Starting Forex Trading with Exness MT5
Getting started in forex with Exness MT5 is both easy and fast. Here’s a step-by-step guide to get started.
Registration and Verification in Exness
First you must sign up for an account. Go to the Exness site, click “Sign Up” and enter your email and password on the form. It only takes a few minutes. This way, you can vet them better when you want to verify your account.
Verification requires submissions of documents such as your ID or proof of address (e.g. utility bill or bank statement). “This is a step that protects your account and the integrity of the guidelines.”
Tip: Make sure your documents are clear and match the details you provided during registration. This avoids any delays.
Depositing Funds
After creating your account, you will need to deposit funds to start trading. Also, Exness supports multiple deposit methods, including: a Bank card, Bank Transfer or e-wallets (for instance: Skrill). Here’s how to deposit money:
- Log in to your account.
- Go to the “Deposit” section.
- Pick your payment method.
- Enter the amount and confirm.
Deposits are usually instant, allowing you to get trading within minutes. Check the minimum deposit for the type of account you have.
Choosing Trading Instruments
The Exness MT5 account offers a wide range of trading instruments including currency pairs, gold, and oil. Choosing the right one for you will depend on your goals and experience.
To find a trading instrument:
- Open the MT5 platform.
- Check the “Market Watch” section.
- Browse and select what you want to trade.
If you’re new, start with popular currency pairs like EUR/USD. They’re more stable and easier to understand. Over time, you can explore other options like commodities or indices.
Pro Tip: Focus on one or two instruments at first. This helps you learn and reduces risks.
Currency Pairs Available in Exness MetaTrader 5
These include major pairs including EUR/USD and USD/JPY, which are the most traded and have lower costs. The minor pairs AUD/NZD and also the exotic USD/TRY, which provide a higher reward, but same higher risk potential may be traded too.
So, you have such a wide pool of choices and you can pick your currency pairs with respect to your trading style.
Spreads and Commissions
Trading costs on Exness depend on spreads and commissions. A spread is the difference between the buying and selling price of a currency pair. On some accounts, there’s also a small commission.
Here’s a quick look at typical spreads and commissions on Exness:
| Currency Pair | Spread (pips) | Commission per lot |
| EUR/USD | 0.3 | $0 |
| GBP/USD | 0.5 | $0 |
| USD/JPY | 0.4 | $0 |
| USD/ZAR | 4.0 | $0 |
Spreads can change based on the market and the type of account you have. Zero spreads are available on some accounts but may include a small fee per trade.
Leverage
With leverage, you can trade larger amounts using less of your own money. Many currency pairs on Exness can be leveraged up to 1:2000. This means with an account with $100 you could control $200,000 worth of trades.
However, leverage magnifies both profits and risks. If the market goes against you, the losses can be swift. That’s why Novice traders usually use lower leverage (1:100) until they “get their feet wet.”
Example: With $50 and 1:100 leverage, you can trade $5,000. Even small price movements will affect your profit or loss significantly.
Leverage is a useful tool, but it’s important to use it carefully and monitor your trades closely.
Exness Order Types and Execution
Exness offers various order types to allow you to trade more effectively. These order types are basic and beneficial for various types of trading strategies. Let’s go over the main ones.
- Market Order: A current order that will fill immediately at the current market price. They’re great for times when you want to buy or sell immediately.
- Pending Orders: These enable you to open your trade at a price pof your choosing in the future. There are four types:
- Buy Limit: Buying at a predetermined price when the price drops.
- Sell Limit: Sell if the price increases to a specific price.
- Buy Stop — Buy once the price goes above a predefined price level.
- Sell Stop: Place a sell order below a certain price level.
- Stop Loss and Take Profit: These tools help manage your risk. Stop Loss closes your trade automatically to prevent big losses. Take Profit closes your trade once your target profit is reached.
Exness also offers fast order execution. Market orders are processed quickly, so you don’t miss opportunities. The speed and reliability of order execution give you confidence to trade in fast-moving markets.
After installation, open the app and log in to your Exness account. This allows you to trade on the same account as the desktop version but from your mobile device.
The Best Exness Accounts for Forex Trading
Exness offers many accounts intended for varying levels of trading experience. Including if you’re a beginner or already practiced.
- Standard Account. This is a good account for beginner traders. No commission, low spreads from 0.3 pips. Graduate with a minimum of one dollar to trade. It’s simple and easy to use.
- Standard Cent Account. For those new traders who want to practice, this is a nice option. They trade in cents, so the risks are less. You can try out your strategies without the fear of major losses. You could open an account with only $1.
- Raw Spread Account. This account is intended for experienced traders. The spreads are very low from 0.0 pips, but with a small commission per trade. It’s perfect for scalpers and day traders looking for accurate pricing.
- Zero Account. For those who want zero spreads on the major currency pairs. It comes with a fixed commission and is great for strategies that depend on exact price movements.
- Pro Account. This account is for professional traders. It offers no commissions, tight spreads, and fast order execution. It’s suited for advanced trading techniques.
For beginners, we recommend Standard Accounting (or Standard Cent Account). On the other hand, for the more advanced traders, the Raw Spread or Pro Account allows for high precision and low costs on trading.
FAQ
What are the minimum deposit requirements for different account types?
Exness makes it easy to start trading. For Standard and Standard Cent accounts, the minimum deposit is just $1. This is great for beginners. For advanced accounts like Raw Spread, Zero, or Pro, the minimum deposit starts from $200. The amount can depend on the payment method you choose, so check before you deposit.
How does leverage work on Exness MT5?
What are the trading hours for different currency pairs?
How to calculate trading costs on Exness MT5?
What is the maximum lot size allowed for trading?
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