What is Forex Mini, Micro and Standard Account?
Forex Account
In Forex market a trader can open Forex account based on different leverage. There are three types of Forex account:
1. Forex Standard Account
2. Forex Mini Account
3. Forex Micro Account
The table below summaries all the key differences between the three type of Forex Accounts:
Forex Account
| Forex Account Types | Leverage | Opening Balance | Trade Size |
|---|---|---|---|
| Forex Standard | 100:1 | High ~$2000+ | 100,000 |
| Forex Mini | 200:1 | Low ~$500+ | 10,000 |
| Forex Micro | 400:1 | Lowest ~$100+ | 1,000 |
As you can see form the table that the lower leverage accounts usually require more money to open a Forex account. So if you are new to trading and want to invest only a small amount then perhaps a Forex Mini or Micro Forex account is the way to go. However if you are planning to make a living out of trading or planning to trade full-time then Standard Forex account is the preferred choice over Forex Mini and Micro Accounts.
You can read more on What is Leverage and find out Whether Higher Leverage Helps?
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