Best forex brokers| Most forex traders at the beginning don’t know that brokers intentionally create different forex accounts for them. They just think that it’s a way for brokers to make money.
That’s wrong. Each level of trader will need different features from brokers, that’s why there are various account types.
Best forex brokers
Today I’ll give you a forex accounts comparison so that you can find out which one is the most suitable for you.
Normally, there are 3 types of account for 3 levels of forex traders. They are beginners, normal traders, and experts. Let’s see the differences between those 3 accounts.
Forex accounts for beginners
These accounts are regularly named Micro, Mini, or Cent. You can find them at every forex broker in the market.
Beginners in forex trading will need particular features from a forex account.
Firstly, they don’t want to invest too much money in it because it’s still new to them.
They don’t have much faith in this type of business and they just want to test a little from the start.
Less than $10 is good enough.
Someone will argue that why don’t beginners trade demo account.
This is very dangerous and it can lead to huge losses when you switch to real accounts, which have real-life trading conditions.
Moreover, this forex account must make everything simple and easy. Trading forex alone is complicated enough.
Therefore, the features and tools of this account must be user-friendly and easy to use.
Most forex accounts for beginners let you trade on the website because it’s much simpler than the MT4/MT5 platform.
They also like to open many positions at the same time.
Therefore, the maximum position allowed must be high, 100 to 200.
Experienced traders would like to trade with high leverage, which is never offered by beginner’s accounts.
They have learned more about risk management, so it’s fine to let them choose high leverage. The best leverage at this point is around 1:1000.
Lastly, they want to try out different currency pairs as well as other trading instruments to maximize their profits and opportunity.
That’s why a lot of accounts for experienced traders allow you to trade many different instruments.
It’s the only account that lets you trade with big money, up to thousands of dollars for a trade.
It is usually called VIP account, Zero Spread account, or just simply ECN account.
ECN account charges commission because the spreads now are nearly none. It allows you to open very large trading lots, from $1000.
It also requires very big deposit money, mostly above $1000.
I hope after my forex accounts comparison, you can choose the account that suits your level most.