How you start your forex trading career matters a lot as it accounts for what you will expect in the coming weeks and months. One of the best ways to start is by choosing a trading account that provides you with endless opportunities. For people starting out in the trading career, choosing the right trading account after using a demo account is not very easy.
If however you have a professional to guide you through the various accounts in the market, then you are at a better chance of choosing the correct forex trading account. A trustworthy forex broker is the best professional to use as your guidance. The support you get from the broker will help you to navigate the trading platforms with ease, and turn the whole experience into a lasting ad enjoyable opportunity. Below are some of the most popular trading accounts.
The demo account is the first step to learning how to trade. Your broker avails the account to you immediately after completing the process of registration. A demo account allows you to familiarise yourself with a trading software and to trade without using real money. It also allows you to test your trading strategies and it is risk free.
Mini trading account
The mini trading account is one of the most popular accounts in the forex trading market. The account is especially good for people that want to start with low capital investments. It allows you to open an account with as low as just one US dollar depending on the country you are in. for beginners that want to trade part time, this is also the best trading account to start trading with. You can slowly build your experience in trading to earn good profits.
You do not incur any trading commissions with this account and the hedging margin is 0%. It also provides unlimited leverage and bonuses. Some of the downsides are limitations on the number of pending orders, the positions, and maximum volume.
Cent trading account
The cent trading account is popular for those that want to start low or those that want to trade as a hobby. The account allows you to use as little as a dollar to open and build up your profits gradually. It also offer unlimited leverage, 0% hedging margin, no trading commissions and smaller lot sizes. The downsides of the account are the unavailability of a demo account, no bonuses and it currency limit is five accounts.
ECN trading account
The ECN trading account is one of the most advanced trading accounts in the market. Traders that use the account have better knowledge of the forex market volatility than other traders. They also make larger investments that earn them more profits. The good earnings come from consistent trading habits.
Some of the advantages of this account are anonymity in account and trading, zero spreads, comes with no requites and allows the settling of pending orders within the spread. The account also has some disadvantages such as attracting commissions on trades, using high initial deposits no bonuses and 100% margin for offsetting positions.
Classic trading account
If you are looking for an account that will maximise the profit potential, the classic trading account is the one to go with for your trades. It is popular with the more experienced traders because they know what exactly they want. It offers some of the lowest spreads in the market and unlimited leverage. The account does not attract any trading commissions and it has 0% hedging margin. Using the account also offers you no limitations on trading orders.
Some of the cons of the classic trading account are high initial deposits with no bonus opportunities and it attracts larger trading volume investments
Wrapping it up
Just like any other business venture, forex trading needs practise and experience. It is therefore advisable to start low and climb up the ladder gradually. Starting low also helps you to keep all your goals realistic. If you do not know how to get started, talk to your broker for assistance.