Hi there!
I want to open an account with FXCM for currency trading & obv i want to start with micro account.
So i just wanted to ask how much money i should be thinking to put in the account,since i dont really want to start from 50$.
Are there any maximum requirements?Could i be comfortable with 300-400$?
Tyvm
The problem with a small amount like $50 is that because of the minimum lot size you have to risk a large % of your account for a single trade. If you started with $100 you could trade a single lot with a 20 pip stop loss and be risking 2% of your account. The recommended maximum risk per trade.
I use FXCM and have no complaints BTW.
i started with $1000
I didn’t start with FXCM but when I started a small account with my broker I started with 200 to get a feel for how things were going live.
You started a MicroAccount with $1k?
yes i did jim
I haven’t checked out FXCM specifically but don’t you typically get some more benefits with things like customer support, charting and the like with a standard account compared to a Micro account? Just curious why you would go Micro or does FXCM have a higher opening account requirement than $1k?
BTW how do you like FXCM? Is their training program (that I assume you get access to when opening a Micro account) worth at least $50?
You need $2k to open a standard. You get more platform options like MT4 with a standard. You only get the Trading Station II (TSII) with a micro account. I use TSII and it works great for me. All the indicators, multiple chart windows, etc. You can just go to their site and do the online chat and ask all the questions you want.
They have tons of learning material/videos etc. I don’t think you can go wrong with FXCM. But I’m sure there are other brokers just as competitive. They had everything I wanted so I just stuck with them.