what is a micro account in forex, is it for beginners alone?

@vickyjoseph - 7 months ago - Forex Tools & Resources

hi members, hope your holiday is good. I want to know how micro accounts work in detail and if expert forex traders should also use them.

@mr_casey - 7 months ago

Hello Vickyy, Micro Accounts are specially designed for trading small lot sizes.

On a micro account when you say you want to trade one lot, the system will input 1,000 units instead of 100,000 units. so, you cannot trade above 1,000 units of an instrument thus making it cheaper, less risky and more suitable for learners/beginners.

Experienced traders can also use micro accounts to trade expensive instruments like crypto, natural gas, crude oil etc. using small account balance. These instruments would have been impossible to trade on standard accounts if you didnt have a big account balance.

Hope this helps.

@khumalo_thembisa - 7 months ago

Micro Accounts are for trading micro lot sizes only and are good for anyone (beginner or pro) who wants to trade small quantities of an instrument.

Trading little quantities is not for beginners ony, even experienced traders trade small volumes when testing strategies so as to limit losses during the testing phase.

Unfortunately, most brokers relegate micro accounts to MT4 and may not offer them on MT5, cTrader and TradingView