If you want to open Forex trading account, you have three choices: standard, managed, and mini. The risk tolerance, the quantity of the initial investment, and the amount of time you have available to trade daily all influence which sort of account is best for you.
Standard Account
The standard account is the most prevalent type of trading account. This account provides the user with access to normal lots of cash, each worth $100,000, that are available for purchase.
That does not mean that you must put down $100,000 of funds to engage in trading activities. Because of the laws of margin and leverage (which in forex is normally 100:1), just $1,000 must be in the margin account to trade one standard lot of the currency.
Managed Account
Managed trading accounts are where you own the capital but not the buying and selling choices. Account managers are in charge of the account in the same way that stockbrokers are in charge of a managed stock account: you establish the goals and the managers strive to achieve them.
Mini Accounts
The last type of open Forex trading account is a mini account. This trading account allows traders to deal with small amounts of money. A mini lot in most brokerage accounts is $10,000, or one-tenth of a conventional account. Most brokers that provide regular accounts also offer micro accounts as a strategy to attract new investors who are hesitant to trade full lots due to the needed investment. For more information, please visit Atropi.