The forex market is a complicated field that requires expertise and knowledge before a trader can hope to make a profit. Due to a lot of intricacies, queries, confusion, newcomers do not find trading forex a pleasant experience at first.
Unless a forex trader has done their homework and has a bit of prior knowledge the result of trades is below satisfactory. Forex traders need experience gained through studying the ever-changing market for a while. Various forex brokers provide tools and resources to educate beginner forex traders.
As an alternative to studying forex, people have the option to choose some of the best-managed accounts available. A managed account for forex functions differently than a regular account where a trader is responsible for making all trading decisions such as buy or sell forex pairs.
When you opt for the best-managed account to handle your forex traders, an experienced manager trades on your behalf to ensure better results and bring more profits.
Per its various advantages to any forex trader enthusiast, best-managed accounts come with a higher price tag and a specific minimum deposit than a standard forex account.
A forex managed account can be considered the best if it has the following features:
- Using the best-managed accounts serves as a strategic way to profit from daily forex trades. The account manager is not allowed to make deposits/withdrawals
- It has a disclaimer that profit is not always guaranteed.
- Managed accounts can eliminate emotions and psychological concerns.
- They offer a genuine service with a proven track record.
- Return on investment (ROI) varies with the type of managed account chosen.
- Available in various modules such as the Percentage allocation management module (PAMM), Lot allocation management module (LAMM) also known as the Multi-account management module (MAMM).
- Using the best managed accounts is a strategic way to profit from daily forex trades without suffering from a huge loss of capital.
Here are some trustworthy and best managed accounts:
HotForex
This one is a Mauritius-based regulated forex broker offering a PAMM account to its clients looking for a managed account. Their PAMM account is equipped with a search engine so it can be customized by changing strategies, ranking, max drawdown, etc.
Features of Managed Account:
- It maintains proper account transparency where its manager performance is easily accessible to forex traders looking for the best managed accounts.
- Risk control is another feature associated with a PAMM type account offered by this broker. This provides full fund flexibility to global clients.
- The minimum deposit for PAMM is $250 with benefits like efficient management, real-time reports, completely automated, and more control over investments.
AvaTrade
It is a renowned online forex brokerage services provider that is operational in many countries via legal authorization across 6 jurisdictions. It offers a variety of trading advantages to its global client base 24/7 with multi-lingual customer support, an award-winning trading application named AvaTradeGO, and cryptocurrency trading.
Features of Managed Account:
- AvaTrade has a multi-account manager which is one of the easy-to-use managed accounts to execute bulk forex trades across indefinite client sub-accounts using MT4 and MT5.
- The master account is compatible with expert advisors, many automated strategies, multiple allocation types, and a partial close option.
- With greater liquidity, quick execution, maximum leverage of 400:1, monthly payments, and flexible commission structure makes AvaTrade’s MAM accounts quite popular.
FXTM
This Cyprus-based company is a CySEC-regulated online forex broker that handles a PAMM managed to account for several of its traders. Their managed account also provides its users with copy trading capabilities.
Features of Managed Account:
- It is considered to be the most preferred PAMM account of traders having little to no experience with forex markets.
- Since PAMM accounts are only offered by legally compliant brokers, these are the safest kind of managed accounts.
- With over 18 different languages, MT4, MT5, and WebTrader support, FXTM’s PAMM account
Forex traders often choose a managed account that has reliable background and infrastructure to stand a better chance of making a profit. Although there are many scams active in the current market that mimic a managed account, traders need to carefully research before making an investment.