There are usually three different accounts - a mini account, standard account and an advanced account.
Mini Accounts
Mini accounts have small start up costs, usually around the $1000-$2000 mark. They also don't offer trading on the lowest spreads in the market which means the potential to make a lot of money is severely reduced. When it comes to choosing a broker, make sure you sign up for an account that charges no commissions. A lot of forex brokers make their money by charging their clients commissions. Make sure you check to see this isn't the case before you sign up.
Standard Accounts
Standard accounts, usually have slightly higher start up costs, anywhere from $5000 and upwards. They also allow for trading on much lower spreads in market then that of the mini account, which usually means you have the potential to make much greater earnings. If you have the money for the initial start up costs, then you're best off going with a standard account rather than a mini.
Advanced(Institutional) Accounts
Advanced accounts are made for advanced traders only. They allow for trading in the lowest spread, usually 2-3 pips on the major currencies and instantly execute every trade you make. They also require much higher startup costs, sometimes $50,000 or more! The potential to make a lot of money is certainly higher with this particular account, but so are the losses, so leave it to the experts, unless you are one yourself!
Free Account
Most brokers allow people to try out forex trading before they make a decision to create an account. These free accounts are just practice accounts and don't deal in actual real money. They are a good way to get lower spread , what it's like to trade on the forex market and it's recommended that you try one of these accounts before you move onto the real thing
[Why ForexGen?]
1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.
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