If you’re planning to set foot in the online trading market, then opening a Forex trading account with an online broker is an important step. However, there are a few essential things to know about Forex accounts beforehand so that you can protect your trading funds.
What Is a Forex Account, and What’s its Use?
Before you start to open a Forex Real account, it’s essential to learn what it stands for and how it’s different from other versions.
A Forex trading account is your account opened on a broker’s platform, where you can store all your funds for transactions. The stored money is your property only and remains at your disposal.
With this account, you can make deposits and other transactions, carry out online trading, link up to trading platforms, participate in promotional programs, and connect to various training services with free access.
How Is a Real Account Different From a Demo Account?
When you open a Forex Real account, you are trading real money and receive a real income. A real account is only opened on a broker’s platform. All your trading operations are done through real currency.
A Demo account is different; it’s a free training account that can be opened on all brokers’ and trading platforms through which you can trade virtual currency. It’s great for novice traders as the risk of loss is removed.
The Three Types of Forex Real Accounts
There are three main types of Forex real accounts: Cent or Micro, Standard or Classic, and Premium or Pro.
Cent or Micro accounts have a minimum starting deposit, and all trades are displayed in micro-lots and cents, making it optimal for novice traders.
The Classic or Standard accounts are suitable for long-term trading with non-aggressive investment. Minimum transactions are 0.01 lots. You can also auto trade with these accounts.
Premium or Pro are VIP accounts for seasoned traders with a wide range of financial instruments, access to liquidity providers, and social trading, and unlimited transaction time.
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