There are many types of accounts a broker can provide for the investor.
- Demo account: this account is a training account for all investors (beginners and professionals) to learn trading and build new strategies.
- Regular account: this account allows the investor to trade with normal US Dollars. Minimum volume in trading is 1 lot and the profit is calculated in Dollars. And the prices appear as 0.0001.
- Mini-account: this type of account is the same as regular but the only difference is some brokers allow you to start trading with 0.1 lots. And the prices appear as 0.0001
- Micro account: this account allows the investor to trade with only a few Cents, the investor doesn’t have to have big capital to start trading.
The advantage of this account is that it caters to beginners. The capital will be small but the money is real and losses won’t be harsh as regular and micro account.
Volumes to trade with are 0.01 Lot or 0.1 Lot, depends on the broker you are dealing with. And the prices appear as 0.0001
- ECN account: These accounts are fairly new in the market and provide the investor prices from the interbank. Orders can be seen in the true market worldwide. And the prices appear as 0.00001
- Islamic account: A feature some Brokers provide to the Islamic community, free swap accounts, and it can be provided to all the accounts above. (optional)
Some brokers put all the types of account together in 1 account. So if you want to trade as micro lot, the volume added is 0.01