Types of Meta-Trader 5 Accounts
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Binary.com offers a variety of account types to cater to the diverse needs of traders everywhere, whether you are an experienced trader or just starting out. Each account has been tailored to provide you with a unique opportunity to trade financial instruments.
Best of all, there is no minimum deposit requirement.
1. FINANCIAL
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The Financial account offers new and experienced traders high leverage and variable spreads for maximum flexibility. Trade major (standard and micro-lots) and minor currency pairs, stocks, stock indices, commodities, and cryptocurrencies with high leverage.
2. FINANCIAL STP
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The Financial Straight-Through Processing (STP) account is a 100% A Book account where your trades are passed straight through to the market, giving you direct access to forex liquidity providers. Trade major, minor, exotic currency pairs, and cryptocurrencies with tight spreads and higher trade volumes.
3. SYNTHETIC
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The Synthetic account allows you to trade contracts for difference (CFDs) on synthetic indices that mimic real-world movements. Available for trading 24/7 and audited for fairness by an independent third party.
1. Leverage
Leverage gives you the ability to trade a larger position using your existing capital.
2. Order execution
Order execution typically comes in two varieties: market execution and instant execution. With market execution, you will place an order at the broker's price. You agree on the price in advance. There are no requotes with market execution.
What about instant execution? In this case, your order is placed at the price that's available at that time. Requotes are possible if the price fluctuates a great deal before the order execution is complete.
3. Spread
The spread is the difference between the buy price and sell price. A variable spread means that the spread is constantly changing, depending on the market conditions. A fixed spread means that the spread is not affected by market conditions but it is subject to alteration at the Company's absolute discretion.
4. Commission
Most brokers typically charge a commission for each trade that you place. Binary.com currently charges no commission across all account types.
5. Margin call
When the remaining funds in your account is unable to cover the leverage or margin requirement, your account will be placed under margin call. To prevent a margin call escalating into a stop out level, you can deposit additional funds into your account or close any open positions.
6. Stop out level
If your account is placed under margin call for an extended period of time, it will reach the stop out level where it is unable to sustain an open position. This will lead to your pending orders being cancelled and your open positions being forcibly closed (also known as “forced liquidation”).
7. Cryptocurrency trading
Indicates the availability of cryptocurrency trading on a particular account.