I need help understanding a standard, micro and mini account

Beginner Questions
1

It’s no news that different brokers offer several kind of accounts depending on users preference and cash. However, I’m kinda confused how they work.

For instance, if I open a mini account and I trade the lot size of 1.00, does that translate to 0.1 standard lot(10k units) because it’s a mini account?

Similarly, If I open a micro account, and I trade the lot size of 1.00, does that translate to 0.01 standard lot(1000units) because it’s a micro account?

2

Hi, different kind accounts allow you to open transactions with minimum units for example if you open a standard account you can open a transaction with 100k units but you can’t open with 10k because your minimum is 100k. If you open a mini account, your minimum open transaction is 10k so you can open a transaction with 10k and 100k. I hope this will be clear for you :wink: Regards Greg