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Choosing the right trading account


The forex market is no longer a space reserved solely for banks, financial institutions, money managers or hedge funds. Instead, individual traders also have the ability to compete in this domain, provided they set up a suitable trading account. The type of account someone chooses is typically dependent on skills, expertise and risk tolerance.

A forex trading account is a type of account that a trader opens with a forex broker to trade in the forex market. With the number of forex brokers that exist globally, traders typically start off using a demo account as a way of testing which broker is best suited to their needs.

Why does one need a trading account?

A forex trader is unable to access the forex market without opening a trading account with a forex broker. A newcomer to forex trading can open a demo trading account on a trading platform like Metatrader 4, download their data and use it to practice how to trade using virtual money. This gives a person the ability to gain forex trading experience using the tools provided by the MT4 platform. However, a trader must switch to a live trading account with a forex broker to execute real trades in the forex market.

T4Trade is a popular global forex broker that offers multiple accounts to people who want to trade forex. What account is best suited to you depends on your risk tolerance, available time to trade and initial investment size.

Moving to a live trading account

Demo trading is an important part of the process of becoming a more skilled forex trader.  It offers a simulated trading environment for a trader to learn more about opening and managing trades. It also provides a trader with much-needed experience without the risk of losing real money. So when is the right time to move to a live trading account?

Choosing the right forex broker

Choosing the right broker with whom to open a forex trading account is dependent on several factors:

Frequently asked questions (FAQs)

Below we answer some of the most popular questions that arise as far as forex trading accounts are concerned.

Why trade with T4Trade?

T4Trade Standard, Premium, Privilege and Cent accounts offer traders access to more than 300 instruments from 6 asset classes with competitive conditions, through the MT4 trading platform. This includes shares, indices, forex, futures, metals and commodities. T4Trade traders can also enjoy flexible leverage, tight spreads, trading lots from 0.01 for all account types, and fast execution.

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