What Are Types of Forex Accounts? - Different Types of Forex Accounts
What Type of Account is Best for You? - What are Different Types of Forex Accounts?
What Are Types of Forex Accounts? - Different Types of Forex Accounts - Types of Forex Accounts There are 3 Types of Forex Accounts that forex traders can choose from when opening a forex account, these are:
The two common Forex Account Types are: Standard Forex Account Micro Forex Account
Forex Accounts - What are Different Types of Forex Accounts? - Types of Forex Accounts
1. Standard Forex Account - Types of Forex Accounts
A Standard forex account is denominated in US Dollars and forex trading transactions are placed using standard forex lots provided for by standard account forex brokers. One forex standard lot is equal to 100,000 units of currency. One forex lot is also referred to as a one forex contract. Minimum forex account opening capital for standard account is - at-least $10,000 USD.
1 standard forex lot or 1 forex contract refers to the minimum lot size of a single forex trade transaction. This standard forex account is the most suitable for forex traders with a enough capital to trade in the forex account - this standard forex account option requires between $10,000 to $50,000 dollars in starting capital, For this standard forex account the trader will not be undercapitalized and with good forex money management trading rules and forex money management trading strategies, this standard forex account has the highest chance for profitability because it is not undercapitalized. Under capitalization is what makes most online forex traders not profitable in forex trading.
It is not recommended to open a standard forex account unless you have a forex account balance of at between $10,000 minimum and $50,000.
Professional Money Managers recommend $50,000 minimum forex capital to open this standard forex account and only opening 1 or 2 forex lots maximum per every $50,000 dollars you have in your forex account. However, most online forex brokers will still open this standard forex account for you if you have more than $10,000 forex trading capital.
2. Micro Forex Account
Micro Forex Account uses forex lot sizes of only 1,000 units of currency provided for by micro account forex brokers. Micro forex account is often appropriate for forex traders without a lot of capital & micro forex accounts can be opened with only a $100 minimum forex account balance.
Micro forex account option allows forex traders to open trades using forex micro lots. 1 micro is one- tenth of a mini forex lot and one-hundredth of a standard forex trading lot.
Forex traders can sign up of any of these forex accounts by choosing the forex account type that they prefer when they are opening their forex account from the different forex account options provided by heir forex trading broker.
