If you’ve decided to enter the world of forex trading, your first step is to set up an account with any of the reputable forex trading services that you may find. Many offer convenient online services, so that you can accomplish it from the comfort of your home. However, there are many different types of forex trading accounts, and you need to know which one is the right fit for you. Here you’ll find some of the different types of forex accounts, so that you can make the right decision as to which one you need to use.
Standard trading account: These are the most popular of the trading accounts, standard accounts give you access to standard lots of currency, each totaling $100,000, although you only need to have $1,000 in the margin account at any given time. You’ll get the highest degree of service from your broker and have a greater gain potential.
Mini Trading Accounts: These smaller accounts use less initial capital to open and give you plenty of flexibility with mini lots instead of one, large risky lots. This is a great way to break into the market without the full commitment.
Managed Trading Account: This account allows you to control the capital, but not the decision to buy and sell. Those decisions are made by your broker, who is managing your account for you. This is a great choice for the busy professional who wants to diversify his or her portfolio without having to watch the market constantly.