Standard Forex Accounts
The most common type of Forex account, this trading account has access to standard currency lots worth $100,000. Since the rules of leverage and margin are in order, this means that you don’t necessarily have to immediately invest $100,000 of capital to start a standard account. For a standard lot for trading, you only need to have $1,000 in the margin account.
Most brokers provide better perks and services to standard account bearers because of its adequate up-front capital. It is also the only type of account with each pip worth $10, meaning you get higher potential gains.
Mini Forex Accounts
Managed Forex Accounts
For those who have the money but have no time or adequate experience in Forex trading, managed accounts are a good choice. They have account managers who make the decisions of buying and selling lots. You simply have to provide the capital, give the goals, and the account managers will do their best to see that these goals are met.
A managed account could either be an Individual Account or part of a Pooled Fund. As the name suggests, an individual has a broker who handles the account by itself. In a Pooled Fund, your investments will be placed in a mutual fund and you will share the profits with other investors. These accounts are categorized according to their risk and reward factors. Those looking for higher profits could go for forex trading accounts with higher risk/reward ratios, while those who are looking for a more stable profit would go for those that have lower risks.