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Best Australian Forex Brokers of 2021

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Australian forex trading platforms are stirring the foreign exchange market with their impressive market performance for the past few years. These trading platforms bring together some very versatile, trustworthy, intuitive, and advanced trading platforms into the market. Australian forex brokers are also getting some handy and exceptional trading tools with cutting-edge pricing that gives the rest of the world stiff competition!

Best Australian Forex Brokers - Find with CryptoNewsZBest Forex Brokers Australia – Find with CryptoNewsZ

When there is such a good variety and stiff competition, choosing the right foreign exchange broker becomes daunting. Many retail investor accounts lose money due to wrong trading decisions. In such scenarios, sound research, thorough reviews like ours come in handy. In this review, we will look at some of the best Australian Forex Brokers, most of which are regulated by the Australian Securities & Investments Commission (ASIC). The ASIC is known to be one of the strictest regulatory bodies.

We will be looking at the enviable list of the top Australian forex brokers for beginners and expert forex traders (best forex brokers for everyone). So let’s begin our review:

Best Forex Brokers Australia

We created a list of all top-rated ASIC-regulated forex brokers. Here is our list of the top Australian forex brokers.

  • Plus500: Best Broker for Beginners
  • Markets.com: Best for Trading Tools
  • Pepperstone: Best Advanced Features
  • FP Markets: Best for Scalping
  • IG: Best Overall Broker
  • IC Markets: Best for Low Broker Spreads
  • CMC Markets: Best for Range of Offerings

Compare Forex Brokers Australia In Detail

Compare Australian forex and CFDs brokers by regulations, fees, charges, commission, spreads and leverages, trading instruments, account features, trading platforms, third-party tools using the summary table below.

Regulations and Licenses

Fees, Charges and Commission

Spreads and Leverages

Trading Instruments

Account Features

Trading Platforms and Tools

Is forex trading legal in Australia?

Is FX trading legal in AustraliaIs FX trading legal in Australia?

Trading Forex in Australia has been going on for quite some time. The Australian forex brokers’ industry had seen a significant spike in 2015. Nowadays, Australia is becoming a hub and taking an important part in the trading industry. The country’s government has a liberal yet cautious take regarding foreign exchange brokers and trading platforms. This mixed stance is based on giving freedom to the industry while maintaining the safety of the customers. Other than this, there are no other regulations or legal complications that may stop anyone from trading FX positions with Australian brokers. The doors are open for international customers alike. But yes, they need to abide by the norms set by the ASIC.

Looking deeper into restrictions, the only ones that we could get our hands on are rules laid by Australia’s Forex regulatory body ASIC. ASIC dictates that before any foreign exchange broker in Australia starts to deal with CFD traders and foreign exchange traders, they need to get regulated by ASIC. This way, the ASIC can protect both the forex traders in Australia and international traders through acts such as the Insurance Act of 1984, Corporations Act of 2001, and National Consumer Credit Protection Act of 2009. The ASIC states that upon opening an account, the customers can’t deposit more than 1K U.S. Dollars through the credit card route. This rule of the ASIC is imposed on the trading platforms in the country. Further, there are some tax obligations that the ASIC warrants every trader to abide by, which is applicable everywhere else in the world. Like Australia’s ASIC, which is the financial markets regulator in Australia, the other parts of the world have their regulatory bodies such as the Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and Japanese Financial Services Authority (JFSA), supervising trading activities in their respective areas.

How do I trade Forex in Australia?

How do I trade Forex in Australia? How do I trade Forex in Australia?

Forex trading in Australia is equally popular amongst the residents as well as the overseas forex traders. Trading in foreign exchange or fiat currency pairs (GBP, EUR, USD, etc. are most frequently traded currency pairs) is all about buying and selling forex on the foreign exchange market to make profits. Given that the FX market is the busiest financial market and is always in demand, it is advised to first learn its ways before diving into it straight away as many retail investor accounts lose money due to bad decision-making. Please Note: Any reckless decision-making can make a trader’s accounts lose money in no time! There is a very high degree of risk involved in trading securities.

Benefits such as high liquidity, regular profit-making opportunities, leverage trading, 24-hour trading system among various foreign exchange pairs allure many. But as there is a method to everything, foreign exchange trading also has a way to go about it. If you are new to the foreign exchange world, then here are some comprehensive steps that will give you a fair idea about how to trade foreign exchange:

  • Research about the best forex trading route for yourself.
  • Learn about the workings of the forex market.
  • After thorough research, open trading accounts with your chosen best forex broker.
  • Have a trading plan based on your trading forex portfolio.
  • Select a best forex trading platform.
  • Open your first position, monitor it for the trading duration, and then close your first position.

We will go deeper about these steps in our review and also will give you a summary of the best forex broker australia. Read on.

Which are the best Australian forex brokers for beginners?

Forex brokers trading can be pretty daunting, especially for beginners. That is why it is imperative to choose the best ones for beginners. As per forex market research, 74-89% of retail investor accounts lose money when trading CFDs. That is why explicit market knowledge is so necessary. It ensures that one does not get allured by attractive 0 pips opportunities and instead uses well-informed decisions.

Therefore, it becomes all the more important to know first and then invest in trading. In this section of our review, we will walk you through some top-rated and beginner-friendly Australian forex brokers list that you can try if you are a beginner.

Plus500: Best Broker for Beginners

Plus500 - Best Trading PlatformPlus500 – Best Trading Platform

Plus500 is considered to be among the best forex trading brokers in Australia, specially designed for beginners. It is so because of its incredible web-based trading. This broker offers a user-friendly trading software to trade and competitive spreads for forex trades and a good variety of forex pairs.

It is an ASIC regulated and licensed trading platform which is safe to trade forex and CFDs with. With its low-risk and overall trust percentage of 98, we can give you a confident nod to try this platform. Plus500 provides only the most essential tools for trading and does not offer MetaTrader. The venue, however, comes with powerful charting features, which include 100+ technical indicators and 21 drawing tools. These features are beneficial in technical analysis with detailed insights into forex markets.

Features

Regulated by: FCA, CySEC, ASIC, Israel Securities and Investments Commission

Year Founded: 2008

Minimum Deposit: 100 units of the linked currency

Maximum Leverage: 300:1 (FX and Index CFDs), 150:1 (Commodity CFDs), 20:1 (Crypto and Share CFDs), 100:1 (EFTs)

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eToro: Best Copy Trading Platform

eToro - Social trading platformeToro – Social trading platform

This forex broker is awarded as the winner of 2020 due to its user-friendly copy trading or social trading platform. It also offers commission-free stock trading. With the help of the CopyTrader feature, users can have a glimpse of other traders in real-time.

This feature allows the traders who have just begun their foreign exchange trading journey to copy other users’ trades trading strategy to apply trades across 1,900+ instruments. CopyPortfolios is another unique tool that all eToro clients recommend. This acts as a natural boost to their trading portfolio and profit-making. Though equipped with incredible services and features, eToro has some downsides; it is pricey, and the minimums required for copy trading are pretty high.

Otherwise, eToro is a beginner-friendly web platform and mobile app that allows traders to boost their trading plans many folds. It also has a seamless process of opening trading accounts. It also has a seamless process of opening trading accounts. Like most of its peers who enjoy the governance of ASIC, eToro is also authorized by ASIC.

Features

Regulated by: CySEC, FCA, MiFID, AFSL, ASIC, & FinCEN

Year Founded: 2007

Minimum Deposit: $200 ($50 in US)

Maximum Leverage: x5 (CFD stocks & ETFs), x30 (major currency pairs such as EUR/USD), x20 (non-major currency pairs like EUR/NZD)

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Which broker is the best for forex?

Many best forex brokers offer versatile trading tools and other facilities that can make it an anxious process to choose the right broker for you. In this section of our review, we will walk through some of the best online brokers to help you make the correct choice. But before we set off, one central point to remember is that ASIC should authorize the forex broker you shortlist. Here are some of the best Australian forex brokers:

Blueberry Markets: 24/7 Excellent Customer Support

Blueberry Markets - Leading Brokerage Service ProviderBlueberry Markets – Leading Brokerage Service Provider

Blueberry Markets is one of the promising forex brokers that offer excellent MT4 and MT5 forex trading services. It has a wide range of 40+ foreign exchange currency pairs such as GBP, EUR, USD, and other financial instruments like indices, stocks, oil, commodities, CFDs, gold, and silver.

Along with its 50+ trading instruments on the MT4 platform, this broker offers ECN and commission-free accounts to its currency markets traders. Blueberry Markets, however, does not include cryptocurrencies and has no negative balance protection.

Although it offers free VPS, trading tools, and educational material to its traders, it is pretty limited and not entirely up to the mark when compared to other best forex brokers. Further, this ASIC regulated broker offers tight spreads starting from 0 pips on ECN accounts, competitive commission fees.

One great feature of Blueberry Markets is that it provides high leverage ratios of up to 1:500. Leverage can help improve the potential gains of users, but it is also important to use leverage properly, or else it might increase the risks.

The minimum deposit required to start trading forex at Blueberry Markets is just 100 U.S. Dollars. Blueberry Markets is considered one of the best Australian forex brokers and is known for having an intuitive website with insightful information.

Features

Regulated by: VFSC, ASIC

Year Founded: 2017

Minimum Deposit: $100

Maximum Leverage: 30:1 (Standard Account), 500:1 (Professional Account)

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XM.com: Best for EA Trading

XM.com - Popular Australian brokerXM.com – Popular Australian broker

XM.com is yet another popular Australian forex broker. It is regulated by ASIC, CySEC, and the FCA. It offers an attractive and wide range of account types such as Micro accounts, Ultra-Low Accounts, Zero accounts, Standard accounts, demo account, etc., to suit the needs of any forex trader. Further, its “XM Global Webtrade” is suitable for beginners and experienced foreign exchange traders alike.

The minimum deposit at XM.com is $100,000USD. One good thing about the demo account offered by XM.com is that there is no specific time limit on how long a user can use a demo account.

As per information on the XM.com website, this broker offers more than 1000 markets and low spreads. It is also called the “next-generation broker” due to its online foreign exchange and commodity trading services. XM.com website claims that it is known for its excellence in auto trading, zero hidden fees, and fast order executions, with 99.35% taking place in under 1 second.

XM.com’s range of leverage is flexible and varies from 2:1 to 30:1, depending on the instrument. XM clients can manage the leverage risk on their own.

XM is available on Android devices like tablets, phones and Apple devices like iPhone, iPad. XM app is downloadable from the Google Play Store or Apple App Store. The app allows monitoring of markets as well as trading while you are on the go. Logging into the XM platform is very easy and smooth and can be done through one’s fingerprint.

XM, online broker, also offers insightful education on forex and forex trading, which can be beneficial for aspiring traders. XM also has credible customer support, which assists in various languages.

Features

Regulated by: CySEC, ASIC, IFSC

Year Founded: 2009

Minimum Deposit: $5 or more depending on account type

Maximum Leverage: 30:1

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Markets.com: Best for Trading Tools

wikibinhduong.com - Offer Excellent Trading Service!wikibinhduong.com – Offer Excellent Trading Service!

Markets.com is another good forex broker that is popular for its excellent services. It is regulated by ASIC, FSC, FCSA, FCA, and CySEC, so the safety concern is well taken care of.

The trader here can enjoy commission-free CFD trading on more than 2,200 instruments. Not only this, wikibinhduong.com offers real stocks, shares, and two proprietary trading platforms that provide a complete product range to you with Marketsi. Traders here want an intuitive and insightful trading experience.

The only downside is that wikibinhduong.com offers limited trader education support compared to its peers, and the spreads are comparatively higher than other top forex brokers in the Australian market.

Features

Regulated by: FCA, CySEC, ASIC, FSCA, FSC

Year Founded: 2008

Minimum Deposit: $100

Maximum Leverage: 300:1 but Europe clients its limit leverage to 30:1 on FX

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UFX: Get Cashback for Every Trade

UFX - Level Up with Trading!UFX – Level Up with Trading!

UFX offers its traders a straightforward and easy-to-use user interface on its ParagonEX web and mobile. It is governed by the Vanuatu Financial Services Commission and not ASIC.

Its web platform is supported by NetDania that leads to solid charting. Moreover, at UFX, the traders get 30 crypto CFDs, and the platform has introduced more than 400 new CFDs to widen its CFD offerings.

If we were to talk about its low points, then there are just two. First, it spreads throughout all the accounts for foreign exchange. And secondly, UFX does not offer MT4 to the micro trading account and mini trading account. The minimum initial deposit is 100 US Dollars and VIP account holders can find discounts too.

Features

Regulated by: CySEC

Year Founded: 2007

Minimum Deposit: $500

Maximum Leverage: 30:1 due to strict CySEC rules but professional traders can apply up to 400:1

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Pepperstone: Best Advanced Features

Pepperstone - Prominent FX Brokers in AustraliaPepperstone – Prominent FX Brokers in Australia

Pepperstone is another of the prominent online brokers in Australia, held in high regard for its good features. It is regulated by the UK’s Financial Conduct Authority (FCA) and ASIC.

Here you get perks like low trading fees, low non-trading fees, and low foreign exchange fees. But when it comes to CFD financing prices, they are high. The account opening process at Pepperstone is fascinating. It is quick, fully digital, and user-friendly. The Pepperstone Razor Account offers Australian forex traders with the best trading experience.

Pepperstone doesn’t ask for any minimum deposit for opening the standard account. The mobile trading platform of this broker is also great, which is offered by MetaTrader4 and not by MetaTrader 5. It is backed by things like price alerts, search functions, user-friendly, etc. The only downside is that there is no 2-step login and no face ID login.

Features

Regulated by: ASIC, SCB, CySEC, DFSA, BaFin, CMA & FCA

Year Founded: 2010

Minimum Deposit: AUD$200 or equivalent

Maximum Leverage: 500:1

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FP Markets: Best for Scalping

FP Markets - Global FX BrokerFP Markets – Global FX Broker

FP Markets is another Australian forex broker, ASIC regulated, known for its low forex fees. The account opening process and the deposit process are relatively straightforward and quick. It supports its traders with well-researched and high-tech educational tools.

Talking about its cons, FP Markets offers high stock CFD fees. The portfolio of trading products is not very versatile. In terms of the web and desktop trading platforms, the platform needs some upgradation. The minimum deposit is not that high for foreign exchange, but the minimum deposit is at least 1K U.S Dollars for other account types.

Features

Regulated by: Australian Securities and Investment Commission (ASIC)

Year Founded: 2005

Minimum Deposit: $100

Maximum Leverage: 500:1

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GO Markets: Best for Higher Level of Security

GO Markets - ASIC Regulated BrokerGO Markets – ASIC Regulated Broker

GO Markets broker is regulated by ASIC and offers forex, CFDs, indices, metals, and commodities for trading on the MT4 and MT5 trading forex brokers.

It is a safe and transparent platform that provides ultra-quick trade executions. This broker comes with trading tools like Autochartist and Trading central to offer hi-tech services to all its traders. What makes GO Markets unique from other forex brokers in Australia is that it is strict on who can trade on its platform.

So, the downside becomes that it does not allow clients from jurisdictions with high risk or under other restrictions (35 in number!) Further, the account type availability is restricted to only two. The website of GO Markets has information about the swap-free service, which is offered only in the MENA region.

Features

Regulated by: ASIC, FSC, FSA, CySEC

Year Founded: 2006

Minimum Deposit: 200 AUD

Maximum Leverage: 30:1 (Retail client), 500:1 (Wholesale client)

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IG Forex: Best Overall Broker

IG - No.1 CFD providerIG – No.1 CFD provider

IG Forex is a low-risk forex broker in Australia. It has a trust rate of 99%. Here you can get a great range of tradable products, suitable trading and research tools, technical analysis, and competitive rates. Moreover, this broker supports its users with well-researched educational materials, forex trading guides which, helps beginner traders to develop different forex trading strategies.

Further, it is authorized by six tier-1 regulators. They are the Monetary Authority of Singapore (MAS), Australian Securities and Investment Commission (ASIC), Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and Japanese Financial Services Authority (JFSA).

IG’s mobile app is backed by excellent tools, charting, and research that gives stiff competition to all the leading industry brokers.

Note: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Many retail CFD accounts lose money when trading CFDs and there is a high risk of losing money while using this provider.

Features

Regulated by: FCA (U.K.) & CFTC, NFA (U.S.)

Year Founded: 1974

Minimum Deposit: $300

Maximum Leverage: 50:1

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IC Markets: Best for Low Broker Spreads

IC Markets - Automated Trading SystemIC Markets – Automated Trading System

IC Markets (International Capital Markets Pty Ltd) is an international foreign exchange and CFD broker. Like other countries eminent brokers, it is regulated by the Seychelles Financial Supervisory Authority (FSA), ASIC, and Cyprus Securities and Exchange Commission (CYSEC).

It offers low fees for trading and is considered one of the best brokers. The account opening process at IC Markets is easy and quick. When it comes to deposits and withdrawal fees, it is free of cost but some financial institutions (eg banks) may charge their own fees.

IC Markets offering relatively low fees, advanced trading platforms, fast execution, lowest average spreads compared to other forex brokers Australia, which suits advanced and experienced forex traders.

While looking at the cons, we found out that IC Markets does not offer any investor protection, and there is neither any negative account balance protection provided to the traders.

Moreover, the CFDs are also limited in number. The minimum deposit at this platform is 200 US Dollars. MetaTrader offers the web trader of IC Markets MetaTrader 4, MetaTrader 5, cTrader, an economic calendar. It has some very customizable options that come in many languages to choose from. The fee structure is also straightforward. But it lacks on the design front, two-step login, and price alert domains.

Note: Your capital is at risk. Please ensure you fully understand the risks involved before opening an account. You may lose substantially more than your initial investment.

Features

Regulated by: ASIC, FSA, CYSEC

Year Founded: 2007

Minimum Deposit: $200

Maximum Leverage: 500:1

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City Index: Best for CFDs

City Index - Trade on over 12,000 marketsCity Index – Trade on over 12,000 markets

This low-risk, 99 out of 99 trust scoring Australian forex broker is known for its investment offering. City Index is one of the best Australian forex trading brokers. It is publicly traded and is ASIC regulated. It is also regulated by the Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA). City Index’s parent company, GAIN Capital, is a public company listed on the New York Stock Exchange (NYSE)

This best currency trading platform offers forex spot trading, 84 currency pairs (such as GBP, EUR, USD, etc.), 4500 CFDs, offers copy trading or social trading, and cryptocurrency trading as trading CFDs.

This forex broker also provides Metatrader4 (MT4) trading across two brokers: AT Pro (desktop-based) and Web Trader (web-based). It does not offer Metatrader 5. (Maybe soon we can see this platform introducing MetaTrader 5.) The mobile trading app is not as sophisticated as other Australian brokers but is competitive enough to be noticed.

It offers features like 74 indicators, Trading Central, and other modules such as Technical Analysis, Featured Ideas, and Analyst Views sections.

Note: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Many retail CFD accounts lose money when trading CFDs and there is a high risk of losing money while using this provider.

Features

Regulated by: ASIC, MAS and FCA

Year Founded: 1983

Minimum Deposit: $/£/€100

Maximum Leverage: 400:1

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CMC Markets: Best for Range of Offerings

CMC Markets - Most Secure FX brokerCMC Markets – Most Secure FX broker

CMC Markets is a very secure trading broker with a long-standing history. It is listed on the London Stock Exchange and is regulated by ASIC (Australian Securities and Investments Commission). The UK’s Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC) (Canada), Financial Markets Authority (FMA), New Zealand, and Monetary Authority of Singapore (MAS), Singapore, also regulate CMC Markets like other brokers.

If offers low fees, both the web and mobile trading platforms provide outstanding performance. It supports its customers with highly advanced research and educational tools. Further, it offers negative balance protection to its traders along with exceptional customer support.

Some of its downsides of this online forex trading platform include high stock CFD fees, a limited product portfolio, no banking license, and the account verification is quite complicated.

Note: Your capital is at risk. Please ensure you fully understand the risks involved before opening an account. You may lose substantially more than your initial investment.

Features

Regulated by: FCA (U.K.)

Year Founded: 1989

Minimum Deposit: $0

Maximum Leverage: 500:1 (professional clients) & 30:1 (retail clients)

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AxiTrader: Best MT4 Broker

AxiTrader - FX Broker AustraliaAxiTrader – FX Broker Australia

AxiTrader is another forex broker that has made its name in our best Australian forex brokers list. This broker holds an Australian Financial Services Licence (AFSL) number. This broker offers low trading fees to its traders and charges no additional inactivity fee, no withdrawal or deposit fee either. The account opening process is relatively easy and is a fully digital one.

On the other hand, the broker offers a limited variety of trading products limited to foreign exchange and CFDs. The research tools are also limited. And finally, the customer support is also prolonged. It is limited to 24/5 services and email communication is the only service available and slow.

Features

Regulated by: ASIC, FCA, DFSA, FSA

Year Founded: 2007

Minimum Deposit: There is no minimum deposit requirement

Maximum Leverage: Flexible leverage up to 500:1

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FOREX.com: Best for High Volume Trader

wikibinhduong.com - Global FX Trading Specialistwikibinhduong.com – Global FX Trading Specialist

FOREX.com is a highly regulated forex broker. It is ASIC regulated and regulated forex brokers in the UK, US, Canada, Japan, Singapore, and the Cayman Islands. The wikibinhduong.com broker offers impressive mobile and desktop functions, while the trading view charts built into the platform are handy.

When it comes to downsides, wikibinhduong.com offers higher spreads than other international brokers. Further, the rebate for active traders is quite limited. There is no negative balance protection provided to the traders. It is best known as one of the very active forex trader brokers. And the account minimum is also relatively low at 50 US Dollars.

Note: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Many retail CFD accounts lose money when trading CFDs and there is a high risk of losing money while using this provider.

Features

Regulated by: IIROC, ASIC, MAS, FSA, and CIMA

Year Founded: 2001

Minimum Deposit: $100 (recommended $2,500)

Maximum Leverage: 50:1

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Oanda: Best for Trading Experience

Oanda - Best FX BrokerOanda – Best FX Broker

Oanda is a low fee forex broker, offers its traders an easy-to-use web trading platform. Oanda occupies a prominent place among all brokers because its account opening process is relatively fast and easy with no minimum deposit. This Australian Securities and Investments Commission (ASIC) regulated brokers offer helpful research tools, plenty of useful technical indicators, and a great API.

The product portfolio of Oanda broker is also minimal and comprises only forex and trading CFDs. Other down points include high bank withdrawal fees and a slow customer support system. The account opening process takes anywhere from 1 to 3 days. On the brighter side, there is no minimum deposit required to start trading by Oanda.

The mobile trading app from Oanda is a user-friendly platform that offers a two-step login process that ensures customer security. The search functions of the website are pretty lovely and come with all information searched for. The only downer is that there is no face ID login.

Note: Your capital is at risk. Trading derivatives may not be suitable for all investors, so please ensure you fully understand the risks involved before opening an account. You may lose substantially more than your initial investment.

Features

Regulated by: CFTC, NFA (U.S.), FDM, and FCA (U.K.)

Year Founded: 1995

Minimum Deposit: $0 (Standard); $20,000 (Premium)

Maximum Leverage: 50:1

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NinjaTrader: Best Futures Broker

NinjaTrader - Automated Trading SolutionsNinjaTrader – Automated Trading Solutions

NinjaTrader is best known for its impressive future trades, 24/7 activity, and some great analysis tools. It is an open-source trading application that helps improve the trading experience. The platform download is free and packed with active valuable tools.

The micro contract at this platform offers low investment commissions that go as low as 0.09 US Dollars. The minimum account requirement is low, i.e., of 400 US Dollars. The only downside to NinjaTrader is that one can only trade futures and options. Ninja Trader is NFA registered and not ASIC.

Features

Regulated by: CFTC, NFA

Year Founded: 2003

Minimum Deposit: $400

Maximum Leverage: 50:1

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Conclusion:

After reading this review, we hope you have a fair idea about the best Australian forex brokers, which ASIC regulates. Forex trading innately presents a high risk of losing money. All foreign exchange brokers run a disclaimer about the market risks as many retail investor accounts lose money while trading. To combat such an increased risk of losing money, thorough market research and in-depth market knowledge come in handy. A prepared hand always performs better. Therefore, whether you are a beginner or a seasoned trader, take your time to feel assured about a forex trader, its offerings, pros and cons, etc., before deciding to dive into it.

CFDs are complex trading instruments. They can lead to a high risk of losing money and it can crumble any budget within seconds. Therefore, the importance of a well-informed decision can’t be emphasized enough. Please consider your risk capacity, investment capacity, forex market knowledge, finance management capabilities before investing so that you do not lose money. Also, always opt for a broker regulated by ASIC; there is less risk involved in that case. You will look up a list of ASIC-regulated forex brokers on any reliable website. Do refer to the information on that list before choosing your Australian forex broker.

In the forex market, the intensity of buy and sell orders stays in demand, making the spread or difference drop to 0 pips. This makes the spreads start with 0 pips through the received quotes, whereas the trading costs are charged based on a fixed commission on every trade; it is better to opt for fixed spreads as they do not change according to market volatility than variable spreads. That is why it is essential to have the explicit market knowledge not to get allured by attractive 0 pips opportunities and then lose money. An awareness and thorough information about the market ensure that you don’t lose money while trading and gain strong experience with time.

FAQs

Is day trading legal in Australia?

Yes, in Australia, day trading is completely legal. There are several brokers in the forex business based in Australia. Furthermore, forex trading is now easier and safe for Australian traders as there are no leverage restrictions imposed or other legal obligations, apart from tax obligations.

How to become a Forex trader in Australia?

It’s easy to become a forex trader; all you need to do is select one Forex broker. New traders need to invest a considerable amount in a live account with a small deposit before making a more significant commitment towards professional Forex trading.

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Forex Brokers

Top 10 Forex Brokers with No Deposit Bonus – A Synopsis

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Introduction

The Global Trading market encompasses various offers to attract new traders and beginners with no trading experience. The forex market is one such platform, which has gained popularity over recent years with offers like No-Deposit Bonus, Welcome Bonus that forex brokers present for new traders without using their real money. The forex bonuses provide optimal trading conditions according to the preference; for example, offering bonuses for elite traders and beginners. When trading happens on real money, they also help choose the right forex broker to trust and pump up the deposits. However, one has to be careful as there is considerable risk involved.

To summarize, the forex brokers offer a welcome bonus for beginners who do not have a trading account. They offer a matched deposit bonus, which means there is a free bonus provided after the initial deposit, or they offer no deposit bonus.

What is a Forex Bonus?

A bonus acts as a marketing tool or cost-effective promotion, and the brokers offer to persuade beginners to make deposits. Many top forex brokers suggest this option as it allows for forex trading without risking their funds. This option is accessible to the consumers once they open a forex account or demo account in the chosen platform. Though the bonus is beneficial for traders and investors, brokers suggest this option to gain benefits in the long run.

Forex brokers use the deposit bonuses option as a tool to entice investors and traders to forex trading, providing them knowledge about trading conditions, forex account, demo account, trading bonus, and welcome bonus and help the clients make an informed decision. In simple terms, they offer free money that cannot be withdrawn immediately from the trading account but can be traded for other prospects.

Forex Bonuses – Different Types

There are two types of forex deposit bonuses to choose from – a deposit bonus and a no deposit bonus.

Forex No-Deposit Bonus

It is often known as a complimentary bonus without deposit, as traders are offered a free bonus without a deposit being made. The brokers make the deposits once traders activate their live account on the platform, which allows them to understand the live trading conditions and explore different options without jeopardizing their funds. This enables the novice and seasoned traders to utilize the bonus fund and develop in-depth knowledge about the brokerage platform and its systems. The accessibility of a free bonus varies depending on the broker.

Initial Deposit Bonus

A deposit bonus is an additional sum credited to the trader’s account once they make their first deposit. If traders make a higher initial deposit, they unlock a greater deposit bonus. For example, the broker may suggest new customers a 100% matched bonus up to £500. Once they make the deposit, the broker will credit their account with the respective bonus amount.

This gives investors a chance to boost their trading account and use the bonus funds to set limits for their trades. However, the brokers often list down a set of terms and conditions regarding the accessibility of the bonuses and profits made. Some may set minimum/maximum consignment for the trading bonus, while others set certain rules for trading through the live account.

Sometimes the brokers may demand to trade a certain amount before withdrawing the free bonus or maintain a set amount of money in their accounts for a specific period before trading them. Hence, forex bonuses list out certain terms of conditions that one needs to be aware of.

What are the Pros and Cons of Forex Bonuses?

Pros Cons The forex no-deposit bonus allows the trading with minimal risk Most brokers set unrealistic standards and hard terms and conditions Helps maintain the trading balance with modest funds. Most of them limit the withdrawals of both profits and free bonus The deposit bonuses can be used to recover the cash deposits lost while trading The free money often leads to higher expectations and over the trading of deposit bonuses Helps in adapting to the live trading environment and manage the forex bonuses Traders are heavily restricted with rules and regulations, and they are required to follow the terms and conditions. The deposit bonuses provide traders an option to margin their investments in larger trades

How does a Bonus in Forex Work?

How Forex Brokers Bonus Work?How Forex Brokers Bonus Work?

To understand how the forex works in a live trading environment, one needs to be aware of a few terms. They are:

Deposit Bonus:

The deposit bonus is the most sought-after. As stated earlier, the broker will match the deposit by a certain percentage -with a welcome bonus.

Traders can claim a 100% matched deposit bonus with a forex broker. The forex broker may allow access to a maximum bonus of £1,000, a deposit made by the client. Upon making the deposit, the broker will then credit their account with an additional £1,000. The starting balance becomes £2,000 – even though the broker credited their account with £1,000.

No-Deposit Bonus:

Forex no deposit bonus rewards traders with a bonus without making a deposit. These bonuses are highly popular because the trader can gain a bonus without risking any funds. However, the no deposit bonuses comprise smaller sums that are credited in comparison to a deposit bonus.

Traders can claim a £20 no deposit bonus with a forex broker. Once traders open an account and verify their identity, the forex broker funds their account with the £20 no deposit bonus. It is credited instantly to the trader’s accounts for trading the bonus funds.

Terms and Conditions for Bonus:

The Forex trading and gaining free bonus funds on the platform may sound simple, but it is not easy to cash out the profits. One needs to be aware of the listed terms and conditions that brokers employ.

Minimum Trade Amount to Withdraw:

There is a complicated process to withdraw the bonus that is made. For example, if one deposits £500 and receives a £250 bonus, which totals to £750. Traders cannot withdraw the whole sum directly from the forex broker, as this would not benefit the platform. Hence, the platform sets limits and persuades them to use the bonus funds to trade. These bonus funds are often frozen until their conditions are met. Usually, a partial amount from the bonus is made accessible for pay-outs when they meet the requirements of trading the set amount. For example, the broker might give £1 from the bonus for every £10,000 traded.

This is suitable for people who are:

  • Regular traders who place dozens of trades per day.
  • Often play through the set amount of the trades.
  • People with typically large trade sizes.

Time Limit:

Traders also need to consider the time limits that the bonuses are set with. This is a strategy followed by the platforms to make the cash out of bonuses a difficult task. Often, brokers will set a certain period. Such as- 30 days to trade the bonus funds before invalidating withdrawals.

Eligible Pairs:

In some instances, the forex no deposit bonus might set down restrictions on certain currency pairs. Hence, make sure to go through the terms and conditions to ensure the trading forex pair is permitted.

Supported Nationalities:

Some Australian forex brokers choose to permit bonuses to only certain nationalities. Hence, traders are advised to use the domain according to the country of residence.

Minimum Deposit:

Most bonuses are set with a minimum deposit amount. Often, promotions only list the maximum bonus amount that can be used. Hence, ensure to go through the terms and conditions to find the preferred packages.

How to Find the Best Forex Bonus?

The global foreign exchange market is vast and comprises different kinds of traders. Therefore, it offers many options for every type of trader. However, not every deal is beneficial since many platforms advertise no deposit bonus and manipulate the user funds. So, it is advised to go through the terms and conditions for no deposit offers before signing up for the bonus.

Research

Before signing up, one needs to make sure to cross-check if the platform is legitimate and trustworthy. Even though the investors have trading experience, FX trading can trick them and manipulate them. Hence, always double-check by browsing the platform’s rules and regulations and the list of guidelines given by the forex broker. Finally, check the list of authorizations it has received from the regulatory bodies in the industry.

Reading Reviews

For successful forex trading, make sure to find a broker with experience in forex trading. The web is filled with brokers, and every platform is crammed with reviews. Though there are many options for traders to choose from, it is difficult with many reviews to go through. Often, there is a chance of these reviews being proxy or duplicate, which they make up. Hence, it is always advised to check the detailed reviews, explain the challenges they have dealt with, and the practical solution to tackle such problems in reference to the past.

Payment Methods

Payment methods give an option of investing in the trading account with real money. Therefore, ensure that the brokers provide flexible options to make the payments with the preferred mode of payment. Likewise, ensure that the broker allows the cashing out of the bonus or profits gained from the forex no deposit bonus, as many brokers restrict the withdrawal of the profits made.

Broker’s Background

The reputation of the broker depends on the reviews and their alignment with the law. Always ensure to find a broker with approval and certifications from notable institutions in the industry. A regulatory authority assures the economic strength of the broker and its integrity towards its traders. There are many countries with rules and restrictions for forex brokers in the field. Finally, ensure that the trader is reliable by browsing the keywords such as forex broker name+ review, scam, fraud. Example: Forex Broker Name Scam and ensure that no negative reviews are showing up.

Always be alert and stay as safe as possible while trading the Forex. As the field is risky, keep track of the listed factors before trading with brokers and ensure that they keep the funds safe and secure.

The Best Forex Bonuses

There are many Forex brokers to choose from, and making the right selection is a challenging task. Several factors are considered, such as fast execution, competitive spreads, and the range of tradable assets. Hence, different types of options or bonuses are listed down to attract different types of traders. They assist the trader in finding the specific broker with the desired profile. With Forex no deposit bonus, new traders can learn trading in a live trading environment and build their portfolio without risking their capital resources. However, these bonus offers do not necessarily benefit all traders.

Therefore, traders need to be aware of terms and conditions before accepting or signing up for any offer. A key strategy to remember is that the brokers must gain profits, which is the primary objective of the bonus campaign. Hence, it is essential to select the right deposit forex as it significantly impacts the trading outcome.

Here are the 10 best platforms with no deposit bonus:

1. Pax Forex – Recommended for US Traders – 100% Bonus

Pax Forex is a famous online forex platform and the most reliable trading institution in the USA. It has a reasonable loyalty deposit bonus program too, where they match the member’s deposits 100% – for a minimum trade of $1,200 and more.

PaxfulPaxful

Unlike the deposit bonus offered by other platforms, Pax Forex provides you with a great deal of reward program, where every successive $1,200 deposit is matched with an additional bonus. However, the full amount is not instantly credited but is divided and paid in 12 monthly installments.

  • The broker supports all ranges of trading accounts
  • The 100% bonus is highly competitive
  • Awards bonus on successive deposits

2. AVATrade | 2 x $200 Forex Welcome Bonuses

The AVATrade group offers an epic 20% bonus of up to $10,000. This means that traders need to deposit $50,000 to get the maximum deposit forex on AvaTrade UK. However, one needs to deposit a minimum of $100 before accessing the bonus, and their account needs to clear verification before funding. For withdrawing the bonus out, traders get $1 for every 0.1 lot that is traded.

AvaTrade BrokerAvaTrade Broker

  • 20% welcome bonus of up to $10,000
  • Minimum deposit $100
  • Verification of the account before the bonus is credited

3. wikibinhduong.com | £25 Forex No-Deposit Bonus

wikibinhduong.com is a major platform across the UK forex space. As there are dozens of currency pairs split across the majors, minors, and exotics, its trading arena comes with different offers. Here, traders get a £25 no deposit bonus for opening a new account at wikibinhduong.com broker. This bonus is for new customers only, and there is no time limit as that is laid out.

Markets.comMarkets.com

  • £25 no deposit bonus
  • No time limit to use the bonus funds
  • Valid for New customers only

4. Plus-500 | £20 No-Deposit Forex

Plus 500 is another major platform, which is targeting the forex no deposit bonus space. Once traders open an account, they are rewarded with a £20 bonus – with no deposit required. The platform is one of the most reputed forex and CFD brokers in the online trading space. Its predecessor is listed on the London Stock Exchange and Plus500 UK holds multiple licenses.

Plus500Plus500

  • £20 no deposit bonus
  • Only available to first-time customers
  • Verification of identity is required before making a withdrawal

5. FBS | Best Forex No-Deposit Bonus – $100 Bonus

Most forex brokers provide cash-based bonus programs. However, FBS offers a complete Trade 100 Bonus package. Featuring a free no deposit forex of $100 to trade in a verified account, a set of guidelines to be followed, and strategies for making the most of the free bonus. Nonetheless, there are certain restrictions for claiming this bonus as well as the profits earned from the trading. For example, FBS allows only a maximum of 5 trade positions at a given time. And to withdraw any profits, traders are required to complete the required 30 trading days and trade at least 5 lots.

FBSFBS

  • Relatively high no-deposit trading bonus
  • Maintains a global footprint and is licensed in different financial jurisdictions
  • Accepts several payment processing options for deposits and withdrawals

6. XM | Multiple Forex Options Offered

XM has a variety of forex offers for beginners who do not have an account. They offer the option of claiming a $30 no deposit bonus. And to claim a more substantial bonus, they can choose the XM Broker offer with a 50% matched deposit bonus up to $1,000. This gives a 20% bonus for everything above $1,000 – up to a maximum of $4,500.

XM BrokerXM Broker

  • $30 no deposit bonus
  • 50% matched deposit bonus up to $1,000
  • Additional 20% bonus for up to $4,500

7. CMC Markets | 2 x $200 Forex Welcome Bonuses

The CMC Markets, a UK broker, has an appealing offer for traders, which is a $200 welcome bonus that can be availed twice. Traders need to deposit their first $200, which is matched with an additional $200 by the broker, making the starting balance $400. However, traders need to trade $1 million worth of forex to withdraw the bonus funds. Once they hit $2 million worth of trades, CMC Markets broker will give an additional $200.

CMC MarketsCMC Markets

  • $200 welcome bonus- twice
  • The first deposit of $200 is matched like-for-like
  • Withdraw the bonus funds when the $1 million trade requirement is hit

8. HYCM | 10% Deposit Bonus up to $5,000

HYCM is a widely popular platform that offers new customers a 10% deposit bonus. The bonus amount is at $5,000, which means that traders need to deposit $50,000 to get the maximum bonus. And they need to trade a massive set of 30 standard lots to get $1,000 in bonus funds out of the broker.

HYCMHYCM

  • Deposit $50,000 to get the full bonus amount
  • Trade 30 standard lots to withdraw $1,000 in bonus funds

9. Tick Mill | $30 Sign-Up Deposit Bonus

Global forex broker platform, Tick Mill, offers the new customers a$10 to $30 no deposit bonus. To prevent manipulation, traders need to verify their accounts before their accounts are funded. The added asset of the platform is that it allows traders to withdraw the profits made from the $30 welcome offer.

TickmillTickmill

  • $30 no deposit bonus
  • 100% risk-free – no deposit required
  • Verify the account before the bonus is credited

10. TemplerFX | $30 No-Deposit Bonus

Similar to Tick Mill, TemplerFX also offers a $10 to $30 no deposit bonus. To avail of this offer, traders need to open an account and verify their identity. Traders are then required to trade a minimum of 5 standard lots to withdraw the bonus and any additional profits.

TemplerFXTemplerFX

  • $10-$30 no deposit bonus
  • Not required to fund the trading account to get the bonus
  • Pass a KYC or verification process before getting the bonus

A Quick Overview:

Broker Bonus sum Details Paxful $30 Get Bonus FBS $100 Get Bonus Ava trade $35 Get Bonus HYCM $10 Get Bonus Plus500 $2020 Get Bonus wikibinhduong.com $50 Get Bonus XM $30 Get Bonus CMC Markets $15 Get Money Tick Mill up to $1500 Get Bonus Templerfx $20-$100 Get Bonus Grand Capital $500 Get Bonus Forexmart up to $300 Get Bonus TenkoFX $30 Get Bonus Esplanade Market Solutions $50 Get Bonus Corsa Capital $100 Get $100

Factors Considered

Usage and Withdrawal Flexibility

Before investing, one needs to consider several factors, such as how they gain benefits in the long-term, The level of accessibility, and the effective use of investments and bonuses to recover from inflation. Firstly, one needs to consider the extent to which they can use the bonus. To make an informed choice, make sure to check the small print of the broker’s terms and conditions and only accept the bonus if it fits into your trading style.

Impact on your Day-to-Day Trading

One should also consider the effect which the forex bonus has on maximum or minimum trading size and other factors, such as the accessibility of bonus funds on completion of the given guidelines and withdrawal of both the deposit and bonus. Some forex brokers UK will demand to maintain a certain amount in the account before accessing the no-deposit bonus, while others set the minimum lot size for bonus trades. Considering these factors help in accepting a broker’s balance.

The Time Limit to Execute the Required Trade Volumes

Make sure to read the broker’s terms and conditions. Take into account the number of lots required to be completed before freeing the deposit bonus and the period of a deadline. Consider the trade volume, which is set to activate the bonus amounts and the profits accumulated from its use. Avoid brokers who demand large trade volumes with tight deadlines.

Conclusion

The deposit and non-deposit forex bonuses cater to different users’ needs, such as the beginner and experienced traders. The no-deposit bonus helps beginners to learn the strategies within the platform of intermediary operations. For example, in brokerage, while the deposit bonus helps the experienced traders strengthen their limits and spread their trading balance, it is possible to enter into larger trades resulting in higher profits. A simple strategy is to register with a forex broker, with top-level experience, whose trading bonuses match traders’ needs. They also need to communicate that there is more to attractive incentives than just huge percentages. You need to look into the terms and conditions of using the allocated forex bonus before accepting it.

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Forex Brokers

LMAX Review 2021

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Witnessing the excessive participation of people worldwide in crypto trading, there is a crucial need for an advanced and user-friendly exchange brokerage firm. LMAX is one of the most experienced and advanced exchange brokers operational in the UK and regulated by FCA. The platform offers users over 100 tradable assets through its multilateral trading facility (MTF), which can be used for investment in precious metals, indices, commodities, Forex trading, etc. The Sunday Times awarded the LMAX to hold the top rank in the fastest growing fintech companies in the UK in 2014. LMAX offers a seamless and highly secure trading ecosystem for both institutional and individual investors worldwide. Read our detailed LMAX review to know more about the broker.

What Is LMAX?

LMAX Global is owned and operated by a global fintech company LMAX Group. It was established in 2010 with the primary aim of providing advanced forex brokers service to the emerging generation of investors and traders. LMAX has its headquarters in the UK and gives the traders exclusive access to deep forex liquidity, transparent spreads, and secure execution, abstracting the possibility of any ‘last look’ rejections. The LMAX broker has made a respected name for itself by being infallible and trustworthy for more than a decade. The LMAX is one of the fastest-growing financial corporations in the UK that has left its mark in FX markets worldwide. The broker has been awarded many times for its consistent efforts in liberalizing and sophisticating the experience of trading. LMAX has three global market facilities based in Equinix LD4, NY4, and TY3.

LMAX Platform InterfaceLMAX Platform Interface

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How Does LMAX Work?

The LMAX broker works efficiently and remarkably innovatively to offer the users real-time market feeds, advanced trading charts, professional tools, and precise execution. Every participant, like banks, proprietary institutions, brokerages, etc., can make profits. The trading platform gives traders exclusive access to MTF and global institutional FX exchanges to aid them in executing profitable trades by using the limit order liquidity provided by top-level international banks and Non-banking corporations. The LMAX platform has live market feeds in London, New York, and Tokyo, where the customers get liquidity access and quality execution of trades in a highly secure environment. LMAX boasts of ultra-low latency and transparent rates for buying and selling while maintaining a tight spread limit. The time protocol of the platform works on the sub-second level to induce accuracy in trade execution. Consistency of order processing is maintained by running dye traces on execution pathways every ten milliseconds.

Features of LMAX

According to the LMAX reviews, the broker provides the following features for its users:-

  • An outstanding feature of LMAX is that it provides a demo account for new users to let them have some prior trading experience. The users can test the markets and make new strategies negating any losses in actual trading time.
  • Another extraordinary feature of the LMAX broker is that it offers tight spreads on deep institutional liquidity by comparing many prominent liquidity pools worldwide.
  • The platform provides multiple accounts for the traders depending on their investment portfolio, namely API, WebTrader, and Mobile Trader.
  • The LMAX platform also offers its clients an additional opportunity to earn extra profits by using its API trading feature. This feature helps clients in opening new trades in FX and CFD automatically.
  • Another exclusive feature of the platform is that It offers the users over 100 instruments for trading platforms like Forex brokers, Metal, equity indices, commodities, crypto CFDs, etc.
  • The price/time mechanism offered by the platform is unmatchable in its segment as the client gets the priority during trade execution.
  • Competent traders are taken good care of by the platform as they get the function of Margin trading options on using LMAX.
  • A completely regulated and secure LMAX Digital trading platform is available for trading, and it can be accessed on multiple devices like laptops, mobiles, tablets, etc.
  • The ultra-low latency matching engine feature comes in handy while opening trade during the rush hours of the forex world.
  • Additionally, LMAX group offers educational features like an economic calendar and LMAX blog that can enhance the trading environment and also the skills of investors. Many tutorials are also available on the platform.
  • As per the LMAX review, various advanced tools like Multicharts, global insights, etc., are also available on the platform. These tools enrich the experience of trading and aid investors in making calculated investments.
  • LMAX group offers a dedicated customer support section to tackle the encumbrances faced by users while using trading services. One can contact the customer support team via telephone, live chat function, or mail.

LMAX FeaturesLMAX Features

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Is LMAX Regulated?

LMAX works under the legal name of LMAX Global, which is licensed and governed by the Financial Conduct Authority as an exchange broker and payment institution. The institution is genuinely registered in England and Wales. Moreover, in Europe and New Zealand, the platform is registered under the legal recognition of LMAX Broker Europe Limited and LMAX New Zealand Limited, respectively. As per the LMAX review, the platform works under full compliance with rules and regulations established by concerned countries.

LMAX Review: Pros and Cons

Pros Cons Regulated and highly secure platform. Users get limited types of trading accounts. Over 100 assets are available on this trading platform. Limited deposit methods. Customers’ funds are provided the premium level of safety. More preferable for competent traders. Highly advanced and innovative MetaTrader platforms. Minimum required deposit of $10,000. Demo account for new traders. Fee mechanism based on trade volume. Extraordinarily competent spread algorithm. Presence in almost all over the world.

Creating an Account With LMAX

As per many forex reviews, the process of creating an account on LMAX is straightforward and straightforward. Access the platform on any device and apply for a new account. Next, choose the country, fill in other mandatory information and submit it. The users will be required to verify their identity and country of residence before their account is opened. Once the account is opened, further documentation like proof of funds will facilitate trading activities.

LMAX Registration ProcessLMAX Registration Process

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LMAX Platforms

Multiple platforms are made available by the platform for users based on their investment portfolio. As per the reviews, different types of trading accounts are mentioned below:-

Mobile

LMAX has a user-friendly mobile app that enhances the experience of the trading app and is easily accessible by android and IOS users. The customers get ultra-fast trading facilities, FX trading market data, and the latest updates of the finance world at the touch of their hands. An additional VWAP feature gives users real-time access to all LMAX liquidity pools and over 20 levels of market depth for all tradable assets.

Web Trader

LMAX offers a customer-friendly, easily navigated website that provides users direct access to the live feed of all LMAX Global markets worldwide. The users can trade anonymously and efficiently without having to download anything on their devices.

API Trading

Application Programming Interface technology aids the trading in automating FX trading and CFD trading that can provide them free access to live markets of LMAX Global. The users also get a risk-free demo account for practice.

MT4/MT5 Bridges

These types of platforms are most suitable for forex brokers. The accounts are loaded with advanced tools, live price feeds, and an updated news section.

LMAX Trading Tools

Economic Calendar

The LMAX Global offers an economic calendar on its platform that provides complete information about financial events and their consequences happening around the world.

Global FX Insights

The users can access exclusive market research analytics and valuable insights of experts daily in audio/video/report format.

LMAX Fees

The fee structure of the LMAX broker is not fixed and depends on trading activities done by the customers. Generally, fee charges range from 0.1 to 0.2 pips. There is no deposit/withdrawal fee on LMAX, but to ensure the continued participation of the customer, the platform levies $50 per month on inactive accounts. Their spread mechanism is updated regularly and depends on prevailing market conditions. LMAX Fees spreads and commissions are not fixed but determined by trading activity; the typical spreads are between 0.1 to 0.2 pips. The spreading mechanism of the platform differs from the location of the customer. If the trading executes deals in time-limited assets, they have to pay an additional fee for holding the position after the time limit. The LMAX charges an overnight fee, also known as rollover/swap fee, for the trades opened for more than a day. Get a detailed idea about its fee structure.

LMAX Deposit and Withdrawal Methods

UK: Bank transfer and debit/credit card

EU: Bank transfer

NZ: Bank transfer, debit/credit card, Skrill and Neteller

The withdrawals are made in the same way the funds are added to the account.

LMAX Accepted Payment Methods

Bank transfer, debit/credit card, Skrill, and Neteller

LMAX Supported Currencies and Countries

Supported Currencies

  • UK: EUR, USD, GBP, AUD, CHF, JPY, PLN, SEK, SGD, HKD, and HUF.
  • EU: GBP, EUR, USD.
  • NZ: AUD, EUR, GBP, and USD.

LMAX Supported CryptosLMAX Supported Cryptos

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Supported Countries

Over 100 countries and multiple mega-offices in the UK, US, EU, and the Asia Pacific.

LMAX Education

As per our LMAX review, it offers a wide range of educational videos and articles related to foreign exchange and crypto exchange trading. These articles and videos are pretty helpful for the users to improve their knowledge and skills required to execute profitable trades. The video library also contains various speeches given by CEO David Mercer. Furthermore, a dedicated FAQ section is also provided on the platform, which helps customers navigate the platform. Most common issues and queries faced by the traders are answered in this FAQ section.

LMAX Security and Privacy

The best way to ensure security measures is to go through its records and regulation protocols. As already mentioned, the LMAX broker is regulated by FCA and works under full compliance with its rules and regulation. Moreover, there have not been any known incidents of breach of security on the LMAX broker since it started its operations. Hence, one can say that the platform exceeds expectations when it comes to the protection of funds of its users. As per the reviews, the best fx broker applies various strategies and security measures to ensure the utmost privacy and safety of funds. They follow tight guidelines, manage capital demand, segregate client’s funds and use scheme participation to make user’s funds secure for their use.

LMAX Customer Support

As per the LMAX review, it offers a dedicated customer support section to solve issues and queries faced by the users while trading on the platform. Their customer service team is available 24/7. The customers can use various methods to contact customer executives like Telephone, Email, or Live chat systems. The customer support team of the LMAX broker is skilled and helpful enough to go the extra mile in solving the issues faced by the customers.

LMAX Customer SupportLMAX Customer Support

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LMAX Reviews: Conclusion

After going through LMAX Review, one can finally say that the broker is a one-stop solution for well-established institutional and individual traders. The broker has been awarded multiple times over the years for its consistent effort to revolutionize the concept of trading platforms. It has succeeded where many others have failed. However, LMAX does not offer much to new or inexperienced traders as the platform’s primary focus is to fulfill the needs of experienced traders by providing them a technologically outstanding LMAX digital trading platform.

FAQs

Is LMAX Safe or a Scam?

As per the LMAX review, it is entirely safe and secure to use as FCA regulates it. Moreover, LMAX Global, the parent company of the platform, has been awarded many times for its fast and transparent trading ecosystem.

How to Use LMAX?

To use LMAX Global, the users will need to access the platform first. This can be done using any device with an internet connection. Next, open an account, deposit the funds, and start trading. Novice traders can use a demo account for practice.

How to Sell in LMAX?

The process of selling an asset on the platform is simple. As the reviews say, just choose the number of assets you want to sell and execute the trade. The platform provides you the best rate by comparing its global market feed. The withdrawal will be made in the same way the account was funded. Usually, it takes only a few days for the settlement of money.

How to Make Money at LMAX?

One can make money on LMAX by using its multilateral trading facility, which provides over 100 instruments to trade with. As per the review, the LMAX Global offers tighter spreads on streaming and deeper liquidity that aids traders in making vast amounts of profits without paying a higher commission.

Which Platforms Are Supported by LMAX?

LMAX broker supports mobile trading, website trading, API trading, MT4, and MT5. One can use any type of platform depending on their investment portfolio.

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Forex Brokers

Exness Review 2021

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Before the advent of the internet, investors had to seek the help of a stockbroker to buy a stock trading account. But now, people are relying more and more on online brokerage firms that provide various options for investors to buy and sell mutual funds, bonds, and equities. Online brokers have also given customers the opportunity to keep an eye on the trades they are involved in. The multiple options available on the internet have given investors an edge to manage multiple positions at once. The online brokering system has opened the doors to the world of investments to people all over the world. As opposed to the limited knowledge that people had on stock marketing a few decades back, we have seen a new rush in the world of investments. Thanks to online broker systems, which have opened up financial trading to more customers and attracted more investors than expected. To know more about how the online broker system works, read through the Exness review, where we have given a comprehensive overview with complete research to determine if this is what you are looking for based on your priorities.

What Is Exness?

Exness is a reputed International Online Forex Brokerage Firm that focuses on providing retail foreign exchange services, partnerships, and corporate solutions throughout the world. This stock brokerage firm was founded by Igor Lychagov and Petr Valov in 2008. It renders services through its registered offices in London, United Kingdom, and Limassol, Cyprus, and is licensed by various regulatory authorities. Honesty and transparency are the company’s hallmark principles that have garnered a good reputation among investors, financial journals, rating agencies, and online publications, thus, attracting clients all around the world. The firm has been providing traders with new opportunities, constant improvement, and a chance to explore different financial services. The trading procedure is carried out on the user-friendly MT4 platform, which allows the investor to trade a variety of CFDs and Futures in a variety of places.

Exness Platform InterfaceExness Platform Interface

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Features of Exness

When it comes to virtual brokers, the user interface remains the focal point. The look of the website or mobile app, the design, and most importantly, the features available to users play a pivotal role. Having said that, Exness seems to have strived hard to make its platform stand out by enhancing the features of the website. Read our Exness reviews, to know more:-

Website Design

The look of the website is something that any new user will be amazed at. When the user opens the website, not only will the color, font, and design grab attention, but even the interface would look user-friendly and easy to navigate.

MetaTrader 4 and and MetaTrader 5

In this Exness review, one must expect to read on MetaTrader 4 and 5. It is not surprising that the broker is compatible with MetaTrader 4 and MetaTrader 5 (MT4 and MT5 respectively). Known to be the leading platform for forex trading in the world, these two platforms have a plethora of features for users. It gives them the room to run trading bots like EA, analyze financial markets, and also conduct advanced trading actions. They can even copy other investors’ strategies without any hassles.

Tick History

The Broker Tick History is a publicly accessible feature that ensures that investor orders are executed at true market prices. It allows investors to double-check whether their orders are being carried out correctly.

Trader’s Calculator

With Traders Calculator, the customer will get an accurate check on the cost of the transactions. The trader’s calculator aids in evaluating the basic values of the trade that they want to open. This includes pip value, margin, swap long, volume, swap short values, as well as lot price.

Expert Advisors (EA)

Expert Advisor is the program that is usually installed on both MT4 and MT5 trading terminals. By doing this, the trigger alerts that are set for certain parameters will give instant trading actions and notifications to the user when the required market conditions are met.

VPS Solutions

A 24-hour remote terminal, the Virtual Private Server or VPS, improves the efficiency and quality of the connection. Thus, the user can ensure that the transactions are delivered to the server without any delay.

They can avail of free VPS by having an account in the Personal Area or PA. Some of the criteria that should be followed include:-

  • At least US$500 in lifetime deposits (or the account’s currency equivalent).
  • A free margin of at least US$100.
  • A free margin of at least US$100 throughout the application period.

Exness Acadamy

Both novice and expert traders can use the vast training center with a library of trading resources. The academy allows them to explore a wide variety of new trading techniques and check daily market surveys with the resources provided.

Best Rates via ECN

This broker provides traders with the ability to connect to the interbank markets at the best available prices via an ECN account. The system organizes the client’s orders in a way that it compares pricing with the providers connected to the aggregator and strategically executes the orders for the best prices.

In addition, relevant data can be easily procured through request.

Exness FeaturesExness Features

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Services Offered by Exness

Service rendered by Exness is reliable, accessible and of high quality – they stand out from the other online brokerage firms by using the most innovative and advanced technologies. They are user-friendly and easy to work with. As per the Exness reviews, it offers the following services:-

Cryptocurrencies

CFDs on prominent cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash can be traded.

Indices

Renowned indices can be accessed to trade CFDs. This includes S&P 500, FTSE 100, Dow Jones Industrial Average, to name a few.

Energies

USOil and UKOil contracts can be traded.

Stocks

CFDs on stocks like Apple, Google, Tesla, and others are available to trade.

Forex

Gold, Silver, Platinum, Palladium, and other precious metals can be traded in the form of currency pairs.

Is Exness Regulated?

As per our Exness reviews, Exness is regulated by the most stringent regulatory bodies, like UK’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). Exness is regulated as a securities dealer by the Seychelles Financial Services Authority (FSA) and the latest with FSCA (South Africa). It has managed to seep into various territories to help customers transact across the EU region. The FSCA is a regulatory body based in South Africa. It is highly esteemed as a regulatory body in South Africa.

Exness RegulationsExness Regulations

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Exness Review: Pros and Cons

Pros Cons Around 107 currency pairs are supported. The jurisdiction of Seychelles having low protection of the rights of clients of financial companies is a risk factor. Offers lowest commissions in the forex market. The market choices are narrow. Zero spread accounts. No instruments for passive investment. Many options are available for trading accounts with varied approaches to charging a commission for new traders and experts. Analytical content and learning seem to be superficial. More than 60 base money of the account. MTS does not have the Standard Cent Account. Archived Tick data since 2015. US and Israel citizens are not allowed to register. Fast withdrawal methods and deposit process. Research materials are limited. 24/7 customer protection service available. Professional accounts need to have a high minimum deposit. Regulated by the FCA, CySEC, and FSA Limited range of financial instruments

Exness Account Opening Process

1. Some of the criteria required for a person to open an Exness account are as follows:-

  • The trader should be 18 years of age or above.
  • Should not be a citizen of the USA.
  • Should not be bankrupt.

2. Submission of required documents:-

  • While opening an account, the user should verify his information and fulfill KYC requirements.
  • Identity verification – Any government-issued ID, valid passport, or even a driver’s license.
  • Address verification – Bank account/credit card statement, income tax bill, government-issued ID, and Utility/telco bill.

3. Open an account with Exness with the following steps:-

  • Type wikibinhduong.com on the browsing page.
  • On the homepage, under the tab ‘new account’, select the country of residence is mandatory. Add an email address and set a password.
  • Click ‘Continue’ to proceed.
  • Log in – By logging into the ‘Personal area’, the user will be able to view two accounts – an actual trading account and a demo trading account for the MT5 trading terminal.
  • Verification procedure – The user will be able to unlock all the trading account features by uploading the required documents and verifying the account.
  • Deposit funds – Once the account is activated, the user can start trading.

Exness Registration ProcessExness Registration Process

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Types of Exness Accounts

According to the Exness review, it has a wide range of accounts to offer when it comes to account types to choose from. These accounts are varied in nature and designed to suit everyone interested in trading.

The accounts are mainly divided into two major types, designed to suit the needs of traders, including its own set of rules regarding margin calls, commission, and leverage to name a few.

Here are the 4 types of accounts in Exness:-

  • Exness Standard Cent
  • Exness Standard
  • Exness Pro
  • Exness Zero account

Standard Cent Account

Standard Cent Account is the best option for beginners because it gives a real feeling of being a trader. Be it the price volatility, spread, and slippage, with this account the trader will get a fair knowledge of what Forex risk is.

  • As stated earlier, this account is suitable for new traders as only the minimum deposit of 1 USD is required to open it. It helps in getting hands-on knowledge in Forex Trading.
  • As opposed to other trading brokers, the lowest fee that the broker charges is considered to be the best.
  • The very high leverage that this account has to offer ensures to keep the trader’s position longer with a low margin.

Exness Standard

Exness Standard is an account that is ideal for everyone. This comprises both novice and seasoned traders. Approximately 80% of traders in Exness open this category of account.

  • A one-time deposit of $1.
  • The minimum trading volume of $0.01.
  • The spread is extremely modest, with major currency pairs having a spread of less than one pip.
  • Standard account, like Standard Cent and Pro accounts, does not charge a commission.
  • A Standard account offers a great amount of experience in trading, including risk control.

Exness Pro Account

According to reviews, Exness Pro Account is the finest option for trading specialists and professionals who are serious about the Forex Market. The website’s adaptability and reasonable nature, as well as its user-friendly interface, make it a welcome place for traders.

Investors can execute millions of trades without incurring commissions, The Exness Pro Account has a very low spread when compared to other Forex Trading Brokers. Any seasoned trader would like to put their money into forex brokers with lower spreads. And with payouts as low as 0.1 pipis, this account is in high demand.

  • The opportunity to trade with 120 different currency pairings, and the account type’s infinite leverage and near-zero margin are further benefits.
  • A large range of instruments.
  • Trade with gold, silver, Bitcoin, Litecoin, and a variety of other instruments.
  • No commission charges in trading cryptocurrencies.

Exness Zero

Exness Zero or the Electronic Communication Network (ECN) account. This account allows trading with experts, professionals, and investors. It is a zero-type account, thus benefiting many in this place of investing business.

  • For currency pairs such as EUR/USD, USD/JPY, and CAD/USD, the Exness Zero spread is incredibly low, nearly zero. Zero spread is, without a doubt, the ideal and appealing condition for brokers to attract traders. EUR/ USD is a popular trading pair. Most crypto exchanges support the EUR/ USD trading pair. Exness also supports the EUR/ USD trading pair.
  • Currently, Exness offers four different liquidity sources. As a result, with a Zero account, customers get better, more consistent ECN quotations from Exness. If one opts for other brokers, they may run into some quote problems.
  • Deposit methods of Exness are simple. Unlike other brokers that demand traders to deposit thousands of dollars to begin trading, Exness simply requires them to deposit $300 to begin. This benefit appeals to low-capital traders. They don’t have to invest a lot of money to trade, and they can do it with a Zero account.

Exness Raw Spread Account

Exness Raw Spread is a new account type that was introduced in late 2019. This account resembles Exness Zero in many ways, however, the spread is not as low. The following are the account details for Raw Spread:

  • A minimum deposit of $200 is required.
  • Maximum leverage on the MT5 platform is 1: 2000, but on the MT4 platform, it is unlimited.
  • Lot commission: $7.
  • Spreads start at 0.1 pip.

Exness Trading Platforms (Include Exness Options Trading)

The trading platforms of Exness Forex brokers are extremely niche. Any investor would be interested in them. In this Exness review, let’s look at the trading platforms that are available for the traders to choose from.

MetaTrader 4

MT4 is known for its versatility, and is a tried and tested application widely used around the world.

The advantages of using this application are listed below:-

MetaTrader 5

MT5 is the advanced version of MT4. It is equipped with an enhanced interface with extra features for a great user experience.

WebTerminal

WebTerminal is an online platform that allows the user to completely trade using the MT4 and MT5 frameworks user experience. The key advantage of this platform, which is only available within an MT4 framework, is the extensive trading account management tools it provides. There is the possibility to trade on up to 128 real accounts or 10 demo accounts at the same time (opened on the same server). On the other hand, analytical tools such as charts and EAs are not available. This platform is only accessible for Windows, and it must be downloaded and installed before it can be used.

Exness Platforms

Some custom-made options available on Exness Platforms are Trader mobile app, Exness Trader mobile app, Social Trading mobile app, and Exness Terminal online trading platform.

Exness Trader

For a comprehensive and compact Forex Trading Terminal, the Exness Trader Mobile App is the best trading app on the go. Here, the user can manage Exness accounts, security, with technical analysis and economic stories.

Exness Terminal

Exness Terminal is a browser-based MT5 terminal available only for MT5 accounts. It requires no installation or downloads and offers the required functions with basic features.

Social Trading

The Social Trading mobile app is a platform that allows investors to replicate active traders (also known as strategy suppliers) to profit from profitable transactions. Although Social Trading does not come with its trading platform, it acts as one when investors copy deals.

Exness Options Trading

Exness Options Trading is also known as Islamic accounts, which enable Forex traders to follow Sharia law standards. Interest is forbidden under Sharia law, hence this Exness Options Trading does not pay or earn overnight interest or charge rollover fees on open positions.

Exness Leverage

As opposed to other brokerage firms, Exness offers 1:2000 on all accounts, the highest leverage level to be provided. It also includes a calculator that calculates the maximum leverage and margin needs based on the trader’s current account equity. And by providing the leveraged products, Exness broker offers traders a chance to increase their profit, where they can double up their invested amount. Albeit the profit, leverage can transpire into potential loss, thus giving a warning sign that for new investors, leverage trade can be a risk warning too.

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Exness Tools

The core purpose of trading is to double up the invested amount and to reap utmost success from it. To achieve them, Exness broker has tools using which investors can enhance their trading strategies and predict their trading accuracy. There are three types of trading tools available on the platform – calculator, convertor, and VPS hosting. The following are their functions:-

  • Calculator- Allows investors to get data on the basics of trading positions such as volume, swap short, swap long, lot price, margin, and point profit.
  • Converter- Major currencies can be instantly converted.
  • VPS Hosting– Helps in stability, speed, 24 hours trading, and portable trading.

Exness Trading Fees

To begin with, fees are usually charged by Exness depending on the account type. Commission fees are levied on the Raw account for up to $3.5 and Zero Account from $3.5, respectively. Both Pro and Standard accounts are free of any commission charges. Exness brokers also charge an overnight fee if positions seem to be held for more than a day. Each instrument has its fees based on these overnight or rollover positions. They are either charged as a fee or provided as a refund.

In addition, the Standard Account has a minimum deposit of $10 and the Raw Spread Account, along with the Zero and Pro accounts, have a minimum deposit of $500. Furthermore, there are no fees or charges on deposits and withdrawals, making the broker a better platform for trading. However, before completing any form of transfer, investors should check with their selected payment provider for further assistance, considering the payment provider may waive fees that the trader will be responsible for.

Deposit & Withdrawal Options

When it comes to deposit and withdrawal options, it is interesting to know that the investors’ funds are processed with immediate effect. This is to help investors in transferring their money to and fro without any hassle. With this, the investors get all the freedom to have control of their funds 24/7.

Some facts about the concept of deposit and withdrawal options:-

  • Only the Exness platform has metal currency accounts.
  • Visa and Master cards can be used for almost all entities. Though deposits are processed instantly, withdrawals typically take 3-5 working days if a bank card is used.
  • Instant withdrawal speed -Perfect Money, Skrill, AstroPay Card, WebMoney, Neteller, and Internal Transfer.
  • The commission on deposits and withdrawals is based on the payment methods utilized.
  • Traders can hold their funds in any of the 80 supported fiat currencies, as well as the specialized metal currency accounts featured exclusively on Exness forex broker. Get more details by clicking here.

Exness Partnership

The Exness Partnership Program is a good way to earn a passive income by introducing clients to Exness. The ‘partner link’ is pivotal in the Exness Partnership Program. It is a unique URL that serves as a referral ID that investors can share with the clients. Once the URL is shared and the potential client signs up using the partner link, the investor will be rewarded accordingly.

Exness PartnershipExness Partnership

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Exness Bonus

Currently, Exness brokers do not offer a marketing bonus program. This is due to forex market regulations that prohibit bonuses to onboard clients in the Forex marketplace.

Resources Offered by Exness

Exness brokers offer a provision for any kind of customer who is keen to learn the traits of getting into the investment business. The resources provided by Exness include Facebook, a Youtube channel, and a blog page, where new as well as old investors can get information related to the business of trading environment, trading conditions, and many more. Given below is a review of the resources provided by Exness:-

Exness Facebook Account

Those interested in the business of forex brokers like Exness can visit the Exness Facebook page, where they can retrieve information related to this forex broker. Exness posts a lot of updated information and content related to financial instruments, trading conditions, market values, and forex pairs. The page has no restrictions, and anyone interested in the field of trading can visit the page to read an updated post.

Exness Blog

The more the knowledge on trading, the better it is – This phrase refers to Exness, where a trader can read a lot of blogs and articles on various topics on Exness trading, its trading styles, forex pairs, and trading services.

Articles related to educational content, comparative analysis of different trading places, and other financial instruments can also be found. All the blogs are well researched and written by experienced trade analysts, blog writers, and technical specialists.

Exness YouTube Channel

Those who do not wish to read can always visit the Exness brokers YouTube channel where one can find information related to trading and investments. They can get updates on market analysis, trading strategies, and the conditions of the trading environment.

Exness Mobile App

The Exness app is one of the most convenient methods to access the Exness platform on the go. With this trading app, the user can get any information related to the financial markets with just one click. The investor can click on the features on the mobile app to get a feel of the app’s super-speedy order execution, MT4 and MT5, low spreads, instant withdrawals and deposits, forex pairs, and complete control of the account. The live chat feature on the app is something that cannot be missed. The live chat is something that is easy to operate.

Exness Mobile AppExness Mobile App

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Exness Security Measures

Security of traders’ accounts is of vital importance to the broker. To provide utmost security to the users, Exness has implemented a 2-factor authentication protocol to protect login details.

To keep the trading accounts secure and safe, the broker has developed optimal systems and security methods, which regulate the authentication of the user and checks that all the trading operations are executed by the owner and no one else.

The client’s account funds invested for trading are separated from the company’s funds, thus ensuring that the funds are safe and not at risk. All the user data is encrypted when transmitted to the database and is protected using cybersecurity protocols. This way the account stays private at all times.

Exness Customer Support

Exness offers a high-quality customer support team that solves all their clients’ issues in a jiffy. Customers facing any trading-related problems can contact the customer service over the phone, live chat, call back service, or email. Though the website content is available in 18 different languages, the customer support offers 24/7 service only in English, Thai, and Chinese.

Exness Customer SupportExness Customer Support

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Exness Review: Conclusion

What makes Exness different from other brokers is the user-friendly website accessible to all the clients irrespective of how old or new they are to the trading business. It stands by quality service. On the other hand, brokers, customer support is efficient, reliable, and safe.

A proper background verification should be done when a new trader wants to open a trading account in any brokerage firm. This should include examining what the firm offers, trading fees, trading accounts, and other features. Compared to all the list of forex brokers, Exness has attractive trading plans like hassle-free registration, tick history, demo trading accounts, minimal trading fees, forex pairs, and many more.

Finally, Exness Forex Broker is apt for beginners to begin their trading journey. Though it has not expressly marketed itself, this award-winning platform is widely recognized throughout the world. The website operating in 18 languages proves the mark it has made in the trading industry.

FAQs

Is Exness a Good Forex Broker?

Regulated and authorized by Exness UK Ltd, and Exness CY Ltd, Exness is a good broker firm that has created a niche trading environment for new as well as seasoned traders. They have no hidden commission and an opportunity to trade several CFDs in different places makes it a reliable and stable platform. Most reviews give it a good rating.

How Trustworthy Is Exness?

Many people wonder if Exness is a scam. The Exness Group has established its existence in various countries and has its firm regulated. For instance, Exness UK Ltd is regulated by the Financial Conduct Authority. It is also licensed and regulated by CySEC. This has enabled the firm to cater to financial products in the territories recognized by the platform. Many reputed firms are regulated by CySec. However, when it comes to investing, a trader should read through the terms and conditions and understand if it goes well with their potential and also if the broker’s operations comply with their residing company’s legal requirements. According to this review, Exness is not a scam broker.

How Many Days Does Exness Withdrawal Take?

It can take anywhere from one minute to seven business days, with no commission.

Is Exness Good for Beginners?

Most reviews say that Exness is indeed good for beginners, especially if they choose Exness Standard Account where they can invest just $1. This account helps in resolving all the doubts and problems that s trader faces at the beginning of the trading process. The trader will also get to learn what real trading is and the risk involved in forex trading.

What’s the Minimum Deposit for Exness?

Exness offers a minimum deposit of $1 for a Standard Account and $200 for a Pro Account.

Which Exness Account Is Best?

The Exness Standard Cent Account is the best account, to begin with, because it has good prices, good execution, low spread, and low volatility.

Does Exness Have a Bonus?

No, Exness does not have any bonus programs currently.

What Type of Broker Is Exness?

Exness is a Forex broker that trades money and bitcoins.

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