FXTM information and reviews
FXTM
92%
IronFX information and reviews
IronFX
91%
Libertex information and reviews
Libertex
90%
FxPro information and reviews
FxPro
89%
FIBO Group information and reviews
FIBO Group
88%
FXCM information and reviews
FXCM
87%
EUR/USD
1.2084
GBP/USD
1.407
USD/JPY
109.5559
USD/CHF
0.9083
USD/CAD
1.2111
EUR/JPY
132.3867

Choosing a trading account. Comparison of accounts


15 February 2021

The client’s personal account opened with a brokerage company is called a trading account. It’s used to make all transactions on the market. Today, we’re going to compare different types of accounts and find out how to choose the right one for you.

Opening an account is the first serious step one must take when entering Forex. Usually, there are multiple types of trading accounts available, and each one has a particular set of parameters optimized for a specific type of trading. Trading account is chosen based on the trading style and experience of the trader, their goals and the desired amount of profit. Traders can also choose a suitable account type to test Forex robots and trading strategies.

Accounts can be divided into types based on the following criteria:

How to choose a trading account?


Here at Grand Capital, we consider the needs of all traders and provide our clients with the most popular types of trading accounts with favorable trading conditions.

Demo account


Demo accounts are designed to teach traders the basics of the foreign exchange market. This is a simulator of a real account that completely duplicates all its functions with the exception of one—all trading operations in a demo account use virtual money. Take your time before you start trading with real money! Even experienced traders don’t dismiss demo accounts. Make sure to try demo trading before opening a real account.

A demo account duplicates the parameters of real trading accounts provided by the broker, namely:

Experienced traders use demo accounts to develop and test trading strategies, to test Forex robots on various currency pairs in real time.

Cent (Micro) account


Micro is a real account, but with a small minimum deposit requirement: from $1 to $10. This makes it suitable for training, just like demo accounts. Of course, high profits are out of the question when trading in a Micro account, but with its help you can learn the basics of trading and test your trading strategies. A cent account, like a demo account, is indispensable for a novice trader, because it allows you to trade with real money, but without serious losses. Unlike the Standard trading account, where trading operations are measured in dollars, in cent accounts everything is presented in cents. This means that a $10 deposit in such an account looks like 1,000 cents.

Account details:

Standard account


This account type is also known as classic. It provides a wide range of trading instruments and fixed spreads, it also allows placing trades of a large volume. Standard accounts offer the widest range of trading instruments to traders: from major currency pairs to commodity and energy futures.

Account details:

ECN account


ECN accounts use the Electronic Communication Network, which allows sending orders directly to the market, completely eliminating intermediaries. Market orders are transmitted into a single order book and processed by internal processing centers of the network in real time. A special algorithm finds opposite trade orders, which are automatically executed when the currency pair, price, and the trading volume match.

EСN accounts are most often used for intraday trading, with numerous trades opened by the trader within one day. A distinctive feature of this account is the use of a dynamic spread that is smaller than the fixed spread of Standard accounts.

Thanks to the cutting-edge software of AMTS, ECN accounts provide access to the markets of high liquidity and instant execution of trades at the best possible price. It’s also the most comfortable account for scalping and trading robots.

Account details:

Swap Free accounts


The main feature of the Swap Free account: there are no swaps-commissions for the transfer of an open trade to the next trading day. Originally, Swap Free accounts were designed for traders who couldn’t trade with swaps due to their religious beliefs. However, this account can be valuable to traders who employ long-term strategies, as the absence of swaps means no extra expenses when transferring a position through midnight.

Account details:

Crypto account


Crypto accounts are ECN accounts optimized for cryptocurrency trading.

Account details:

MT5 account


MT5 accounts allow trading in the cutting-edge terminal MetaTrader 5 and provide the best conditions for algorithmic trading.

Account details:

Now that you have all the information, you can choose an account or even several accounts that are perfect for your trading purposes. Start with a Demo account, hone your skills on a Micro account and start real trading.

#source

Related

FxPro Trading Platform: Elevate your trading experience

As a global leader in CFD trading, here at FxPro we are always looking to expand our product offering, and provide the most convenient, yet feature-rich trading platforms...

13 May 2021

Moneta Markets Launch PAMM Service

Forex broker Moneta Markets, has just launched their new PAMM service, offering money managers and skilled traders an integrated solution to manage investor funds.

12 May 2021

Moneta Markets Overhaul their CPA Affiliate Partnership Program!

Global FX and CFD provider, Moneta Markets have updated the structure of their Affiliate program, in what appears to be a CPA model structure...

12 May 2021

FXCM Forex Baskets: a great way to speculate on volatile instruments

Trade Yen, USD and emerging markets indices. Speculate on volatile instruments, while lowering the risk of exposure to just one currency...

11 May 2021

FXCM PLUS: trading tools you need to maximize your trading experience

No matter what level of experience you have in the forex market, FXCM PLUS has the trading tools you need to maximize your trading experience. Trading signals...

10 May 2021

What Is A Forex Trading Robot?

Whichever path you follow, whichever tactic you choose and whichever method you use, cannot guarantee you 100% success. Life is full of promise, but we are responsible...

6 May 2021


Editors' Picks

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.