So, you have successfully completed the registration and verification process with Grand Capital. The hardest part is over, congratulations! (Indeed, every beginning is hard, as they say.) Now the most pleasant part begins: choosing the account – the one (or more...) that best suits your trading needs and expectations.
Part 2 of our new series of articles called GC Manual will navigate you through the selection of nine trading accounts that we offer and instruct you how and where to open them.
Step One: State Your Goals
The first step ― sincerely estimating your goals, financial resources and experience, your desired trading strategy, and the assets you are more interested in ― may seem obvious, but every so often traders tend to overlook and underestimate it, while in reality, the mistake here can lead to your troubles later on. We would break it down into three basic questions:
Are you ready to take the plunge into trading or do you want to practice your skills and gain experience in Forex and stock trading first?
How much money are you ready to allocate for your trading?
What trading instruments would you like to trade?
The answer to the first question will determine whether you choose a demo or a real account. Demo trading accounts are those for trading without a deposit, i.e., you don’t need to transfer your own real funds to them. You are allowed to trade with the initial non-existent money and bear no risk of losses if the money is gone but cannot withdraw any profits if you make it. No trading bonuses apply to demo accounts, and you cannot participate in trading tournaments as a demo trader. So, trading on a demo account is like driving a simulator car compared to driving a real car ― in our case, real trading accounts: there, you are responsible as well as the beneficiary of your profits.
The answer to the second question will influence your choice between real accounts for micro-trading and those with higher initial deposit requirements.
The answer to the third question will define your choice of the right account type in the demo and real categories, as we offer several types in both categories to better suit your needs. Different account types also have different spreads, commissions, swaps, etc. This all needs to be studied carefully before you start trading - which is the purpose of this guide.
Once you have completed this clear and concise questionnaire, you can move on to the actual selection of accounts.
Step Two: Choice of Demo Account
For those who have decided to practice first, let's start by choosing a demo account. As we have already mentioned, demo accounts are ideal for practicing without any real losses of your personal funds, while learning to trade and studying the features of a trading platform MetaTrader 4 and MetaTrader 5 as if you were trading the real account. We offer not one, but three types of demo accounts with the same features as the real ones (including access to hundreds of trading pairs and assets). You start with a virtual deposit of up to 10,000 UDS on each, which is quite enough for a beginner to flex their muscles before moving on to real trading:
Standard – basic choice for traders. The widest range of trading instruments: currency pairs, metals, indices, CFD-contracts and stocks, raw energy futures.
MT5 – an account which combines small spreads and perfect order execution; ideal account for algorithmic trading on MT5.
ECN Prime – best fits for scalping, news trading, and using robots.
Feel experienced enough for real trading? Let’s move on to our real accounts’ offerings.
Step Three: Choice of Real Account
Again, when you trade on real accounts, you are trading with your own money, not virtual money. However, this opens up a whole world of opportunities as you are eligible for our exclusive deposit bonuses and regular rewards for active trading. There is plenty to choose from: Grand Capital offers six types of real trading accounts to suit the needs of most traders.
Most accounts share common features: account currency is USD, spreads start at 1 pip, leverage is up to 1:500. But each one is special in its own way.
After you have finished practicing on the demo account, the Micro account (also called a Cent account) could be your first choice from the real account selection, as only 10 USD are enough to get started. With a basic selection of more than 60 trading instruments, the leverage is enough to get pleasant and tangible profits.
The Standard account, is the most popular choice, last not least because it is eligible for the many exclusive bonuses and loyalty programs. With a minimum deposit of 100 USD, you are free to trade Forex (considered the best for this type of asset), as well as CFDs on indices, commodities, etc. – over 300 in total.
Users of the Swap Free account (same 100 USD minimum deposit) also benefit from loyalty programs and bonuses, and there are no swap payments (swap is a commission that is charged when transferring positions through midnight). Such accounts are also known as Islamic accounts and are especially welcomed in the Muslim world.
With the same minimum deposit requirements, a MT5 account offers a wider range of trading instruments on the MetaTrader 5 trading platform and is perfect for algorithmic trading thanks to tight spreads and fast execution.
The ECN Prime is for the more experienced trader. It offers instant executions, high liquidity, and tight spreads, making it ideal for scalping, but requires a minimum deposit of 500 USD.
The Crypto account. Stands out because it was designed specifically for the crypto community. It’s the only account in Grand Capital where you can trade 68 cryptocurrency pairs with up to 1:10 leverage (100 USD minimum deposit).
We advise you to follow the links to the related accounts, marked in the text above, for a full description of the features.
And the cherry on the pie: with Grand Capital, you can have up to 45 (!) active accounts or up to five accounts of each type. But where do you do that?
Step Four: How to Open
You can do this in our all-embracing Private Office, and the process is simple and pleasant:
Follow to the Trading section (normally, you are transferred there by default after the successful login) and click on Create an account.
You will be redirected to Create an account section, where all our options are in full view. Feel free to briefly refresh the specifications by clicking on the ‘?’ sign, but if you are already sure, click on Open an account next to the one you like.
On the next step, just fix two account settings (Leverage and Currency), and tick the compulsory ‘I agree with the following terms and conditions…’. After that, you can press Create [an account].
'Your account is being created. Please wait', says the popup window. And we kindly ask you to wait, 😊 it takes several seconds.
Then, the confirmation window appears, confirming the creation of an account, containing the account number, password, server name (GrandCapital-Server-1 for real trading accounts and GrandCapital-Server-2 for demo accounts). Congratulations! The information will be duplicated by automatic e-mail.
The two buttons below will take you to Open a trading terminal and Fund an account. These are important steps before real trading begins. And they will be covered in our next edition of the weekly manual. See you!