Forex standard accounts are the most popular and widely used type of account among retail traders. These accounts offer a high degree of flexibility, competitive spreads and commission rates, and the ability to trade a wide range of currency pairs. With a standard account, you can take advantage of market movements and have greater control over your trades, making it an ideal choice for both novice and experienced traders.
But how does a forex standard account operate? The online account is a user-specific account accessed through the Website and/or Mobile App, allowing a user to access a set of online services using a unique username and password. It includes all Access Information and permissions associated with the user and holds a record of the user’s activities.
What is Forex Standard Account? and How to Use it?
The Forex standard account provides conventional trading conditions with the lowest minimum deposit and spread requirements. In this type of account, the cost of trading is called a spread and it includes the premium of the market marker without adding extra commission to the trading volume.
Standard accounts are among the most popular accounts offered by most Forex brokers, giving traders the ability to choose from a variety of platforms and services to find the one that best meets their needs. Whether you’re looking to trade as a hobby or as a professional, a forex standard account is a great starting point for anyone interested in the fast-paced world of currency trading.
Basically, a forex standard account will come with a fixed spread or floating spread. Each type of spread can have its advantages and disadvantages. Although getting the best quotes is a considered major factor in choosing a forex broker and account type, they do not represent execution quality, slippage, commission fees, or any other trading conditions that might affect your trading strategy in the forex market.
Key Features of Forex Standard Accounts:
Forex standard accounts are considered the best for a variety of reasons:
- Flexibility: Standard accounts offer the most flexibility in terms of trade size and margin requirements, allowing traders to have more control over their trades and take advantage of market movements. Other types of trading accounts, such as cent accounts, may have stricter trade size and margin requirements.
- Competitive pricing: Standard accounts typically offer the most competitive spreads and commission rates, which can help traders save money on each trade. Other types of accounts may have higher spreads or commission rates.
- Wide availability: Standard accounts are offered by most Forex brokers, giving traders a wide range of options to choose from. Hence traders can select a broker that aligns with their individual trading style, risk tolerance, and investment objectives.
- Leverage: Standard accounts usually offer higher leverage compared to other types of accounts such as ECN accounts or social trading accounts, which may have lower leverage.
- Suitable for all types of traders: Standard accounts are suitable for all types of traders, whether you are a beginner or an experienced trader, it is the most widely used type of account and the one most traders start with.
- Platforms and Services: Standard accounts usually give access to a variety of trading platforms and services, this can be helpful for traders who want to use specific tools, indicators, or automation. Other types of accounts, such as ECN or STP accounts, may have more limited access to platforms and services.
- Execution: standard accounts usually offer instant and market execution, this allows traders to enter or exit a trade at the best available price, while other types of accounts such as ECN accounts may have different execution methods.
Overall, Forex standard accounts offer a gateway to the exciting world of currency trading, where individuals can take advantage of the dynamic fluctuations of the global economy.
Forex Standard Account vs Cent Account? Which is Better?
A Forex standard account and a Forex cent account are both types of trading accounts that are used for trading currencies on the foreign exchange market. However, they have some key differences.
A standard account typically requires a larger minimum deposit and allows for larger trade sizes and more flexibility in terms of the types of orders that can be placed. Standard accounts are often used by more experienced traders who have a larger capital base and are comfortable with larger risks.
On the other hand, a cent account is designed for novice traders or those who want to trade with a smaller capital base. These accounts allow for trade sizes that are measured in cents, rather than dollars, which can make them more accessible for new traders. They also typically have lower minimum deposit requirements.
Which one is better for you depends on your goals and level of trading experience. If you are new to forex trading or have limited capital, a cent account may be a good option to start with. If you have already established their trading strategies and are confident of opening positions with the regular lot size, you better trade using a Standard account.
Overall, the standard account has a floating spread and effective trading conditions and as the risks are high, the gains can be rewarding.
How to set up a Standard Account with a Forex Broker?
Setting up a standard account with a Forex broker typically involves the following steps:
- Research and choose a reputable Forex broker. Make sure to read reviews and check for regulations and the safety of funds.
- Go to the broker’s website and click on the “Open an account” or “Sign Up” button.
- Fill out the online application form with your personal information, such as your name, address, and email. You may also need to provide identification documents for verification.
- Choose the type of account you want to open, in this case, a standard account.
- Fund your account: Most brokers will require you to make a minimum deposit to fund your account. You can make a deposit using a credit or debit card, bank wire transfer, or an e-wallet service such as PayPal.
- Download and install the trading platform: Most brokers provide a trading platform, such as MetaTrader 4, which you can download and install on your computer or mobile device. You can also access MT4 forex trading with the trading app for hassle-free trading on the go.
- Verify your account: After funding your account, your broker may require you to verify your identity and address. This is typically done by submitting a copy of a government-issued ID and a utility bill.
- Start trading: Once your account is set up and verified, you can begin trading on the Forex market. It is important to remember to always practice responsible trading and to never risk more than you can afford to lose.
Note that the process may vary depending on the broker you choose, so it is always recommended to check the specific requirements and steps with the chosen broker before opening an account.
Advantages of Using AximTrade Forex Standard Account
AximTrade provides one of the best standard forex accounts in the market. The minimum deposit required to open an account is $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0 – 1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders at a time.
|All Currency Majors
|Up to 1:3000
|as low as 1 Pip on Majors
|Negative Balance Protection
|Minimum Trade Volume
Advantages of using a standard account with a reputable Forex broker like AximTrade may include:
- Larger trade sizes: Standard accounts from AximTrade typically allow for larger trade sizes than cent accounts, which can be beneficial for traders who have a larger capital base.
- More flexibility: AximTrade standard accounts typically offer more flexibility in terms of the types of orders that can be placed, such as stop-loss and take-profit orders.
- Access to advanced trading tools: AximTrade standard accounts may offer access to advanced trading tools and features, such as charting software and technical indicators.
- Higher leverage: Standard accounts from AximTrade offer increased leverage up to 1:3000, which can be beneficial for traders who are looking to maximize their returns.
- Great Bonus: AximTrade offers incredible bonus offers like a welcome bonus, deposit bonus, and more exclusive benefits for standard account holders.
- Professional support: Standard account holders may have access to professional support and educational resources to help them navigate the markets.
Apart from providing forex standard accounts, AximTrade also provides Cent, ECN, and Infinite Leverage Accounts to suit all trading styles and experience levels.
Account Types from AximTrade
AximTrade offers a variety of options when it comes to forex accounts. Traders can choose the best account type based on their trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading accounts. All AximTrade accounts offer negative balance protection with a low spread from zero to 1 pip on all majors. Traders can also enjoy a variety of forex bonuses on all account types with a minimum deposit starting from $1. Any trader can hold up to 15 active trading accounts. You are allowed up to 7 Standard Accounts, 2 Cent accounts, 5 ECN accounts, and only 1 Infinite account per Active Member Area.
Cent Account – Best for Low Capital Investment
The Cent account is viral among traders with investors of day trading. The accounts provide zero commission and no minimum deposit. The traders can start with as low as 1$ fund and trade from 0.01 lots up to 150 lots while using flexible leverage up to 1:2000. The lost size in the Cent account is 1,000 and traders can open positions up to 200.
ECN Account – Direct Access to Market
The ECN account is highly competitive with one of the best trading conditions for ECN forex trading. The account provides the lowest commission of $3 per lot and only a $50 minimum deposit with trading volume starting at 0.01 lots up to 50 lots. AximTrade leverage for the ECN account is up to 1:1000 on major pairs with one of the best spread prices in the market.
Infinite Leverage Account – More Earning Potential
The Infinite Leverage account takes traders to the next level by allowing them to borrow a limitless amount of trading capital from AximTrade, the leading best broker. The account exclusively offers the opportunity to trade more and maximize the potential for profitability. This one-of-a-kind forex account type helps you to fulfill your trading potential by trading larger positions using borrowing funds.
AximTrade provides a wide forex leverage range that helps you choose your preferred risk level. The leverage ratio depends on your account type and equity, up to infinite leverage, and can be reduced by applying custom leverage.
Demo Account – Best for Forex Beginners
A Forex demo account is a type of trading account that allows traders to practice trading on the foreign exchange market using virtual money, rather than real money. This can be a useful tool for new traders who are just starting to learn about the Forex market, or for experienced traders who want to test new strategies or try out different platforms.
With a demo account, traders can place trades on a simulated market, using virtual currency, and see how their strategies would have performed in the real market. This can help traders to gain confidence in their trading skills and to test different strategies without risking real money.
Swap-free accounts are available for customers from certain regions including Islamic and Arabic-speaking countries.
How to Choose Your Forex Account?
Choosing the right Forex account can be an important step in your trading journey. Here are a few factors to consider when choosing your Forex account:
- Experience level: Consider your level of experience as a trader. If you are new to Forex trading, a cent account or a demo account may be a good option to start with. If you have more experience, a standard account may be more appropriate.
- Trading Capital: Consider the amount of capital you have available to trade. If you have a small capital base, a cent account may be a better option. If you have more capital, a standard account may be more appropriate.
- Risk tolerance: Consider your risk tolerance. If you are comfortable with larger risks, a standard account may be more appropriate. If you are more risk-averse, a cent account may be a better option.
- Trading style: Consider your trading style. If you are a short-term trader who likes to take advantage of small price movements, a standard account may be more appropriate. If you prefer a longer-term investment approach, a cent account may be a better option.
- Brokerage: Choose a reputable and regulated broker that has a good reputation, offers competitive spreads, and has good customer service.
- Platforms: Choose a broker that offers a platform that suits your needs. Some popular platforms include MetaTrader.
Ultimately, the choice of which account to choose will depend on your individual needs, goals, and trading style. It is always recommended to research the different account types and compare the features offered by different brokers before making a decision.
Here’s a detailed explanation of how to choose the best account type according to your preferences.
Pros and Cons of Standard Forex Accounts
- High leverage: Standard Forex accounts typically offer high leverage, which means that traders can control large positions with a relatively small amount of capital, potentially leading to larger returns.
- Access to a wide range of markets: Standard Forex accounts give traders access to a wide range of currency pairs, including major, minor, and exotic pairs, which allows for diversification in trading strategies.
- Low barriers to entry: Standard Forex accounts have low barriers to entry, making it easy for traders of all levels to start trading.
- Flexibility: Standard Forex accounts offer flexibility in terms of trade size and the ability to go long or short, which allows traders to take advantage of both rising and falling markets.
- High risk: High leverage can lead to high risk, as traders can potentially lose more than their initial investment.
- Volatility: The Forex market is known for its volatility, which can result in rapid and substantial losses for traders.
- Lack of regulation: Some Forex brokers may not be regulated, which can increase the risk of fraud or unethical behavior.
- Requires knowledge and skill: Trading in the Forex market requires knowledge and skill, and traders need to understand the risks involved and have a solid trading plan in order to be successful.
How to Open a Forex Account
Follow these steps to open a Standard forex Account with AximTrade
- To open a forex account, log in to your member account from AximTrade login, and click on the “+ Open Extra Account” button on the top right.
- Select the Standard account and press “Open”.
- Name the Account and create both trading and investor passwords for your account. Note: the investor password should not be the same as the account password. Remember to use both uppercase and lowercase letters and use a combination of numbers and letters. Then click “Done”.
- Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.
How to Choose Your Forex Broker?
Search for a forex broker with a good reputation so your money and trades will be handled properly. An efficient broker typically includes real-time market execution, favorable trading conditions, providing a wide selection of account types based on the trading capacity of different traders, fast and secure money deposits and withdrawals, competitive spreads, and last but not least, offering multiple trading options with multiple currencies.
It’s also crucial to check whether the broker complies with all regulatory requirements. Make sure you choose a regulated forex broker that protects you from scams and fraud. It is extremely important to remember that your money and personal information should be protected when opening a forex account since brokers can be hacked or go bankrupt.
The AximTrade Group is represented by the following entities and is regulated in various jurisdictions. AximTrade Pty Limited is regulated by the Australian Securities and Investments Commission (ASIC). Huntington Services Limited is an IBC registered in New Zealand and is authorized as a Financial Service Provider (FSP). AximTrade LLC is registered by the Financial Services Authority of Saint Vincent and the Grenadines and by the National Futures Association.
AximTrade adheres to a number of compliance initiatives, including handling client assets, safeguarding client funds, and providing regular financial reports. AximTrade Regulation ensures high levels of accountability and transparency for the benefit of all traders. Aximtrade complies with the Financial Conduct Authority Scheme (BVIFSC), which ensures compliance with the highest international standards and best business practices. It means you won’t have to worry about your funds or the confidentiality of your transactions.
Forex Standard Account – FAQ
What is a standard forex account?
Forex standard accounts are the most common type of trading account preferred by retail traders. These accounts offer a high degree of flexibility, competitive spreads and commission rates, and the ability to trade a wide range of currency pairs. Traders of all levels can benefit from standard accounts since they offer greater flexibility and control over their trades.
What is the minimum deposit required for a standard forex account?
The minimum deposit required for a standard forex account can vary depending on the broker. Meanwhile, top forex brokers like AximTrade offer a $1 minimum capital requirement for their standard accounts. However, it is not advisable to trade with low capital since it doesn’t produce good profit margins.
Are standard forex accounts suitable for beginners?
Standard forex accounts are generally more suited to experienced traders who have a good understanding of the market and are comfortable with a higher level of risk. Beginners may be better off starting with a cent account, which usually have a lower minimum deposit requirement and smaller trade sizes, allowing them to practice and gain experience with less capital at risk.
What are the benefits of using standard forex accounts?
Standard forex accounts offer several benefits such as lower spread, more flexible trade size, better trading conditions, and access to more advanced trading tools and resources. This can be very useful for traders who want to make more informed trades and have a better understanding of market conditions.
How much does a standard lot cost in forex?
The cost of a standard lot in forex trading is 100,000 units of the base currency in a currency pair. The value of a standard lot will vary depending on the currency pair being traded and the exchange rate at the time of the trade. For example, if a trader is trading the EUR/USD currency pair and the exchange rate is 1.20, the value of a standard lot of EUR/USD would be 100,000 x 1.20 = $120,000.
How can I verify my account on AximTrade?
AximTrade offers a Fast and Easy verification procedure to get you started. Registering an account with us is extremely easy. In just a few simple steps, our clients are able to start forex trading. Choose your type of forex account and check out the account types and specifications and decide what’s best for you. Open a Forex account in very easy steps and enjoy the finest trading conditions with the best broker.