If you are new to online trading, you may be wondering which type of trading account you should choose. Many different types of accounts are available, each with its own benefits and drawbacks. Following are the types of accounts you can consider:
The first type of account is the micro account. Micro accounts allow you to trade small amounts, typically 1,000 units or less. This is a good option for those who want to get their feet wet in online trading without risking too much money. The downside to micro accounts is that they often have higher spreads than other accounts.
The second type of account is the mini account. Mini accounts are similar to micro-accounts because they allow you to trade in small amounts, but they typically have lower spreads than micro-accounts. This makes them a good choice for those who want to trade more frequently but don't want to risk too much money.
The third type of account is the standard account. A Standard account in Forex trading is a type of account that allows the trader to trade standard lots. Standard lots are worth $100,000 per contract. This account is best suited for experienced traders who understand the market well.