Micro Account
Categories: Banking
That's 14 cents in your B of A account.
Actually, the term refers to the trading of the trillion-ish notional dollars a day world of competitive foreign currency trading.
All aboard the currency trade train! Forex old-timers can get in the front cars: standard accounts and mini-accounts. Forex newbs go in the caboose, with the micro accounts.
Micro accounts are forex trades of 1,000 units of the base currency, which is a small trade for a forex market, making them great for traders just starting out in the forex market.
Standard accounts are for traders who have enough money (and hopefully experience) for the $10k minimum deposit and 1,000-unit minimum trades. Micro accounts have no minimum deposit, but you have to deposit enough to meet the 100-unit trade minimum. Once you’ve gotten a handle of the forex rodeo, you can upgrade to a micro account. Standard accounts are for the big boys only—those with lots of cash to throw around, and the willingness to take on the risk that goes with it.