly diversified portfolio.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
The Best Broker for Scalping
Scalping may be quite lucrative for traders who choose to utilize it as their main approach or even as a supplementary tactic for other strategies. The keys to turning tiny profits into enormous gains are a tried-and-true trading strategy, discipline, and a supportive trading environment --as provided by your broker.
The best broker for scalping should satisfy a number of requirements: fast execution speed, sufficient maximum leverage, low trading costs, as well as handy tools and trading platforms. It should also allow traders to enter and exit any position without requiring a minimum holding period.
So, Exness or FXOpen? In this regard, both Exness and FXOpen are qualified to compete for the best broker for scalping.
Some might argue that FXOpen is the best broker for scalping due to the low fees they charge. On the other hand, Exness may be a favorite for others due to the large number of markets it offers. Exness also has various tools like tick history report to complement scalping analysis.
What many traders might not realize is that every trader will have a different best pick, and that is all right. Therefore, choose whichever you are interested in. Give their demo account a try when you are in doubt.
28 Comments
Scholes
Feb 27 2023
Dude, sorry, I'm really new in Forex. I don't really know any Forex terminology and seem to be very confused about Forex term. There are a few questions I would like to ask.
THANK! I hope my question will be answered!
Sallywin
Feb 27 2023
Scholes: Allow me to answer your question. You can agree or not because I'm a beginner too!!
Hope it can help! Have an nice day!
Ronald
Mar 2 2023
Sallywin: For me, as beginner trader and most of my trainers also said, there is no one "best" currency pair to trade with in forex, as the optimal choice of currency pairs largely depends on your individual trading style, risk tolerance, and personal preferences. Some of the currency pairs that can be the very friendly to trade :
These currency pairs are known as the "major pairs," as they represent the most heavily traded currencies in the world.
However, there are also "minor pairs" and "exotic pairs" that can be traded in forex, and these may offer unique opportunities depending on market conditions and your trading strategy. But these pairs is not many traded. So, it is the best to have Major Pairs.
William
Feb 27 2023
Hi admin, I want to ask something. This is the trading strategy you mentioned, scaling. I have researched on scalping and this is a trade that really works in the short term but needs more attention when trading.
I was planning to do some scalping and also really wanted to trade on a demo account. And I think FXOpen is the best because the trading fees there are very low. But the problem is that I'm a full-time worker, so I don't really have time to trade. Is scalping good for me as a full-time employee? ? THANK!!
Mane
Feb 27 2023
William : As a full-time employee, it may be difficult to give scalping the necessary attention and time needed to be successful. Additionally, scalping can be stressful and time-consuming, which could negatively impact your work performance and overall well-being.
If you are interested in trading as a full-time employee, it may be more appropriate to consider long-term trading strategies that require less time and attention, such as swing or position trading. These strategies may be more suitable for those with limited time and resources to devote to trading while balancing the demands of a full-time job. You can read about the swing and position trading at here : How To Choose Day Trading VS Swing Trading
Peter
Feb 27 2023
In my opinion, doing standard account scalping with both brokers is a good idea as Exness and FXOpen have no commission on their trading conditions. That is to say, you just pay the spread without thinking and get charged a commission. I mean, this condition is very good for the trader who wants to scalp and since the broker has charge no commission at all, the trader can trade more freely and can manage the money management easier.
Meanwhile, the professional trader can choose to trade on raw spreads or on an ECN account that offers spreads less than 0.0, which can be an advantage for scalpers but be careful with commissions that higher than the other account..
Dave
Mar 2 2023
Peter: Hey man, I've heard that ECN accounts aren't suitable for beginners, but I think the low spreads they offer make them a great choice, as you mentioned before. I plan to start with a demo account first and then switch to a live ECN account when I feel ready. Plus, the deposit required for Exness and FXOpen seems very reasonable. So, can anyone use an ECN account regardless of their level of experience? I'm looking forward to your response. Thank you!
Gredinho
Mar 2 2023
Dave: It is a good idea to start with a demo account or a simpler account type, and gradually work your way up to an ECN account as you gain more experience and confidence.
And about the ECN, the beginner can use an ECN account. However, ECN accounts are generally more suited to experienced traders who have a deep understanding of market conditions and trading strategies.
And in fact, ECN accounts can offer some advantages, such as tighter spreads and faster execution, but they also typically have higher commissions and may require larger minimum deposits.
And, this means that beginners who are just starting out in forex trading may find ECN accounts to be more complex and expensive than other account types, such as standard or mini accounts.
Eduardo
Mar 2 2023
Ok, so the article talks about the best brokers to scale between Exness and FXOpen. And both accounts are also ECN Brokers and for me I don't know if that's true but ECN brokers are the best for scalping because the fees are there especially the spreads , extremely low.
I actually have very little knowledge of forex as I am a beginner. And I really wonder how ECN can offer very low spreads and other account like STP can't offer the same spreads. And I'm not sure why the commission is so high?
Siro
Mar 2 2023
Eduardo: Forex trading can be a bit confusing, especially when you're just starting out. One thing you might be wondering about is why ECN accounts have such low spreads compared to other account types, like STP. Basically, ECN brokers get their pricing from a bunch of different sources, which means they can offer better rates. STP brokers, on the other hand, typically get their pricing from just one source, which might not always have the best deals.
Now, as for the high commissions charged by ECN brokers, that's just part of the deal. They charge a separate commission on top of the spread to cover their costs, which can add up pretty quickly. But some traders still prefer ECN accounts because they offer more transparency, faster execution, and access to deeper liquidity pools.
Read more about ECN Broker here : What Are ECN Brokers and How their Fees?
Hayan
Mar 17 2023
Hi there, I'm new to this and I have a question about scalping. I saw in the comments above that scalping involves opening and closing positions within 1 to 15 minutes. As a full-time employee, can I do scalping and when is the best time to do it?
Also, I noticed that both brokers offer not only Forex but also other assets like cryptocurrencies, precious metals, energies, shares, and indices. Can I use scalping with these assets as well? And what's the best option for beginners outside of scalping Forex? Thanks!
Kenrick
Mar 17 2023
Yes! since Scalping is a trading strategy where you quickly buy and sell positions to make small profits on each trade. It can be a profitable strategy, but it requires a lot of attention and focus on the market. If you're a full-time employee with limited time to trade, scalping might not be the best option for you.
When it comes to the best time to scalp, it really depends on what you're trading and where you're located. If you're trading forex, the best time to scalp might be during the overlapping hours of major financial centers like London and New York. But for other assets like cryptocurrencies or commodities, the best time to scalp might be different. You can learn more about the forex time at here : The best time to do the Forex
As for whether you can use scalping strategies on assets other than forex, the answer is yes! You can use scalping strategies on other assets like cryptocurrencies, precious metals, energies, shares, and indices. However, each asset has its own unique characteristics and trading hours, so it's important to adjust your strategy accordingly. As a beginner, it's a good idea to focus on one asset and learn its characteristics before moving on to others.
Tuhine Chy
Apr 18 2023
@Hayan:Welcome! I can help answer your questions.
Scalping can be a profitable trading strategy, but it requires a lot of attention and focus. As a full-time employee, it may be difficult to do scalping during work hours, but you can always scalp during your free time, such as before or after work, or during your lunch break. It's important to remember that scalping involves opening and closing positions quickly, so it's important to be attentive and not let distractions get in the way.
Regarding using scalping with other assets, it's possible to use scalping with other assets like cryptocurrencies, precious metals, energies, shares, and indices, but the best approach would depend on the specific characteristics of each asset. It's important to do research and understand the volatility, liquidity, and other factors that may impact the success of a scalping strategy with a particular asset.
For beginners who want to try trading outside of scalping Forex, a good option would be to start with a demo account and experiment with different trading styles and instruments until they find one that suits their goals and risk tolerance. It's also important to choose a reputable broker with a user-friendly platform, educational resources, and a range of trading options.
Michael Ong
Mar 17 2023
I have a question about Exness and FXOpen brokers, both of which offer spreads starting from 0 pips. I understand that scalping is closely related to zero spreads, but in reality, many traders including myself experience higher spreads than what is promised. I'm not sure why this happens, but is it possible for floating spreads to widen even when the market is not volatile? For instance, on my Exness standard account, the advertised spread starts from 0.3 pips, but I often receive 1 pip even during quiet market periods. Can you confirm if floating spreads work like this? I need some explanation about that!
Deddy
Mar 17 2023
Yes, that's correct. Floating spreads can change constantly as they are determined by the market supply and demand, which can fluctuate at any time, even during calm market conditions. During periods of high market volatility, spreads tend to widen as there is increased demand for liquidity and the risk of slippage for the broker increases. It's important to keep in mind that the advertised spread may not always be the spread you receive, as it can vary depending on the type of account you have and the size of your trades. For instance, if you open a trade with a spread of 0.3 pips, the spread will change constantly as long as you keep the position open according to the market conditions. However, brokers with lower starting spreads can offer cheaper spreads, even though it may widen at times.
Michael Ong
Mar 17 2023
So, what are you trying to explain is like this, right: If the starting spread is 1 pip and it widens by 5 points, the new spread will be 6 pips. However, if the starting spread is 0.0 pips, it will only widen by 0.5 pips or less. This is why scalping strategies require lower spreads, as it allows traders to profit from small price movements. I plan to take more time to learn about scalping and may need to dedicate some time each day to focus on it. Based on the lower spreads offered by FXOpen and my limited trading needs, I believe it's a good choice for me.
Rahim Khan
Apr 18 2023
What are the key factors to consider when choosing a broker for scalping, and how do Exness and FXOpen compare in terms of these factors? Specifically, how do these brokers differ in terms of trading conditions, such as spreads, execution speed, and commission fees, and how do these differences impact the effectiveness of a scalping strategy? Additionally, what are some of the key features and benefits of each broker, and how do these features support a successful scalping strategy? Finally, what are some best practices for traders who want to successfully scalp with either Exness or FXOpen, and what are some potential risks to be aware of when using this trading strategy with these brokers?
Jude
Oct 28 2023
@Rahim Khan: When you're picking a broker for scalping, you want to keep an eye on a few things. First, check out the spreads – the tighter, the better, 'cause it keeps your costs low. Exness and FXOpen are both decent options with competitive spreads. Speed is crucial for scalpers, and Exness is known for being lightning-fast, but FXOpen isn't far behind. As for fees, lower is always better, and Exness usually scores well in this department, especially on their Pro and Zero accounts. FXOpen can be competitive too, especially with their ECN accounts. Both brokers have some cool features, like trading tools and various account options, to support your scalping game. Just remember to be sharp with your risk management, focus on liquid pairs, and practice on a demo account first. And also, don't forget to re-read again this article to find the spesific information about Exness and FXOpen!! Happy Trading, Dude!
Raheem
May 20 2023
Hey there! I can tell that I am really interested in Exness and their incredibly low spreads. It's impressive how they offer spreads starting from just 0.3 pips for Standard Accounts. But what really piqued my curiosity is that their Professional Accounts get an even lower spread, starting from a jaw-dropping 0.0 pips. Now, that's something worth digging into!
So, I'm itching to know why Exness provides an even lower spread for their Professional Accounts compared to the already competitive spreads offered for Standard Accounts. What's the rationale behind this difference in spread between these two types of accounts? I'm guessing there must be some intriguing factors or benefits associated with the Professional Accounts that contribute to this additional perk.
In other words, what makes the Professional Accounts so special that traders who choose this account type can enjoy an even more favorable spread? I'm all ears and eager to learn more about the advantages and reasons behind this spread differentiation. Can you shed some light on this for me?
Robert
May 20 2023
@Raheem: Hi there! The reason why Exness gives an even lower spread for their Professional Accounts compared to the Standard Accounts is because they want to give the big shots in trading some extra love.
Professional Accounts are specifically made for experienced traders who know their stuff and trade in higher volumes. These traders are serious about their game and need those tighter spreads to squeeze out every possible profit. Exness recognizes their expertise and rewards them by offering an even lower spread.
Think of it this way: Professional Account holders bring more action to the market with their larger trades and contribute to the overall liquidity. Because of their substantial trading volumes, Exness can give them better pricing and a more competitive spread.
Jeremy Lin
May 21 2023
After reading this article, I stumbled upon the concept of scalping and the benefits it offers. The article suggests that for traders like me who are interested in exploring scalping strategies, it's advisable to start with a demo account. This allows me to practice and refine my trading skills without risking real money.
However, I have a question regarding the demo account: Does the demo account provide the same spread as the one offered in the live trading environment? Since spread plays a crucial role in scalping, it's essential to know if the demo account accurately reflects the actual trading conditions. Can you shed some light on this and provide insights into the spread comparison between demo and live accounts? Your expertise would greatly help me in making an informed decision.
Helga
Jun 2 2023
@Jeremy Lin:When it comes to scalping, having accurate information about the spread is crucial, especially when comparing the demo account to live trading conditions. Brokers usually aim to replicate the real trading environment as closely as possible in demo accounts, which includes offering spreads that are similar to those in live accounts. However, it's important to keep in mind that there might be slight variations between the demo and live account spreads due to factors like market volatility, liquidity, and execution speeds.
To get a better understanding of the specific spread comparison between the demo and live accounts, it's best to reach out to the broker directly or consult their support resources. They can provide you with more detailed information on how closely the demo account's spread matches the live trading environment.
Having a clear understanding of the spread in both demo and live accounts will help you make informed decisions about your scalping strategies and evaluate the potential profitability of your trades. Remember, it's always a good idea to gather as much information as possible before diving into any trading decisions. Good luck, and happy scalping!
Gerard
Jul 1 2023
When it comes to scalping, the ability to trade in various assets is definitely a factor to consider. In the case of Exness, with its wide range of markets, the possibilities for scalping seem enticing. However, it's important to delve deeper into the subject.
So, my friend, can you shed some light on the specific assets available for scalping on Exness? Are traders able to engage in scalping across multiple asset classes such as forex, commodities, indices, and cryptocurrencies? Furthermore, how do the trading conditions for scalping vary across these different asset classes on Exness? Do certain markets offer more favorable conditions for scalping, such as lower spreads or higher liquidity? Understanding these details will help traders evaluate the potential for successful scalping in various assets on the Exness platform.
Jordi
Jul 2 2023
@Gerard: Absolutely! When it comes to scalping, Exness offers a diverse range of assets for traders to explore. You can engage in scalping across multiple asset classes, including forex, commodities, indices, and cryptocurrencies. This provides traders with a wide range of options and opportunities to capitalize on short-term price movements.
Now, let's talk about the trading conditions for scalping across these asset classes. Exness strives to provide favorable conditions for scalpers, such as low spreads and high liquidity. In forex trading, for example, you can benefit from tight spreads and fast execution, allowing you to take advantage of even the smallest market fluctuations. Similarly, in commodities, indices, and cryptocurrencies, Exness aims to offer competitive spreads and sufficient liquidity, enabling efficient scalping strategies.
Anomaly
Aug 7 2023
I don't know how to say, but to tell you frankly, Scalping is a big big ... i don't know. You guess it. Duh!
Kenny
Oct 27 2023
@Anomaly: I totally hear you! Scalping can be a wild ride in the trading world, and it's no secret that it's seriously high-risk territory. The thing with scalping is, it's all about making lightning-fast moves, catching tiny price fluctuations, and racking up quick profits. But it's not everyone's cup of tea, that's for sure. The constant monitoring, quick decision-making, and the fact that one wrong move can lead to losses can be quite a lot to handle. So, if you're feeling like it's a big, unpredictable puzzle, you're not alone. Many traders find comfort in slower, more calculated strategies where they have more time to analyze and make decisions. There's no one-size-fits-all approach in trading, and it's all about finding what works best for you and matches your risk tolerance. So, if scalping isn't your thing, that's perfectly okay! There are plenty of other trading strategies out there that might align better with your style and comfort level. Trading is all about finding your own path in the financial jungle! Once again, I really know what you feel, dude!
Liam Melker
Aug 9 2023
Hi, everyone! Good day. I'm sorry, but I'm completely new to Forex. I don't really understand Forex terminology and find myself quite confused with Forex terms. I have a few questions I'd like to ask. What is a scalping strategy? Are there other trading strategies besides scalping? Why does scalping require very low spreads? And what is the value of the spread in dollars, considering it's referred to as the cost? Which currency is the best to trade? Is Exness really beginner-friendly, as I am completely new to this? THANK YOU! I hope my questions will be answered!
Fahad
Aug 10 2023
Let me answer your question. Feel free to agree or disagree because I'm a beginner too!
A scalping strategy is one in which a trade can be opened and closed in a very short amount of time, typically within a few minutes (5, 10, or 15 minutes). You can learn more about scalping here: Forex Scalping Strategy for Beginners. Besides scalping, there are other trading styles, such as day trading, swing trading, and position trading. You can find all the details here: 4 Forex Trading Styles in a Nutshell.
As I mentioned earlier, scalping involves very short opening and closing times for trades, resulting in numerous entries. Due to its frequent entry nature, spreads are calculated more often. If the spread is high, transaction costs also increase. That's why scalping requires low spreads. The standard unit of spread is measured in pips, with 1 pip usually equating to $10. However, if you trade with 0.1 lot or 0.01 lot, the pip value can be $1 or $0.10, respectively.
Certainly, the best currency pair for me to trade is EUR/USD. It offers both less volatile and more stable markets. Volatility shouldn't be too extreme nor too subdued.
Exness offers very low spreads, and standard accounts do not have commissions. Therefore, it is beneficial for new traders to trade without worrying about high transaction fees.
I hope this helps! Have a great day!