There are three main types of forex trading that a potential forex trader will use in trading forex online. Although, forex brokers offer other types of account such as managed or investment forex account, but when it comes to you trading forex online, you need to use these three types of forex accounts, they are as follows:

i.                   Standard or macro forex account

ii.                 Mini forex account

iii.              Micro forex account

1.     Standard or Macro Forex AccountThe standard account is the most widely used forex trading account. These types of forex account afford you access to standard trading lots of currency, each of which is with $100,000. This does not mean that you have to put down $100,000 of trading capital in your forex account for you to trade. The rules of leverage and margin (eg 100:1or 200:1 in forex) allow you to trade in forex a standard lot which might be as little as $1,000 or  $500.This type of online forex trading account has its own pros, cons, gain potential and loss potential, that is why it is recommended for experienced forex traders who have a portion of capital to invest.

2.     Mini forex accountA mini forex trading account is a type of trading account that allows traders to make trades using smaller lot (eg 0.1). Most forex brokers offer brokerage accounts with mini lots equivalent to $10,000. Forex brokers offer this types of account to new clients that cannot trade full lot because of the big capital required. This type of forex trading account has advantages like low risk, low capital required and also flexibility. It also has its con because low risk management is equal to low reward.  

3.      Micro forex accountThis type of forex account are always smaller than minis, are also available through some forex brothers. Micro accounts trade in $1,000 lots and the pip movements are worth 10cents per pip. These accounts  are really only used by new forex traders with a very little forex knowledge and can be opened with as little as $(10-25).