Forex trading account opening

After your broker has received the required paperwork and information, you will receive an email directing you on how to complete your account activation.

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Forex trading account opening, forex trading account opening.

After completing this step, you will receive another email with instructions on funding your forex account, your username, and password. You will be required to select your preferred forex trading account. There are 3 major types of forex trading accounts-the mini, standard, and managed accounts. Each has its pros and cons. You will need to choose your account type depending on such factors as your tolerance risk, how much time you will have to trade daily, and your size of starting investment, etc.

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So you have thought about it, and you have finally decided you are to start investing in forex trading? Well, forex trading can be a fascinating business, and nowadays, there is much puff about it online.

But how exactly can you get started with forex trading?

Decide on the best forex broker

This is the first and most important step in opening any forex account. You can choose the best forex broker by looking for such factors as the credibility of a broker, their trade execution, low spreads, regulation, trading platforms and styles, account types, and leverage options, among other factors.

However, deciding on the best broker doesn’t stop here. It is extremely important that you play with multiple forex demo accounts offered by different brokers. Opening demo accounts with various trading platforms will give you the chance to learn forex trading properly before investing your hard-earned money. Again, you should consider making paper trade until you start making consistent profits before committing real money. Often, newbies jump into the forex trading market and end up losing significant amounts of capital because of leverage.

So, again, it is strongly advisable to open multiple demo accounts with different brokers before opening a live account. This will not only help you choose the best broker, but it will also help you get ready for real trading.

After choosing your forex broker, the next thing is often a standard bureaucratic process which is just like opening an account at a bank:

Choose your preferred forex account type

You will be required to select your preferred forex trading account. There are 3 major types of forex trading accounts-the mini, standard, and managed accounts. Each has its pros and cons. You will need to choose your account type depending on such factors as your tolerance risk, how much time you will have to trade daily, and your size of starting investment, etc.

Standard accounts are the most common. Since they need sufficient up-front capital for you to trade on full lots, many brokers often offer better perks and more services for investors with a standard forex account. However, most forex brokers require a standard account to have at least $2,000 or sometimes $5,000-$10,000 as the starting minimum balance.

Mini trading accounts allow investors to make transactions by using mini lots. You can open this type of account with as low as $250-$500, with leverage of, sometimes, up to 400:1. However, it comes with relatively small rewards.

In managed accounts, the broker (or hired account manager) makes the buy and sell decisions. You will set your objectives (like your profit goals, and risk management) and your account manager will work to meet the objectives. This account type requires large minimum deposits.

Again, regardless of the type of account you decide to open, it is wise to begin free demo accounts first to familiarize yourself with various trading aspects.

Registration

You will be required to give a lot of personal information during the forex account registration process. Various countries have different regulations on forex trading to protect investors, and so brokers will ask you for some personal information to comply with the law. Here is what is typically required;

• your name
• contact information-your address, phone number, and email
• date of birth
• tax ID or social security number
• your national ID number
• employment status
• the type of currency you want to use
• net worth
• annual income
• country of citizenship
• your trading account password
• trading experiences and objectives, etc.

It is highly unlikely to find a broker that does not ask for this information, and in case you find one, be suspicious.

After giving all the required information for processing, the broker will typically require you to send them some verification documents like copies of your national ID, and perhaps a utility statement so that they can verify your address and name.

In the final steps opening a forex account, you should see risk disclosures (which you need to take very seriously). Forex trading can be a very dangerous business, and brokers are required to remind you this.

Activate your account and start trading

After your broker has received the required paperwork and information, you will receive an email directing you on how to complete your account activation. After completing this step, you will receive another email with instructions on funding your forex account, your username, and password.

Then all that is left is just logging in to your account and start trading!

How to open a forex trading account

What is needed and why

An assortment of foreign currencies spread out on a surface

Artifacts images / digital vision / getty images

Forex trading sounds like an exciting financial opportunity to those who hear about it for the first time. The possibility of trading large sums of leveraged money sparks the imagination, but most who find the prospects of this market attractive will soon find they are surrounded by online hype and hyperbole.

The reality of trading is quite different from the sales pitches most people hear. That's because it is hard to be consistently profitable and most traders lose money in the early stages of their experience.

What is not hard, however, is actually opening a brokerage account. Choosing a brokerage is more meaningful if a beginner has actually tried out several different forex demo accounts.

Typical requirements to get started

The first thing you'll do is set up an account with a forex broker. You'll need to provide a good deal of personal information to get your account set up, including the following:

Name

Address

Phone number

Account currency type

A password for your trading account

Date of birth

Country of citizenship

Social security number or tax ID

Employment status

You will also need to answer a few financial questions, such as:

Industry compliance

You might wonder why forex brokers want to know all of this information. The simple answer is to comply with the law. The environment surrounding forex trading has a comparatively low degree of regulation, but in recent years, more regulations have been put in place to provide some degree of protection or assurance to account holders. Additionally, forex brokers need to ask these questions to protect themselves from the risk of loss. They want to make sure customers who overleverage themselves will still be able to pay back any unexpected losses.

It's unlikely that you will find any broker willing to open your trading account without requiring these questions to be answered. If you do happen to find one that isn't asking many questions, you should be suspicious. If you are ever feeling wary about a particular broker, you can look them up through the national futures association to find out their status.

Forex trading and risk

During the final steps of opening your account, you will see risk disclosures. Please take these seriously. Forex is a difficult business for beginners. It tends to eat them for dinner if they aren't careful. There are more losers than winners on average. The broker is required to remind you of the forex risks.

Once you've turned in all of your information to be processed, the broker will verify it and typically ask you to send in some verification documents such as a government-issued ID, and maybe a utility statement to verify your name and address. The back and forth process can slow down the process by a day or two, but it's nothing to concern you.

Once your information is verified, you can fund your account and begin trading. One piece of advice that I like to give to all new traders is not to put any money in the account that you cannot afford to lose.

It seems like obvious advice, but some people start off feeling like they know more than they do, and take unnecessary risks. Start with a fair amount of money and trade small. Nothing can prepare you for the emotions that you feel when your money is truly at risk, so go slow in the beginning.

Forex should be boring

Forex seems very exciting, but in reality, it should be boring and cut and dried. If you feel a great deal of anxiety when making trades, be careful. It's common to either get too wound up from your winning trades or become a destructive trader from your losing trades.

Learning to make trades using research and systematic logic will serve you much more than relying on emotion to guide your trading. Forex should feel like simple, methodical decision-making with precautionary steps in case of failure. While that might sound boring to you, you will survive much longer if you approach that market that way.

Keep your cool

If you find yourself feeling like you are making common forex mistakes and just generally feeling frustrated, stop trading, and review the basics again. Forex trading is one of those industries where occasionally you have to re-evaluate your methods to make sure you are achieving your goals. Try not to get too frustrated and keep your approach scientific and unemotional.

FOREX trading accounts

Choose an account type that best suits your trading style.

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What information do I need when opening an account?

We will need you to provide us with your name and address to establish your identity. Typically, we can verify your identity instantly. For more information, see our account document faqs.

What markets does FOREX.Com offer?

You can trade over 80 currency pairs at FOREX.Com. View our full range of markets.

When is forex market open for trading?

You can trade forex at FOREX.Com 24 hours a day, five days a week. For details, read our forex trading times article.

Is there a charge for central clearing?

We provide central counterparty clearing through an omnibus segregated clearing account (OSCA) free of charge as standard to all clients. If you wish to open an individual segregated clearing account (ISCA), fees apply:

For an individual these charges are: £13,000 account opening fee, plus account maintenance and transaction charges

For a corporate entity these charges are: £200,000 account opening fee, plus account maintenance and transaction charges

Try a demo account

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Try a demo account

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By opening this demo account you confirm your acceptance of our demo account terms and conditions, privacy policy and disclosures.

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Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

CFD and forex trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.Com is a trading name of GAIN capital UK limited. GAIN capital UK ltd is a company incorporated in england and wales with UK companies house number 1761813 and with its registered office at devon house, 58 st katharine’s way, london, E1W 1JP. GAIN capital UK ltd is authorised and regulated by the financial conduct authority in the UK, with FCA register number 113942. GAIN capital UK ltd is a wholly-owned subsidiary of stonex group inc.

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Forex trading account opening

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Характеристики

О компании IC markets

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Please confirm, that the decision was made independently at your own exclusive initiative and that no solicitation or recommendation has been made by IC markets or any other entity within the group.

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Risk warning: trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.

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International capital markets pty ltd (ACN 123 289 109), trading as IC markets, holds an australian financial services licence (AFSL no. 335692) to carry on a financial services business in australia, limited to the financial services covered by its AFSL. The trading name, IC markets, used by international capital markets pty ltd is also used by other entities.

IC markets EU ltd is authorised and regulated by the cyprus securities and exchange commission with license number 362/18, registration number 356877 and with registered office at 141 omonoias avenue, the maritime centre, block B, 1st floor, 3045 limassol, cyprus.

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Forex trading account opening

Risk warning:
trading forex and cfds involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.

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Regional restrictions:
we do not offer our services to residents of certain jurisdictions such as north korea, canada, spain, united states and some other regions. For more information, please refer to our FAQ page.

Vantage group of companies is authorised and regulated in various jurisdictions.

Vantage international group limited trading under vantage FX, is authorised and regulated by the cayman islands monetary authority (CIMA), securities investment business law (SIBL) number 1383491 and is registered at artemis house, 67 fort st, PO box 2775, grand cayman KY1-1111.
Email: [email protected]

Vantage global limited is authorised and regulated by the VFSC under section 4 of the financial dealers licensing act [CAP 70] (reg. No. 700271) and is registered at icount building, kumul highway, port vila, vanuatu.
Email: [email protected]

Vantage global prime pty ltd trading under vantage FX, is regulated by the australian securities and investments commission (ASIC), AFSL no. 428901 and is located at level 29, 31 market st, sydney, new south wales, 2000, australia.
For clients who onboarded via vantagefx.Com.Au
phone: 1300 945 517
email: [email protected]

Vantage global prime LLP is authorised and regulated by the financial conduct authority, FRN: 590299, and is registered at 7 bell yard, london, england, WC2A 2JR (company no. OC376560).
For clients who onboarded via www.Vantageglobalprime.Co.Uk
phone: +44(0)20 7043 5050
email: [email protected]

Open forex trading account with paxforex

Paxforex offers a full range of services for international trading in the forex market and provides an opportunity to enter into contracts with instruments such as stocks, precious metals, and commodities. One of the fundamental factors of successful trading is the choice of forex broker through whom you conduct transactions. We want to draw your attention to some advantages of forex trading with paxforex, which will allow you to trade in financial markets with more comfort, more convenience, efficiency, and ease.

Free trading account opening benefits

Quick and easy forex trading account opening. To open an account, you do not need to spend time filling out numerous contracts and provide a large set of documents. You can open a trading account in minutes by simply filling out a short form online and send us scanned copies of your documents.

A wide range of forex trading platforms. Desktop client terminal (windows), mobile version for pdas and smartphones (iphone, ipod, ipad, android, windows mobile)

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Five types of forex accounts. Forex trading conditions will allow you to feel confident in the market with any initial deposit. For this purpose we have developed three types of trading accounts: cent account, mini account, fix spread account, standard account, and VIP account. Each of these trading accounts is focused on different levels of trader’s experience so you can choose best forex trading account for you.

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Forex trading account – how to open trading account

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One of the first steps in forex trading is opening a forex trading account. Account gives you entrance into trading world where you will be one of the traders on the biggest market.

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I will show you what you need to do to open account with broker.

How to open trading account

In order to continue you need to have broker. If you do not have broker even then you can continue to inform yourself about opening an account. It is not bad to know more if you want.

To open trading account, demo or real, necessary steps are:

Selecting trading account type

Registration

Activating trading account

This is global overview but I will get into more details further in this text. Be sure to open first demo account and then after demo trading, real account.

Choosing trading account type

This post is about opening real account. If you are looking how to open demo account check this:

Step by step guide: admiral markets demo account

When opening account, real account, you need to decide which type you want to open. Brokers offers a lot options for any trader and before deciding please read as much as you can so you do not get scammed.

Broker can offer you few account types:

Business

Personal

Managed

Managed

Spot

Futures

Forwards

Managed account

Some brokers have account where you can deposit money and then let broker to trade for you. These kind of accounts are known as managed account. If you want to trade on forex market by yourself then do not choose this account type.

By the way they charge fees through profit they make on your account and there is minimum amount on deposit which can be different by brokers. Deposit amount is mostly several thousands dollars which can be to high for individual investor.

Be sure that you open forex spot account and not one of the other accounts like futures and forwards.

Trading account size

Between account sizes you will need to choose small or large accounts. Small account is for trader with small amount of invested money. Large account is for trader with high amount of invested money.

Small accounts with every pip move will bring you smaller profit but also small loss if market moves against you. At start it is best to have small loss if you make a bad trade. In time how your progress through forex market you can deposit more money and have large account. With large account every pip move will bring you more money on your account.

For beginners it is recommended to use small account until they master trading and afterwards they can continue on the larger accounts. This way they will protect heavily earned money from fast losing on forex market.

During account opening process sometimes you will encounter three types of account that broker offers you. They are:

Mini account

Micro account

Standard account

There is difference between them as their name suggest it but in general there is no to much complicated differences.

What is micro account

Micro account is account mostly intended for novice traders but it is not mandatory that he is novice.

This account requires smaller amount of deposit and that is between $10 – $250. Minimal deposit depends on the broker with which you have trading account open.

Every trade/contract that you open you control $1,000 on the market. Every pip move gives $0.1 difference on trading account. If trade goes in your favor you will earn $0.1 and if trade goes against you then you lose $0.1.

As you can see 1 pip move does not bring a lot profit or loss. If you open a trade and wait until market moves in one direction for 100 pips then this amount will be $10. $10 can be a lot if you have invested $50 on your trading account.

If you are able to invest more money on you account it is best to do it because this way you will avoid possible margin call. With higher amount on the account you will have wide space to trade if trade becomes a bad trade.

Margin call happens when you have bad trade active and without enough money to sustain further loss. When critical level is reached broker automatically close your trade.

What is mini account

Similar to micro account mini account is for traders who wants to invest money in range from $100 – $500. It is a little bit higher then micro account but it gives you possibility to earn $1 with every pip move.

Every trade/contract that you open you control $10,000. Every pip move gives $1 difference on trading account.

It is 10 times more than micro account and for new traders this is more then enough. Same as for micro account here is better to have larger amount of money on account.

What is standard account

Standard account is account mostly intended for experienced traders but it is not mandatory. Novice traders sometimes use standard account for trading.

This account requires larger amount of deposit and that is from $1000 and above. Minimal deposit depends on the broker with which you have trading account open.

Every trade/contract that you open you control $100,000. Every pip move gives $10 difference on trading account.

Which account to open

Micro, mini or standard account depends on you and your preferences. Do you want to earn more money with 1 pip move or less money with 1 pip move.

Forex account – micro, mini and standard

Those who have more money and know how to trade they will go for standard account. For novice it is the best to go with mini account. With every pip move novice will earn $1 which is a good profit.

Advantage that you can have with mini account over standard account is when you have high amount invested on trading account you can open several trades. If you have 10 orders on mini account it is same as you have 1 order open on standard account.

On mini account each trade gives you $1 for pip move. If something goes wrong and your margin starts to become red you can close one of orders and rest of them leave open. This way your margin will not be overloaded and you will stay in the game with other orders. If market moves in your direction open orders will bring you profit.

As a conclusion mini account gives you more flexibility in trading over standard account but enough profit for 1 pip move. Choose wisely which account is best for you and your trading preferences.

Leverage

Another thing to watch out when choosing account is leverage on that account. Leverage is ability to control large sum of money using small amount of your invested money.

You can choose different leverage like from 1:50 up to 1:500. This is different from broker to broker. 1:50 means that with one 1$ you can control $50 on the market. Broker lends you rest of the money so you can trade on the market and make more money. But also lose more money if market goes against you.

After you have decided which account you want to have, personal/business or small/large you need to decide to open

Live or

Demo account

As said earlier, for beginners it is best to open demo to test and later on to open live account. On demo account you should at least learn how to open and close a trade.

From my experience I can tell you that I have started immediately with live account because demo account could not give me what I wanted and that is – live experience.

Registration

When registering real/live account you will need to do some paper work in order to open it. Those papers could be

Your ID number

Utility bill not older than 3 months with your personal address on it, so they can verify that it is really you and data you have provided are accurate

They need this information to comply with the law. Regulatory agencies wants to protect you so they have set requirements for broker to open an account for you. If you are not required to give them these information’s you should be suspicious because that is minimum what they should ask you to provide.

During registration broker could ask you several information about your trading experience, your trading intentions or how much you will invest. They like to get know you(KYC – know your customer) and your trading intentions.

Please read all what is written in their documents so you are familiar with all costs that can arise, if there is any. Also, pay attention when depositing money over wire transfer how much does bank charge for their services.

Trading account activation

When registration of your live account is done you will receive confirmation mail with account details. Information that trader receives in e-mail can be different because not all forex broker sends same e-mail.

Account number

Password for trading platform

Server on which to connect

In order to activate trading account open your trading platform and follow further steps.

In the MT4 platform right click on the “accounts” menu which is located under “navigator” menu. After right click you will select “login to trade account“.

Use those information’s and enter them into new window that appears, like the picture below this text.

If everything is fine with data entered your trading platform will start to show you real information about trading pair price. If not, you will hear sound that indicates you have entered incorrect data.

Possible cause you did not connect to trading platform with information from broker is:

Wrong login data – check information from broker

Wrong trading platform – use platform from your broker

No internet access – check can you open some other website in your browser in order to verify is internet connection ok

If you have entered all data as shown above and you have tested possible source of the problem and even then you are not connected then please call broker support.

Password change

Password is possible to change immediately after you login into trading account. You are not obligated to leave same password you have received from your broker. You can change it to your desired password where you need to fulfill certain requirements.

Go into MT4 menu “tools” and select “options” with which you will open new window.

“tools” menu for trading account password change

In “options” window under tab “server” you will see option to change password. All other parameters you can leave as they are.

Change trading password under tab “server”

Select “change” and window “change password” will appear where you need to enter new password details. Enter your current password you have received from broker and enter new password. There is 2 places where you need to enter password, “new password” and “confirm“.

Trading account password change

Please pay attention to fulfill all necessary conditions for new password.

At least five symbols

At least two of the three character lowercase, uppercase and digit

After all above is done you will have account on MT4 platform ready for trading. If you are using real account then you will need to fund it with real money.

Transfer of real money on the trader account is done in trader room. I cannot show you steps because trader room is different on each broker. But mostly they have instructions how to transfer money from your credit card or bank account or any other possible channel.

FREE 5 day email course

Email course is for beginners who do not know to much about forex trading but wants to know

What is forex

What is trading and where to start

What is metatrader 4

How to setup charts on metatrader 4

How to open and close order in metatrader 4

After you are done you will know how to use FREE trading platform to activate order by selecting currency pair on the forex market and make money.

Trading platform?

Activate order?

Select currency pair?

Make money?

To much strange words? Get them clear and start trading!

Frano grgić

A forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by forex factory next to large publications like dailyfx, bloomberg. Getknowtrading is becoming recognized among traders as a website with simple and effective market analysis.

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Open a forex & CFD trading account

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Investor’s guide to forex trading accounts types

Opening your first forex account is one of the biggest steps you can make as a beginner trader, so it’s certainly not something you do unprepared.

Many beginner traders either rush into selecting an account type without properly understanding what it offers. Others become overwhelmed by the many different account types available. Both of these approaches are wrong but don’t worry, our experts are here to help.

Choosing a forex account type requires you to carefully consider a variety of things, including what type of forex trader you wish to be, your budget and your trading strategy. It’s important that you choose the right account for you, as your account type can impact your performance and profits.

On this page, you can learn:

The different types of accounts offered by forex brokers

The value of a pip, and how this relates to choosing a forex account

How to pick the correct account type for your trading style

Types of forex trading accounts

All good forex brokers allow clients to choose from a multitude of types of trading accounts. Many account types, however, share certain qualities even though they may go by different names from broker to broker.

We will soon talk you through each different forex account type, but first, you need to understand the value of a pip and lot sizes.

The value of a pip

The difference between the opening and the closing price of a trade is counted in pips. On any trade, your loss/profit is also counted in pips.

The value of a pip is directly related to trade volume. In forex, trade volume is counted in specific amounts, namely ‘lots’. This represents the number of currency units you will buy/sell in a trade.

A standard sized lot is 100,000 units of currency. There are also mini lots (10,000 units of currency), micro lots (1,000 units of currency), and nano lots (100 units of currency).

The value of a pip is different depending on the lot sizes you are trading:

value of a pip per:
unit	standard lot	mini lot	micro lot	nano lot
$0.0001	$10	$1	$0.1	$.01

Therefore, being profitable when trading the forex markets is not necessarily related to which trader is making more pips, but what each pip is worth.

Having a good understanding of what these units of measurement (lots and pips) mean before selecting an account type is important, as different account types allow you to trade different lot sizes. You should, therefore, review your capital and the volume you wish to trade before choosing an account.

The most common trading account types

As we’ve just explained, the most common live trading account types are based around the size of the lots you wish to trade. Considering this, each different type of account has a different minimum deposit level too.

Mini/micro accounts

Micro accounts are, as their name suggests, accounts suitable for traders with a small amount of capital. They allow you to enter the market with a small minimum deposit limit ($100 or less). As these accounts have a low barrier to entry, however, there are restrictions on your trading activity. Most micro accounts limit you to trading nano or micro lots. This helps you to control your risk-levels, making these types of accounts perfect for beginner traders.

Standard accounts

Different brokers use different names for their standard accounts. Some brokers may call this type of account ‘classic’ or ‘intermediate’. They may also refer to them as ‘premium’ or ‘gold’ accounts, which is a little misleading as these accounts are actually the broker’s regular offering.

Standard accounts usually have a minimum deposit limit of around $100 – $500, and they allow you to trade mini-lots. Some standard accounts, however, may also allow you to trade standard lots but this is rare.

VIP/professional accounts

Whilst the names of these account types suggest that you would need to be accredited if you wished to open one, that’s not necessarily the case. VIP accounts are generally just reserved for those who have a large amount of capital. They have a high minimum deposit limit (around $10,000) and allow you to trade standard lots. These types of accounts are usually ECN accounts too, which means they allow you to trade in the market directly.

It is important to note that professional accounts for EU clients are slightly different. Under european regulations by ESMA, regular retail traders are subject to leverage limits. Should you want to access higher leverage levels, you can apply for an EU professional account. In this situation, you will need to prove your trading experience and credentials. This could be by passing a test or by submitting documentation.

Other forex account types

Aside from the main three account types, there are some other account types you should become familiar with. These types each have their own specific purpose.

Demo accounts

Demo accounts allow you to practice your trading. They are virtual accounts loaded with virtual currency. Almost all demo accounts are free, yet they may have a limited usage period. This is normally around 30 days. If you proceed to open a live account with the same broker, however, you may regain access.

Demo accounts are useful for both beginners and experienced traders. Novice traders can use them to get to grips with different trading platforms and to see the effects of their trades in real-time. Experienced traders also use demo accounts to test their trading strategies risk-free.

Swap-free accounts

Most of the trading account types mentioned above will come with swap fees. This refers to the fee you incur for holding a position overnight. Traders who wish to hold positions open for a long time however, such as swing traders or investors, suffer heavy fees with a regular account. To prevent this, some brokers offer swap-free accounts.

Whilst swap-free accounts can seem appealing, it’s not simply a case of avoiding fees. Swap-free accounts usually come with higher trading costs and various restrictions. As such, unless you do plan on holding positions for a long time, it is normally best to avoid these types of accounts.

One exception to this rule is if you are a muslim forex trader. Swap-free accounts are also sometimes called islamic accounts. This is because they are often used by muslim traders who cannot incur interested fees due to their religious beliefs.

How to choose the right forex account for you?

Knowing the different types of forex trading accounts only goes so far in helping you choose an account. You also need to know your own situation well and know exactly what you want to get out of trading.

Before opening up a trading account, therefore, you need to ask yourself a series of questions:

How much do I wish to deposit? This is a key question, as it can shrink your account options significantly. You need to weigh up how much capital you have, and how much of that you want to deposit with a broker. It is always worth remembering that you should never trade with money that you can’t afford to lose.

What is my appetite for risk? One of the most important things you can do as a prospective trader is to assess your risk appetite. If you’re a conservative trader, for example, you may be quite happy with a micro account where you can trade nano and micro lots. Those who wish to trade more aggressively may want to opt for a standard account where they can trade standard lots.

Do I need access to advanced trading tools? Many brokers reserve their best trading tools for their professional clients. This may include innovative news analysis or access to a larger range of indicators.

These are tools which can very beneficial to expert traders, who may be managing more than one account at once. Do note that whilst its easy to feel like you want access to as many tools as you can get your hands on, these tools aren’t actually always necessary. Don’t go signing up to a professional account as a beginner trader for the sake of extra features. It’s not worth the large deposit amount.

What is the difference between a micro and a standard account in forex?

In forex trading, account types are often based around trade volume. Trade volume is measured in lots, and refers to the amount of currency you wish to trade. Micro accounts, for example, allow you to trade micro or nano lots (1,000 and 100 units of currency respectively). Standard accounts, on the other hand, allow you to trade mini lots and sometimes even standard lots (10,000 and 100,000 units of currency).

What is the best forex trading account for beginners?

All beginner traders should start off with a demo account. This allows you to practice trading with zero risk. Many prospective traders stick to their demo accounts for at least six months, whilst they get to grips with the trading software and their trading strategy. After this time, micro/mini accounts are best for forex beginners. This is because they have a low minimum deposit limit and allow you to trade micro and nano lots.

What account types are there in forex?

In order to cater to all types of traders, the best forex brokers offer a variety of account types. The most common forex account types are based around trade volume, these include mini, standard and VIP accounts. Other popular account types include swap-free accounts/islamic accounts, demo accounts, and social trading accounts.

How much money do you need to open a forex account?

The amount of money needed to open a forex account is dependent on what type of account you want to open. Some brokers allow you to open accounts for as little as $20 or even $5 dollars. Professional accounts, on the other hand, usually have a minimum deposit of around $10,000.

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