Forex Trading Mini Account
Interested in the Forex market, but afraid to take the leap from a demo practice account to a live trading account? Then a Mini Forex Account is the thing for you. The main advantage of this account is that it allows you to start small. The minimum amount you need to open a live trading account with a reputable licensed and regulated broker can start from just five hundred dollars. Some will also offer you a selection of base currencies which you can trade in, for example the Swiss Frank (CHF), Great British Pound (GBP), Japanese Yen (JPY), Euro, and United States Dollar (USD). Forex Trading Mini Account
When trading in small amounts you will naturally find that there are restrictions on your trading capabilities, so some brokers overcome these restrictions on the mini forex account by allowing clients to trade in micro lots (0.05 lots). Clients who trade using mini accounts can have flexible leverage. The leverage they are allowed can be anything from as low as 1:100 to as high as 1:500. The higher the leverage, the higher the amount you can trade.
A forex account allows even Muslim clients to do trading without compromising on their religious beliefs. There are also possibilities for an ‘Expert advisor’ which will automate certain decisions for you on the forex market, by calculating various factors that are involved in making a decision and automating parts of this. But one should also remember that the expert advisor is a machine and there is a possibility that it could sometimes produce undesirable results. Therefore, you should take the suggestions made by the expert advisor with a bit of salt and monitor their performance closely.
One can find different types of ‘expert advisor’ available in the market. Each expert advisor is follows a different type of programming and a different way of forming strategy for the forex market, for example there are news trading EAs. There are also corporate accounts available, allowing companies and institutional investors to trade in the Forex market. Forex Trading Mini Account