Forex Brokers with Micro Accounts
Micro account benefit:
- Good for beginners.
- Allow traders to test trading methods & systems with less financial risk.
- Allow traders to practice live trading & test the broker with small amount of money (Live trading can be different from Demo Trading)
- Allow traders to practice risk management with small trading size. Emotions will affect trading a lot when trading size is big.(especially standard lot)
Currencies are traded in fixed contract sizes(lot sizes). One lot is the unit of measurement (in terms of size) for a currency pair.
- 1 Lot = One Standard Lot = 100k = 100,000 Units of the Base Currency
- 0.1 Lot = One Mini Lot = 10K = 10,000 Units of Currency
- 0.01 Lot = One Micro Lot = 1K = 1,000 Units of Currency
- 0.001 Lot = One Nano Lot = 0.1K = 100 Units of Currency
One pip is the unit of measurement (in terms of price or value) for a currency pair.
- One pip EUR/USD (Standard Account) = $10 USD
- One pip EUR/USD (Mini Account) = $1 USD
- One pip EUR/USD (Micro Account) = 10 cents USD
- One pip EUR/USD (Nano Account) = 1 cent USD
Forex Brokers with Micro Accounts: