A friend of mine is in dare need of a reliable broker that allows 50$ capital on mini account starting from 0.1 lot (10,000 units). I let him know the risk but he hesitate. Thanks
Try oanda. Only one i have used which has that low a lot size.
This sounds like a one-trade-wonder…max out the leverage…in fact, if your going to risk it all on one trade, which i assume you are based on your question, you may as well place a binary trade…(the only time I will advise binary trading over conventional margin forex trading)
What do you mean by binary trade please? I came accross Easy-Trade.com and I simply love how things are simple there.
Just take one step back.
You want to trade 0.1 lots, which is equal to $1.0 per pip with USD pairs.
You want to open an account with $50.00
You are under funding at that rate.
Your max stop will be 50 pips less the margin call that you will get at about 65% into you auto-close level.
Seriously, 0.1 lots on a $50 account size is total recklessness. Think about what you are doing, or what you supposed ‘friend’ is doing.
And for your info: you going to need an account with 1:200 leverage or greater
Take your 50$ to a roulette wheel. It’s not enough to trade with. Plus the casino will let you walk away with your winnings instead of random bucket shops.
And you get free drinks!
As I said in my previous thread, I have not started trading my real money…still demoing and taking tutorials till the next 3, 4 or 5 months time. By this, I can’t refer any body to citypointtrading since I haven’t done business with them in real time.
Then why did you ask the question?
If your “friend” needs help, but you can only refer a broker you personally have done business with, doesn’t that defeat the purpose of this thread? There are a lot of brokers out there. Have you done business with them all?
And BTW, Jezzode hit it spot on. Leverage would have to be very high for $50 to be trading a mini lot.
I want to open a new thread about leverage/lot size and hope experience traders help out.