Forex and Micro Accounts

Did you know that around $6.5 trillion is exchanged in Forex markets every day?  Because the market is so large, many traders will never worry about caps in terms of profitability.  However, minimum balances still exist.  Many of the minimum balance requirements usually are at a relatively low rate.

Many brokers offer “micro accounts.”   Micro accounts let traders open a trading account for as little as five dollars.  These offers usually charge more in spreads but make trading available to just about anybody.

Typically, brokers prefer a normal account to start around $500.  Normal accounts offer lower pip spreads, but profits are taken at the beginning.   By setting you ‘however many pips behind’ your entry to pay the spread difference.

Now, consider the possible problem with the Futures market.  The futures market isn’t for everyone, because of a required minimum standard balance set by the Commodity Futures Trading Commission (CFTC).

It is important to remember that most brokers outside of Forex will not allow you to open an account with less than $5,000.  In addition, contract margins can vary from $500 to $6,000 per contract traded.  These trading requirements prevent losses that traders aren’t able to cover.

Forex and Micro Accounts

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