Finex Vs HFX Mini Account for Beginner Traders – Spot72.com
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Spot72.com – Finex Vs HFX Mini Account for Beginner Traders. Finex and HFX mini accounts basically target minimum capital traders. So, which one can be considered more for novice traders?
It is common knowledge that brokers usually offer different types of trading accounts with different conditions.
This allows the broker to meet the needs of different types of traders, from beginners to experienced. That is why, traders are usually advised to match their preferred account type to their abilities and trading conditions.
One type of account that is quite popular among Indonesian traders is the mini account. As the name implies, this account allows traders to make minimal transactions with mini lots.
Typically, a mini lot is equal to USD 10,000 (0.1 lot) or one-tenth of a standard lot. Mini accounts are often considered suitable for new traders or for traders who are not prepared to take the risk of large losses on a standard account.
Currently, there are several Indonesian brokers that provide a mini account type. Two of them are Finex Futures Broker and HFX International.
Finex Broker Overview
Finex broker is an Indonesian broker that has been established since 2012. This broker is trusted by many Indonesian traders because it is under the supervision of BAPPEBTI.
Apart from maintaining the safety of trader funds through segregated accounts, Finex also has many services that must be considered.
For example, the educational features provided for Indonesian traders. This feature is also equipped with webinar classes that can be attended via the Zoom application.
How about HFX?
HFX International futures Broker is one of the trusted brokers among Indonesian traders. One of the reasons is because this broker has a license from BAPPEBTI with number 877/BAPPEBTI/SI/1/2006.
One of the standout features of HFX is its Zero spread offer and regular webinars classes which are held every week.
Hfx mini account vs Mini Finex account
Both HFX and Finex provide mini accounts for traders who don’t dare to take too large trading positions. However, considering that each broker’s policy regarding trading conditions is different, of course there are differences between mini HFX accounts and mini Finex accounts. What are they?
To be able to trade with a broker, a trader has to deposit a certain amount of money. Brokers usually have different policies regarding the minimum amount to deposit.
Generally, novice traders will prefer mini accounts with low minimum deposits. Thus, they do not have to spend a lot of capital at the start.
The HFX futures mini account requires a $100 minimum deposit, just like the Mini Finex account. So in this case, both of them are equal because they have the same minimum deposit amount.
The spread is also an important factor in determining whether a trading account is suitable for beginners or not. Spread is the difference between the selling price (bid) and the buying price (ask) of a trading instrument.
Many advise novice traders to look for accounts with low spreads because they can save trading funds. However, keep in mind that low spread accounts always come with commission fees which are sometimes not cheap.
Then, what about a mini HFX account? Based on the information listed on the official website, HFX Futures offers spreads starting from 0 pips.
However, the commission fee offered is quite high, which is $15 per lot (turn round). On the other hand, the Finex mini account has a fixed spread of 3 pips.
The commission fee for this account is $3 per 1 lot. In terms of spreads, the HFX International Futures MINI account is superior. But in terms of commission fees, the Finex mini account is more profitable.
Many traders use leverage to increase their trading power. It’s no wonder that many novice traders are looking for trading accounts with high leverage.
The HFX futures mini account offers a maximum leverage of 1:200 for its traders. On the other hand, the leverage offered by a mini Finex account reaches 1:500; higher than HFX brokers.
Apart from the factors above, there are still a number of things that can be considered when having a mini account for beginners. One of them is the swap or difference in asset interest charged for overnight trading positions.
This swap rate can be positive or negative, depending on the type of order and the pair being traded.
Several brokers provide a Swap Free feature to make it easier for Muslim traders who are not allowed to trade with Sharia Interest.
In addition, traders who don’t want to mess around with swap fees and have a long-term strategy can also benefit from Swap Free.
The good news, Finex Mini account has provided a Swap Free feature. However, this service is not yet visible on HFX futures mini accounts.
The variety of trading instruments is often considered when choosing a broker. This can show how wide the choice of traders in accessing financial markets.
Both Finex and HFX mini accounts have a large selection of instruments. HFX mini accounts allow traders to access forex, Indices, Metals and energies.
In contrast, the Finex mini account only provides trading options for forex and commodities (gold and silver). In conclusion, HFX mini accounts have a wider choice of instruments to trade.
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