Market Overview

Types Of Forex Accounts

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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.

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Posted-In: Forex forex accounts Forex market Forex tradingForex

 

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