Different Accounts In Fx
Fx market is the place where currencies of different countries of the world are traded. To start trading in this market one to open a trading account. There are different types of accounts in fx traders. One can choose to open any types of accounts in online fx and can start trading in the fx market. Let’s find out the different accounts available in fx market.
Listed below are the types of accounts in fx online:
Mini forex account – This is one of the different accounts in fx and is most popular kind of fx trading account. This account is specifically designed for fx beginners. Those who can’t afford to open standard account can open this account. It allows you to trade in smaller contract sizes, 1/10 the size of the normal standard account and leverage can go up to 200:1. To open this kind of accounts in fx, you only require initial amount ranging from $250 to $300. Most of the brokers in fx market offers this account. However, the account balance is below $10,000 - $15,000. If you are a newbie and want to try out new strategies under real time market conditions then you are recommended to open this account.
Forex micro account – This is one of the other different accounts in fx trading. This account enables traders to trade in microlots. Micro accounts are basically used by new traders who like to experience fx trading. 1 microlot is a tenth of a minilot and a one hundredth of a standard lot. Micro accounts are best suited to account balances ranging from $1,000 to $10,000. However, different trading systems can make these numbers substantially different.
Standard forex account – This also includes is one of the other accounts in fx. This account is specifically designed for advanced or experienced traders. It enables traders to trade contract sizes of 100,000 units, 10 times more than the size of the mini forex trading account. For trading fx via this account you should at least have an account balance of $100,000. May of the fx brokers provides this account types but is usually only suitable for experienced traders.
Managed forex account – This account types is suitable for traders or investors who prefers to have manage his capital by professionals. This account generally involves the trader "teaching" the manager what signals to look for and how to interpret them. It is thought that forex managed trading takes the psychology out of managing personal wins and losses.
- Introduction To Fx Trading
- Fx Trading Lingo
- Fx Vs Traditional Stocks/Mutual Funds
- Currencies In Fx
- Different Accounts In Fx
- Features Of Good Fx Software
- Major Participants In Fx Market
- Fundamental Vs Technical Analysis
- Reading Fx Quotes
- Risks In Fx Trading
- Losses In Fx Trading
- Advantages Of Fx Trading
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