Forex trading involves buying and selling of currencies. Buyers and sellers agree on what prices they will exchange their currencies for. Most conversions are made to earn a profit, and people are making a living out of forex as their primary source of income.
The volatility of the currency is what makes forex trading interesting. The higher the risk, the higher the ability to get higher profits, and the lower the risk, the less you might get. There are different types of forex markets which include:
- Spot forex market – physical currency exchange that takes place at an exact place or given time. This is referred to as trading on the spot.
- Forward forex market – a contract is used for trading currencies at a specified amount which will be settled at a future date or on a couple of future dates.
- Future forex markets – a legally bound contract is used to buy or sell currencies at a given price in the future.
Forex trading is made efficient by forex brokers and forex providers like IFC markets that offer decent spreads, reliable trade execution and negative balance protection that is applied to trading accounts.
What forex account types do IFC markets offer? There are trading account types that IFC offers that are determined by each trading platform that is supported. The platforms include NetTradeX (NTTX), meta trader 4 (MT4), and meta trader 5 (MT5). Here are some of the trading accounts that the IFC markets offer;
NTTX Standard Fixed and Floating
This acts as an entry-level account while working with the NTTX trading platform and has unique features like different deposit currencies (USD, EUR, JPY, or BTC). It requires an initial deposit of 1000 USD/ EUR, 100000 JPY. It does not have any maximum equity, and its leverage is from 1;1 up to 1:200. There are fixed spreads that start from 1.8 pips and create the ability to use hedging and netting.
NTTX Beginner Fixed and Floating
This account type is best suited for new traders who are newbies and therefore have a minimum experience in trading in forex. The investment amount is usually low, and the losses and profits are not as significant as in those other accounts.
The deposit currencies and the fixed spreads are the same as those in the NTTX standard fixed and floating account, but the initial deposit is 0.1% of the fixed and floating account. This account contains maximum equity of 5000 USD, and the leverage starts from 1:1 to 1:400.
NTTX Demo Fixed and Floating
The demo account acts as a mirror to the live account, and the users will have the same experience, only they will be trading with virtual money, which is risk-free. The account contains the same deposit currencies, has no maximum equity, has a leverage of 1:1 to 1:200, has a fixed spread of 1.8 pips and has the ability to hedge and net.
MT4 Standard Fixed
This type of account offers users a standard account with fixed spreads, which allow for deposits like that of the NTTX standard fixed and floating account, with the same leverage and a short margin level and stop out of 10%.
More accounts include;
- MT4 micro fixed
- MT4 demo fixed
- MT5 standard floating
- MT5 micro floating
- MT5 demo floating