A newcomer to Forex trading should open an account with any well-known Forex trading service available on the market. Many Forex online trading providers offer free trading accounts for beginners. But there are different types of Forex accounts, and a beginner should know which account is best suited for his trading requirements, trading fund, level of trading experience, etc. Be aware of the main types of Forex accounts.
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Micro lots are used to trade with types of micro forex trading accounts. Lot sizes are usually 1000 units of the base currency.
For example, for EUR/USD the value of a point is 0.10 USD. With a minimum deposit of 1 USD, an account can be opened. The balance of the trader should be in the range of 1000 to 10,000 US dollars, and it is very suitable for beginners who want to enjoy live trading without risking a lot of money.
With these types of Forex accounts, many standard sizes can be used for trading purposes. Usually this is 10,000 units of the base currency.
For example, for EUR / USD, the cost of a point is 10 US dollars. With a minimum deposit of $ 1,000, this type of account can usually be opened. However, most brokers offer a minimum initial deposit of between $ 3,000 and $ 10,000. These types of Forex trading accounts are offered by most brokers in the market.
This type of account allows traders to control their capital, but not through purchase and sale decisions. The broker who manages the account makes these decisions. These types of Forex broker accounts are ideal for traders who want to make their portfolio more diverse and do not want to constantly monitor the market.