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Earnest

Advantages of using a Forex mini account.

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Hello Earnest,

While trading using a mini account, the lot size needed is one-tenth of the standard lot. A standard lot is usually about $100,000. Unlike a standard lot where it is equal to $10, a mini lot is generally similar to $1. Mini lots are best for beginner traders, and you can only deal with them if you set up a mini account with your Forex broker.
While dealing with a mini account, the initial capital you need is small, mostly between $100 and $500. However, this amount will largely depend on the Forex broker you are using. It is an excellent account if you are looking at learning how various currencies to trade, and you are not ready to risk so much of your money.
Though the upfront capital in this account is minimal, the leverage you choose to employ could pose risks if the currency pairs you are using move against you. You can manage this leverage if you introduce more than the minimum amount required as your initial capital.
While using a mini account, you can trade more than one lot at any given time. You can trade like ten mini lots per trade, which are equal to one standard lot. Trading using mini lots will enable you to control your risk as well as modify your trades. 
In mini lots, the broker may offer you a considerable amount of leverage. Vast amounts of leverage usually lower the risks for the brokers by reducing the trade volume. You can use a mini account to get additional leverage. However, you can continue to trade in 100,000 units, which is equivalent to 10 mini lots. When the risks are highly modified, and large leverage amounts are accessible to you, you will significantly benefit in trading using a Forex mini account.
If you are not new to the forex world, you can use a mini account to check the effectiveness of a new technique you intend to employ. You should, however, manage this mini account as your standard account for accurate results.
Briefly, a mini account is excellent for minimizing your risks as you practice trading in the Forex market. This account is also useful to experts examining new trading strategies and want minimal exposure to risks. 

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