If you are interested in starting to trade the forex markets, there are several different types of accounts to choose from. These include managed trading accounts, Islamic accounts, micro accounts, and infinite leverage accounts. You will want to choose an account that works for you.
Managed trading account
If you are looking to gain some profit from the forex market, a managed trading account is a good option. In this type of account, an experienced trader will make trading decisions on your behalf.
These accounts allow investors to receive substantial gains while minimizing their own risks. They are especially suitable for novice traders and investors. A money manager can ensure that your capital is put to work every day, rather than being wasted. You should choose a manager with a strong track record.
Forex markets are volatile. This means that it is important to select a trader with a strong track record and minimal drawdown. Also, check the manager’s performance fees. Usually, these are charged on a performance basis, so you can expect to pay a substantial incentive fee.
Another benefit of having a managed account is that you can avoid making day-to-day trading decisions. Instead, you can focus on other areas of your life.
Micro account
Micro accounts are an excellent option for traders who want to get more experience trading the forex market. Leverage can be used to boost profits from successful trades. However, using leverage with a micro account also requires risk management. If you are new to the forex markets, make sure to keep your risk levels at a reasonable level and practice your skills before committing real funds.
Most brokers offer leveraged micro accounts. The maximum amount of leverage you can use will depend on the broker and your specific trading strategy.
Micro accounts can also be referred to as cent accounts. Micro accounts are geared toward retail traders and are ideal for beginners who want to learn more about the forex market. They are also useful for traders on a low budget.
A micro lot is equal to 1,000 units of an underlying currency. This allows for smaller positions and reduces the impact of price fluctuations. Traders can also use leverage to open larger positions.
Infinite leverage account
The AximTrade Infinite Leverage Account offers traders the ability to leverage the limits of their trading capital in a way that would otherwise require a large deposit, or a small loan. While the name implies, it is not a true-to-life financial institution, but rather a service that provides its users access to the largest selection of trading instruments available in a single place. It has a free version for members, and a premium service that offers unlimited trades for a set fee.
The company has a well-defined strategy that makes it easy to get started, and has a user-friendly user interface. You can choose from several trading types, including forex, CFDs, futures, and stock options. If you’re an experienced trader, you’ll find that the company’s extensive product offering can help you diversify your investment portfolio, while giving you the tools to take your trading skills to the next level.
To get the most out of your Infinite Leverage Account, you should select the most suitable leverage rate. For example, a $2,000 deposit will buy you the ability to invest in about $4000 worth of stocks and currencies.
Islamic account
Islamic accounts allow Muslims to participate in the online Forex trading industry. They are designed for traders who follow Islamic laws and are committed to their faith. Islamic accounts are available to clients worldwide.
Islamic accounts do not earn interest on deposited funds. This is one of the most significant advantages of these accounts. It eliminates a major hurdle in the Forex trading world.
Muslim Forex traders are not liable to incur monetary penalties or pay rollover fees. These accounts ensure transactions are completed without delays.
Some brokers may charge a fee for opening an Islamic account. However, the number of Islamic accounts is increasing. In fact, there are many leading brokers that offer Islamic accounts.
Some brokers even provide swap free accounts. Swap free accounts have no extra costs to the traders and do not require them to pay interest.
The main advantage of swap free accounts is that they help a trader reach the next level of profit making. Since interest charges are not paid for holding positions, a trader can take advantage of a longer period.
