Trading Account That Suits you the Best

Gone are those days when trading was understood as a synonym of gambling or something which is done only by the ultra-rich people. As the times have passed people have understood that the importance of trading is nothing less than saving your hard-earned money. In fact for the number of people trading is another way of earning a livelihood. If you are new to online trading then you need to know that trading is not just about investing your money, many good trading platforms provide different types of trading accounts one of which is Xtreamforex that is always in sync with the needs and financial capabilities of the customers. In this blog, we will tell you about different types of best trading accounts and give you an idea so that you can understand which trading account is best for you.

Different types of trading accounts are:-

• Micro account
• Standard account
• ECN account
• ECN Pro account
• VIP account.

Let us get into the details of these accounts:-

• Micro Account: This account is generally suited for those who have started trading or do not have enough idea about trading and want to try their hands on it. As the name of this account will allow you to start investing with a small amount and your initial deposit required to operate this account will also be the minimum possible. This account is recommended for those who are new to the trading world.
• Standard Account: This account is specially designed for those who want to invest in foreign exchange. The minimum deposit required to start with the standard account is $250 and the maximum limit is unlimited and it starts from 1 pip.
• ECN Account: It stands for Electronic Communication Network and it allows you to communicate with other Forex traders who deal in foreign exchange commodities. The minimum deposit which is required to start this account is 250 dollars and the minimum trade size is 0.01. The best part about this account is that the increment remains flexible at 0.01 though this account involves a commission of $7. This account operates on the MetaTrader 4 platform.
• ECN Pro Account: As the name suggests it is the pro version of the ECN account so it is a step ahead of it. It involves participants and lets you communicate with them. The participants are those who have experience of investment in investment funds, banks, or even individual Forex traders. This account's technology is designed in such a way that whenever you place an order; to execute it, all the participants are searched in real-time and when a match to the price is found along with adequate volume, your order is executed. Another best thing about this account is that there are no intermediaries involved; the minimum trade size allowed in this account is 0.1. The minimum deposit for this type of account is $5000.
• VIP Account: This account is completely dedicated to the people who want to trade with high equity as trading gives you ample room to explore and more chance to earn profit and are regular with trading and that too trading in large volumes. The minimum deposit required for the VIP account is $20000.

By now you must have had a fair idea about the different types of best trading accounts. Now you can understand what is the difference between these accounts as some things are quite obvious to understand. For example, the micro account has the minimum deposit value so the maximum open orders will also be minimum for the micro accounts which are about 250. Since the minimum deposit value for the ECN Pro account and the VIP account is much higher than other accounts, the maximum open orders for these two accounts are unlimited.

Now it would be easy for you to choose from the different trading accounts as to what suits you the best. The features and facilities which are provided by these accounts are completely objective which means that if you want to change from one account to another you can change easily and you will get all the benefits of that account. Reliable trading websites like XtreamForex not only make sure that your losses are minimized whereas they give you full freedom of maximizing your profits, but you can also learn the tips and tricks which are necessary to be a good and successful trader.

Awareness and adequate knowledge about trading is the key to success in online trading. It is something essential and thus a must when you enter this market. The more you keep yourself updated about the market happenings, the more you improve on your strategies to choose the best trading accounts. Also the more you learn from your previous mistakes and try not to repeat them the better will be your chances to reap the fruits of profit.