Types Of Forex Accounts
There are two types of forex accounts. Standard accounts and mini accounts. Mini accounts are for beginners in the forex market who want to start trading with a fixed minimum investment.
The main points of distinction between the two are:
Minimum Trading Size – For a Standard Account, it is 100,000 per contract, while for a Mini Account, it is 10,000 per contract.
Contract Trading - For a Standard Account, it is in multiples of 100,000, while for a Mini Account, it is in multiples of 10,000.
Minimum Opening Deposit - For a Standard Account, it is $2,500, while for a Mini Account, it is $250.
To open a forex account, one needs to follow the following three steps:
Step 1: Registration: Go to the company’s website, fill the online form and submit it or download the form, fill it and mail it.
Step 2: Activation: Following the completion of the registration process, the company will mail a client “Do-It-Yourself” and other instructions for procedures to be followed for activation.
Step 3: Identification Confirmation: A client needs to send identification (ID) confirmation details once his/her trading account is activated.
