Maybe that’s the lowest size that particular broker is giving you to trade. I’d suggest going to another broker that has 0.01 lots if 0.1 is a big lot for your account.
The [B]Forex Broker Inc[/B] website confirms that [B]they offer live accounts trading micro-lots[/B] (1000 units = 0.01 standard lot) — in addition to several live accounts trading full standard lots.
I’ll take 3 guesses as to the cause of your problem:
(1) you inadvertently tried to enter a trade for 10 micro-lots (equal to 1 mini-lot).
(2) there was a misunderstanding between you and the customer service representative (possibly due to a language barrier?)
(3) you had the misfortune of talking to a customer service [B]trainee[/B] who doesn’t have all his facts straight.
Give customer service another shout. Maybe you will connect with a different representative.
In the Offshore Broker thread, we have discussed Forex Broker Inc for many months, and the issue you raised has never come up.
We are sorry if there was a confusion with sizes of contracts on the different types of our trading accounts.
On our Gold Account (Micro Account) traders can open orders on currencies in contract size as low as 100 units of the base currency.
While opening a new order on Gold Account:
Volume: 0.1 (minimum) is equal to 100 units or $0.01 per pip EUR/USD
Volume: 1 is equal to 1,000 units or $0.10 per pip EUR/USD (standard 0.01)
Volume: 10 is equal to 10,000 units or $1.00 per pip EUR/USD (standard 0.1)
Volume: 100 is equal to 100,000 units or $10.00 per pip EUR/USD (standard 1 lot)
On other accounts, Platinum and Variable, the volume of contracts on currencies is as per market standard:
Volume: 0.01 (minimum) is equal to 1,000 units or $0.10 per pip EUR/USD (standard 0.01)
Volume: 0.1 is equal to 10,000 units or $1.00 per pip EUR/USD (standard 0.1)
Volume: 1.0 is equal to 100,000 units or $10.00 per pip EUR/USD (standard 1 lot)
Our Demo accounts are set to market standard volumes.
We hope that the above clarifies why Empress was unable to open an order in volume of 0.01 on Gold Account.
To finalize this matter, we would like to confirm that Empress have complete a lot of trades on his Gold Account since creating this thread.
Non-market lot sizes are just goofy — as if the broker is deliberately trying to confuse clients!
Forex Broker Inc has earned a place in Group 1 of our Offshore Broker List.
[B]But, I think this non-market lot size issue needs to be fixed.[/B]
But, why should they have to?
Clearly, the account in question here is a Nano Account (with position sizes in increments of nano-lots).
A nano-lot is 100 units of base currency, equal to 0.001 standard lot. A nano account provides for trading in multiples of nano-lots, and it’s a very handy type of account for beginners.
Why doesn’t Forex Broker Inc call their nano account what it is: a [B]Nano Account[/B] ?
The Gold Account (Micro or call it Nano Account) was launched in July, 2012.
This account is a great alternative for beginners and those who wish to test new strategies in real environment.
If any trader finds trading on this account type confusing, it really isn’t, he or she can change the account type to standard notations at any time.
We have information describing the Gold Account on our website as well as dedicated videos on the popular video sharing channels.
We are planning to refresh the way the information about our account types are displayed on our website and will make sure to have a clear message about the difference in notations between the account types we offer.
We don’t think changing the name of the account to Nano Account is necessary.
