With SwissUnion Forex is easy: what to look for when opening an accountJohannes Röll 16 / November / 21 Visitors: 329
Choosing a type of forex account requires you to carefully consider many things, including the type of forex trader you want to become, your budget, and your trading strategy. It is important that you choose the right account for you, as the type of account you have can affect your productivity and bottom line.
Good news is that SwissUnion.net specialists can help you determine main trading parameters of your account even before the start. After registration you need to select an account type, and that’s where you will need their advice.
It’s a good thing to register with a broker like SwissUnion broker to start your trading journey, because you can always get support from the company.
SwissUnion Forex and Demo Accounts
SwissUnion forex broker allows its clients to choose from many types of trading accounts.
Demo accounts allow you to practice trading. These are virtual accounts loaded with virtual currency. Almost all demo accounts are free, but may have a limited period of use. It usually takes about 30 days. However, if you continue to open a live account with the same broker, you can regain access.
Demo accounts are useful for both beginners and experienced traders. Novice traders can use them to understand the various trading platforms and see the results of their trades in real time. Experienced traders also use demo accounts to test their trading strategies risk-free.
Most of the types of trading accounts mentioned above will have swap fees. This refers to the commission you charge for holding a position overnight. However, traders who want to keep positions open for a long time, such as swing traders or investors, incur large commissions with a regular account. To prevent this from happening, some brokers offer swap-free accounts.
While swap-free accounts may seem attractive, it is not just a way to avoid commissions. Swap-free accounts generally have higher trading costs and varying limits. Thus, unless you plan on holding positions for a long time, it is usually best to avoid these types of accounts.
The only exception to this rule is that you are a Muslim forex trader. Swap-free accounts are also sometimes called Islamic accounts. This is because they are often used by Muslim traders who cannot bear the interest fees due to their religious beliefs.
How To Choose The Right Forex Account For You with SwissUnion Forex broker?
As the specialists at SwissUnion.net broker explained that knowing the different types of accounts for Forex trading will help you choose an account. You also need to know your situation well and know exactly what you want to get out of the trade.
Therefore, before opening a trading account, you need to ask yourself a number of questions:
How much do I want to deposit?
This is a key issue as it can drastically reduce your account settings. You need to weigh how much capital you have and how much you want to deposit with a SwissUnion Forex broker. It is always worth remembering that you should never trade money that you cannot afford to lose.
What is my risk appetite?
One of the most important things you can do as a potential trader is assess your risk appetite. If you are, for example, a conservative trader, you may well be satisfied with a micro account where you can trade nano and micro lots. Those looking to trade more aggressively can choose a standard account where they can trade standard lots.
Do I need access to advanced trading tools?
Many brokers leave their best trading tools for their professional clients. This could include innovative news analysis or access to more indicators.
These are tools that can be very helpful for experienced traders who can manage more than one account at a time. Note that while it seems like you need access to as many tools as possible, these tools are actually not always necessary. Don't sign up for a professional account for the extra features if you’re not sure that you know how to use them.
Johannes Röll was born 1978 in Brilon,Germany. Graduated RWTH Aachen University. Over the past ten years he worked as Head of the plastic card team, where he was mainly responsible for the development of the distribution, Head of sales Department and Financial Analyst,where he got experience in planning and support sales figures for branches. For the present he works as freelancer