Forex trading account types

To start Forex trading, it is required to open an account with a broker first.

The trading account is someway similar to the bank one. It can also be used for storing money, depositing and withdrawal. Traders can use different payment systems to add funds to their accounts and to withdraw them. The full list of the systems available for JustForex clients can be found at the Deposit and Withdrawal page.

But the primary purpose of any trading account is to make transactions (open and close orders) with various financial instruments. The list of these instruments can vary depending on the account type, traders of JustForex company can work with up to 84 currencies and 2 metals. You can learn more about the features of each instrument here.

For inexperienced traders or those, who want to test their strategies, JustForex gives an opportunity to open a free demo account. Demo trading is a simulation of real trading on Forex, which is made for practicing and training. The demo account does not require investments. It allows you to gain experience in online trading, practical skills in working with the MetaTrader 4, and to test your strategy without any risks.

The process of trading on the demo account is absolutely the same as while live trading. It means that charts show the real situation on the Forex market. The only difference is that you trade with virtual money. Your demo earnings shows the potential profit you can get on the live account with the same conditions. When you open an account, you can set the initial balance by yourself.

You can start with the demo of any JustForex account types:
Cent, Mini, Standard or ECN Zero. So, you can also test the trading conditions of the broker and choose the most proper account for you.

Only when you’ve reached success on the demo account and feel confident on the Forex market, it’s time to continue with live trading account.

A cent account is designed specially for traders-beginners. If the demo trading is left behind, but you are still not ready to start live one with a large deposit, the Cent account is a perfect option for you. Despite others, the balance on this trading account is measured in cents. So, your own trading strategy, which was profitable on the demo account, can help you to earn on the Cent account.

• An excellent opportunity to improve the money management skills. Small amounts of money are the most suitable for this purpose.
• A perfect way to practice risk management.
• An opportunity to feel all the emotions of trading with real funds, but with smaller risks.
• An instrument to test the Forex advisers.
• An ability to estimate in practice the services and conditions of JustForex.

The Cent trading account has much in common with Standard and Mini account types. At the same time, due to the significantly lower risks, it allows you to learn the basics of trading gradually, slowly and confidently, without undermining mental health and punching the gaps in the budget.

After you’ve made progress in your abilities and succeed in trading on the Cent, you can move on to Mini, Standard or even ECN Zero Forex accounts.

The Mini account is created for traders who want to choose the deposit they want. You can open this account with any amount of money, as there are no requirements for a minimal deposit.

The trading on Mini account is executed in standard lots and is no longer measured in cents. With this account type you get leverage up to 1:3000, an opportunity to get deposit bonus and a wider choice of instruments than with the Cent one.

The Standard account is the most popular one. It includes the basic set of necessary options in addition to the high leverage similar to the one of Mini account, really tight spreads starting with 0,1 pips and no commissions. Stop Loss and Take Profit can be set both when opening of an order and after it. The Standard account can be used for trading on daily charts and non-aggressive trading within a day. Any trading strategy can be chosen for working on this account without any restrictions.

The ECN Zero account gives you a chance to feel the dynamic trading. Those market participants who prefer intraday, frequent inputs and outputs in combination with work on short timeframes often choose precisely this account type. It is considered to be the best one for scalpers. There is a commission for transactions, but the spread is floating from 0 pips, which is significantly lower in comparison with other accounts. When trading on this account, you get the whole variety of the available financial instruments.

ECN is an electronic communication system in which traders’ transactions are taken directly to the interbank market or overlapped by other participants of the system.

The advantage of ECN over traditional systems is precisely the absence of intermediaries. This provides a ECN-trader with perfect execution of orders, a significant difference in spread and high liquidity.

JustForex has a special option for representatives of the Islamic faith. Sharia law prohibits trading with swaps. Due this fact, special swap-free trading accounts were created.

A swap is a fee for an operation of closing an order at midnight of one trading day and reopen it at the close price the next day. With swap-free accounts traders can keep open positions as long as they want, without adding a swap size to or charging it from the account. In this case, the result of trading can be affected only by the change in the exchange rates for a specific period of time.

Using of swap-free accounts is optional. To convert your Cent, Mini, Standard or ECN Zero account into a swap-free one, you should contact the support team.