Trading with a conventional trading account can be exhausting, especially if you have little or no time to manage your trades.
You don’t have to go through such a harrowing experience to trade Forex. Thanks to Managed Forex Account, you can shift that responsibility to someone else.
This article defines what a RAMM account is, the top brokers that offer it, and why you should consider RAMM Forex as a better alternative to the conventional trading account.
What are the Best RAMM Account Brokerages?
Choosing the right brokerage to operate a RAMM account can be a bit tricky. We analyzed the existing brokerages that offer RAMM Forex services and came up with this list of the best trading platforms where you can run the account.
Keep in mind though, that the following brokers may not offer the highest amount of security since they are not very well regulated compared to other firms. If you’re looking for a RAMM broker, you can still find a great value in MAM and PAMM brokerages. The MAM and PAMM brokers we’ve chosen in the articles linked below, are well regulated by respected financial bodies such as FCA and ASIC among others.
1. Grand Capital
GrandCapital rolls out multiple trading platforms such as MT5, MT4, and a proprietary platform. Hence, its users have the luxury of choosing the most appropriate trading platform that will enhance their profit-making chances.
When looking for a manager, GrandCapital provides valuable pieces of information such as each trader’s history, manager’s commission, profits, and the total number of investors they manage.
You must fund your account with a minimum of $50 to use this brokerage and enjoy a spread starting from 0.4 pips and stand a chance to earn a $5 commission.
You don’t have to open the platform to trade because trades are copied automatically. With a RAMM account, you can execute hundreds of strategies.
When selecting a strategy on this leading brokerage, the broker will show you a chart, the total yield, and the strategy’s age.
While you need $100 to activate your account, the brokerage allows each user to specify the amount of money to remain in their account regardless of the trade outcome.
As a mobile user, you can download the brokerage’s app on your device or use the web application if you are not trading with your phone.
While trading on AMarkets, you have access to over 40 currency pairs, although the USD is the base currency accepted on the platform.
How to Trade with a RAMM Account
Trading with a RAMM account is pretty straightforward. The step-by-step guide below will help you out:
Step 1: Open a RAMM account with the broker
This is undoubtedly the first thing to do. Look for a Forex broker that meets your requirements and open an account with them.
As previously said, not every broker offers a RAMM account. To find a broker that offers it, consult our Top 10 for Managed Forex Account.
Step 2: Deposit the minimum amount required
After applying for a RAMM account with the broker, the brokerage will request that you make a deposit. The minimum deposit amount varies from broker to broker. Nevertheless, you will find several deposit options to choose from.
To avoid paying a conversion fee that will hike your startup capital, check the accepted base currency and credit your account with the currency type.
Step 3: Choose a strategy from a fund manager
Once you are done funding your account with the minimum deposit amount, the next step is to search for a fund manager to trade on your behalf or handle trading decisions.
The broker will provide helpful information about every fund manager through their data and record. Then, examine the data and do a background check on the manager. Their reputation in the trading community will help you make an informed selection decision.
Step 4: Set your trading criteria
As an investor, you have more trading freedom with a RAMM account. Each investor running the account can set individual profit and loss. They can close their trade at their convenience too.
Don’t worry about withdrawal limitations as the account allows you to withdraw your funds at any time.
Benefits of Using a RAMM Account
Using a RAMM account is a smart move. It offers you the following benefits:
You can personalize your investments and invest in several trading strategies simultaneously. Trading with the account is less stressful since strategies are copied automatically.
If you wish to trade independently, then the account is for you. Aside from the independent trading opportunity it offers, you can close your trade at your convenience.
While many accounts limit users with high requirements that only a small number of investors can meet up, a RAMM account offers low barrier entry with lower minimum investments.
Since Forex trading is a risky venture, you can further manage your risks by leveraging the account’s stop loss and take profit features.
As an investor, whether new or experienced, using a RAMM account will help you improve your trading games and put you in a better position to make profitable trading decisions.
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