A forex mini account is a foreign exchange (FX) account that enables new traders to access the financial market with smaller positions and trading volumes (mini lots), minimizing the amount of money at risk and limiting potential losses.
Standard, mini, and macro forex trading account types are the most common sizes provided by forex brokers. Traders using the small account can enter contract sizes of 10,000 base currency units rather than the 100,000 units required by a conventional lot. Similarly, the cost or reward of moving a percentage of a point (pip) is lower, at $1 instead of the customary $10 per tick. Micro lot forex trading at 1,000 lot sizes and nano lots of just 100 units are now available on some platforms.
Beginning traders like a forex mini account since it gives smaller contract sizes, limiting the number of possible liabilities they can incur while they gain forex trading experience. For the most part, Mini account holders have exposure to the same markets and analytic tools as regular account holders, such as charting, trading platforms, and client support.
The lower unit size allows traders to better control risk while also allowing more experienced traders to diversify their bets by distributing the same amount of investible funds across a larger range of currency pairs.
The worth of a pip varies depending on the currency pairings you’re trading and the base currency you’re using to finance your forex trading account type. For Mini forex accounts, one pip equals $1 when the account has a US dollar base financing and the USD is the quote currency. The pip will fluctuate with the quote currency rate in pairs where the quote currency is from another country.
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