Micro and Mini Forex Brokers
Brokers serve as a connection point between the traders and the market. Depending on the types of brokerage services provided to the traders, the brokers can also classified into the micro , mini and the standard brokers. Although the big traders register their trading account with the standard brokers but the count of the standard traders is very limited so the standard brokers are also very limited as compared to the micro and mini forex brokers.
The maximum registrations in the market are done in the micro and mini trading accounts. So let’s understand the basic concept of the micro and mini forex brokers and try to figure out that which type of broker is the Top Forex Broker and most suitable for us.
- Difference between the micro and the mini forex brokers
The single basic difference between the mini and micro brokers is that micro traders facilitate trading from the micro account while the mini forex brokers facilitate trading from the mini account. It means the difference is of the type of account so it becomes important to understand the difference between both types of trading accounts.
The trading in the foreign exchange account goes in the lots. The lot size in the mini account is of 10,000 units of the base currency while the lot size in the micro account is of only 1000 units of base the currency. So if the base currency in your situation is AUD (Australian Dollar) then the value of the lot size in the mini account for you will be 10,000 AUD and the value of the lot size for you in the Micro Forex account will be 1000 AUD. Thus we can conclude that the lot size in the mini account is actually ten times more than the lot size in the micro account.
- Which type of top forex brokers are most suitable for you?
The answer of this question depends upon your investment capability and the trading experience. If you are a beginner who does not know all the basics and techniques of earning money in the market then registering a micro account under the micro forex broker will be the best option for you.
Similarly if your investment potential is less and you cannot afford to risk a big amount then registering a micro account under the micro broker is again the best option for you. On the other hand, if you have the good experience of trading and you can afford to risk a big amount and you also want to earn big bucks then registering a mini account under the mini broker will be the best option for you. You can get more information about micro and mini brokers at Fxstay.com or ForexSQ.com or simply click on Mini Forex Brokers