Are you looking to start forex trading? Would you like to know how much money do you need to start forex trading? If so, let us inform you that you can start forex trading with as little investment as you can. Forex trading can even be started without investing a single penny. Today, we will be discussing some types of forex accounts that you can open to start forex trading as per your convenience. Before we go mentioning details, we would like you to have some basic understanding concerning the forex market.
Forex market is massive, it undergoes a daily transactional volume of around 5.3 trillion dollars. You can easily be blown away if you are a novice trader. Even, sometimes experienced traders find it very hard to survive especially in the fast-moving market. The reason is the abrupt movement in the prices of financial instruments and their impact on positions taken already. So it is always better to start low. Try to learn tips and tricks of the forex market first, then you can gradually increase your investment to earn bigger profits.
Types Of Forex Accounts
There are a lot of accounts that you may consider opening to start forex trading. These accounts include but not limited to deposit account, no deposit account, micro account, mini account, standard, silver, gold, platinum and VIP accounts. You can choose any of them to start forex trading. However, we would recommend going for micro or mini forex accounts in the beginning, since they need little funds to start with. You can also opt for a standard or silver account but those would not be as helpful as micro or mini accounts can be. On the other side, you can also use demo account for practicing purpose without investing your money. However, you won’t be able to cash out any earnings that you’ve made in a demo account.
Having said that, we now would like to enlist few important bits that you must consider before opening a forex account.
1. Always Go For A Regulated Broker
To start forex trading, the first thing you may come across is the broker. You need to open an account with a broker so you can use their platform to access the market to place trades. Often brokers allow you to use a demo accounts. But this is not always the case. You may well need to make a deposit with your broker. Here comes the point of concern. Make sure that the broker you have selected to open a forex account with, is regulated. Regulation makes brokers follow certain rules and SOPs in place by their respective regulatory bodies. In short, you can rest assured that your investment is in a safer place.
2. Look For Deposits and Withdraw Process Of Your Prospected Broker
Often brokers allow you to deposit using various available methods. However, when it comes to withdrawing funds, you get a hectic procedure to follow. This makes people annoyed. Remember, not all brokers do the same. Reputable brokers process your withdrawal request within 24 hours. Some legit brokers tend to be even faster than that.
3. Talk To Customer Support Of Your Broker
Customer support is considered as a face on an organization. Reputable brokers always ensure to provide their customers excellent customer services. Here you need to be extra vigilant. First, open a micro or mini account with your broker and deposit only a small amount of funds in your account. Now contact customer support and informed them that you have signed up with them and funded your account. Ask them a few questions concerning available trading platform, demo accounts, trading tools, available financial instruments to trade. A good broker will always answer you all queries or at least most of them. On the other hand, scam brokers would only be interested in answering your queries unless you have funded your account. Once the deposit has been made, you would barely find facilitating you ever again.
Final Words
Following above-mentioned points, you can safely open a forex trading account. There is no need to invest too much money to start forex trading right from the beginning. As mentioned earlier, first improve your trading skills, learn from your mistakes and then increase your investment gradually. Obviously, what so good at investing lots of money in the forex and losing all of them for a stupid reason? Just try to remain calm while trading. Don’t lose hope even if you lose, remain consistent and try not to repeat same mistakes over and again. We believe, soon you’ll start trading like a Pro.