A Forex trade account is a personal client’s account which a user can open on a broker platform. Before you start trading, as a trader, you must choose a trustworthy broker for opening the account. Trading on Forex is impossible without such account. It mainly stores trader funds and allows you to perform trading activities. Forex trading accounts are generally divided into two types. They include a real account and a demo account. If you are planning to open a forex trade account or to start trading on forex, you must know the features and advantages of these accounts. In this article, we will discuss the major pros and cons of real and demo accounts.
Real forex account
With a real trading account, you can invest real money in the Forex market and profit from it. Real accounts are different and they come with various trading terms. These accounts allow traders to invest funds for trading, carry out transactions & trading operations, submit requests to withdraw profits, & also connect to different services for potential trading in Forex. Major types of real trading accounts include
1. Cent (mini, micro)
2. Standard or classic
3. Professional premium accounts (Pro, VIP, Gold, & Premium)
1. Cent (mini and micro):
This account comes with a minimal starting deposit and transaction number. Trades on the market are mainly displayed in micro-lots and cents. Creating a cent account is one of the best options for beginners to gain knowledge for real trading.
Benefits
• Minimal investments
• Optimal sizes for leverages and spreads
• Good for novice traders
• Training in real trading conditions
• Testing & evaluation of trading conditions
2. Standard accounts (Standard and Classic)
Standard & classic accounts are perfect for experienced traders. These accounts allow to make transactions with a low amount & work with immediate order executions.
Benefits
• Constant spread level
• Ideal for long-term trading
• Allow to conduct automatic trading on a weekly and daily basis
3. Professional accounts
These accounts are specially created for professional traders. Some popular types of professional accounts include VIP, Pro, Premium, etc. Professional accounts are quite similar to traditional standard accounts with the exception of premium terms.
Benefits
• A wide spectrum of financial instruments
• No transactions duration limits
• Liquidity provider access
Demo forex accounts
It’s completely free training account that comes with virtual currency. The demo forex account is specially designed for beginners. As a novice trader, you can learn how to trade properly on Forex with the help of this demo account. You can also put your theoretical knowledge and skills into practice. A demo forex account reduces the risk of losses as you are only able to trade with virtual cash.
A demo account helps you to know the trading platform & Forex market features.
It also helps to learn how to evaluate different situations on the market & analyse them. You can also study & test available financial instruments. With this account, you can boost your technical knowledge and skills before you start real forex trading.
Benefits
• No need to invest real money
• Ideal for beginners
• Easy to open and close
• Develop & test trading strategies
• Removes psychological stresses and pressure
• No risk of losses
• Good for learning the real market strategies
• Polishes up your skills and trading knowledge
Final words
Real and demo trading accounts are crucial for beginners and professional forex traders. If you want to start trading, you need to consider 3 things – open a trade account, determine your goals and define financial capabilities.
Would you like to open forex trade account? Contact NordFX. As an experienced and trusted international broker, NordFX has developed a reputation of the trustworthy broker with the best trading conditions and transparent fees. With 14+ years of experience, company is serving in 190 countries across the world.
Things to know before you open a forex trade account
A Forex trade account is a personal client’s account which a user can open on a broker platform. Before you start trading, as a trader, you must choose a trustworthy broker for opening the account. Trading on Forex is impossible without such account. It mainly stores trader funds and allows you to perform trading activities. Forex trading accounts are generally divided into two types. They include a real account and a demo account. If you are planning to open a forex trade account or to start trading on forex, you must know the features and advantages of these accounts. In this article, we will discuss the major pros and cons of real and demo accounts.
Real forex account
With a real trading account, you can invest real money in the Forex market and profit from it. Real accounts are different and they come with various trading terms. These accounts allow traders to invest funds for trading, carry out transactions & trading operations, submit requests to withdraw profits, & also connect to different services for potential trading in Forex. Major types of real trading accounts include
1. Cent (mini, micro)
2. Standard or classic
3. Professional premium accounts (Pro, VIP, Gold, & Premium)
1. Cent (mini and micro):
This account comes with a minimal starting deposit and transaction number. Trades on the market are mainly displayed in micro-lots and cents. Creating a cent account is one of the best options for beginners to gain knowledge for real trading.
Benefits
• Minimal investments
• Optimal sizes for leverages and spreads
• Good for novice traders
• Training in real trading conditions
• Testing & evaluation of trading conditions
2. Standard accounts (Standard and Classic)
Standard & classic accounts are perfect for experienced traders. These accounts allow to make transactions with a low amount & work with immediate order executions.
Benefits
• Constant spread level
• Ideal for long-term trading
• Allow to conduct automatic trading on a weekly and daily basis
3. Professional accounts
These accounts are specially created for professional traders. Some popular types of professional accounts include VIP, Pro, Premium, etc. Professional accounts are quite similar to traditional standard accounts with the exception of premium terms.
Benefits
• A wide spectrum of financial instruments
• No transactions duration limits
• Liquidity provider access
Demo forex accounts
It’s completely free training account that comes with virtual currency. The demo forex account is specially designed for beginners. As a novice trader, you can learn how to trade properly on Forex with the help of this demo account. You can also put your theoretical knowledge and skills into practice. A demo forex account reduces the risk of losses as you are only able to trade with virtual cash.
A demo account helps you to know the trading platform & Forex market features.
It also helps to learn how to evaluate different situations on the market & analyse them. You can also study & test available financial instruments. With this account, you can boost your technical knowledge and skills before you start real forex trading.
Benefits
• No need to invest real money
• Ideal for beginners
• Easy to open and close
• Develop & test trading strategies
• Removes psychological stresses and pressure
• No risk of losses
• Good for learning the real market strategies
• Polishes up your skills and trading knowledge
Final words
Real and demo trading accounts are crucial for beginners and professional forex traders. If you want to start trading, you need to consider 3 things – open a trade account, determine your goals and define financial capabilities.
Would you like to open forex trade account? Contact NordFX. As an experienced and trusted international broker, NordFX has developed a reputation of the trustworthy broker with the best trading conditions and transparent fees. With 14+ years of experience, company is serving in 190 countries across the world.
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