Forex Trading Account: Types, Requirements and How to Choose

A forex trading account is the account at a broker through which you buy and sell currency pairs. It holds your balance, records every open and closed trade, and calculates the margin that your positions need. You log in to it from a trading platform, not from the broker's website. If you searched for "forex account", "FX trading account" or "currency trading account", this guide explains what you are actually opening, which account types exist, what the main settings mean, and how to compare accounts before you deposit.

Disclosure: OnForex may earn a referral commission from Exness links on this page. Exness is used here as one verified example. This is general education, not investment advice.

This guide is for beginners who are about to open their first account, and for traders comparing account types at one broker. It covers:

• What a forex trading account is
• Live vs demo accounts
• Types of forex accounts, with a cost example
• Account currency
• Leverage and margin
• Documents you need
• How to compare accounts
• FAQ

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What is a forex trading account?

A forex trading account is a record kept by your broker. It shows your balance (the money you have deposited plus closed profits and losses), your equity (balance plus the floating profit or loss on open trades), the margin used by open positions and the free margin left to open new ones. When you click buy or sell, the order goes from your platform to the broker, and the result appears in this account.

Most currency trading is done on leveraged contracts for difference (CFDs), so the account does not hold physical euros or dollars. It holds a money balance in one currency, and your trades change that number. For the basics of how a trade works, see what is forex trading.

Trading account vs client area vs wallet

Beginners often mix up three different things:

Term	What it is	What you do there
Client area (at Exness: Personal Area)	Your login on the broker's website or app	Upload documents, open and close accounts, move money, contact support
Trading account	The account you trade from, identified by an account number and a trading password	Place orders on MT4, MT5 or the broker's terminal
Wallet or payment account	A bank, card or e-wallet account in your own name	Where deposits come from and withdrawals go back to

At Exness, for example, one Personal Area can hold several trading accounts. According to the Exness Help Center, a real Standard MT5 account and a demo Standard MT5 account are created automatically after registration, and you can open more accounts of different types from the My Accounts area. Exness says it does not charge a fee for creating trading accounts, and that the account type and trading server cannot be changed after creation (you open a new account instead). Check the current terms of any broker you consider, because they change.

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Live vs demo forex accounts

A live account trades real money. A demo account trades virtual funds at prices that follow the real market, so you can learn the platform and test a plan without risking capital.

	Live account	Demo account
Money	Real	Virtual
Purpose	Real trading	Learning, testing a plan
Risk of loss	Yes	None, but results are not proof of future live results
Typical limit	Archived after long inactivity at some brokers	Often deleted after a period without activity

Per the Exness Help Center, demo accounts are available for every account type except Standard Cent, and Exness says demo trading conditions are identical to real accounts. Even so, a demo cannot reproduce the feeling of losing real money, and fills during fast markets can differ on a live account. Use the demo to practise placing orders, setting stop-losses and sizing positions, then go live with the smallest size. See the Exness demo account guide for the steps on one platform.

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Types of forex trading accounts

Brokers use different names, but most accounts differ in one way: how you pay for trading.

Account style	How you pay	Who it can suit
Spread-only ("standard")	The cost is built into a wider spread, with no separate commission	Beginners and traders who place a few trades and want a simple cost
Lower spread plus commission ("raw" or similar)	A very tight spread plus a fixed fee per lot	Active traders, where the commission can come out cheaper per lot
Cent or micro account	Positions are measured in cents or tiny lots	Very small first deposits; lower exposure per trade
Swap-free (Islamic)	No overnight interest on eligible instruments	Traders who cannot pay or receive interest

"Raw" or "ECN-style" names are marketing labels. They tell you about the pricing, not about who regulates the broker or how safe your money is.

Exness account types, as a verified example

The Exness Help Center article "Trading account types" (updated 27 October 2026, read on 1 November 2026) lists five account types. The "from" figures are advertised minimums, not what you will always pay: spreads vary by instrument and time of day and can widen around news.

Account	Minimum initial deposit	Advertised spread	Commission
Standard Cent	No	From 0.3 pips	No
Standard	No	From 0.2 pips	No
Pro	Yes; depends on region	From 0.1 pips	No
Raw Spread	Yes; depends on region	From 0.0 pips	Up to 3.50 USD each side per lot
Zero	Yes; depends on region	From 0.0 pips	From 0.05 USD each side per lot

Two further points from the same Help Center pages: only the Zero and Raw Spread accounts charge a trading commission, and Exness states that it does not offer ECN accounts, which is a good reminder that the label on an account is not the same as how it is priced. For the full conditions, see Exness account types.

Worked example: which cost model is cheaper?

The numbers below are hypothetical and are not Exness prices. Suppose you trade 1.00 lot of EUR/USD, where one pip is worth USD 10 (100,000 units x 0.0001; see pip value).

	Account A: spread only	Account B: lower spread plus commission
Spread	1.2 pips	0.2 pips
Spread cost	1.2 x USD 10 = USD 12.00	0.2 x USD 10 = USD 2.00
Commission	None	USD 3.50 per side x 2 sides = USD 7.00
Total cost per round trip (open and close)	USD 12.00	USD 2.00 + USD 7.00 = USD 9.00
Cost in pips	1.2	0.9 (USD 9.00 / USD 10)

On these assumptions account B saves USD 3.00 per lot. At 0.10 lot the saving is USD 0.30, so it matters little for a beginner trading micro lots and more for someone trading many lots. Real spreads move during the day, so compare total cost on the pairs and hours you trade, not the headline figure. For how spreads work, see spread explained.

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Account currency and conversion

When you open the account you pick a base (account) currency, such as USD, EUR or GBP. Your balance, profit and loss are shown in it. At Exness, the Help Center says the account currency cannot be changed once selected, and that conversions apply when you deposit or withdraw in a different currency. The list of currencies depends on the account type and the entity that serves you.

Why it matters, with an example. A EUR/USD trade makes a profit of USD 38. If your account is in USD, you see +38.00. If your account is in EUR and EUR/USD is 1.0900 at the time of closing, the profit is converted: USD 38 / 1.0900 = EUR 34.86. Check each step where currency changes, because every conversion can carry a spread or fee:

1. The currency you deposit from, and the account currency.
2. The currency a trade is quoted in, and the account currency.
3. The currency you withdraw to.

If your bank account and income are in the same currency as the trading account, you avoid most conversions. If they are in another currency, ask the broker what the deposit and withdrawal conversion costs, and compare that with the cost of holding a balance in your own currency.

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Leverage and margin on your account

Leverage lets you open a position larger than your deposit; margin is the part of your balance the broker sets aside to hold it. The formula is:

Required margin = position value / leverage

Example: you buy 0.20 lot (20,000 units) of EUR/USD at 1.0800 on a USD 1,000 account. The position value is 20,000 x 1.0800 = USD 21,600.

Maximum leverage	Margin held	Free margin (balance, no open profit or loss)
1:30	21,600 / 30 = USD 720.00	1,000 - 720 = USD 280.00
1:100	21,600 / 100 = USD 216.00	1,000 - 216 = USD 784.00

Leverage changes how much margin is held. It does not change your profit or loss per pip, which depends on the lot size: 0.20 lot on EUR/USD is USD 2 per pip (20,000 x 0.0001), so a 50-pip move against you costs 50 x USD 2 = USD 100, or 10% of this account, at either leverage. A higher leverage setting can tempt you into a larger position and a faster margin call, so many beginners pick a lower maximum and size by risk instead. See forex margin explained and lot size.

The limits that apply to you depend on the regulator that covers your account and your country. Margin call and stop-out levels also differ by broker and account type: Exness lists a 60% margin call and 0% stop-out for Standard accounts (30% and 0% for Pro, Raw Spread and Zero), and a 20% stop-out for clients of its Kenyan entity. Read the numbers in your own client agreement.

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Documents and requirements to open a forex account

Regulated brokers must know who their clients are, so expect to complete verification (KYC):

• Proof of identity (POI): a government-issued passport, national ID or driving licence with your photo and date of birth.
• Proof of address (POA): a recent utility bill, bank statement or similar document showing your name and address.
• Economic profile: a questionnaire on your income, source of funds and trading experience.
• Age: you must be of legal age. Exness, for example, requires the date of birth on the ID to show 18 or older; other brokers and countries may set a higher age.

The Exness Help Center ("Verification document requirements", updated 24 September 2026, read on 1 November 2026) gives a practical example. The ID must be issued by an official authority, show a photo, and carry the same full name as the account holder. It must still be valid for three months from the date of upload. All four edges must be visible, and the image must be sharp and readable. Accepted file types are .jpg, .bmp, .png and .pdf up to 50 MB, and Exness says verification can take up to 24 hours. Some regions accept one document for both ID and address.

Practical tips that apply to any broker:

• Register with your real legal name and details. Exness states that the name on the ID must match the account holder's name, and other brokers apply the same check.
• Use payment accounts in your own name. Do not let someone else fund or withdraw from your account.
• Upload clear, uncropped images before you deposit, so you know the account works before you add money.
• Keep copies of what you uploaded. See also Exness account verification.

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How to compare forex accounts before you deposit

Compare accounts in this order. The first step matters most.

Step	What to check	Where to look
1. The company	Which legal entity will hold your account, and which regulator authorises it	The client agreement and the website footer; then the regulator's own register
2. Your country	Whether the broker accepts residents of your country, and what rules apply to you	The broker's terms and your local regulator's notices
3. Cost model	Spread, commission, swap and conversion costs on the pairs you trade	Contract specifications, and a demo account at your usual hours
4. Account currency	Whether your currency is offered, and the conversion cost if not	The account-opening page
5. Minimum deposit	What you must put in, and the minimum for your payment method	The account page; ask support if unclear
6. Platforms	MT4, MT5, web terminal, mobile app	See MT4 vs MT5
7. Withdrawals	Fees, timing and whether funds return to the source	Terms, and a small test withdrawal

To check the regulator, look the company name up on the register of the authority named in its agreement, for example the UK Financial Conduct Authority register or the US NFA BASIC database. Some brokers operate through several group companies authorised by different regulators, so the company named in your own agreement is the one that counts. See Exness regulation for how to check an entity, and how to choose a forex broker for country-by-country guides.

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Common mistakes when choosing a forex account

• Choosing by the biggest leverage or the tightest advertised spread. Neither tells you who regulates the company or how withdrawals work.
• Funding before verifying. Complete verification first and test the platform on a demo.
• Ignoring currency conversion. An account in a different currency can add cost on every deposit and withdrawal.
• Opening several accounts and spreading a small balance across them. A small account is easier to manage when you trade it with a plan and a stop-loss.
• Using a third party's payment account or documents. Brokers may refuse the transaction or restrict the account.

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How to open a forex trading account (generic steps)

1. Pick a broker, then confirm the entity and regulator that serve your country.
2. Register with your real details and verify your email and phone.
3. Upload your ID and address documents.
4. Open a demo account and place practice trades with stop-losses.
5. Open a live account in a suitable currency, and keep your first size small (for example 0.01 lot).
6. Fund the account from a payment account in your own name, and test a small withdrawal early so you know the real timing and fees.

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Frequently asked questions

What is a forex trading account?

A forex trading account is the account at a broker where your trades, balance and margin are recorded. You log in from a platform such as MetaTrader, place buy and sell orders on currency pairs, and the broker credits profits and debits losses and costs to its balance.

What is the difference between a live and a demo forex account?

A live account uses real money and carries real risk. A demo account uses virtual funds. Demo is for learning a platform and testing a plan, but live fills and emotions differ, so treat demo results with caution.

What documents do you need to open a forex account?

Usually proof of identity, proof of address and a short financial questionnaire. The exact list depends on the broker and your country; check the broker's own requirements before you start.

Can I change the currency of my forex account?

At many brokers you cannot. Exness says an account currency cannot be changed after selection, and that you open a new trading account instead. Conversions apply when deposit or withdrawal currency differs from the account currency.

How do I choose a forex trading account?

Check the regulated company first, then compare cost model, account currency, minimum deposit, platforms and withdrawal terms. Test on a demo and start small.

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Sources checked on 1 November 2026

• Exness Help Center, Trading account types, Trading account currencies, Real and demo accounts, How to create trading accounts, Are trading accounts charged a commission fee?, What trading account type should I use?, Margin call and stop out levels by account type, Verification document requirements.
• Registers: FCA Financial Services Register, NFA BASIC.
• Worked examples use hypothetical numbers unless a source is named. Broker conditions change; confirm on the broker's website.

Risk warning: Forex and CFD trading carries a high risk of loss and is not suitable for everyone. You can lose more than you deposit in some cases. Past patterns do not predict future results. Nothing here is investment advice.