COMPARE ONLINE FOREX ACCOUNTS
An online Forex account is an account that can hold and trade Forex currency pairs. When choosing a Forex Broker, focus on (i) safety of money, (ii) fund methods, (iii) trading cost, and (iv) available asset index.
Starting an Online Forex Account
Typically, you open an account, upload the documents verifying who you are, deposit some money, and then you can buy/sell Forex currency pairs. As concerns the verification process, new online Forex accounts require the following documents:
(a) Proof of Identification (ID, Passport, or Other)
(b) Proof of Address (a Bill in your name)
(c) If you want to use a Credit/Debit card, then a 2-side photocopy of your card
What is a Managed Account? A managed account is a fully segregated brokerage account, individually owned by an investor but managed by a professional money manager on his behalf. Money Managers can access that individual account only for opening, modifying, and closing trading positions. A managed account offers the chance to common investors to have their money managed by professional traders, but to maintain full control on their capital, and enjoy safety and real transparency.
Major Types of Managed Accounts
Money managers trade all investor’s accounts via a large master account. The exact structure of this arrangement follows four modules: PAMM, MAM, LAMM, and Pooled Accounts.
(i) PAMM (Percent Allocation Management Module)
A PAMM account type allows investors to allocate only a percentage of their entire capital to reflect a master account. The PAMM account type is designed to distribute all gains, losses, and fees on an equal percentage basis. In other words, all investor accounts get the same percentage returns no matter the size of their accounts. In addition, an investor can select to follow different money managers on the same account. The deposit requirements usually start as low as $500.