Are you wondering what types of accounts you can open with an Australian forex account broker? Here are five account types to choose from.
Margin execution only accounts
An MT4/MT5 class account is suitable for traders who want to execute trades on margin and have no interest in having a demo or live trading account. You must be aware that you won’t be able to withdraw any funds from your account. This is an amazing place to try out platforms and get used to placing orders, looking at charts etc., before deciding whether you would like to switch over from MT4/MT5 over to a live or demo account.
This type of account is suitable for beginner traders with few funds to deposit. This type of account has minimum trading conditions attached to it: the 0.01 minimum deposit and 5:1 leverage.
This type of account is suited more towards intermediate traders or those looking for higher leverage trades. It requires a minimum initial deposit of US$500, has a 1:1 margin/leverage ratio. Still, you can also open up a Mini Pro account with Australia forex brokers if you have at least US$2000 in your MT4/MT5 class account or AUD 10000 if opening an NDD live account.
The standard accounts range from AUD 10k – USD 100k depending on which regulated Forex broker you are dealing with. These accounts typically have margin ratios of 5:1 to 1:1, and the leverage is fixed. This account can also be opened up as a mini or micro account if you make sure that your minimum initial deposit matches the requirements set out by your selected forex broker.
You will tend to find that these accounts will come with higher bonuses than the Mini and Micro accounts. So it could be worth transferring some funds over from an MT4/MT5 class account if you decide to open one of these types of accounts up at the same time as switching over from an MT4/MT5 classless account but remember not all brokers will allow you to do both at once.
For traders who trade seriously and have a lot of funds to invest, a Master account would be the most suitable of all the forex account types. You will need a minimum deposit of US$100k or AUD 500k depending on which regulated Forex broker you are dealing with and get 1:1 margin ratios, fixed leverage and no maximum leverage limits. These accounts come with higher bonuses than Standard Accounts, so if you have that much money to invest, it is well worth opening one up from an Australian regulated broker.
If you’re an aspiring master trader, check out forex trading volumes.
If you want an account from Australia’s top forex brokers, make sure you have the funds ready to deposit, as these are the minimum initial required amounts set out by each of them. Ask yourself what your goals are before opening an account so that you don’t find yourself withdrawing all your money because you couldn’t trade it successfully, lost too much on trades or decided to switch over to another broker.
Ensure that the type of forex account you open up suits your trading needs and fits in with your budget. Not everyone can afford high deposit accounts. Still, there are plenty of choices available depending on how much money you have to invest.
Some traders like live accounts while others prefer demo accounts; if you want to switch over from an MT4/MT5 class account, it is possible to do so simultaneously as opening up a live or demo account with the same broker or one of their affiliates. It is important to note that not all brokers will allow you to open up two accounts at once, so we would recommend doing your research initially before transferring funds over.
Check out these top tips for winning deals in forex trading next.