Types of Forex Trading Accounts
Forex trading accounts come in several forms, each catering to different levels of experience and investment capacities:
1. Standard Accounts: These accounts typically require a minimum deposit and allow trading of standard lots of 100,000 base currency units. They are well-suited for experienced traders with a sizeable capital.
2. Mini Accounts:, Mini accounts are an attractive option for those with less capital or new to Forex trading. These accounts allow trading in mini lots, which are 10,000 units of the base currency, requiring a lower initial investment.
3. Micro Accounts: These accounts are ideal for novice traders who wish to trade with minimal risk. They offer even smaller lot sizes of 1,000 units of currency and drastically lower the barrier to entry.
4. Managed Accounts: These accounts are a good choice for those who prefer to have their funds managed by experienced traders. Managed accounts can be discretionary, where the manager makes all decisions, or non-discretionary, where the trader must approve all trades.
