Since the foreign exchange market is expanded and is very vast, not just thousands but millions of trader’s trades in the market daily. Due to the increasing number of traders, the number of forex broker websites is also increasing. However, before reading IronFX reviews to decide on a forex broker website for trading, one should know about the different types of forex accounts.
It is because knowing all types of forex accounts thoroughly will help one understand the IronFX reviews that one reads. People who write these IronFX reviews often mention different types of forex accounts in the reviews. Without knowing about those terms, the trader will not understand the reviews properly.
The foreign exchange market is not just a type of exchange market. Instead, it is a community. The foreign exchange market is a community of forex traders. This community uses specific terms and words to communicate with itself. Hence, before entering this community it is important to learn to speak its language fluently.
Types of forex accounts
Generally, there are three types of forex accounts on any forex broker website. These three types are micro forex accounts, mini forex accounts, and standard forex accounts.
A forex account is the first step in trading in the foreign exchange market. Without a forex account, a trader cannot do any type of trade or deal in the market.
A micro account has a very small lot size. A trader can only make a trade of one thousand dollars at one time. Thus, the trader can trade any currency worth one thousand dollars in one lot.
A mini account has a slightly bigger lot size than a micro account. The lot size of this forex account is ten thousand dollars. Thus, even if this account is bigger than a micro account, it is not sufficient for big trades.
For big trades and deals, a trader needs a standard account. The lot size of a standard account is a hundred thousand dollars. Thus, with this account, a trader can carry out big deals and trades.
Is It Important To Know Types Of Forex Accounts Before Reading IronFX reviews?
