What are forex trading accounts. What are the types of forex accounts

Before a person who decides to start making money on the Forex market, in addition to necessity, the question arises of whether what type of account to choose for forex trading? Moreover, this decision is no less responsible, since the effectiveness of trading also depends on it to some extent. There are several types of Forex accounts that differ in terms of trading on them. And not every type of account is suitable for a particular task that market participants can set for themselves.

To begin with, let's list what types of Forex accounts are most common with most companies providing brokerage services in the financial markets? So, this is:

• - demo accounts;
• - cent accounts;
• - standard or classic accounts;
• - ECN accounts (both cent and classic);
• - swap-free accounts;
• - investment PAMM-accounts;
• - managed PAMM accounts.

1) Demo accounts. The very first type with which every novice trader should start his first steps on Forex is a demo account. In sufficient detail about the advantages of a demo account and its creation is described in the article. As part of this review, it can only be emphasized that by trading in demo mode, a trader has the opportunity to gain the necessary skills for further full-fledged work in the foreign exchange market, while not risking his own money, since trading in training mode is carried out using virtual money.

2) Cent accounts. Having obtained the necessary trading skills, you can switch to real accounts, and again, it is better not to rush to invest large amounts, but start with cent accounts. The amount of the minimum deposit varies from person to person, but, as a rule, it ranges from 1 to 10 dollars, which in cent equivalent will be credited to the deposit as 100 or 1000 cents, respectively. Everything trading operations will be carried out in cents, taking into account the characteristics of a particular cent account. It turns out that, as such, it is not worth waiting for profit from trading, since the deposit is small. In this case, trading in cents is also regarded as educational, except that it changes, which otherwise refers to profit and loss, which are already measured in real money.

Despite the fact that cent accounts are considered rather as educational ones, professional trading can be carried out on them, especially if long-term Forex strategies are used, and the cent account is swap-free. On such accounts, the maximum allowable volume of one lot is 100 units, which, if the price changes by 1 pip, in money will be $10. These numbers are easy to check in . We made a profit of 100 points - earned a thousand dollars. Therefore, you should pay attention to such accounts - there are no commissions for opening deals and swaps, so there are no extra costs for them.

3) standard accounts. Forex accounts of the Standart type, aka Classic, are the most common among market participants with experience. Their feature is, at which it is convenient to calculate the final goals. With the minimum possible lot size of 0.01, one point of profit (loss) will be $0.1. This is the most successful account for trading on time frames from H1 to D1 and for . It should not be used by scalpers, since delays in order execution during an active market are a common thing for standard accounts. Take profit and stop loss levels can be set both during and after the opening of the transaction.

4) ECN accounts. For scalpers, as well as for those traders who trade intraday, opening frequent, but not long transactions, the ECN Forex account type is suitable. The spread on it is floating, but lower compared to the Standard and Classic accounts. And it depends on the principle by which ECN accounts operate. And the principle is as follows: the seller sets the price at which he would like to sell the currency. Similarly, the buyer sets his own price at which he is ready to buy. All orders fall into the so-called glass of orders, where, if the interests of both parties coincide, a purchase and sale transaction will be carried out. It turns out that prices are not formed by a broker, but depend on the offers of market participants. The prices offered by both parties may differ by the amount of the spread. As prices change, so does the size of the spread. It may also be zero. But at the same time, the trader pays a commission to the broker for each transaction. Despite the presence of commissions, the transaction costs for standard and ECN accounts are almost the same. Order execution for ECN accounts is better, however, in an active market. It should also be noted that take profit and stop loss levels can only be set after the order is executed.

Cent, standard and ECN accounts can be . If the account description contains the note Swap-free account, it means that there are no swaps on it, that is, a commission for transferring a position to the next trading day. This condition will be of interest to those traders who keep trades open for several weeks or months. If the transactions are short-term, then there is no point in opening standard and ECN swap-free accounts, since the broker charges an additional commission for opening transactions, compensating for the absence of a swap. And taking into account the fact that the size of the swap is not large, the total amount of additional commissions for frequent transactions can be much higher. But opening cent swap-free accounts, where there is no fee for opening a position, as mentioned earlier, is worth it - in the event of a protracted transaction, there will be no unnecessary losses. An example of such accounts can be swapless cent accounts with a Forex broker.

6) Investment PAMM accounts. In the event that a Forex market participant for some reason does not want to engage in trading on his own, he can invest his money in PAMM investment accounts. These accounts are discussed in more detail in a free tutorial.

7) Managed PAMM accounts. Perhaps someday you will become an experienced trader and want to multiply your earnings in the Forex market. This is where managed PAMM accounts come to your rescue. The meaning is this - investors invest their funds in your managed account, and you trade on it, taking part of the profit from trading with investors' money. If you are interested in this topic - free will help you understand it in more detail.

Description of account types of the most popular brokers:

If you have studied the information presented on this page and still do not understand what type of account you need to open, feel free to open a demo account and begin to comprehend all the intricacies and subtleties of the Forex market on it. And gradually, as you gain experience, it will become absolutely clear to you which type of account you will need to open for each specific situation!

Trading account types- certain categories of possible accounts used in the forex market, aimed at solving a specific problem. Trading efficiency on Forex market largely depends on the type of trading account chosen. To date, there are several of them for trading on Forex, each of which has its own characteristics and is aimed at solving a particular problem.

Forex demo account

The first type includes demo accounts. This type is intended for learning to trade on the Forex market. main feature such an account is an opportunity to gain the skills and experience necessary for further trading without risking your personal funds. Trading on such an account is carried out with virtual funds, which eliminates the loss of your own money at the stage of acquaintance with the Forex market.

Real account

The next type refers to real accounts where you need to invest real money - these are cent accounts. The peculiarity of this type is that the size of the minimum deposit is not high. Depending on the broker, it varies from one to ten dollars. In view of such a small deposit, trading on cent accounts can also be considered educational. But trading on a cent account, the trader begins to feel responsible for his actions and changes his attitude to profit and loss. Moreover, given type can bring good profits to experienced traders. To make a profit, you need to trade with a deposit of one hundred dollars or more. Thus, cent accounts involve trading in cents, can be used both for earning and for learning, have lower risks, and are great for trading with advisors and for traders using scalping strategies.

Standard accounts

The most common account types among experienced players are standard accounts. They may also have the names standard, classic. The peculiarity of such accounts is the presence of a fixed spread, which allows you to calculate the ultimate goals of trading. This account is most suitable for trending strategies. For scalping strategies, this account should not be used.

ECN account

ECN accounts are intended for traders who trade intraday and open private short trades. The peculiarity of such accounts is that they have a floating spread, which is lower compared to standard accounts. ECN accounts operate on the principle that the seller sets the price at which he wants to sell the currency. So does the buyer. Then there is a search for prices corresponding to each other. Trading on ECN accounts is a market one and the price is formed under the influence of supply and demand.

Swap-free accounts

Swap-free accounts deserve special attention. They may also be referred to as Swap-free. Such accounts can include all of the above, that is, cent, standard and ECN. Such accounts do not have swaps - a commission for transferring a transaction to the next day. In other words, such accounts allow you to keep transactions open for several days and even months. PAMM investment accounts are relevant for those who do not want to trade on their own. With such trading, the trader should only invest in this species accounts, and professional Forex players will take care of management. Also, this type of accounts can be managed. Here, the trader acts as the same professional who manages the investments of other players who do not want to trade on the market on their own. As a result, the trader receives a part of the profit received from the use of investors' funds.

Profitability of the trading system depends not only on the thoroughness of the approach to its development, but also on the reliability of the broker. Under the reliability of a broker, one should understand, first of all, the level of its technical equipment. After all, many types of strategies (for example, scalping) are very dependent on the level of infrastructure quality. Namely, on the speed of execution of orders. Based on this, a set of brokerage accounts of almost all forex companies can be divided into 3 main groups:· Accounts for learning to trade; · Accounts for professional trading without strict requirements for the speed of execution of client orders; · Accounts that have a high speed of execution of client orders (the most striking example of the need to use an account of this type is algorithmic trading - trading using automated trading systems). It should be noted that this classification is approximate, and, in turn, each of the groups of accounts can be divided into subgroups (for example, accounts that provide a high speed of execution of client orders can be divided into accounts that organize the withdrawal of client orders directly to the liquidity provider, and into accounts using the "ECN" model, which implies the possibility of matching a client's order with a similar order of another client of the same broker). Here, however, we will not focus on such details, but will consider each of the groups of accounts from the point of view of rationality in the context of the trading system used and the level of professional training of the trader. Accounts for learning to trade. This type of account is for educational purposes only. You can also trade on them, but only if the deposit is small. Accounts of this group can be divided into 2 types: · Demo accounts; · Cent accounts. Demo accounts. Demo account is an account with virtual in cash. It is intended primarily to get acquainted with the functionality of the trading platform. When trading on this type of account, a beginner must first learn not to confuse the "Buy" and "Sell" buttons, figuratively speaking. It is not recommended to master and test trading strategies on this type of account if, again, we are talking about learning to trade. Of course, a professional uses a demo account quite often, especially for the initial testing of a strategy or a trading robot. The latter, by the way, can also be checked in the tester, but the accuracy of such testing in most cases leaves much to be desired. This is where a demo account comes in handy. A novice trader is not recommended to stay on this type of account for a long time - after all, virtual money does not at all contribute to the development of responsibility for the safety of capital, which is very much lacking for many traders.
cent accounts. The main type of account for direct learning to trade. Many traders (and often quite experienced ones) have an erroneous opinion about the usefulness of this type of account and the possibility of full-fledged trading on it. This is fundamentally wrong. Firstly, cent accounts are named as such because, as a rule, they have a 100 times smaller lot size. It is understood that a trader will not trade large volumes on this type of account. The size of the deposit on this type of account is also usually limited. Usually - in the amount of a couple of thousand USD. Secondly. This type of account, as a rule, does not provide for the withdrawal of client transactions to a liquidity provider. In other words, the trader's order remains with the broker. Here it is performed. For many companies, this is directly indicated on the website in the description section of this type of account. Accordingly, it is simply impossible to trade professionally on this type of account. Due to the unavailability of the withdrawal of a trader's trading requests to a liquidity provider, by the way, these types of accounts have strict restrictions on the size of the trading deposit. Any novice trader should understand that the period of his use of a cent account must be limited to the period of his entry into breakeven trading. After receiving the first profits, it is advisable to transfer funds to a full-fledged trading account. Accounts for professional trading without strict requirements for the speed of execution of client orders (accounts with brokerage dealing). This is the main type of accounts provided by forex brokers. Positions on accounts of this type are overlapped (hedged, as Forex brokers themselves like to say) with liquidity providers. As a rule, accounts of this type also do not have direct access to the interbank market, but for many types of strategies, for example, medium-term ones, this is not required. Usually, the broker displays only the uncovered part of client positions to the liquidity provider. For most traders, both beginners and professionals, this type of account will be more than enough. Statistics about 95% of traders losing money allows the remaining 5% and brokers to be in profit, contrary to popular belief about the "inferiority" of this type of account. Earning traders consistently receive income from trading on accounts of this type. Summarize: brokerage dealing accounts are suitable for most manual traders and there are no restrictions on trading style. Unless some brokers will not allow trading with scalping on this type of account. But that's what NDD accounts are for. We slowly approached types of accounts with high execution speed client orders and having access to liquidity providers (NDD - accounts). NDD - No Dealing Desk, accounts on which trade orders are displayed directly to liquidity providers, bypassing brokerage dealing. This means that in this case, the broker only provides you with the technical ability to withdraw your order directly to the liquidity provider or ECN. This type of accounts can be divided into 2 main subtypes: STP - accounts; · ECN - accounts. STP - accounts. STP (Straight Through Processing) is a system for sending client orders through liquidity providers. Typically, the system provides for the best price execution of a client order. However, the client's order is still executed, usually at a slightly worse price compared to the price provided by the liquidity provider. Due to this small premium, the broker earns several points. As a rule, there are no commissions on this type of account. The spread on this type of account is usually floating and has average value. But it is still less than on accounts with a fixed spread. Accounts of this type represent the best compromise between spread and commission. ECN - accounts. This type of accounts is the most professional, as it most fully implements the exchange principle of pricing. ECN (Electronic Communications Network) is a system that allows you to connect customer requests with each other. Just like it happens on any centralized exchange platform. Usually, a bridge is connected to the broker's ECN, aggregating the liquidity of multiple liquidity providers. Thus, a client trading through an ECN can get their order filled either directly on the broker's ECN (which guarantees a very low spread), or the order will be filled by the liquidity provider that offered the best price. As a rule, an ECN account assumes a fixed commission per trade. Therefore, trading on this type of account is worth it only if the spread is very significant for you.

Which Forex account to choose is a question that arises for a new client immediately after choosing a brokerage company. The efficiency of a trader's work largely depends on the decision on which type of account to trade on, since the trading conditions on the accounts offered by the broker can vary significantly.

• demo account - provides an opportunity to trade in a training mode to get acquainted with the functionality of the trading terminal and gain all the skills necessary for a trader. The main advantage of demo accounts is that there is no need to deposit your own funds. Thus, the process of learning to trade online is not expensive. In the future, even when opening other types of accounts, traders often return to the demo to test new trading strategies, tactics and automated assistants.
• cent account - ideal for making the first transactions using real money, allows you to make small amounts as an initial deposit and make transactions of a minimum volume. This type of accounts got its name due to the display of the balance in cents. Working on such accounts changes the psychology of a trader, as he learns to manage his own money and at the same time sees the balance display in the form that it will look like when trading on standard conditions.
• the standard (or classic dollar) account is the most popular way to work, which is suitable for various timeframes and trading strategies. There are classic accounts with fixed or floating spread values.
• ECN account is intended for short-term intraday trading, since it provides a low floating spread size, which changes in accordance with the growth or decrease in the price of the selected trading instrument.
• swap-free - type of accounts (cent, standard or ECN) on which no commission is charged for transferring open positions to the next trading day. The presence of such an advantage is relevant for those broker clients who, in accordance with the rules of their trading strategy, prefer to keep positions open for several days or weeks.

After a thorough comparison of conditions on different types of accounts, you can independently determine which Forex account is better for your tactics.

Each new trader, before registering on the international currency market, asks a logical question which Forex account to choose for work. Many brokers provide the opportunity to study the necessary information and select certain aspects of cooperation, including the trader's future trading account. It is difficult to say which one is better, because each of them has its own specific purpose.

Which Forex account to choose?

On the international financial platform, a trading account can be opened by anyone, as individual as well as legal. It is difficult to say which account is better in Forex. For each of them, there are several options for trading accounts that are suitable for the requirements of a trader, a broker and the direction of a particular person. A correctly selected personal account on the broker's website will provide high percent successful career in online trading.

1. Demo account for beginners. The demo version of the wallet on the Forex market was created specifically for novice traders who have just decided to register on the website of a brokerage company. There is no real money on it - they are virtual. This was done specifically so that an inexperienced person, who first encountered the tricky and risky world of the foreign exchange market, could undergo training and gain the necessary experience for professional trading. During the training, a trader will be able to find and understand his effective trading strategy, learn to recognize the charts of market terminals, monitor changes in quotes of currency pairs and predict them in advance. A demo version of a Forex account can give a lot of useful and instructive things. The only limitation in this type of trading on the market is the inability to earn real capital. Since the wallet has a virtual balance, the income is corresponding.
2. Cent account for entry level. Forex trading cent account has its advantages for getting started. His balance is a certain minimum in US cents, which minimizes a huge crash and the loss of a large amount of money. The cents in the account are real, the work can bring a positive income, but not very much. This type of wallet is advised to be opened after training on the demo version. If a trader is not yet fully confident in his abilities and the effectiveness of the strategy, it is better for him to start small, using a cent trading account.
3. Standard account for most traders. The classic and most common account with a broker has different conditions and starting capital. On average, leverage is at least $2,000. It all depends on the experience of the trader and the rules of the brokerage agency itself. Such a trading account allows you to freely work in different directions on the Forex market, replenish your account at any time through your personal account on the broker's website, and also withdraw earned money in the same way.
4. The account is Islamic for people of a certain faith. international market Forex respects different faiths, therefore, especially for the people of Islam, he created a special trading account with certain restrictions and advantages. The main difference between this wallet and the standard one is the absence of a daily debit. sum of money for postponing an unfinished transaction. They have a similar procedure carried out once a week in the form of a write-off of interest.
5. Pamm accounts for those who want to invest. Any investor financial market Forex can open such an account for itself in order to replenish it for the work of other traders. In this case, the investor receives a certain percentage for using personal funds, while doing nothing on his own. Pamm wallet is suitable for large entrepreneurs and other financial units who want to invest in the development of the international Forex currency market.
6. Non Dealing Desk - an account without a broker. For those who don't want to be associated with brokerage companies, Non Dealing Desk - NDD in abbreviation is suitable. The minimum down payment to such an account is about $500. The influence of a broker on a trader who trades using the NDD method is minimal, it can even be regulated at the request of the trader himself. Non Dealing Desk is not yet as popular on the market as standard work with brokerage firms, but over time it is predicted to have good development prospects. Which Forex accounts are better, brokerage or given, is up to everyone to decide.
7. Dealing Desk - trading against a broker. Dealing Desk - a separate internal platform in the Forex market that allows you to get training in the matter of trading currency pairs. Clients of a certain dealing company trade with their broker - market maker, opposing him, not even knowing the quotes. Inexperienced beginners can usefully spend some time trading on the Dealing Desk site, having prepared themselves mentally for real market Forex and trading on it.

What are the best Forex accounts?

It is almost impossible to give a definite answer to such a question. Each trader at some point in his career can change one account for another. Of course, it is best to start from the bottom in order to gain experience and not lose a lot of money initially. And then, gradually, subject to the successful development of activities, it is worth increasing capital and changing a trading account with advanced features. Success in the Forex market will tell you which account to choose.

An integral concept of the Forex market is the Forex account. What is it, how to open it, what types of accounts are there and how to use them, you will learn from this article.

What is a Forex account and what is it for?

Forex account is yours unique number for storing a deposit and accounting for the result of trading operations.

Such an account is opened in the personal account of the Forex broker you have chosen.

As a first approximation, Forex accounts can be classified into:

• real;
• demo accounts.

The main difference is the purpose of their existence.

The main purpose of real accounts is to make a profit from the sale and purchase of currency that are made from this account. Therefore, to ensure the functionality of such an account, it must be replenished with real money.

The purpose of opening a demo account is to learn how to trade. They are replenished with virtual money.

What are the types (types) of accounts

When opening a Forex account, a trader has the opportunity to choose the type.

Forex account types differ in properties and purposes, let's understand:

Demo account

A demo account is a practice account where you do not have to deposit real money, but use virtual ones provided by the broker.

Everything else is identical to a real account, or rather, very close to the conditions on a real account.

Here you can train to make trades on operating markets without risking your own money.

Such accounts are opened free of charge.

With their help, you can:

• understand the principles of Forex;
• learn to feel currency fluctuations;
• learn how to apply technical analysis;
• test certain trading strategies;
• to get acquainted with the technologies of work of certain trading terminals;
• evaluate the work of the broker.

Such an account will be useful both for beginners to learn how to trade, and for experienced traders testing the strategy or the quality of the broker's work.

For example, with the Weltrade broker, a demo account allows you to trade with a leverage of 1:1000 and a balance of $5000.

cent account

Cent accounts are also used for training and training.

Its main difference from classic accounts is that the deposit balance is displayed there in cents, not in dollars.

Therefore, the deposit amount of $25 will look like 2500 in the terminal.

At the same time, the rest trading conditions cent account is almost the same as a standard account.

Such an account is needed if your strategy or robot requires a large deposit, but you are not yet ready to risk thousands of dollars, and $100 on a cent account is 10,000.

Weltrade, for example, has a cent account called Micro.

Types of accounts with Weltrade broker

It allows you to make a minimum deposit of only $25 and is designed to familiarize yourself with the trading conditions and the quality of execution of market orders.

Therefore, if the broker sees that the account is traded at a professional level, it has the right to put restrictions on trading operations and ask the owner to switch to another trading account.

Standard (dollar) account

A standard dollar account may also be called Classic. This type of account is the most common.

This is already a full-fledged trading account for trading any amount.

Like other accounts, it may differ in leverage, type, and order execution conditions.

Micro and/or Mini account

Mini and Micro accounts differ from standard ones mainly in the size of the required deposit. It can be:

• for Micro accounts - from $10;
• for Mini - from 100 dollars.

There is often confusion here, because, for example, Veltrade's name Micro is a cent account, while GerchikCo and Exness have standard accounts, but with reduced requirements for a minimum deposit.

Because of this, these accounts are suitable for novice traders who do not have enough funds to make the required deposit into a standard account or who are not willing to risk such amounts.

Tima account

TIMA-account is a service from Gerchik & Co that allows you to earn on Forex without trading on your own.

TIMA is a trust management service that involves you transferring funds to the management of an experienced trader.

He keeps part of the profit for himself for work, and transfers part to you. Depending on its success, the yield on such an account can be 100-300% per annum.

The main advantage of such a service is the practical absence of risks.

pamm account

This account also includes trust management by your means, like the previous one.

The difference is that here you cannot limit your losses.

When investing in a TIMA account, you specify the maximum allowable loss percentage for your funds. There is no such item in PAMM accounts. How a PAMM account works The most famous PAMM account service is offered by Alpari broker.

What is an STP account

The STP platform (stands for Straight Through Processing) provides account holders based on it with direct access to liquidity providers.

The STP account broker does not interfere in the trading process.

And the more partners he has, the more chances traders have for a favorable transaction price.

What is an ECN account

An ECN account is an account that operates in the ECN system using STP technology.

ECN stands for Electronic Communication Network, or an electronic communication network that allows you to display orders for the sale and purchase of currency both from big clients(banks), and from retail traders.

That is, client positions have direct access to liquidity providers, like STP accounts, the ECN broker does not interfere.

Such accounts usually have a lower spread than standard ones, but there may be commissions per trade (this is not a problem, since the savings on the spread almost always cover the commission costs).

The difference from STP accounts is that here the trader works not with one broker, but in the whole ECN system, which unites many brokers and, accordingly, many times more liquidity providers.

Broker Alpari, for example, offers three ECN accounts.

What is an NDD account

NDD or Non Dealing Desk is a system that offers progressive order execution to traders. The main properties are:

• automatic execution of orders;
• access to competing liquidity providers;
• high speed of execution of transactions even with large volumes.

Basically, both ECN and STP accounts work on the basis of NDD.

An example of the conditions for such an account can be found at Forex4you.

Forex Crypto Accounts

This type of account is designed to enable you to trade cryptocurrencies using Forex technologies.

The convenience is that Forex brokers, unlike crypto exchanges, provide an opportunity to trade with leverage and use the most advanced MetaTrader trading platform.

Many brokers have crypto-accounts; among them, of course, I will single out Weltrade.

Competition accounts

A contest account is often a demo account that takes part in a competition between the same demo accounts of other traders.

The size of the deposit in virtual currency and other conditions of the competition depend on the broker.

Many brokers run several different types of contests and the conditions will be different for each.

In case of winning the contest, the trader wins real money.

There are contests on real accounts, this type of account can also be called competitive.

Swap-free accounts

The essence of this type of account is clear from the name: this account does not involve debiting a trader when a position is rolled over to the next day.

This allows you to save if your trading system involves frequent transfer of transactions every other day.

Many brokers may also allow swaps to be turned off for regular accounts.

A well-known broker with the ability to open a swap-free account is Instaforex.

Also, such accounts are called Islamic.

No deposit account

This type of account is considered a bonus account.

You can trade with real money without depositing a single cent into your trading account.

You cannot withdraw the deposit bonus itself, but you can withdraw the profit!

Which broker to open a real account with

Before you open a forex trading account, it is advisable to decide on a broker.

When choosing a broker to open a real account, it is important to pay attention to its following characteristics:

1. Types of Trading Accounts Offered - If a broker does not have an account that suits you, then the broker may not be right for you.
2. Ways to deposit and especially withdraw money. Since we trade on the stock exchange in order to make a profit, it is important to know that this profit can be withdrawn without hindrance.
3. The popularity of the broker, reviews, availability of licenses to conduct activities, etc. It is important to know that in a month the broker will not disappear from the market along with your earned or simply deposited money.
4. Suggested trading technologies. Trading platform with which the broker works is also important: you should be comfortable.

Depending on what trading strategy you prefer, one or another Forex account may suit you.

Newbie account

First of all, beginners can be advised to start with demo accounts: they will get acquainted with the broker, the terminal, and the principles of trading. And only then switch to a real account.

In order to feel some confidence in your abilities on a real account, but if you fail, you can not lose much, you can choose to start with cent or micro accounts.

This will help you learn and guarantee a lower risk of loss.

Robot trading account

It all depends on the needs of the trading robot.

So, for example, you need a minimum deposit of 10,000 units, is that much? But for a cent account, it's only $100.

Account for attracting investors

If you are already an experienced trader and confident in your trading strategies, then you can think about making money on your skill.

To do this, you can open TIMA or (see above for the difference), demonstrate your successful strategy and thus attract investors to your account.

This way you get big working capital, which means you earn more profit, since in trading profit is a percentage of the deposit growth.

10% of $1,000 and the same 10% of $100,000 is a big difference, but at the same time, you don’t need to change anything except for trading - you work the same amount, you earn many times more.

scalping account

It is easy to understand which type of account to choose in Forex for scalping, based on the fact that this strategy involves making a profit on small price changes.

Therefore, perhaps, an ECN account would be ideal for him.

Usually a low or zero spread will allow you to earn more.

And the absence of requotes (a request to enter a trade at a price different from the declared one) due to working directly with liquidity providers gives more control and confidence in the level of profit.

Account for medium and long-term trading

A distinctive feature of the medium and long-term trading there is a need to transfer the position to the next day.

If, according to the terms of the account, you must pay for such a service (), then these are your additional losses.

Choosing a swap-free account will help you avoid such losses.

And vice versa, if your strategy involves opening trades in the direction of a positive swap, then you need accounts with swap accrual.

For news trading

Which one is better to open a Forex account, a professional trader who trades on the news also decides based on the specifics of such trading.

The essence of such trading is to open deals after the release of certain news.

That is, you need to act quickly and it is desirable to be sure that the price will not change in a second.

Therefore, an ECN account is suitable here: the speed of operations, low spread and direct trading with liquidity providers is exactly what you need.

Differences in the design and technical capabilities of the MT4 and MT5 trading terminals are also reflected in the account capabilities for these platforms.

Metatrader 5 is a completely rebuilt terminal on a new architecture, but we, as traders, notice the main things:

• a larger set of timeframes;
• advanced programming language mql5;
• the ability to test multi-currency trading robots;
• the ability to use cloud capacities, which significantly speeds up the optimization of trading advisors;
• the presence of a glass of the market, which allows you to study the "depth" of the market.

MT5 can also be used in the stock markets.

As for the differences in trading account conditions for MT4 and MT5, they often do not exist.

How to open an account

To open a Forex account, you first need to register on the broker's website. The principle of registration for all brokers is approximately the same:

• find the button " Register";
• undergo the required procedure (usually it involves the introduction of certain personal data).

The next step is actually opening an account. For this:

1. Click "Open Account".
2. Select the desired account type from the list.
3. In the account settings set:
   • leverage;
   • account currency;
   • trading platform.

Often brokers after opening a real account require the introduction of the trader's passport data. This is fine.

This condition is necessary so that later there are no questions about the identity of the account holder when withdrawing money.

How to close an account

In the personal account of your broker, there is always the opportunity to close a trading account.

This may be necessary if you trade on multiple accounts and you no longer need some, and to avoid confusion, you can close any account.

Usually given function located in the account settings.

Closing an account is not the same as closing a personal account with a broker!

You can have many accounts with one broker, but your personal account should be one.

closure personal account will completely block your access to this broker.

Features depositing and withdrawing funds from / to the account

After opening, the question arises of how to fund a forex account.

Replenishment can be done different ways:

• Bank transaction- can take up to 7 days, requires the personal presence at the bank of the account holder, but the most reliable, because if something is wrong, you can confirm the transfer with a transaction confirmation document from the bank. This method is good for replenishment needs. large sums straightaway.
• WITH bank card- also quite reliable, you can conduct it from the trader's personal account without visiting the bank. In some cases, the broker may require scans of the passport and the trader's identification code. This method involves a higher deposit fee, often due to conversion.
• Most traders make deposits through electronic payment systems due to low commissions, high transfer speed and simplicity. But it is in this method that the biggest risks are: there is no document confirming the payment. Therefore, it is recommended to use it when translating small amounts or if you need to make a transfer right now.