Nowadays, the Forex market is a hot topic across the globe. In today’s difficult times, you may be looking for a market that won’t be affected by the financial crisis. The good news is that forex market has this protection. On a daily basis, the trade of more than 4 trillion dollars is done. That's the reason it attracts a lot of individuals as well as financial institutions. Since there are many different types of trading accounts in the Foreign exchange market, you may be wondering which account you should go for. The tips given below may help you make the choice.
This account is ideal for new traders. In a mini account, you can trade even with a small amount ranging between $250 and $500. The majority of brokerages may offer a leverage of 400:1 on mini accounts that can allow you to do transactions valued up to $10,000. This type of account requires small capital, is low risk and flexible.
This account is one of the most common. In fact, that’s the reason it’s known as the standard account. With this account, you can do lots of $100,000 transactions. The leverage is between 100:1, which means you don’t need to invest more than $1,000.
As the name suggests, this account will be managed by a forex professional. You need to specify the goal at the time of opening. And it’s the responsibility of the manager to reach the goals. It's two sub types: Individual and Pooled Funds.
As far as the pros are concerned, you'll have the…