Mini forex accounts trade using one-tenth of a standard lot. In these accounts, one pip of a US dollar-based currency pair is valued at $1, which is $10 in standard lots. All brokers allow their clients to open mini accounts. The mini accounts help the traders to get a basic concept about the trade. It is possible to formulate, test and modify a trading strategy in the real market through a mini account.
Mini accounts need a little amount of money to get started. The option of high leverage makes up for the small investment. A big advantage of opening mini accounts with different brokers is the even distribution of risks. If, for any reason, an account or a broker closes up, you will still have other mini accounts with other brokers. In this way, you can save the bigger part of your investment from out of control incidents.
Nonetheless, this does not mean that mini account holders are restricted to trade with one-tenth of a standard lot only. It is possible to trade a standard lot through a mini account by ordering 10 mini lots. This also provides a custom trading facility for the traders. While standard traders will not have the chance to trade a fraction of a trade, mini account holders can easily do that.
Along with AlfaTrade, I have several other mini accounts open with others. However, I prefer AlfaTrade most due to its speedy transactions, professional customer care and very helpful trading guide. Its excellent service has made it my first choice for trading.