Select a trading account. Comparison of accounts
A trading account from a broker is a personal account that a client opens with a brokerage firm. It is in his account that the trader makes all the trades. What accounts are different, how to distinguish and how to choose the right one, we will tell you today. Opening an account is the first major step in the foreign exchange market. Each trading account has its own set of parameters optimized for a particular type of trading. The choice of trading account is based on the trading style and experience of the trader, his goals and the desired amount of profit. To test forex robots and trading strategies, the trader can also choose the right account type.
All accounts offered by a forex broker to select an investor differ in key features:
minimum deposit size;Minimum volume of trade lot;Type of Trading Platform Leverage Size;Spread type (fixed or variable);presence and size of swaps.
How do I choose a trading account?
Grand Capital has granted all requests from traders, providing its clients with the most popular types of trading accounts with favourable trading conditions. Grand Capital Trading Account Review:
10100 What is a demo account? This is an account designed to teach trading on market currencies. This is a real account simulator, completely duplicating all its features except one – trading in a demo account on the forex market is done exclusively with virtual money. Let your time to trade with real money! Even experienced traders do not neglect the use of a demo account. Be sure to try it out before opening a real account.
Demo account duplicates the parameters of the actual trading accounts provided by the broker, namely:
leverage size;Currency options Hedging or noted account on the platform MetaTrader 5
In the demo account of a novice trader is practiced. It can be used to learn how to operate a trading terminal, learn technical analysis tools, learn how to open, close, and manage transactions.
Experienced traders use demo accounts to develop and validate trading strategies by testing forex robots on different currency pairs in real time.
Cent (micro) account
Cent account is real, but with a small minimum deposit size – from 1 to 10 dollars. Therefore, like a demo account, it is suitable for learning. Of course, you don’t have to talk about a lot of money when trading on a micro account, but with its help you can learn the basics of trading and test your trading strategies. A cent account, as well as a demo account, is irreplaceable for a novice trader because it allows you to trade real money, but without serious losses. Unlike a standard trading account, where trading takes place in dollars, in a cent account – cents. This means that a deposit of $10 on such an account looks like 1000 cents.
Size Minimum Deposit: $10;Spread: from 1 point;Number of trading instruments: 66;Leverage: 1:1 to 1:500;account currency: dollars, euros, ruble, pound sterling;additional benefits: the ability to use both for training and for testing strategies and advisors.
This type of account is also called a classic. It has a wide range of assets to trade, fixed spread and allows you to open large trades. The Standard account offers the investor the widest range of trading instruments, from conventional currency pairs to commodities and energy futures.
Size Minimum Deposit: $100;Spread: from 1 point;number of trading instruments: 330 (currencies, metals, cfds on indices and stocks, commodity and energy futures);Leverage: 1:1 to 1:500;account currency: dollar, euro, ruble, pound sterling, yen, gold, bitcoins, Ethereum;Benefit Add-ons: 40% bonus for each recharge without quantitative limits.
ECN-account uses electronic communications network (electronic communications network), which allows the transmission of applications directly to the market, completely excluding intermediaries. ECN Prime provides access to a market for high liquidity and immediate execution of orders. Applications shall be implemented at the best market prices, irrespective of external circumstances.
Market applications are translated into a single order book and processed by internal ECN processing centres in real time. Using a special algorithm, opposite orders are selected which are executed automatically when the currency pair, price and size of the trade lot are matched. Account
ECN is most commonly used for intraday trading, in which the trader opens a large number of trades in one day. A feature of this type of account is the use of a dynamic spread, the size of which is smaller than the fixed spread of standard accounts.
Due to the use of advanced AMTS technologies, it ensures high liquidity and immediate execution of trading orders at the best price of all counterparties. It has the most comfortable conditions for applying the strategy of scalping and trading robots.
1 Minimum Deposit: $500 spread: from 0.4 points;Number of trading instruments: 38 (currency pairs and cryptocurrencies);Leverage: 1:1 to 1:100;Account currency: US dollars;additional benefits: using a glass of prices and quotes of the leading market makers – Bank of America, Deutcshe Bank, BNP Paribas, Societe Generale and the largest cryptocurrency exchanges.
Swap Free account
Swap Free Account Feature: completely absent swap – commission for converting open trading to the next trading day. Invoices have been created specifically for clients who cannot use swaps. In addition, this type of account is very popular among long-term traders because it allows you to reduce the cost of trading, keeping your position open for a long time.
1 Minimum Deposit: $100;Spread: from 1 point;Number of trading instruments: 330;Leverage: 1:1 to 1:500;Account currency: US dollar;Additional benefits: the possibility of obtaining an additional profit from the absence of a commission swap.
Crypto account is an ECN account optimized for trading pairs of cryptocurrencies.
1 Minimum Deposit: $100;Spread: from 0.4 points;Number of trading tools: 68 pairs of cryptocurrencies;Leverage: 1:3;Account currency: US dollar;additional benefits: two-factor verification, personal manager services, the ability to top up your account of any currency through the most popular payment systems.
Trading account MT5
The account uses the MetaTrader 5 Trading Terminal and provides optimal conditions for algorithmic trading.
1 Minimum deposit: $100;Spread: from 0.4 points;number of trading instruments: more than 450 (currencies, metals, cfds on indices and stocks, commodity and energy futures);Leverage: 1:1 to 1:100;Account currency: US dollar;Additional benefits: glass prices, advanced tester strategies, trading robots of any complexity.
You can also compare trading accounts at Grand Capital here. Now, with all the information, you can pick up an account or even several accounts that are perfect for your trading purposes. Start with a demo account, hone your micro account skills and start a real trade.