Starting a Nano account might be useful for you. Here's a list of top brokers that provides Nano accounts in their services.
If you are just starting to trade in the currency market, opening a Nano Account may be an excellent option for you.
If you are still not familiar with the term, a Nano Account is a type of account that offers a smaller lot size than micro accounts. Here is the comparison:
- Standard: 1 lot
- Mini: 0.1 lot
- Micro: 0.001 lot
- Nano: 0.0001 lot
The Nano Account's primary purpose is to give traders access to the currency market without having to risk a lot of money. Even though that also means smaller profit for you, the point is to use this account as a way to practice and focus more on your growth and improvement as a trader.
Apart from that, Nano Account can be more interesting to try than forex demo accounts because it gives real profits.
Here Are Brokers that Provide Nano Accounts
Nowadays, there aren't many forex brokers that offer this type of account. There used to be more of them, but it turned out that this size is not always worth it for the brokers. Despite the notion, these brokers still maintain their Nano Accounts.
1. OANDA
OANDA was founded in 1996 under the leading company OANDA Corporation based in San Fransisco, United States. It is regulated by a number of jurisdictions including the CFTC and NFA. OANDA has opened branch offices in many places such as England, Singapore, Japan, and Canada.
This broker is widely known for its unlimited lots. This means that traders can trade with the smallest possible lot, which checks the Nano trading condition. In addition, OANDA is a commission-free broker with a minimum initial deposit of 1 USD, making this broker very suitable for novice traders.
Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.
It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.
Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.
OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.
OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.
For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.
Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.
Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.
The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.
As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.
With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.
Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.
There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.
OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.
The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.
With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.
In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.
2. InstaForex
InstaForex exists since 2007 as a part of the InstaForex Company Group that is based in Russia. Currently, InstaForex has more than 2 million clients who spread across 50 countries (mainly in Europe and Asia). This number is believed to continue to grow along with the positive image InstaForex has built, thanks to its young, energetic, and professional board of directors and team.
This broker provides Cent Accounts with Nano Lot size down to 0.0001 lots. This account is aimed at novice traders and traders who want to test their trading strategies without taking high risks. The leverage provided is ranging from 1:1 to 1:1000 on all account types, including the Cent Accounts.
InstaForex is an international broker that provides trading services to traders globally. Since it was founded in 2007, InstaForex has provided for clients from various countries as many as 7 million traders. Based in Kaliningrad, Russia, InstaForex always attempts to improve the quality of the company in order to captivate the hearts of their clients.
Their hard work can be proven, one of which is by achieving a variety of awards, including Best Forex Cryptocurrency Trading Platform 2018 by UK Forex Awards, Best ECN Broker Asia 2018 by IBM, Forex Broker of the Year for Eastern Europe 2018 according to le Fonti Awards, Development, and Success award at Financial Olympus 2016-2017, etc.
There are 4 types of account offered by InstaForex representing a universal trading tool that help to work on international financial markets, such as Insta.Standard, Insta.Eurica, Cent.Standard, dan Cent.Eurica. Trading account types differ by the methods of accounting spreads and commissions, which are picked by the trader opening an account.
Insta.Standard account is relevant for standard trading terms on the Forex market and allows a trade to be settled with classical spread and with no fees. Traders will be charged a fixed spread every time they make a transaction. Spreads that are provided ranging from 3-7 pips. The main advantage of this type of accounts is its universality, as a trader can change the trading leverage and work with a deposit size convenient for traders.
Different from Insta.Standard accounts, Insta.Eurica accounts do not require payment of any spread on opening a deal. Therefore, this type of InstaForex account is suitable for beginner trader with a minimum transaction of 0.01 lots.
There are also other types of accounts InstaForex, namely Cent.Standard and Cent.Eurica which can be used for beginner traders because they can use the minimum transaction volume, which is 0.0001 lots (the cost per lot is USD0.1 cent). Deposit currencies that can be used by traders are EUR and USD (for all types of accounts).
Trading in InstaForex is quite a given as traders can choose to trade with leverage between 1:1 to 1:1,000. With a minimum initial deposit requirement of only USD1 (for all types of accounts), InstaForex clients have the opportunity to get a 30% to 100% deposit bonus.
Not only that, but beginner traders are also exempt from confusion in determining forex trading strategies. Because Instaforex provides ForexCopy services that allow traders to copy orders from professional traders in just a few minutes.
And then, there are around 300 trading instruments offered by InstaForex for traders. In addition to currency pairs, there are also futures, shares, gold, silver, CFDs, Bitcoin, and others.
Every InstaForex client is free to choose a trading platform that can be tailored to their needs. There are four types of trading platforms available, including InstaBinary, WebIFX, MetaTrader4, and MetaTrader5. Each platform has advantages and disadvantages. InstaForex also provides video tutorials on how to register on each platform. It aims to make it easy for beginner traders who want to join InstaForex.
If a trader still confused after seeing the video tutorials, traders can contact customer service available 24 hours connected to various social media, including email, Skype, Whatsapp, Telegram, Viber, Twitter, and Phone Call. On the InstaForex website, there are around 30 languages provided to facilitate traders from various countries.
The trader can also help themselves with trading calculators provided on the InstaForex website. Traders can accumulate currency pairs, Leverage, volume, and currency used.
The payment system in InstaForex is also diverse. Traders can pay deposits via Visa, Mastercard, Skrill, Neteller, PayCo, as well as Wire Transfer. All in all, InstaForex is a well-rounded broker for many types of traders.
3. Alpari
Alpari is one of the most well-known forex brokers that has been around since 1998. Alpari's trading turnover in 2015 exceeded 1 trillion USD. At the end of 2015, its branch offices successfully offered services to more than one million clients spread across more than 150 countries worldwide. This broker is also famous for its various trading contests.
Alpari offers several account options that can be adjusted to traders' needs, and one of them is the Nano MT4 account. It offers leverage of 1:500 and is affordable for any new traders.
Alpari International is one of the largest forex brands. They always try to work hard to make sure traders make the best trading and investment decisions. Established on 24th December 1998, Alpari has started from a small group of men who are looking to start a business in finance in one of the most economically precarious years in Russia's history.
During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. Alpari has a head office on the 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius. The company is regulated in St.Vincent and the Grenadines (the licensed number is 20389 IBC 2012), IFSC Belize (the licensed number is IFSC/60/301/TS/18).
This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface. For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors.
The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. All of their accounts use USD, EUR, GBP, and NGN as the options for base currency. But, NGN accounts are only available to clients in Nigeria.
Each kind of account has a different spread. At Standard Account provides spreads from 1.2, the spread of Micro Accounts is from 1.7, and ECN Account and Pro Account have spread from 0.4. A trader can open an account in Alpari and opt to trade currencies (FX majors, FX minors, FX exotics, and FX RUB), spot metals, spot commodities, stock trading, spot indices, and crypto-currencies.
A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading. If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website.
Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time.
Besides, Alpari offers PAMM (Percent Allocation Management Module) which allows a trader to choose their desirable Account Manager. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.
This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors. The investors then will help Strategy Managers to earn more through commission fees up to 40%.
Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.
For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.
Alpari creates a very convenient funding and withdrawal experience for each trader. A trader can transfer with any kind of methods, such as e-payment (example: FasaPay, Local Transfer, TC Payment, etc), credit cards (Visa, Mastercard, and Maestro), E-Wallet (Neteller, Skrill, VLOAD, TC Pay Wallet, WebMoney, Perfectmoney, Bitcoin), and bank transfer. If there's been no trading activity on the trader account for at least 6 months, an inactivity fee of 5 EUR/USD/GBP will be applied.
All Back office transfers are processed during standard business hours, 03:00-19:00 GMT+2 (GMT+3 during DST), Monday-Friday. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email.
4. FXOpen
Under the company FXOpen Markets Limited, FXOpen was first founded in 2005. As soon as its initial release, FXOpen immediately became popular among traders because it offers forex and CFD trading services with a low deposit, transparent trading conditions, and superior customer support.
In 2006, FXOpen became one of the first brokers to offer Micro Account and Swap-free Account. Not long after, they continued to pioneer new and high-tech services such as the first Crypto Account that facilitates trading on 24 Cryptocurrency CFDs, including Bitcoin and Ethereum.
Its Micro account is accompanied by a Nano lot, so you can consider FXOpen as one of the top forex brokers to trade with Nano Account. As a market maker broker, the order execution method in FXOpen is instant execution. Consequently, you could get requotes when the market is in extreme volatility and low liquidity condition. The good news is, this broker allows traders to hedge and use EAs.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
5. XM
XM broker is established under the company XM Global Limited, which is part of the XM Group financial company. XM is under the regulation of FCA, ASIC, and CySEC. Since its inception, XM has quickly gained traders' attention because of its various advantages, including low spreads, fast service, and other tempting offers. Today, XM offers trading services in more than 190 countries with more than 20 different languages around the world.
XM generally offers three types of accounts with a minimum deposit of 5 USD for Micro account, which is quite affordable for beginners and provides Nano lot size. The spread is also competitive, while the maximum leverage is 1:888. Another thing to consider is that XM provides a wide variety of trading platforms such as MT4, MT5, and Webtrader.
XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.
Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.
XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.
XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.
In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, & Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.
Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.
To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Minimum deposit of $5 applies to Standard, Micro, and also Ultra-Low Accounts. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.
For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.
To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).
All in all, there is no doubt that XM has gone global with its deep commitment to providing services in more than 30 different languages across the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.
For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.
Benefits of Using a Nano Account
Considering its ability, the Nano Account brings several advantages that can be divided across a number of points, not only concerning beginners' needs but also related to the psychological aspect and what experienced traders can do with it.
Start Small, Grow Bigger
At the beginning of your trading journey, it's best to keep the risk as low as possible. That also means investing just a small amount of money for a start.
Like everything else, to become an expert in trading, you need practice.
Would you learn to be a good pilot by trying to fly the fighter jet straightaway?
Would you be a professional scientist without having to do tons of experiments beforehand?
Of course not.
Well, forex trading is no different. It takes time to understand the whole picture and to find a system that actually works for you. Nano Account allows you to do that and keep your losses small while you are still learning. Besides, you can always go bigger if you want. When you feel confident enough, you can gradually increase the size of your trade little by little.
Excellent for Testing Trading Strategies
Now, the next crucial aspect to think about is your trading strategy. If you already trade small but your strategy is not profitable, then all of it would be for nothing. Many people believe that using a demo account is significant to test if a system is profitable or not. While this might be true, there really is no way to tell for sure until you start putting real money into it.
Sometimes, you could find a strategy that looks profitable in the demo account, but it crumbles into nothing once you use it in a live account. By risking just a small amount of money in your Nano Account, you could see which strategy works best for you and if it's something you can use continuously, without having to worry about big losses should the strategy doesn't work in the live account.
Reduces Stress
Success in forex trading is not only determined by strategy and money management but also by trading psychology.
What is the point of setting up a trading system with high profitability if you are often affected by emotions when you see the price fluctuates?
Bear in mind that price volatility is something that is out of your control. The only way to maintain the risk is to control your emotions as best as possible.
Nano Account can help you relieve stress because the source of trading stress often comes from a high amount of risk that does not fit your tolerance limits. If this happens, it's easy to feel anxious so you tend to take spontaneous trades that are not based on your trading plan.
A smaller trading size could help you get through this and make you feel at ease because of the low risk. However, once you are able to put your emotions aside while trading, then you're good to go bigger.
Nano vs Cent Account
Nano Account's characteristics are similar to those of a cent account. In fact, both types of accounts are intended for beginners due to their ability in facilitating traders to enter the market with an incredibly small volume.
So, what is the difference between the two? Which one is better?
The term "nano" refers to the lot size, while "cent" is meant for the account currency unit. Cent account makes it possible to use a cent unit instead of the standard US Dollar (or other base currencies), so when one trades with a volume of 100,000 Cent, they actually only risk 1,000 dollars.
As the minimum lot size in MetaTrader platforms is 0.01 lots (1,000 dollars in most general cases), it becomes obvious that when it is converted to a cent unit, traders can open a position with a trading volume as small as 10 dollars (0.0001 lots).
In the end, Nano and Cent Accounts are actually the same if we perceive them from the minimum lot size that they can offer. The only difference lies in the account currency.
If you're unfamiliar with how the cent account works and find it bothersome to convert the unit value every time you calculate your actual risk, then it's better to choose the nano account.
Otherwise, choosing either account is fine. It should be noted that many brokers opt to provide Nano lots in the form of cent accounts due to MetaTrader platforms' restriction in the filling of minimum lot size (it can't go down lower than 0.01).
Even if you become successful enough to trade with a standard-sized account and use a more prominent broker, it is always useful to keep your Nano Account. You can use it any time to test new strategies or as something you can always return to when things don't go as planned.
14 Comments
Nov 2 2021
Nano account is a great place to do exercise what you have got from learning to trade. And This type of account helps you a lot to feel the real forex market atmosphere. But don't be stuck at this stage. When your trading performance has increased, you need to look for another challenge.
Trading only uses small capital never makes you be a successful trader (Yes it does, but takes time forever). Trust me!
Apr 12 2022
Maximiliano Robertson: What type of account after we try nano account? Can we skip macro then just right using standar account?
Apr 13 2022
Mateo Blažević: Instead of using a nano account, it's better to just use a micro account. The zero calculation is not far from the standard account.
Mar 4 2023
Mateo Blažević: In my opinion on what type of account to use after trying a nano account, it's important to remember that the options available will depend on the broker you're using. Generally speaking, nano accounts are for new traders or those with limited funds. Micro accounts, on the other hand, are for more experienced traders who want to trade larger positions.
If you feel like you've outgrown your nano account and are ready to trade larger positions, you can skip the micro account and go straight to a standard account. Standard accounts typically have more features and benefits than nano or micro accounts, but they also require a larger initial deposit and have higher minimum trade sizes.
Ultimately, the type of account you choose will depend on your trading goals and how much risk you're comfortable with. It's important to do your research and choose a broker and account type that works best for you
Mar 4 2023
Sebastian Aaron: No, I agree with Mateo. In my opinion, to learn more about trading strategies etc just use the demo account and instead of starting with the nano account just use the micro account. Since the real nano account offers no material difference when trading with the demo account, the micro account carries more risk and higher returns, which increases the risk. And thanks to that, your trading psychology will be learned more.
And believe it or not, Forex Trading requires more money to make a profit. Agree or disagree with my point, it's up to you!
Nov 29 2021
I'm confused in determining the type of account that I will use between micro or nano. Any suggestion?
Nov 29 2021
Carbaloz: Both of them are good trading platforms to start with. It's more like a demo account but the premium one. You will feel the market in real-time. When you lose, your money will be gone for real. But, if you get the profit, you have a chance to make real money.
Mar 4 2023
Carbaloz: Well, it depends on your experience level and how much cash you've got to throw down.
If you're just starting out or don't have a lot of money to work with, a nano account might be a good choice. It usually has smaller trade sizes and lower deposit requirements, which is great for keeping things manageable.
But if you're a seasoned pro or have some extra cash on hand, a micro account might be a better fit for you. With better spreads and more trading instruments, you are more likely to win larger amounts. But if you want to skip the nano account, you can do it because the micro account also brings less risk in trading than standard account.
At the end of the day, it's up to you to decide what kind of account fits your needs and trading goals. Just make sure you do your research and find a broker and account type that works for you. Good luck out there!
Apr 11 2022
Such a waste using nano account for trading. It takes TIME to getiing rich ya know. Don't bother using it.
Mar 4 2023
John Williams: Nope, I don't think so. If you're just starting out or don't have a ton of cash to play with, a nano account can be a great way to dip your toe into the trading waters. It lets you experiment with different strategies and learn how to navigate the market without risking too much of your hard-earned dough.
Plus, with a nano account, you can open up more positions and spread your bets around a bit. This can help you to manage your risk and potentially make more money in the long run. But it is back to trader view by the way.
Apr 18 2022
As a former user of nano accounts, I feel that it is very less effective if traders with small capital use this type of account. Very disproportionate between the time spent with the results obtained. Better to increase income. Then just enter the market with another type of account.
Mar 4 2023
Tremblay: I agree with you ! It is better to use micro account instead of nano account. If you use to test your trading strategy then using nano account is not a problem. And I feel the same way about penny accounts. It's a waste of time and we still need to spend our money on the transaction, albeit a little on the micro account.
I mean profit is not enough for us. I agree with your statement about increased income. this will become the motivation for us to trade that cent or nano account. We can just create a demo account instead of these two accounts to learn Forex.
Jan 12 2024
It has been mentioned that using a Nano Account can alleviate stress, as trading stress often arises from dealing with a level of risk that exceeds one's tolerance. In such situations, it's common to feel anxious, leading to impulsive trades that deviate from the established trading plan. Hey, does it genuinely work in training our emotional responses? I mean, while a Nano account may be beneficial for beginners due to its minimal risk, can it actually assist in managing the stress associated with trading? Thanks!
Jan 16 2024
About whether using a Nano Account is the golden ticket for training those emotional responses. It's a bit of a mixed bag, you know? For newbies, the beauty of Nano accounts is the low risk – you get to dip your toes in the trading waters without sweating over major financial hits. It's a chill space to get the hang of market vibes, place some trades, and gradually build up that confidence.
But here's the kicker – does the stress you face in this low-risk zone really prep you for the wild world of high-stakes trading? That's the million-dollar question. While Nano accounts are like your trusty training wheels, there comes a time when you gotta ditch 'em and move up to larger accounts for the real deal. That's where you face the big guns, gain legit experience, and toughen up emotionally for the challenges that come with higher risks. So yeah, Nano accounts are a cool starting point, but at some point, you gotta level up to larger accounts for the true trading hustle. It's all about getting that authentic experience and building up some serious resilience when the stakes are higher. Hope that gives you the lowdown in a more laid-back way!