Forex trading account has some types of things. It includes the requirement of the minimum fund in every deposit.
Those are the specifications of the tools, market, the usage’s purposes, hosting skill, and the other features.
It is working to the forex broker account with different accounts that you can use.
Type of Broker Account
Before revealing the forex trading account, it is good to enrich your knowledge about the forex broker account.
It has two types of this account. The first one is a demo account and the second one is a trading live account.
1. Forex Demo Account
The first type of forex account is the forex demo account. This demo account enables the trader to test a trading plan for the sake of profit needs and also to find the strategy weaknesses.
It is also working to evaluate performance.
Through the demo account, the trader can evaluate the broker’s skills about the offered commitments.
Most of the online brokers offer this account without deposit or submit personal information. Though, this demo account has a limit of available virtual money.
It is also the due date of the demo account’s usage. It means that it forces you to move to a trading live account.
2. Trading Live Account
A real trading account generally can be funded starting USD 50 to the limit of the broker’s decision for every deposit.
However, this limit also depends on the type of the chosen forex account type when you open an account.
When you open this account, you can start to do trading by finding the right position in the forex market. It depends on the chosen account and fund to use.
Before you open a trading activity, it needs to test some things related to the broker.
So, you can reveal the available trading platform, order execution method, customer services, broker performance, and other aspects.
Type of Trading Account
Most of the online forex brokers offer three types of forex trading accounts with some options. While it depends on the early deposited or the chosen trading unit.
These are the types of trading accounts.
1. Micro Account
In a micro account, a trader at least needs to pay the early deposit minimally USD 50 or USD 100.
The minimum of the deposit depends on the broker’s policies and it can change one to another one. But, at least the minimum value of USD 50 is the general limit for brokers.
This micro account enables a trader to open trading with the minimum fund. But some brokers even allow a trader to open an account only with the early deposits for USD 20.
However, with the minimum fund, the broker generally limits the position sizing of every trading.
2. Mini Account
This mini account requires a big early deposit. It has a trading size for one mini lot or 10.000 currencies.
Therefore it is not suitable for beginners or people starting to do the trading for the first time.
It is suitable for traders who want to get more control over the size of trading. However, with this account, a trader will get many more benefits.
3. VIP Account
It is a premium account aimed at a professional trader or experienced trader. Because it is a VIP account, the early deposited, of course, tends to be bigger than previous types of forex trading account.
Such an account has been completed with some sophisticated features to do a market analysis deeply. While some brokers sometimes include a personal adviser facility.
To start this Forex trading account, you need to pay an early deposit of about USD 10.000 to open a particular position.
Due to the premium account, the brokers often give some interesting bonuses to traders. For example, some given bonuses are 100% access to the pre-payment credit card, unlimited market data, and premium technical analysis.