Types of Forex trading accounts
If you have decided to enter the world of forex trading, your first step is to create an account with any of the reputable forex trading services you can find. Many of them offer convenient online services so you can do it from the comfort of your home. However, there are many different types of forex trading accounts and you need to know which one is best for you. Here you will find some of the different types of currency accounts so you can make the right decision on which one to use.
Standard Trading Account: These are the most popular trading accounts, standard accounts give you access to standard lots of currency, each worth a total of $100,000, although you only need to have $1,000 in the margin account at any given time. You will receive the highest level of service from your broker and have greater earning potential.
Mini Trading Accounts: These smaller accounts use less initial capital to open and give you a lot of flexibility with mini lots instead of one, large risky lots. This is a great way to break into the market without a full commitment.
Managed Trading Account: This account allows you to control the capital but not the buying and selling decision. These decisions are made by your broker, who manages your account for you. It’s a great choice for the busy professional who wants to diversify their portfolio without having to constantly monitor the market.
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