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The Different Types Of Forex Accounts

There are so many choices out there when it comes to the different types of Forex accounts. Most are quite familiar with the Forex demo account. Hey Forex demo account is where you get to test drive the Forex trading software. Most Forex brokers will allow you to select your demo account deposit amount. You can then try out all the bells and whistles all the software or features that that particular Forex broker may offer. If the broker is a MetaTrader 4 broker then you can try out your trading system or your expert advisor. The Forex demo account can be a great way to get comfortable with the Forex brokers software and with getting used to placing a Forex trade.

The other type of Forex account is a real account or a live Forex account. This is where the Trader deposits money with the broker and that money is credited to his trading software. The Forex traders' trades are calculated in real time and his profit and loss is shown on the trading software. With most Forex brokers there are more than one type of real or live Forex account. Most Forex brokers now offer what are referred to as mini accounts. The Forex mini account is usually an account with a smaller deposit amount and allows the Forex trader to trade in $10,000 increments. The Forex mini account can be very useful for those that use automated trading system and also those that are looking to limit their risk exposure. A standard Forex account is the normal account that's provided by most Forex brokers. The deposit level for these accounts is usually higher than that of the many account but the trading increments is that of a standard lot or US$100,000. Many Forex brokers also offer what are referred to as an ECA and Forex trading account. Once again these are higher deposit accounts than the standard account and may have limited leverage.

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