Forex Micro Account – A Forex micro account is generally used be new traders who wish to experience a live trading environment without risking a large amount of money. Micro accounts allow the trader to trade microlots.
1 microlot is a tenth of a minilot and a one hundredth of a standard lot. If we use the same example again of the long GBP/USD position, but instead use 1 microlot, the position would mean we were buying 1,000 GBP and selling dollars.
Micro account are generally best suited to account balances between $1,000 and $10,000. Although different trading systems can make these numbers substancially different.
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