Last month ForexExplore.com has conducted a research on the average deposit amount made by forex traders. Based on the last month poll, the following data was retrieved:
11.1% of traders choose to make a deposit between $1 to $5
8.3 % of traders deposit between $6 to $50
13.9% of traders make a deposit between $51 to $100
22.2% of forex traders deposit between $101 to $500
30.6% of traders choose to deposit between $501 to $1,000
5.6% of traders, last but not least, deposit more than $1,001 each time
With forex, any investing sum will do with a good money management strategy. There is no fixed consensus on a good starting capital base to trade forex. That’s because every forex trader differs based on the available funds, efforts to learn and practice, amount of time spent trading online and quantity of anticipated profits.
The amount of money you need to open an account depends on the broker. All Forex brokers have their own unique minimum account size which varies from $1 to $2,000. You will have to choose yourself how much money you are ready to invest to begin trading. Most forex brokers actually require a certain amount of funds in the trading account for each deposit.
Starting out with a low budget, of course, limits your trading perspectives. Therefore, many forex traders prefer to start trading on relatively higher budget of at least $500, although the exact numbers depend on leverage options and the trading strategy used by the trader. And in case you are not ready to commit to the real money trading at this point, stick to a demo account a little longer to gain more confidence and experience.