Mini Forex Accounts - The Gateway to Low-Deposit Trading

Until recently anyone wishing to trade the Forex market needed thousands of dollars just to open an account. This put the market out of reach for anyone other than large businesses and cash rich individuals.

Nowadays, mostly thanks to the advancement of technology such as the Internet, many Forex brokers are offering mini Forex accounts that can typically be opened and traded with just $100. This has opened up Forex to practically anyone who has an interest in currency trading.

These mini accounts are set to help the foreign exchange become the worlds most popular trading activity. Everyone from students and housewives right up to millionnaire entrepeneurs can now trade the Forex on a mini account and still make large profits.

Of course, Forex Pro accounts still tend to offer more features and higher chances of truly massive profits but these accounts typically need a few thousand dollars to open and so are out of reach for the majority of new traders.

Forex Mini Accounts are Perfect for New Traders

With a Forex mini account you can expect low minimum deposits of as little as $100 which can usually be deposited through bank transfer or Credit Card, sometimes even Debit Cards which is obviously very advantageous.

The idea of a Forex mini account is that it allows a new trader to get started in currency trading with small amounts until they gain the confidence, experience and profits to be able to tackle a professional account and make the really big money.

To help you do this many mini accounts come packaged with a variety of support tools from simple charting right through to personal 1 to 1 tuition. The software of the mini account is usually very easy to use since its main user is the inexperienced trader and there are usually measures in place to help you manage your trading and avoid any significant losses.

A mini Forex account will still offer you good leverages (often up to 200:1) and competitive pip spreads (3-5 is the typical) so you can still make big profits while you learn the fundamentals of trading and work on developing your own Forex strategy.

A mini Forex account is best for those who intend on depositing less than $1,000 and for those who are new to online currency exchange. We always stress that it is important to learn to run before you walk in Forex and for that reason when starting to trade you should ideally start by opening a mini account with a reputable Forex broker.

Some brokers such as eToro also offer a 'micro-lots' option where you can trade with even fewer units of currency. This is a big advantage if you are a new trader who wants to take things cautiously until you have perfected a winning trading strategy.