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What Is an FX Trading Account?

The foreign exchange (FX) market provides exciting opportunities for investors to increase capital by taking advantage of fluctuations in the exchange rates of global currencies. Investors do not have direct access to the FX market; they can only gain access to the global currency markets through the services of an FX broker.
What is an FX broker? An FX broker has direct access to the FX markets and is responsible for matching suitable currency buyers and sellers within the market at any given time. Brokers do not typically charge a commission for their services; they attach a spread to each transaction, which is the difference between the "bid” and "ask” price for a particular currency pair. For each trade there is a spread, and the spread is how the broker makes money in the FX market. Some brokers may provide clients with the option to pay a commission in return for minimum spreads.
Brokers provide their clients with an FX trading account which provides a method for the investor to actively hold and trade global currencies on the FX market. Brokers may provide investors with different options for opening an FX trading account; there are both live accounts and demo FX trading accounts. Live accounts provide access to the live FX trading environment and generally require a minimum deposit amount to be activated. Demo FX trading accounts are often risk-free and only mirror the live trading environment.

Demo FX Trading Accounts

Demo FX trading accounts are valuable trading tools for a number of reasons. Demo accounts allow new investors to gain invaluable experience executing trades in the FX market with real-time variables such as prices and broker spreads.
Both new and experienced FX investors can take advantage of demo accounts to understand and employ different types of FX trading strategies without risking real funds. For example, strategies such as leveraging are exciting for many investors because they provide the potential for growing capital quickly with smaller initial investments. Leveraging brings considerable risk as well; a demo account provides a perfect opportunity to try this particular strategy while eliminating risk.
One of the best uses for a demo FX trading account is to thoroughly assess the products and services that a broker offers clients. The top FX trading brokers provide demo accounts with full functionality, allowing investors to see if the products and services meet their unique trading needs.

Live FX Trading Accounts

Live FX trading accounts provide the opportunity for investors to access the live FX market. This is where investors have the chance to hold and trade foreign currencies using real capital.
Before signing up for a live trading account, investors should take the necessary time to become familiar with the requirements and limitations associated with the account. Here are a few examples of things to keep in mind:
  • What is the minimum live account deposit amount?
  • Is there a minimum trade size, and if so, what is it?
  • What kinds of trading platforms does an account provide access to?
  • Does the broker offer competitive spreads?
Choosing an internationally recognized and FCA-regulated FX company is a good place to start when looking for an FX broker. Take the time to try different products and find the FX trading account that is right for you.     


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