Best for beginners
Mini forex account is specifically designed for those clients who are entering the stock market for the first time and are ready to invest only in small amounts. This account offers the client the possibility of trading in any of these five basic currencies – EUR, CHF, USD, GBP, and JPY. Clients can open an account and trade in forex market with a minimum amount of 500 dollars.
Since these clients wish to trade in small amounts there are bound to be restriction on the number of trades they can have open at any given time. They will also be restrictions on how long the client can keep these positions open. These restrictions can hamper any one and make them change their mind about trading in the forex market. To overcome these restrictions the concept of micro lots was introduced. These micro lots (0.05 lots) is the minimum volume that mini forex account holder can trade in.
One advantage these account holders have is that they can adjust their leverage. They can have leverage ranging anywhere from 1:100 to 1:500. The higher the leverage is the greater is the amount they can trade in.
Mini Forex account holders can make use of the FOREX EXPERT ADVISOR a MTS (mechanical trading system). These MTS remove many factors that could complicate decision making. By removing these factors the MTS enables the account holder to make well informed decisions.
There is an Islamic version of this type account. It allows Muslims to trade in the forex market without breaking their beliefs and the Sharia law.
These account holders can upgrade their account to either Standard forex account or premium forex account any time they want. They will not be charged any fee for upgrading their accounts.
Johne has been in trading in the stock market for many years. He has traded extensively both in forex as well as CFD. His knowledge of the stock market is huge and he has done a detailed study on Mini Forex account.
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