Exness Account Types: A Closer Look
Exness offers a diverse range of account types designed to cater to various trading styles and experience levels, from beginners to seasoned professionals. Their structure typically focuses on different pricing models and execution methods.
Standard Account
The Standard Account is Exness's most popular option, known for its accessibility and straightforward pricing. It's ideal for new traders and those who prefer commission-free trading with competitive spreads. There's generally no minimum deposit requirement, making it very approachable.
Standard Cent Account
Designed for new traders, the Standard Cent account allows trading in cent lots, significantly reducing the risk exposure. It functions similarly to the Standard account but offers a micro-lot trading environment, perfect for testing strategies with minimal capital.
Raw Spread Account
The Raw Spread Account is tailored for traders who demand the tightest possible spreads. This account type typically features near-zero spreads on major currency pairs, compensated by a fixed commission per lot per side. It's often favoured by scalpers and high-volume traders seeking precise entry and exit points.
Pro Account
Similar to the Raw Spread account, the Pro Account also offers very tight spreads, but often with a slightly different commission structure or even commission-free on some instruments, depending on the current offering. It's designed for professional traders who require excellent execution and competitive pricing across a broad range of instruments. Often, this account type comes with instant execution.
IG Account Types: A Deep Dive
IG is a well-established broker, particularly strong in the UK, offering robust trading platforms and a comprehensive range of markets. Their account structure is typically geared towards Contracts for Difference (CFDs) and, for UK residents, Spread Betting.
CFD Trading Account
IG's CFD account allows you to speculate on the price movements of various financial assets without owning the underlying asset. You can trade forex, indices, commodities, shares, and more. CFDs are leveraged products, and you'll pay a spread on each trade, which is the difference between the buy and sell price. There are often overnight financing charges for positions held open after market close.
Spread Betting Account (UK Residents Only)
For UK residents, IG offers Spread Betting, which is functionally very similar to CFD trading but comes with significant tax advantages, as profits from spread betting are generally free from Capital Gains Tax and Stamp Duty in the UK. Like CFDs, spread betting involves speculating on price movements with leverage and paying a spread. The minimum stake can vary significantly.
Key Differences and Comparison
While both Exness and IG provide access to global financial markets, their account structures and target audiences exhibit distinct differences. Exness tends to offer more variety in terms of raw spread and cent accounts, appealing to traders focused purely on forex and those managing smaller capital. IG, on the other hand, provides a broader market offering through CFDs and the tax-efficient Spread Betting option, appealing to a wider range of speculators.
Here's a comparative overview:
| Feature | Exness (Typical) | IG (Typical) |
| :------------------ | :------------------------------------------- | :--------------------------------------------- |
| Account Types | Standard, Standard Cent, Raw Spread, Pro | CFD Trading, Spread Betting (UK) |
| Spreads EUR/USD | From 0.0 pips (Raw Spread/Pro), from 0.3 pips (Standard) | From 0.6 pips (CFD/Spread Betting) |
| Spreads GBP/USD | From 0.0 pips (Raw Spread/Pro), from 0.7 pips (Standard) | From 0.9 pips (CFD/Spread Betting) |
| Spreads XAU/USD | From 0.0 pips (Raw Spread/Pro), from 1.0 pips (Standard) | From 0.3 points (CFD/Spread Betting) |
| Commission | From $3.5 per lot per side (Raw Spread), $0 (Standard/Pro) | Built into spread, some share CFDs have commission |
| Min. Deposit | $1 (Standard/Cent), $200 (Raw Spread/Pro) | £250/€300 (CFD/Spread Betting) |
| Regulators | FCA (UK), CySEC, FSCA, FSC, CMA, etc. | FCA (UK), ASIC, BaFin, MAS, FINMA, etc. |
| Platforms | MetaTrader 4, MetaTrader 5, Exness Terminal | IG Trading Platform, MT4, ProRealTime |
*Figures are typical, at time of writing — check broker site.*
Verdict by Trader Type
For the Beginner Trader
Exness with its Standard and Standard Cent accounts offers an excellent entry point due to very low or no minimum deposits and commission-free trading. The cent account is particularly useful for learning the ropes with minimal financial risk.
IG also caters to beginners with its user-friendly platform and extensive educational resources, though its typical minimum deposit is higher, and the spread-based model might initially seem less granular than a raw spread plus commission model.
For the Scalper or High-Volume Trader
Exness's Raw Spread and Pro accounts are highly attractive for scalpers and high-volume traders due to their ultra-tight spreads and competitive commission structure, designed for fast execution and minimising trading costs on frequent trades.
IG can be suitable for high-volume traders, especially with its robust platform, but the spread-only pricing might lead to higher overall costs compared to Exness's raw spread offerings for extremely frequent, short-term trades.
For the Long-Term Position Trader
Both brokers can accommodate long-term position traders. Exness offers competitive swap rates (overnight financing), which are crucial for positions held for extended periods. Its Pro account might offer advantageous conditions.
IG provides a very stable platform and a vast array of markets, which can be beneficial for long-term strategies involving diversification. However, careful consideration of overnight financing charges (swaps) for CFDs is essential.
For the UK Trader Seeking Tax Efficiency
IG stands out significantly for UK residents with its Spread Betting account. The potential tax-free status of profits from spread betting (Capital Gains Tax and Stamp Duty exempt) offers a compelling advantage that Exness, as a CFD-only broker in the UK, cannot match.
Conclusion
Choosing between Exness and IG ultimately depends on your individual trading priorities. If ultra-low spreads, diverse forex-focused account types, and minimal entry barriers are your primary concerns, Exness often presents a compelling case. For UK traders prioritising tax efficiency, a broad market offering beyond just forex, and a highly regulated, established platform, IG excels, particularly with its Spread Betting option. Always ensure the chosen account type and broker aligns perfectly with your trading strategy and risk tolerance.
Remember, CFD trading carries significant risk to your capital and can result in losses. It may not be suitable for everyone. Open a Vantage account.
Frequently Asked Questions
Q: Which broker is better for beginners, Exness or IG?
A: Exness, with its Standard Cent account and very low minimum deposit requirements, is often considered highly accessible for beginners looking to start with minimal risk. IG also offers good educational resources but typically has a higher minimum deposit.
Q: Can I trade Spread Betting with Exness?
A: No, Exness does not offer spread betting. Spread betting is primarily a product offered by brokers, like IG, specifically to UK residents for its tax advantages.
Q: Do Exness and IG offer demo accounts?
A: Yes, both Exness and IG offer free demo accounts, allowing traders to practice their strategies and familiarise themselves with the platforms and market conditions without risking real capital.
Q: How do commissions differ between Exness and IG?
A: Exness offers accounts with both commission-free trading (Standard, Pro) and commission-based trading (Raw Spread) where commissions are charged per lot per side. IG generally incorporates its charges into the spread for most CFD and spread betting products, though some share CFDs may incur a separate commission.
Next step
Open a Vantage account. CFDs carry a high risk of losing money.