robertslynnp
New member
Prior to trading, you must first choose a reputable forex broker and then fund your account with your first investment. You should keep in mind that your forex broker may provide you with a variety of trading accounts. because it enables traders with all levels of trading capital to open an account and implement their trading strategies while properly managing risk.
As a result, it is crucial to select a trading account that will work with your trading funds. There are now three main FX trading accounts:
1. Standard account - The most popular type of account for traders with sufficient funds. 100,000 units of the currency you want to trade make up one lot in a basic account. Thus,
$10 or the currency of your account is equivalent to 1 pip move.
2. Mini account β This account is appropriate for traders with limited trading capital. Accordingly, any account with a balance of less than $10,000 is referred to as a micro account. The currency you want to trade is thus represented by one lot in a micro account, which is 10,000 units; for example, 1 pip is equal to $1.
3. Institutional account: Businesses and fund managers can keep their money in this account. The same lot sizes apply as with the basic account, however because there is more trading, spreads are less.
As a result, it is crucial to select a trading account that will work with your trading funds. There are now three main FX trading accounts:
1. Standard account - The most popular type of account for traders with sufficient funds. 100,000 units of the currency you want to trade make up one lot in a basic account. Thus,
$10 or the currency of your account is equivalent to 1 pip move.
2. Mini account β This account is appropriate for traders with limited trading capital. Accordingly, any account with a balance of less than $10,000 is referred to as a micro account. The currency you want to trade is thus represented by one lot in a micro account, which is 10,000 units; for example, 1 pip is equal to $1.
3. Institutional account: Businesses and fund managers can keep their money in this account. The same lot sizes apply as with the basic account, however because there is more trading, spreads are less.