What Is Forex Account
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The very first step for starting trading activity is choosing an appropriate Forex company. For this, all traders assuredly take into consideration different factors such as their reliability, popularity, flexibility, types of provided platforms, the quality of customer support and many more factors respectively. The subsequent step after choosing a brokerage company is the choice of a platform for trading, which is mainly done based on the preference (this especially refers to traders with long experience who have their familiar type of platform). Finally, the last step is choosing a type of Foreign exchange account.
In the wide range of Forex brokerage companies each provides different types of accounts. Certainly Foreign exchange accounts differ from one another in many features such as minimum and maximum sizes of deposits, maximum allowed equity, leverage size, trading conditions and swaps, trading volumes and margin requirements.
NetTradeX and MetaTrader4 respectively have three different types of accounts. In case of NetTradeX, they are as follows: Demo, Beginner and Standard accounts. Demo and Beginner accounts have maximum account leverage size of 1:400, while for Standard account it is 1:200. The minimum deposit size for the Beginner account is 1$, whereas for Standard one it is 200$. Only the Beginner account has limits for deposit and equity sizes: the former is 3000$, the latter one is 5000$. Account leverage sizes, maximum sizes of deposit and equity are the same for MetaTrader4 as they are in NetTradeX. The only differences are in account names (Demo, Micro and Standard) and in minimum deposit amount, which is 10$ for the Micro Account and 300$ for the Standard one. The differences in trading volumes and other features may be looked through in Accounts and Conditions , which will provide more information about the accounts.
Choosing the account type implies the activation procedure followed by as well. Account activation is done via sending the copy of identification documents such as the passport or driving license to the company. Only after receiving the confirming mail, a trader may start to make a deposit and trading. The account activation is the last step leading to the trading world, while it is only the first one in terms of required subsequent actions: depositing and trading.
While starting trading, each trader should better take into consideration the features of each of the provided accounts with their specific points and requirements, so as not to become confused only after confirmation of the account.