Vantage FX Account Types: Full Review Guide 2023

Vantage FX account types comprises of 3 major types for all trading levels – The Standard STP, Raw ECN, and Pro ECN account, each with its own set of benefits and drawbacks. 

Many new traders choose an account type without truly understanding what it provides. Others are confused by the variety of account types available.

Opening your first forex account is one of the most important steps you can take as a beginner trader, and it is not something you should do carelessly.

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What account type is best for forex trading?

Forex trading which deals with the buying and selling of global currencies. The market is one of the most liquid in the world. Individual investors like you and I can compete in the FX market with large hedge funds and banks.

What sort of account is best for you, however, is determined by your risk tolerance, capital and the amount of time you have to trade on a daily or weekly basis. Infact including your belief (religion) as the case may be for some traders.

As a trader, the amount of currency you want to exchange is expressed in trade volume, which is measured in lots. Standard accounts, on the other hand, allows you to trade small lots and even standard lots on a regular basis (10,000 and 100,000 units of currency).

Standard accounts can make $10 per pip movement, whereas mini accounts can only produce $1 per pip movement when trading $10,000 lots. This account type is suitable for beginner forex traders or those who want to try out fresh strategies.

Vantage FX Account Types

Vantage FX offers a variety of account types. The various account types and their associated features in detail are listed below.

1. The Standard STP
2. The RAW ECN
3. The PRO ECN

The Standard STP Account

The account type may be the best to go for if you are just starting to trade or maybe you are the type that doesn’t care much about the technicalities of spread. 

In other words, a standard STP account is ideal for new traders who seek easy, and direct market access with no commission.

This account can be opened with a $200 minimum deposit. Commissions are still waived on the Standard STP account, but spreads start at 1.4 pips and the maximum leverage is regulated at 1:500.

Major Features:

• Minimum Deposit: $200
• Leverage: Up to 500:1
• Commission:  $0
• Minimum Trade Size: 0.01 lot
• Spreads: from 1.4 pips
• Platform : MT4/MT5

The Raw ECN Account

This type of account is ideal for experienced traders who need a lot of liquidity and tight spreads. Raw ECN offers spreads as low as 0.1 pips with a $6 commission. The initial deposit with a Raw ECN account is $500.

Major Features:

• Minimum Deposit: $500
• Leverage: Up to 500:1
• Commission:  $6 
• Minimum Trade Size: 0.01 lot
• Spreads: from 0.0 pips
• Platform : MT4/MT5

The PRO ECN Account

PRO ECN is perfect for high-volume traders or money managers – Vantage FX’s PRO ECN account, when compared to the RAW ECN account, provides the best value, with a commission of $2 per regular FX lot, per side.

Major Features:

• Minimum Deposit: $20,000
• Leverage: Up to 500:1
• Commission:  $2 
• Minimum Trade Size: 0.01 lot
• Spreads: from 0.0 pips
• Platform: MT4/MT5

Vantage FX Account Types Comparison

The key distinction between the Raw ECN account and the Pro ECN account is the commission charged. The asset selection is the same for all three account types, and the maximum leverage is set at 1:500. 

Recommended Read: Vantage FX Review: Full Review Guide

Vantage FX Account Base Currencies

AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD

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Other Vantage FX Account Types

• Swap-Free Account
• MAM/PAMM Account
• Demo Account

Swap Free Account

Swap-free accounts are also sometimes called Islamic accounts by most brokers. The first two major account types mentioned above come with swap account types –  Swap-Free Standard STP and Swap-Free RAW ECN accounts. 

The two types of account function perfectly as the major standard STP and Raw ECN. 

The major difference here is that this type of account incur no interest charges on overnight positions. And they are ideal for Islamic traders or traders whose faith prohibits them from earning from interest.

While swap-free accounts may appear enticing to you, It’s not to avoid fees.

Swap-free accounts are typically associated with greater trading fees and restrictions. As a result, unless you intend to keep positions for a long time, you should avoid these types of accounts.

Demo Account

Demo accounts afford you to perfect your trading skills without putting real money on the line. Both the beginners and experienced traders can equally benefit from demo accounts. 

Demo accounts are often used by beginner traders to familiarize themselves with various trading platforms and to experience the real-time effects of their trades. 

Experienced traders can use this to evaluate their trading methods without risk. Vantage FX provides you this demo account type option and it is free to create on their platform. In a few clicks, your demo account is ready.

MAM / PAMM Account

This account can be used to manage numerous accounts. To put it another way, the number of sub-accounts you can manage is limitless.

This account type’s spread starts at 0.0 pips. Also, the equity technique is used to allocate funds to this account type. You can also use any trading technique you like, including hedging and scalping.

The MAM/PAMM account is ideal for clients who want to use Expert Advisors to automate their trades.

Vantage FX Account Types Smart Guide

When it comes to choosing your forex account type on Vantage FX or other brokerage, you should always consider a number of factors – your type of forex trade, budget, and trading approach. 

It’s highly recommended that you choose the best account type that suit your trading lifestyle because your account type can impact your trading performance and profits.

How to Choose the Right Account Type?

Understanding the various forex account types will only get you so far in terms of deciding which account to create or use.

You must also be knowledgeable about your personal situation and have a clear understanding of what you want to achieve through trading. As a result, you should ask yourself the following questions before opening a trading account:

How much to deposit? This is a crucial question because the answer can drastically help in figuring out the right account to create. You’ll need to consider your pocket and how much you want to invest with a broker. It’s important to keep in mind that you should never deal with money you can’t afford to lose.

What is my risk tolerance? Knowing your risk appetite is one of the most vital things to figure out as a potential trader. If you’re a very conservative trader, take for instance, a micro account where you can trade either nano or micro lots might be a better option for you. Those who want to trade aggressively can choose a standard account that allows them to trade standard lots.

Am I considering the use of advanced trading tools? This is also another question to ask. Many firms keep their most advanced trading tools for their most seasoned traders. This could involve cutting-edge trading tools, news, softwares analysis or more access to a broader set of indicators.

If you are going to be considering this, then this can help you determine the right account to choose from onset though most brokers gives you the option to upgrade or add as many accounts as you improve in your trading.

Best Tips to Become Successful At Trading

For many untrained and ill-disciplined traders, Forex has resulted in huge losses over the years. You don’t have to be a loser to be successful. Here are a few forex trading tips that can help you maximize your profits in the foreign exchange market.

1. Define your risk tolerance

The first step is to make sure that your risk tolerance and capital allocation to forex and trading aren’t excessive or inadequate. This means that prior to your forex trading exercise, you must thoroughly research and examine your financial objectives, and your risk appetite as well.

2. Plan your trading goals

Once you’ve decided what you want to get out of trading, you’ll need to create a time period and a trading strategy to reach that goal. What is the time period for trials and errors, which will inevitably be a big part of your forex trading education? What is the maximum amount of time you can invest in trading? 

Do you want to be financially independent or just make some additional bucks? These set of questions must be answered before you can develop a clear vision required for a patient and persistent trading method. 

3. Choose your broker carefully

What type of forex broker is ideal for you or your objectives? Is their trading program up to your standards? How efficient is their customer service?  It’s very important to know that the broker meets your objectives and specifics before even considering trading with them.

While beginners frequently overlook this aspect a lot, the importance of choosing the right broker cannot be emphasized. 

4. Pick the right account type & leverage 

To reiterate what I previously stated, it is recommended to select an account type that best suits your objectives and/or trading skills. If you have a good understanding of leverage and trading in general, you can start with the standard account. In general, the smaller your risk, the better your chances, so make the most conservative options you can, especially in your early days of trading career.

5. Strategically increase your account size

One of the best forex trading advice is to start with small amounts and with low leverages, then you can gradually increase your account size as it generates more profits for you. It is better to expand your account through the profit you make than depositing a large sum with the thought to make bigger profits which in my own opinion is not usually so at the end of the day.

6. Focus on a single currency pair

It can be difficult to comprehend all of the numerous types of financial activity that take place in the world due to its unpredictable nature and the different and complex personalities of the market’s movers and shakers. 

It may be a better idea to stick to a currency pair you understand the most and are extremely comfortable with. And if that’s not your style, trading the most liquid and widely traded pairs can be advantageous for both newbie and advanced traders.

7. Trade on convictions, not on hearsay

Many beginners find it difficult to follow this simple rule and this has wreaked havoc on countless traders throughout history. The rule of thumb here is that – don’t trade any market you’re not convinced about or you can defend vehemently against critics. 

Also, never trade unless you’re fully aware of both the positive and negative outcome that may result from your actions.

8. Never stack up to a losing trade

While this may seem to be a common logic, many traders have suffered great losses due to their negligence, taking trades like a gambler. Nobody can accurately predict where a market will go in the coming hours, days, or weeks. 

There may be a lot of educated predictions, but they can’t predict where the market will be in  future. As a result, the only assured value in trading is the presence. There are only a few things that can be said about the future.

Unless you are a gambler, it is not the best thing to do, adding up to a losing position. A position already in red should be allowed to live on its own and if everything goes according to plan, great, but adding to it is never a good idea.

9. Never let your emotions decide

As a trader, try as much as possible by not letting your emotions decide for you. I mean, you shouldn’t allow either your greed, fear or excitement be factored into your trading analysis. I understand as a human, our emotions can get in, I know but we must find a way to live above these emotions and their effect.

As a result, traders are generally advised to start with smaller amounts most times. This way, we can be calm enough to achieve our long-term objectives by lowering our risk, which reduces the impact of emotions on our trading decisions. The greatest forex trading recommendations for a successful profession are a rational approach and less emotional intensity.

10. Analyze from day one

Do you realize that the fundamental and technical study of price trends, as well as the development of trading techniques are not the starting points for your success or failure? It all starts with the first dollar invested in the market and the basic errors in calculation and trading steps. A successful trader should keep a trading diary of his trading activities in which he meticulously examines his failures and achievements to determine what works and what does not. This is a very important forex trading tip that you should always put to heart.

11. Patience

One thing you should always put at the back of your mind is that you can’t fight the market. It is bigger than you. It is okay to make mistakes but quickly figure what you are not getting right, and try to make adjustments on time.

In conclusion, be patient. With patience, consistency and good risk management in your trading career, you will reach your goal.

Are you ready to trade FX?

Today’s market has a large number of Forex brokers. It’s difficult to tell the difference between a trustworthy broker and a shady one. Vantage FX is one of our top recommended reputable brokers. 

You can read our Vantage FX review here. Start trading with an industry-leading regulated broker today – Claim your 50% Welcome Bonus Here.