Although it varies from one broker to the next, a Forex trading account can usually be opened with $2,500 or more. However, for those who are new to the world of currency trading then a Forex mini trading account can often be opened for as little as just $250.
A standard account will usually be operated in trading lots of 100,000 (meaning that you have to purchase 100,000 dollars, euros, yen etc.) whereas a mini Forex account you will normally allow you to trade in lots of just 10,000.
A mini Forex trading account operates by allowing you to use leverage in trading so that you are effectively trading with more money than you actually have in your account. The leverage available will vary between brokers, but is typically in the region of 200 to 1.
So, what does this mean?
If we assume that the minimum required to trade a lot is $10,000 then, with a leverage of 200 to 1, you would be able to trade with as little as $50 ($50 X 200 = $10,000) and so, with an initial deposit of $250, you would be able to trade up to 5 lots.
This is of course a very simple introduction to online mini account Forex trading and there is a little bit more to it than portrayed here.
Nevertheless, the principle behind Forex mini trading is simply to allow those who are just starting out in the world of foreign exchange trading to learn the ropes without investing too much money or taking too high a risk.
Just look for Forex mini online or a Forex managed mini account and find a broker who offers a Forex mini demo and the best mini Forex fully automated trading.
FOREX
1 comments:
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