Even if you have just started your Forex career, there are choices for you to make from the beginning. And the one that comes almost immediately is about the type of your trading account. Should you grab the advertised VIP account or remain a regular trader? In short, being a VIP does have some benefits and profits, and here is why.
1. Personalized Approach
One of the problems beginners may encounter with brokers, even famous ones, is getting any feedback in certain situations. All the eagerness the managers showed convincing you to start suddenly vanishes. But not for the VIP: having this sort of account grants you constant access to a free line, with minimum or no time to waste in waiting. It’s especially important when you need to withdraw your earnings.
It’s even greater when it comes to sharing professional secrets. Some brokers attach a personal tutor to you – not an assistant who just makes some technical work and grants your account functions properly (this goes without saying), but an experienced trader who can tell you more about the trade itself.
2. Higher Leverages
In short, when opening such a trading account, it means you can operate larger amounts of money than you have, but how much larger? The limits differ in regard to your account type. If a basic account only lets you enjoy 1:30 leverage (or so), a VIP one increases it tenfold or even more. Even if you don’t jump in with large sums, these leverages amplify the power of your investments. With greater leverages, you can make more profits on narrower spreads. And lose more as well, obviously, but here comes the next reason to go VIP.
3. Risk-Free Trading
Not that it’s completely risk-free, of course. Still you have some of your risks protected by default with a VIP account. It’s a sort of internal insurance that covers a share of your initial deposit and depends on it. If you make the right bet (apologies for gambling lexicon), you get what you win. And if you lose… well, you get the covered share of your wrong stake back. Its amount depends on the deposit you have made and the terms of this particular platform or your account type.
Of course, the limits of risk-free trade are far below your deposit or regular operations. Still, even if you have just $50 insured, you can risk larger sums, learning the psychological aspects of real trading. If you have been using the demo extensively and now want to see the difference caused by operating with real money, it’s the best chance.
4. More Profits
It’s a part of it, you know: when you make profits and withdraw them, the trader takes a small part of it as their fee. Not that it’s very big (cannot even be compared to the 30% app platforms withdraw from developers), but if you are a VIP, this rate is even more profitable for you. It may also depend on the asset you trade upon, so the increase may differ from 1% to 20% and even more.
5. Webinars and Tips
It’s the information that rules the world, especially the online one. VIP traders have access to special webinars and personal lessons that uncover some hidden mechanics of how it all works.
It also includes reviews and reports you regularly get. They cover the market you operate on, show trends and tendencies, report on the latest events and show similar ones from the past. This information can help you predict the future (to some extent, of course) and place your stakes right. That’s the difference between trading and gambling, though many beginners don’t consider this at all. Maybe those poor souls are just not properly informed?
Did you know trading can be a game with competition among traders? These gamified events are mostly exclusive to VIP traders. Some brokers make it free for VIP clients, while basic ones need to pay an entry fee to participate. Different brokers offer various options like this.
7. The Price of VIP
Most traders place their VIP offers for those who deposit about $2000 (though the sum might differ, it’s usually about ten times higher than the minimum deposit for a basic account). In fact, you credit the broker with your funds and get rewarded for that. But it’s okay if you acknowledge this. If you use these advantages wisely, it can make you a more successful trader.
Make Your Choice
If you are ready to invest the sum required for VIP membership, it’s better to trade with this set of features. There is only one question: how seriously you’re in it? And if you are not, maybe you should stick with the demo and not invest at all until you’re ready to go VIP? Think about it.
Liked the article? Share it on your Facebook or Twitter for your friends to read it. Maybe you will help your friends to make the right choice. Or leave a comment below to share your own experience or ask a question.