diffrence between micro and mini ccounts?

[lovely patrica]

What are the differences between the mini and micro accounts? I have heard that the mini account equals 10k and the micro account equals 1k but what does this really mean? And which is the best Fx broker that offers the micro account?   

[Champion]

Micro and Mini accounts differ in lot size. Micro equals 1k meaning that you can open a micro lot by $1000, while Mini account equals 10k meaning that you can open a mini lot by $10,000. There are many brokers provide traders with micro account, just keep searching and you will find many.
Good trade 

[raymondtoh]

if u are looking for a good fx broker with micro account. I would suggest www.interbankfx.com

[PiPForex]

Hi raymondtoh
I wanna ask you about the good fx broker you are using. How much is the minimum deposit you can trade with it there. And how much is the spreads commission and fees charged by this broker. Waiting for your replies.
                                                  And thanks for advanced:)     [/color] [/b] [/color]

[raymondtoh]

For the broker that i say, u can open a account with USD250 for a micro account. Spread size is 2pips on eurusd, 3 on usdjpy, 4 each on gpbusd and usdchf. There will be one fee charge which USD25 for withdrawal.

[panorama]

If you are looking to choose between these accounts, so mini account is better for you. While trading in Forex market, the best thing to do is to trade big amounts not small, and that is because the market is wide place and there are trillions traded up there. So you must enter with suitable amount that might protect you of the possibility of negative loss.

[FxGirl]

If you are a beginner, stay in a micro account using a small number of lots for as long as it takes to develop a trading plan (written) and get some experience. By experience I mean until you are consistently profitable for several months. By then you should also know what your win/loss ratio is and what percent of your account you make each week as well. 

Next, stay in your micro account and increase your lot size gradually. I'm assuming here that you have sufficient capital to increase your lot size without violating your money management rules (never risk more than 3% on any one trade). When you are comfortable with the increased lot size and have increased your capital to enable you to trade more lots, move up in lot size again - gradually. 

If at any point you are having trouble coping with your emotions, reduce the lot size for a while until you get comfortable again. The same thing if you start loosing consistently, back down on your lots until you reestablish you previous win/loss ratio.

One more word of advice.  Stick with a micro account for as long as you can.  The small lot sizes means that you can fine tune the amount you use in any trade more easily than you can in a mini or standard account where lot values are much higher.

[James123]

micro account are great for newbies as with less investment they can make huge and practice the Live trading market.