(Newswire.net — April 19, 2023) —
There is a reason why traders search for ECN brokers. This is because of the numerous advantages which the network provides. Trader Union has explained how ECN broker works so that you may choose a broker to trade with a well-informed manner.
What is ECN?
As the name implies, ECN (Electronic Communication Network) is a network and fundamentally a cutting-edge technology that connects traders and gives customers direct access to the interbank foreign exchange market. Since no intermediary is involved, ECN trading is typically more efficient and economical thinks Trader Union expert Mikhail Vnuchkov. This may sound strange, given that you already work with a broker.
Most Forex brokers, like many banks, function as market makers or buyers and sellers of foreign currency. The brokers function as counterparts, which means they are constantly on the other side of the trade and supply liquidity. And because of that, they profit from spreads (Buy and Sell difference). A classic example of a broker is a market maker broker, where the business serves as a middleman in the exchange.
However, ECN brokers behave differently from market makers as they offer access to the interbank market, which is thought to have numerous benefits over the conventional market maker process. ECN brokers typically provide instant market execution and smaller spreads but higher expenses.
You can choose from several ECN brokers in 2023, but one highly rated as a trusted broker partner compliant with all relevant terms and payment obligations is the Exness Forex broker. Please read on for a comprehensive review of Exness Group.
What is Exness Group?
Since 2008, Exness Trading Company has operated in the forex market. The broker complies entirely with local rules in every jurisdiction where it works legally in more than 130 countries. The Exness group of enterprises has licenses from the aforementioned regulatory bodies: FCA (UK), CySEC (Cyprus), FSA (Seychelles), CBCS (Curacao and Saint Martin), FSC (British Virgin Islands), FSC (Mauritius), FSCA (South Africa), and CMA. (Kenya).
Exness offers two ECN-priced accounts – the Raw Spread Account and the Zero Account. The Raw Spread Account has limitless leverage and unlimited open orders but functions like a conventional ECN trading account. Spreads for the EUR/USD currency pair are as low as 0 pips, and the typical industry commission is 7 USD round-turn. The Zero Account stands out more. The fixed 0 pip spread on the top 30 most traded instruments is a major attraction. Commissions are also highly modest at 0.1 pip per side of each lot. Once more, leverage and the total number of open orders are unbounded.
Major Features of the Exness Group
· It has a minimum deposit of $0
· It has many deposit and withdrawal options such as Credit cards, cryptocurrencies, skrill, Neteller e.t.c
· It provides a demo account
Pros and Cons of Exness Group
The pros are:
· A well-run system
· narrow spreads
· A wide range of resources
· 24/7 client assistance
The Cons are:
· Inadequate training
· confined market research
The expert notes that Exness Forex (Exness.com) is also praised for its high quality of customer service. Traders who cooperate with this company note a high level of technical support. It is always ready to advise and help with solving technical and financial issues.
Reviews about Exness are mostly positive. Traders note that the company offers favorable conditions for doing business: low spreads, a large selection of analytical tools, an intuitive interface of a personal account, and a lot of useful information for beginners. Traders Union also spoke about the Exness affiliate program. It can become a stable source of additional income for users. The high level of customer confidence in Exness is justified by its stable performance and reliability. More details about the terms of cooperation with this broker you can find on the official website of TU.