Introduction

With time, Forex trading has turned into an amazing financial opportunity for people looking to invest. As the largest financial market, forex trading’s popularity has increased due to its potential for fast returns and high gains. Besides, it lets the new investors confidently compete with banks and large hedge funds. But before you can begin your forex trading journey, you need to understand that the amount of profit that you can make from this will depend on the type of forex trading account you are using. So, this guide will help you to open forex trade account that is right for you. 

Types of Forex Trading Accounts You Can Opt for

If  you are using a reliable broker, like NordFX, then you can choose between the following types of trading accounts:

• Fix Trading Accounts

Such type of trading account requires a minimum deposit of USD 10. Speaking about the spread, it can be from 2 pips. With a fix trading account, you can get up to 1:1000 credit leverage. That means there is a huge chance of making a profit through leverage trading. In most cases, fix trading account users don't need to pay any commissions on trading. You can trade metals, crypto, stocks, oil and 28 FX pairs. 

• Pro Trading Accounts

If you want to open a pro trading account, then you will have to make a minimum deposit of USD250 and spread in this account starts from 0.9 pips. While there are no commissions in this account, you will get up to a 1:1000 of the leverage ratio. Along with oil, metals, and CFD indices, you can trade on 33 FX pairs using a Pro trading account. 

• Zero Trading Accounts

Some brokers offer a Zero trading account. With this type of account, you may need to pay a commission of around 0.0035 percent per trade. The minimum deposit requirement is USD 500.  While credit leverage can range between 1:50 to 1:1000, spread in such accounts begins from 0.0 pips. You can trade more than 30 FX pairs through a Zero trading account. Besides, it also allows access to ECN or interbank liquidity. 

• Demo Accounts

Talking about a demo account, it is a free trading training account that most brokers offer. If you are into forex trading for the first time, then a demo account will help you a lot. With this, you can practice trade using virtual currency. You can experiment with different trading strategies without worrying about loss. It is advisable to use a demo account for a certain time period, as once you get a better idea about trading; you should create a real account for real forex trading. 

Don’t Forget To Take Advantage of Savings Accounts

With a minimum investment of USD 500, one can open a savings account. Speaking about the NordFX savings account, one can get 30 percent of yearly interest, and such an account offers daily payouts. Every account holder can open a savings account. It may be noted that traders with a savings account can take loans based on their investment to trade and can make extra profit. However, such loans come with a yearly interest rate of 3 percent.

Final Words

Only with the right type of forex trading account you can make it simple to begin your trading journey. And if you are looking for a broker that offers multiple trading account options, then you should visit NordFX. Open forex trade account now and get ready to make a profit with forex investment. Remember that forex trading accounts are more than just a trading account. They are also required for cross-border payments.