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TMGM and Exness are two of the most trusted brokers when it comes to financial services. However, which broker is better for scalping?
TMGM and Exness are two of the most trusted brokers regarding financial services. However, which broker is better for scalping? This guide should help you make that decision:
What is TMGM
The acronym TMGM may alternatively be abbreviated as Trademax Global Markets. It is a global broker that gives traders access to contracts for difference (CFDs) in various markets, including forex, metals, energies, indices, shares, and cryptocurrencies. Back in 2013, the TMGM broker launched its operations in Australia, marking the commencement of the country's participation in the project.
This was when the company was granted permission by ASIC to provide over-the-counter derivatives and FX trading. Later on, after many years of development and ongoing efforts, the business established a DMA trading environment that is dependable and constant and does not involve the participation of any humans. Currently, the broker has established a presence for its services in more than 150 nations. Its primary headquarters are located in Sydney, but the company also has numerous other offices in other cities and countries throughout the globe.
The company was founded in 2013 and is owned and operated by Trademax Global Markets, with its headquarters locates in Australia and New Zealand. Even though Australia is not the main focus of the trading industry, the online broker is well known in the continent as it offers high leverage, low fees, and tight spread. The business currently operates in over 150 countries with $195 billion trading volume, making it one of the top ten forex brokers in the world.
As a financial services provider that is based in Australia, TMGM is also regulated by ASIC under license number 436416, FSP (New Zealand) under license no. 569807, and Vanuatu Financial Services Commission (40356).
Over the years, TMGM has expanded its assets to cover additional assets. The trading brokerage does not fall short in offering its clients a wide range of trading instruments. Today, clients can trade with 50 currency pairs, 15+ global indices, 12,000+ global stocks, 3 metals, 2 energies, and cryptocurrency.
There are 2 types of trading accounts, Edge and Classic. All accounts offer identical features such as automated trading, mobile trading, EA supports, and fixed spread with a minimum deposit of $100.
TMGM provides its clients who have registered live accounts with not one, but 2 high-quality trading platforms to choose from, namely MetaTrader 4 and MetaTrader 5. The MetaTrader 4 platform gives clients 1-click trading solutions and includes customizations for market depth analysis. While MetaTrader 5 is similar to MT4, the platform has a few more advanced options and several underlying efficiency upgrades, including additional timeframes, a larger variety of tools, and depth of market (DOM) pricing.
To register, scan one of the QR codes below:
Accepted payment methods with TMGM include wire transfer, Skrill, Neteller, Fasapay, AliPay, UnionPay, Tether (USDT), and Credit/debit cards. Clients can have a wide variety of deposit options in 5 different currencies such as AUD, USD, EUR, GBP, or NZD. Despite there is a $20-30 bank processing fee if you use bank withdrawals outside Australia, however, all withdrawals are processed in 24 hours and there are no fees to be charged.
The firm is active on YouTube, Facebook, Twitter, Instagram, and LinkedIn regularly posting news, tutorials, and career opportunities, such as internships. Brand ambassador, Gianluigi Buffon, regularly hosts online webinars which are free to register for.
TMGM also offers a training feature called TMGM Academy. The academy is a three-stage education course that guides novice traders through the basics of trading to more advanced strategies such as moving averages and Fibonacci extensions.
The broker is known to run trading competitions, which usually run for three months. The leader board is updated daily and the trader ranking highest at the end of the three months will be rewarded from a pool of up to $148,500. You can find full rules and terms and conditions on the website.
The easiest way to contact TMGM is through their email and live chat support although it's only available 24/5 found on the contact page of their website. In addition, to increase accessible customer experience, the firm provides website languages in Chinese, English, French, Indonesian, Italian, Portuguese, Spanish, Thai, and Vietnamese.
Overall, TMGM may be the right broker for you as it provides not only Forex and CFD trading but also crypto to retail and professional traders. Catering to traders from around the world, the client portal opens up a range of global opportunities via its user-friendly interface.
TMGM for Scalping
TMGM is a great broker for those interested in scalping. This is mainly because they provide traders raw spreads through their Edge accounts. This is an ECN account that has some of the tightest spreads in the industry. Spreads start at 0 pips and float depending on market conditions. Traders have to pay a $7 commission for each standard lot.
This is also great for beginner scalpers. Overall, their trading cost is one of the lowest among top brokers, so grab the opportunity while it lasts. Muslim scalpers can also use this trading account as it is available in a swap-free version. Scalpers can also benefit from fast execution speeds if they trade with TMGM under the Edge account.
See Also:
Benefits of TMGM for Scalping
The biggest benefit of scalping with TMGM is that they only require a minimum deposit of $100 for their ECN scalping account. This is relatively lower than the industry average for this type of account. This account is also available in a swap-free version for Muslim traders.
See Also:
Drawbacks of TMGM for Scalping
The biggest drawback of the ECN scalping account by TMGM broker is that it charges you a $7 commission for each standard lot. This is relatively expensive, especially for new scalpers not opening as many daily positions. Since the spreads are floating, they aren't always near zero.
What is Exness
Forex trading services are provided by Exness, which operates out of three major offices in the British Virgin Islands, Seychelles, and South Africa. Because the company is structured in divisions, it can provide its foreign customer's access to investment and financial services. This occurs while the global brand is engaged in retail and, more importantly, corporate solutions or collaborations.
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.
Exness has also expanded its worldwide reach by establishing a company in the United Kingdom called Exness UK Ltd. This company is completely regulated and operates accordingly. This organization concentrates on business-to-business propositions. Exness has been recognized on several occasions for its excellence as a retail broker because of the consistency and dependability of the brokerage services it provides.
Exness broker does this by providing a hospitable trading environment that will likely appeal to most traders thanks to their low spreads and the absence of hidden commissions. The trading procedure uses MT4, and traders can trade futures and CFDs across various marketplaces.
Exness for Scalping
Exness is another great broker for scalping. This is mainly because it provides traders raw spreads through its Professional account. This is an ECN account that has some of the tightest spreads in the industry. Spreads start at 0 pips and vary depending on several factors, such as instruments and market conditions.
However, the minimum deposit might be better suited for professional scalpers as they will have no problem paying more costs. Especially considering this broker offers a lot of benefits. Scalpers need the tightest spreads as they make several short trades in a day that usually stay open for only seconds. This is why an ECN trading account is the best for their conditions.
Benefits of Exness for Scalping
The biggest benefit of scalping through Exness broker is that they only charge a commission of $3.5 per side per lot, which is the industry standard. They also have customer support available 24/7 in many languages in case you have any queries or concerns during your time on Exness.
Drawbacks of Exness for Scalping
The biggest drawback of scalping through Exness is that it requires a minimum deposit of $200 for their Professional ECN account. This is relatively higher than the industry average and certainly expensive for new scalpers who want to test the waters before going all in.
Which is Better for Scalping?
Now that we've established the difference between TMGM and Exness for scalping, it is important to conclude which option is better. There is no doubt that Exness charges a lower commission. However, they do have a higher minimum deposit. Similarly, TMGM charges a higher commission, but they have a lower minimum deposit. Since Exness has a much better customer support team, so they are the competition winners. No matter what broker you choose, you're in good hands with either.
Final Verdict
There is no doubt that Exness won this battle. However, TMGM was not far behind. The two are neck in neck, and you would be good either way. However, always test their services on a demo account before going all in with a real one. This will ensure that you aren't going in blind.
The most important thing to consider a broker for scalping is to ensure the broker allows it. Some brokers restrict scalping. What are the reasons behind it?
39 Comments
Then
Apr 4 2023
Hey bro, I heard that to do scalping in Forex, we need a lower spread. I'm still a newbie in Forex and don't really understand what scalping is. Some people say it's about opening and closing multiple trading positions within minutes, while others say it's just about opening and closing one trade in a short time. Can you help me out and also explain why a lower spread is important for scalping? Thanks!
Arham
Apr 4 2023
Hey bro, to answer your question, yeah, it's true that lower spread is better for scalping. Scalping is a trading strategy that involves opening and closing positions quickly, usually within minutes or even seconds, to make small profits. It's a high-speed, high-volume trading technique that requires quick reflexes and a lot of attention to the market.
The reason why lower spread is better for scalping is that it allows traders to enter and exit trades more easily and quickly without losing too much of their profits to transaction costs. When the spread is high, it means that there's a significant difference between the bid and ask price, which can eat into your profits and make it more difficult to execute trades.
So, as you can read, the main idea is that scalping involves making small profits quickly, and based on the example of your trade, you can categorize your trading as scalping too!
Then
Apr 4 2023
So, if I understand correctly, you are saying that as long as I close the trade within minutes, it can be categorized as scalping. And based on what you said, if we trade for a short time, the profit may not be maximized. So, in order to maximize profit, we need to trade as much as possible, right? And because of that, we need a lower spread to reduce trading fees. Okay, I think I understand now why the author chose Exness as the broker for scalping. By the way, thanks for the insight!
Hero
Apr 4 2023
I am a little bit interested in the TMGM broker. According to the article, the business of TMGM broker has expanded over the years and they have established a DMA trading environment. From what I understand about DMA based on the article, it is said to be dependable and constant and does not involve the participation of any humans. If I understood correctly, DMA may be similar to ECN but I am also curious to learn more about what exactly DMA is and how it differs from an ECN environment. Thank you
Galtier Philips
Jul 7 2023
@Hero: Hey!
In essence, DMA connects traders directly to liquidity providers such as banks, financial institutions, and other market participants. It enables traders to interact with the order book and access real-time market prices and depth of market information. By bypassing the traditional market maker model, DMA offers more direct and reliable execution, tighter spreads, and potentially lower trading costs.
While DMA and ECN (Electronic Communication Network) share similarities, there are subtle differences between the two. DMA is a broader concept that encompasses various trading models, including ECN. ECN is a type of DMA where multiple participants can interact with each other's orders, creating a decentralized marketplace. It facilitates direct matching of buy and sell orders among traders, resulting in potentially tighter spreads and increased liquidity.
Liken
Apr 4 2023
Hero : DMA stands for Direct Market Access, and it is a type of trading environment that enables traders to place their orders directly with liquidity providers in the financial market, bypassing the traditional brokerage model. In a DMA environment, the trader's orders are executed automatically, without any intervention or manipulation by the broker.
While DMA and ECN (Electronic Communication Network) share similarities in that they both allow traders to access liquidity from multiple sources, there are some differences between the two. ECN typically aggregates liquidity from different sources and routes orders to the best available price, while DMA provides direct access to the market's liquidity. DMA is considered to be a more transparent and faster trading environment than ECN, as there is no middleman or in executing trades.
In terms of scalping, DMA can be beneficial as it allows traders to place orders quickly and at the best available price without any slippage. But as the result, the commission or another fee maybe higher than ECN
Gareth
Apr 11 2023
Okay, let me be straight. From what I gathered in this article, the drawbacks of different brokers are related to their minimum deposit requirements, commissions charged, and spreads offered. Although the article mentions that the spread needs to be lowered, I noticed that both brokers have relatively high commissions, with Exness being slightly better.
As a new trader, I have been using a demo account for day trading, but I am now trying my hand at scalping. Based on my understanding of the article, there is a strong connection between the minimum deposit requirement, commission charged, and spread offered, which are all important factors to consider when looking for a broker that is suitable for scalping.
Kenny
Apr 12 2023
Let me tell you, as someone who's just starting to dip my toes into the scalping game, this is definitely good information to have!
Bobby
Apr 13 2023
Hey, it's actually pretty straightforward! When comparing TMGM and Exness for scalping, it's important to consider the minimum deposit, spread, and commission. However, the most important fee for scalping is the spread, since it occurs whenever you open a trade. Based on the article and the author's conclusion, Exness is the better choice for scalping because it offers a lower spread starting from zero and a commission of $3.5 per round turn lot, which is lower than TMGM's commission of $7
Glenn
Apr 11 2023
What also differentiates TMGM from Exness is the type of commission that is charged. While brokers like STP and ECN brokers charge commission per lot in their standard accounts, it is common knowledge among most traders. However, it is unusual for ECN brokers and some ordinary brokers that offer lower spreads to charge commission per side lot. The question is why brokers charge commission in this way and whether there are any benefits to using commission per side per lot?
Frost
Apr 13 2023
The commission per side per lot is pretty common with ECN brokers and some other brokers that offer really low spreads. The idea is that they make their profits through the commission fees rather than the spread.
One benefit of commission per side per lot is that it can be cheaper for traders who don't trade too often or in big volumes. If you're only making a couple of trades a day, you'll save money with this structure compared to the per-lot commission. Plus, it encourages brokers to provide better pricing and execution, as they're not relying on the spread to make money.
However, commission per side per lot might not be the best choice for high-volume traders who execute heaps of trades per day. For them, other commission structures might be more cost-effective.
Garfield
Apr 12 2023
Correct me if I'm wrong, but both brokers seem to have similar trading terms for scalping and EA trading. Many traders recommend choosing a broker with low spreads for EA trading, and if possible, ing raw spreads. It's also important to choose a broker that allows scalping, as it proves that they are fast. My question is, does EA trading only work well for profitable scalping or can it be used for other styles of trading, such as swing trading? Thank you!
Hugo
Apr 13 2023
Let me answer! While EA trading can be used for various trading styles, such as scalping or swing trading, many traders tend to use it for scalping because it can identify numerous opportunities and execute trades automatically. This can be especially useful if you don't have time to manually monitor the markets. With EA trading, you can set it up to work 24/5 on your device or using a VPS. However, it's important to keep in mind that the effectiveness of EA trading can be affected by the spreads that occur, so it's important to choose a broker with low spreads, particularly for scalping. So, in a way, scalping terms do tend to be more suitable for EA trading.
Leroy
Apr 12 2023
If I am beginner and want to do the scalping, I need to consider the spread and commission that occured in Trading. And I had the answer with this article. Based on the article, I am sure that I want to choose Exness even the minimum deposit is higher than TMGM. Okay, thank to the article, I had identified my brokers that suit to do the scalping
The next that need to be considered is the assets that needed to trade. I mean there is a lot of assets in Exness that I can choose. so, among of that, which one that considered can be do in trading scalping that for beginner? Thank you!
Dwi A
Apr 13 2023
Yeah, I totally agree with you! As a scalper, it's crucial to keep an eye on the spread and commission charged by the brokers. Although Exness seems to have more favorable trading conditions, the choice of assets can also play a significant role in determining the success of your scalping strategy.
If you're a beginner looking to try scalping, it's important to consider the assets that are best suited for this trading style. Some assets tend to have more liquidity and volatility, making them more conducive to scalping. For instance, popular currency pairs such as EUR/USD, USD/JPY, and GBP/USD are often recommended for beginner scalpers due to their high liquidity and popularity among traders.
Justinius
Apr 14 2023
as you know, major currency pairs and gold are popular choices for scalping among beginner traders for several reasons.
You can test which one is the best for you by doing demo account in Exness. So, learn it first before go to live trading!
Terry
May 22 2023
I came across an interesting point in the article stating that spreads start at 0 pips but can vary depending on several factors, including instruments and market conditions. I'd like to delve deeper into this topic.
Could you provide more information about the factors that contribute to the variation in spreads? What are the specific instruments or asset classes where spreads tend to be narrower, and in which cases do they tend to widen? Are there any particular market conditions or events that influence spread volatility?
Additionally, I'm curious about how these spread variations impact traders. How does a lower spread benefit traders, especially in terms of cost and potential profit? On the other hand, what challenges or considerations should traders be aware of when dealing with wider spreads?
Michael
May 26 2023
@Terry: So, in the article, it mentioned that spreads with FX Open can start at 0 pips but change based on different factors. Here's the deal:
Factors like the instrument you're trading and market conditions affect spread variation. Popular pairs usually have tighter spreads, while exotic ones can have wider spreads. When things get wild or important news hits, spreads can also widen.
Now, how does this spread stuff affect us traders? Lower spreads mean less cost and more profit potential, especially for quick trades. Wider spreads, on the other hand, increase costs and can be a bummer for short-term trading.
Watch out for wider spreads messing with trade accuracy and execution. Factor in the spread when setting stop-loss and take-profit levels. Wild market conditions can cause slippage, where you get a different price than expected.
To sum it up, knowing about spread variations is important. Lower spreads mean less cost and more profit potential, but watch out for wider spreads and slippage during wild market conditions. Stay sharp and adapt your strategies accordingly.
(read more about spread : Fixed Spread Vs Floating Spread, What are the Differences?)
Martin
May 29 2023
Recently, I stumbled upon an article discussing TMGM, or Trademax Global Markets, as a global broker that offers traders access to a diverse range of markets, including forex, metals, energies, indices, shares, and cryptocurrencies. In the context of trading, the article mentioned that TMGM facilitates the trading of contracts for difference (CFDs). As a beginner who's just starting to explore the world of forex, I'm eager to understand the concept of CFDs and their significance in trading.
From what I gather, CFD stands for 'contracts for difference.' However, I'd like to delve deeper into what CFDs actually represent in the trading landscape. Could you please provide a more comprehensive explanation of CFDs and their role in financial trading?
Johnson
Jun 16 2023
@Martin: In simple, CFDs, which stands for "contracts for difference," are like these cool financial instruments that let you trade stuff without actually owning it. It's like you're betting on whether the price of an asset will go up or down, and you make money based on the difference in price.
The best part is that you can trade all sorts of things with CFDs, like stocks, indices, commodities, currencies, and even cryptocurrencies. It's like having a buffet of trading options, all in one place!
But here's the deal: CFDs are kinda like a double-edged sword. On one hand, you can make big profits because of something called leverage, which lets you control a bigger position with a smaller investment. But on the flip side, you gotta be careful 'cause leverage can also amplify your losses. So, it's important to know what you're doing and manage your risk wisely.
The beauty of CFD trading is that it's super convenient and flexible. You can trade in real-time, access markets from around the world, and use fancy trading tools to help you make better decisions.
Mira
Jun 17 2023
Hey there! Let's chat about the minimum deposit requirements of different brokers, shall we? So, I heard that with Exness, if you're into scalping, you'll need to make a minimum deposit of $200 for their Professional ECN account. That sounds a bit on the higher side compared to the industry average. It might be a bit expensive for new scalpers who want to dip their toes in the water before fully diving in. I'm curious, have you come across other brokers that offer lower minimum deposit options? It seems like it could be beneficial for beginners who prefer to start with a smaller initial investment to get a feel for things. What are your thoughts on this? Do you know of any brokers that have more affordable minimum deposit requirements?
Anas
Jun 19 2023
@Mira: Hey, no problem! I totally get where you're coming from. Starting with a lower minimum deposit can be more appealing, especially for beginners who want to test the waters without committing a large sum of money upfront. Luckily, there are brokers out there that offer lower minimum deposit options.
For example, brokers like XM and FXTM have minimum deposit requirements starting from as low as $5 or $10, depending on the type of account you choose. This flexibility allows traders to start with a smaller investment and gradually increase it as they gain experience and confidence in their trading strategies. (you can read more about lowest minimum deposit brokers at here : Lowest Deposit Forex Brokers)
Stephani
Jul 1 2023
Hey, I have to say that I really dig Exness as a trading platform. I mean, they have some killer features that I'm really tempted to, especially in terms of their leverage, which is actually higher than what's allowed in my own country, the US.
So after reading this article, I decided to give their demo account a try. I trained with him for several months and finally felt ready to open a live account. I followed all the steps outlined in the article, but when I tried to open a live account, it was rejected. I was disappointed and finally contacted Exness customer support.
They explained to me that they do not accept US traders. I was a bit confused because they let me open a demo account in the first place, but didn't let me open a live account. Do you know why this is? What's the problem with Exness not accepting US traders? Is TMGM also like that guys?
George
Jul 3 2023
Hey bros! Too bad you have experience with Exness. So here's the deal with Exness not accepting US traders. The thing is, Exness is a global brokerage company, but they have certain regulatory and policy limitations. One of those limitations is that they do not accept clients from the United States.
Now, you may be wondering why they let you open a demo account. Well, demo accounts are often available to traders all over the world, regardless of their location. This is a way for traders to get a feel for the platform and test their strategies without risking real money. But when opening a live account, Exness must comply with the regulations set by the authorities in the countries where they operate. Exness has licenses in various international regions such as SFSA (Seychelles), CBCS (Curaçao), FSC (BVI), FSCA (SA), CySEC (Cyprus), FCA (UK). unfortunately it's not all in the US territory, meaning they can't accept traders from the US.
For the TMGM broker, the check method is the same, or you can contact the broker directly.
Yolanda
Jul 4 2023
That's right, not many brokers accept US traders. According to the articles I read, it is known that getting a US license is very difficult because the requirements are quite strict. One of the main reasons why forex brokers do not accept US clients is because of the strict regulations imposed by the US government. The US government has implemented a number of regulations regarding forex brokers, including the Dodd-Frank Act which was introduced in 2010. This law requires forex brokers to register with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) which can be a lengthy and expensive process.
In addition, forex brokers are also required to meet a number of other requirements, including maintaining minimum capital requirements and submitting periodic financial reports to the authorities. These regulations can be difficult for forex brokers to comply with, which is why many prefer not to accept US clients.
Well despite the many rules in the US, it is important to remember that these regulations are designed to protect traders and ensure that the forex market operates fairly and transparently. As a result, it is important to choose a regulated and trustworthy forex broker, even if they do not accept US clients. Yeah, even though Tickmill Broker can't penetrate the US market, it can't be denied that it is a good broker. Tickmill is a highly regulated Broker with a good reputation. The company is recognized globally and offers good trading conditions for professional or regular traders. Tickmill has one of the best and most good study and research materials for trading EAs.
However, you still need an account that has US regulations, you have to read this (Forex Brokers Offering Us Clients)
Hammilton
Jul 6 2023
Actually, here I just want to add the reason why forex brokers don't accept US clients is because of the higher costs associated with doing business in the US. The US is known to have a higher cost of living and wages than many other countries, meaning forex brokers have to pay their employees more, resulting in higher operating costs.
In addition, forex brokers also have to pay higher taxes and fees to operate in the US, which can be a significant burden for smaller companies. As a result, many forex brokers choose to focus on other markets where the costs of doing business are lower.
Apart from these reasons, In the US, forex brokers are only allowed to offer a maximum leverage of 50:1 on major currency pairs and 20:1 on minor currency pairs. This is much lower than the leverage that is offered by brokers in other countries, such as Australia and Europe, where leverage of up to 500:1 is available. The restrictions on leverage in the US can make it difficult for traders to make a profit, as they are not able to take advantage of the same level of leverage that is available in other countries. As a result, many traders choose to use offshore forex brokers that offer higher leverage, which is why many US forex brokers do not accept US clients.
This is all done to protect traders from fraud and cybercrime.
Jurgen
Jul 8 2023
Hey there! From your perspective, what do you find appealing about Exness UK Ltd as a UK-based broker with its office and regulation in the UK? How does the strong regulatory oversight and reputation for consistent and reliable retail brokerage services contribute to the overall appeal of Exness for you? Furthermore, why does the UK presence of Exness stand out to you and make it even more attractive as a broker? We'd love to hear your thoughts on these aspects!
Phil Khun
Jul 9 2023
Hi, Good Morning
Man, sorry, I'm really new in Forex. I don't really know any Forex terminology and seem to be very confused about Forex terms. There are a few questions I would like to ask.
THANK! I hope my question will be answered!
Punch T
Jul 10 2023
Hi Dude..
Allow me to answer your question. You can agree or not because I'm a beginner too!!
Hope it can help! Have a nice day!
Sallywinna
Jul 11 2023
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.
Qyeen
Aug 11 2023
Hello everyone, I hope you're having a great day. I apologize, but I'm completely new to Forex, and I'm finding Forex terminology to be a bit confusing. I have a few questions I'd like to ask. Firstly, could someone explain what a scalping strategy is? Also, are there any other trading strategies besides scalping? I'm curious why scalping requires very low spreads, and how do I calculate the value of the spread in dollars since it's referred to as a cost? Additionally, I'd appreciate some advice on the best currency pairs for trading. Lastly, I'm wondering if TMGM or Exness are suitable for beginners like me. Thank you so much! I'm hoping to get some clarity on my questions.
Stephani
Aug 13 2023
Allow me to address your query. Feel free to agree or disagree because I'm also a novice in this field!
A scalping strategy involves opening and closing trades within an extremely short timeframe, typically ranging from a few minutes (5, 10, or 15 minutes). You can find more information about scalping in this resource: Forex Scalping Strategies. Apart from scalping, there are various other trading styles such as day trading, swing trading, and position trading. You can delve into the specifics in this comprehensive guide: Exploring the 4 Forex Trading Styles.
As mentioned earlier, scalping revolves around swift openings and closures of positions, resulting in multiple entries. Given the frequency of entries, the spread comes into play more frequently. When the spread is wide, transaction costs also increase. This is precisely why scalping necessitates narrow spreads. Spreads are typically measured in pips, with 1 pip often equating to $10. However, if you're trading in smaller lot sizes like 0.1 or 0.01 lots, the value of each pip may be $1 or $0.10, respectively.
Now, as for the best currency pair to trade, in my opinion, it's the EUR/USD. It offers a market with significant volatility while maintaining a degree of stability. This combination ensures that the market won't be excessively erratic or excessively placid.
Both TMGM and Exness offer exceptionally low spreads, and their standard accounts don't entail any commissions. Consequently, this proves to be highly advantageous for new traders, as it allows them to trade without being burdened by exorbitant transaction costs.
I hope this information proves useful! Have a wonderful day ahead!
Read more: Best Forex Brokers For Scalping
Zee Pho
Aug 14 2023
As a novice trader, and as advised by most of my instructors, there isn't a single "best" currency pair to trade in forex. The choice of optimal currency pairs primarily depends on your individual trading style, risk tolerance, and personal preferences. Some of the currency pairs that are particularly beginner-friendly include:
These currency pairs are commonly referred to as the "major pairs" since they involve the most heavily traded currencies globally.
Nevertheless, there are also "minor pairs" and "exotic pairs" available for trading in the forex market. These pairs might present unique opportunities depending on market conditions and your trading strategy, but they are less frequently traded. Thus, it's generally advisable to stick with the Major Pairs.
Andrian
Oct 23 2023
Just being curios here. In the context of the trading industry, when brokers like Exness opt for a business model that involves charging lower commissions from their clients while simultaneously imposing a higher minimum deposit requirement, it raises an intriguing question: how do these brokers manage to generate their profits and sustain their operations? With reduced commission fees, they appear to be cutting into their potential revenue streams, and yet they impose a relatively higher threshold for initial deposits. What strategies or mechanisms might be at play behind the scenes that allow such brokers to thrive in this competitive landscape, especially when the trend often suggests higher commissions as a primary revenue source? Could it be a matter of higher trading volumes, other hidden fees, or different revenue streams altogether that compensate for the lower commission rates and bolster their profitability?
Hector
Oct 24 2023
@Andrian: Let me explain in simple terms. So, Brokers like Exness, employing a business model featuring lower commissions and higher minimum deposit requirements, employ several strategies for profitability and operational sustainability in the trading industry. They generate income through spreads, capturing the difference between buying and selling prices, even with lower commissions, thus benefiting from increased trading volumes facilitated by clients with higher deposit requirements. Additionally, brokers can earn interest on idle client funds held in interest-bearing accounts and expand their service offerings to include diverse financial products, attracting a broader clientele. Efficient cost management and risk control are crucial, with brokers optimizing operations and monitoring risk exposure. Client retention through excellent customer support, educational resources, and trading tools is paramount, fostering a loyal and satisfied client base, ensuring continued trading activity and ongoing revenue streams. In this way, a delicate balance between cost control, client attraction, and efficient revenue generation underpins the profitability and sustainability of brokers with this model in the competitive trading landscape.
Udin
Mar 21 2024
Hey there! I'm curious about the spread situation. According to the article, Exness is highlighted as another top pick for scalping. This is largely due to its provision of raw spreads via its Professional account, which operates as an ECN account boasting some of the tightest spreads in the industry. These spreads kick off at 0 pips and can vary based on factors like instruments and market conditions.
I'm actually quite intrigued by Exness, but before diving in headfirst with spreads that start at 0 pips, I'd like to clarify something. Is it possible for floating spreads to start at 0 pips? From what I understand, floating spreads tend to fluctuate and often show figures higher than 0 pips.
Leonardo
Mar 24 2024
Hey there! It's great that you're interested in Exness, especially considering its reputation as a top broker for scalping. The article mentions that Exness offers raw spreads through its Professional account, which is an ECN account known for having incredibly tight spreads. These spreads can indeed start at 0 pips, but they're subject to change based on various factors such as market conditions and the specific instruments being traded.
You're right to question whether floating spreads can truly start at 0 pips. Generally, floating spreads tend to fluctuate, and it's not uncommon for them to be higher than 0 pips. While Exness advertises spreads that begin at 0 pips, it's essential to keep in mind that this may not always be the case in practice due to the dynamic nature of floating spreads.
Adam
Mar 31 2024
According to the information, the main downside of TMGM broker's ECN scalping account is the $7 commission charged per standard lot, which might be pricey, especially for novice scalpers who don't make numerous daily trades. Additionally, because the spreads fluctuate, they aren't consistently close to zero.
Although I'm attracted to TMGM because their required deposit is just around $100, which is within my budget, I'm a bit concerned about the high commission. So, besides scalping, what would be the most suitable trading method or strategy for the ECN Account offered by TMGM?
Samuel
Apr 4 2024
Considering the relatively high commission charges per standard lot in TMGM's ECN scalping account, it's logical to explore alternative trading strategies to lessen this expense. One viable option might involve swing trading.
Swing trading entails maintaining positions for several days or weeks to exploit short- to medium-term price shifts. In contrast to scalping, which seeks minor profits from rapid price changes, swing trading enables traders to capitalize on broader market trends.
As swing traders typically retain positions for extended durations, the impact of trade commissions is spread across a larger timeframe compared to scalping, potentially reducing costs. Additionally, swing trading demands less frequent trading activity than scalping, which could be advantageous for traders seeking a less demanding trading style. However, it's worth noting that swing trading typically doesn't necessitate an ECN account, but the choice is yours to make.