Day traders have specific needs and preferences when it comes to choosing a broker, and several factors make a broker, like Exness, suitable for day trading.
Let’s highlight some key considerations when choosing a broker for day trading.
Low Commissions and Fees
Day traders execute a large number of trades, so low trading commissions and fees are crucial to minimise trading costs.
Exness has several trading accounts to choose from and their Pro and Standard accounts have trading costs that vary from USD 6 to USD 10. Although the Standard Account costs are slightly higher than average, the Pro Accounts fees are particularly low. Several of their accounts have no commission, and their pips start from 0 on some accounts.
Account Types and Minimum Deposit
Some day traders may prefer brokers with low or no minimum deposit requirements. Additionally, having access to different account types may be beneficial for traders with varying levels of experience and capital.
As mentioned, Exness have several tiers of accounts available with minimum deposits starting from as little as USD 3.
Execution Speed and Reliability
Day traders rely on the quick execution of trades. A broker with fast order execution and minimal slippage can be essential for taking advantage of short-term price movements.
Exness offers both instant execution and market execution, depending on the trading account you choose.
Trading Platform
An effective and user-friendly trading platform is essential for day traders. Features like real-time quotes, advanced charting tools, technical analysis indicators, and customisable interfaces are important for making quick and informed trading decisions.
Exness has several trading platforms to choose from including.
- Exness Trade App
- Exness Terminal
- MetaTrader 5
- MetaTrader 4
- MetaTrader WebTerminal
- MetaTrader Mobile
These offer a range of tools including charts and timeframes, hedging systems, indicators and analytical object tools, and fundamental analysis tools to name but a few.
Margin Trading
Many day traders utilise margin to amplify their trading positions. A broker that offers competitive margin rates and flexible margin requirements is attractive to day traders.
Exness trading accounts offer hedged margin from as little as 0% with a margin call of 30% to 60%.
Customer Support
Responsive and knowledgeable customer support is crucial, especially for day traders who may encounter technical issues or have urgent queries during market hours.
Exness does offer very good customer service with availability in English 24/7. Their client phone support is 24/5 in 16 languages, and 24/7 in five languages, English, Chinese, Thai, Vietnamese and Swahili.
You can contact them via live chat, call-back service, phone, and emails, and their help centre is very detailed with many useful topics.
Education and Research Tools
A broker that provides educational resources and research tools can be valuable for day traders looking to improve their skills and stay informed about market trends.
Exness does offer adequate educational resources for new traders, but it’s not the best available. They offer video tutorials in various languages, host webinars, and have a blog to stay updated with relevant topics.
When picking the perfect broker as a day trader you should also look at their liquidity, regulatory compliance, risk management tools, and access to market data.
If you are considering Exness as your broker, rest assured they offer a great selection of platform choices, tight spreads, a wide range of forex pairs, and excellent customer services.