Mini Account vs Micro Account

Hi Friends

Can I just confirm with you about lot sizes?

FXCM offers two types of account: Mini (10k lots) and Micro (1k lots)
http://www.fxcm.com/standard-compare-accounts.jsp

http://www.fxcm.com/
http://www.forexmicrolot.com/

Apparently, the Micro Account has even tighter spreads compared to the mini because they removed features such as client services etc.

So technically speaking, if I trade a 30k size lot on a Micro, it will cost me even lesser than if I trade a 30k lot on a Mini. Am I right to say this?

I am too used to trading 10k-30k lot size so I am not planning to trade 1k-3k lots on the Micro.

Thanks!

Asyraf

A mini forex trading account involves using a trading lot that is one-tenth the size of the standard lot of 100,000 units. In a mini lot, one pip of a currency pair based in U.S. dollars is equal to $1, compared to $10 for a standard-lot trade. The demand for micro accounts when trading forex is particularly high with new traders. Mini and micro accounts have remained an essential part of the forex trading business, and that is why a majority of brokers provide them.

1k = 10 cents / pip = 1 micro lot. 10k = $1/pip = 1 mini lot or 10 micro lots. 100k = $10/pip = 1 standard lot or 10 mini or 100 micro lots. Micro, mini, and standard accounts all allow you to do $10/pip. Micro and Mini allow you to do less which is what most people need to start with. Only the big dogs open a Standard account.

well start with the smallest possible if you are new to forex, make sure to go through demo, I started a micro account with hotforex before i went premium/standard years later. just be sure to mange risk correctly. dont go crazy.

I started my trading through micro then mini then ECN! In addition, before starting my micro trading I used my demo for 8 months! Micro account helped me a lot to learn how to check emotions and greed into the live market!

so jiggz does a 500 dollar account require a micro or a mini account ? and what leverage should the 500 dollar account use ? kindly assist with additional info about this if you can.

i prefer to use the smallest account type, in your case is micro account. Cause i can trade with small amount.

I think, initially small trading account is useful to adapt emotions & greed!