The specific amount of money you’ll need for trading forex will depend on multiple factors, such as your financial situation, your trading goals, and your tolerance (or appetite) for risk. Beginner forex traders might start trading forex with as little as $100, while it’s not uncommon for professional day traders to have six or even seven-figure trading accounts. If you are a beginner, you’ll first need to determine if forex trading is suitable for you. Check out our guide to trading forex for beginners here.
The next step will be deciding on your trading budget. This is especially important given the risks involved in trading forex from a margin account. Forex brokers typically offer a range of contract sizes so you can fine-tune the size of your trade – which will determine how much risk you are taking for a given profit target. A micro account with a low margin requirement would make it possible to trade forex and test a trading strategy with as little as $100 of risk capital. In this case, your potential risk will be limited – but so will your potential rewards. Trading forex with a small amount of risk capital can let you test a new investment methodology, or allow beginner traders who are new to forex trading to learn by trial and error without “breaking the bank.”
Regardless of your trading budget, you'll need to choose a dependable method for depositing and withdrawing funds for your live trading account. PayPal has grown in popularity as a way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies. Head over to our guide to the best PayPal forex brokers to learn more about using PayPal to fund your account, and to see our list of the best forex brokers that accept PayPal.
OTFX is a leading international online foreign exchange trading, CFD trading and related service provider. It creates a unique mirroring model and provides innovative trading tools, employs excellent trading instructors, meets strict financial standards and strives to provide the best in the market. The best online trading experience, so that traders around the world can access the world's largest and most liquid market. At the same time, customers can enjoy various advantages such as copy trading, one-click transactions and trading through real-time charts. In addition, OTFX also provides foreign exchange trading education courses, as well as providing trading tools, exclusive data and valuable resources.
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