Forex trading account types are often determined by trade volume. Trading volume refers to how much money you wish to exchange. It is measured in lots. Micro accounts, for example, allow you to trade micro or nano lots (1,001 and 100 units of currency, respectively). Standard accounts, on the other hand, allow you to trade small lots and, in some cases, standard lots (10,000 and 100,000 units of currency).

A micro and a standard account differ mainly in trade size, risk, and accessibility. A micro account allows traders to trade smaller lot sizes, typically 1,000 units of the base currency per lot. It's ideal for beginners or those with limited capital, as it involves lower risk and requires a smaller minimum deposit. Each pip movement is worth about $0.10.

In contrast, a standard account trades 100,000 units per lot, with each pip worth about $10, making it suitable for experienced traders with larger capital. Standard accounts carry higher potential profits, but also higher risks. Choosing between them depends on your trading goals, experience level, and risk tolerance. Many brokers also offer mini accounts as a middle ground.