Whether you are new to forex or a seasoned veteran, there are some important things to keep in mind when choosing your accounts. It’s important to find the best forex account for you. The account you choose can help you to make money in the market. Fortunately, there are plenty of accounts available for you to choose from.
Micro account
Unlike a mini account, a micro account allows traders to test their trading strategies and learn about the Forex market without investing a large sum of money. The micro account also offers the opportunity to evaluate a broker’s efficiency.
Micro accounts are especially helpful to novice traders and those who want to start slowly. Micro accounts are also useful to experienced traders who wish to test out new brokers without risking a large sum of capital.
Micro accounts are available at many Forex brokers. Typically, micro accounts allow you to trade in lots of only one unit, and they can be operated with a relatively small deposit.
Unlike a standard account, which can trade in lots of up to 100,000 units, micro accounts can only handle five pip movements. A five-pip movement isn’t uncommon in the foreign exchange market. If a pair’s price drops five pips, the trader will lose about $0.50.
Standard account
Using a Standard account can be a good idea if you have a large capital trading account. They can be provided by forex dealing desk brokers or online dealing websites. Some brokers even offer a free spread with the use of a credit card. It is also a good idea to open a free demo account to get a feel for trading the forex market.
If you have a Standard account with your broker, you are probably wondering how to get the most out of your account. The most efficient way is to trade using standard lots. The standard contract size for forex is 100,000 units. If you are not keen on the standard contract, you can trade on micro lots, which have higher liquidity. This means that you can trade exotic currency pairs without breaking the bank.
ECN account
Amongst Forex brokers, an ECN forex account is a good choice for novice and experienced traders. ECN offers ultra-fast trade execution and direct access to global liquidity pool. It is also a good option for those who like to trade outside the conventional trading hours.
When trading with an ECN forex account, the spreads are usually tighter. For example, in the EUR/USD market, the spreads are usually as low as 0.5. These tight spreads are a major reason why some traders prefer an ECN account over a standard account.
Traders with an ECN account can also trade using variable spreads, which offer lower fees. However, this method requires a higher minimum deposit.
The ECN account offers traders the chance to monitor the market in real time. This gives traders peace of mind and ensures that they are receiving the best prices.
JustForex
Located in Saint Vincent and the Grenadines, JustForex is a retail Forex broker that offers a variety of trading accounts. These accounts are available for both beginners and experienced traders. The accounts differ in terms of the trading instrument and the leverage.
For beginners, JustForex offers a demo account. This is a risk-free account where you can practice with virtual money. You can use the demo account indefinitely. The demo account is a good way to get a feel of the Forex market.
JustForex provides excellent customer support. Clients can receive support through email, live chat, or phone. The customer support team is available 24 hours a day, 7 days a week. They are available in multiple languages.
JustForex offers a large number of trading instruments and currencies. It has over 80 currency pairs, as well as a range of cryptos. JustForex also offers a basket of different blue chip stocks.
RoboForex
Investing in financial instruments such as forex or CFDs can be a very risky venture. The risk is especially high when trading with leverage and margin-based instruments. Also, there are risks associated with investing in financial instruments through online means. The best way to mitigate such risks is to diversify your investments and trade with several brokers.
RoboForex offers a wide range of accounts. These vary in terms of the minimum deposit, leverage, spreads, bonuses and fees. These accounts are designed to suit different trading styles and are available for both new and experienced traders.
The minimum deposit required to open an account at RoboForex is $10. The minimum leverage is 1:500 for the Micro account, 1:300 for the Micro Pro account and 1:2000 for the Pro Standard account.
