You’ve heard of all those Forex Successful traders who are making themselves wealthy every single day trading in a market with a volume that exceeds 3 trillion dollars daily. Why not be part of that market? Maybe you don’t think you have the money. That is not the case when it comes to Fx Micro Accounts

How many Forex account types are there?

• Demo accounts – used for practice. No money needed
• Forex live accounts – all accounts opened with real money (that are not demo accounts)
• Micro account – less money needed to open one-  a 10th of a mini account
• Mini account – start with less money – a 10th of a standard account
• Standard account – so called “normal” account, used by experienced  Forex traders.
• Managed account – let someone else trade for you.

A micro account is considered to be 1,000 units of the base currency you are trading, a mini is 10,000 units and a standard account is as high as 100,000 units.

Did you know that you can start trading in forex with only $25? That’s less than going to a movie and getting yourself some popcorn.

Micro Forex Accounts – Finding a Quality Foreign Currency Broker

A standard account usually requires you to put down $2,500 to open it. This might not be doable for everyone, so Forex Brokers offer mini and micro accounts to fit everyone’s budget and level of expertise. Some people might have the money but don’t want to lose it while learning how to trade, so the best way after playing with a demo account is to open a micro account. Taking one step at a time!

Of course, you understand by now that the more money you put down the more money you are going to gain in case of a good trade. It’s logical. So, why start with a Currency micro account?

• you need less than $100 to open one
• you can learn how to trade while not killing your budget
• you can open several different micro accounts and try different strategies on each one of them without losing too much of your money
• try your hand at trading “exotic” currencies – not much info on them, more of a gamble
• understand the psychology of trading – only present when risking your own money
• feel like they are losing good opportunities to make a lot of money by “playing” Forex instead of trading Forex

No matter what feelings you initially have towards a micro account, you have to consider your budget and position before you open a live forex account. It is very important.

Warning: Forex trading can be addictive especially to gamblers, so if you are one of those people who has a gambling problem and you know it, you should stay away from Forex trading or any trading for that matter. It doesn’t matter if it’s a $25 micro account or a $2,500 standard account.

The beauty of Forex is that you can’t lose more than you put into your account, but $25 accounts can add fast!

You should always start with a Demo account when you first enter the world of Forex trading and learn this skill like any other, step-by-step if your goal is to become a Forex Successful trader.