A VIP account is a type of trading account that is offered by many forex brokers. If you’ve heard of them, you might already know that these accounts are reserved for high-roller clients that can afford to make a significant investment with a broker. If you didn’t know, just check the ‘Account Types’ page with any broker and you’ll find that VIP accounts require a huge initial deposit.
How much is a “significant” investment? Well, the answer differs depending on the broker, but one thing is for sure – a VIP account is usually the best account offered by a broker and thus requires the largest deposit they ask for. If the broker’s Premium account asks for a $25,000 deposit, you can bet that the VIP account requires double that or more to be opened. We’ve seen brokers ask for $25,000, $50,000, $100,000, and anything above, below, or in-between.
If you’re disappointed to see how much it costs to open a VIP account, don’t worry. Many brokers offer at least one or more accounts that ask for a smaller, more reasonable deposit. You should be able to find beginner-friendly accounts for $5 to $250 if you’re just starting out.
Still, you might aspire to become a successful high-roller trader one day that can afford to open a VIP account. If you’ve had your eye on one of these exclusive accounts, there are actually several benefits you should know about that are related to opening a VIP account:
- Brokers might place maximum balance caps on their other accounts, but VIP accounts can hold an unlimited balance.
- Most brokers offer special discounts to VIP account holders – oftentimes, spreads start from 0-1 pip(s) and commissions are low. The best trading conditions are often reserved for these clients alone.
- Additional perks are often provided to VIP clients. A dedicated account manager and one-on-one webinars with an expert are some of the perks we’ve seen, but these special offers vary widely depending on the broker.
- Brokers tend to be more concerned about their VIP clients – it’s all in the name, after all. If you’re having an issue and need to speak to support, you can expect to hear back quickly. Your broker will want to do everything they can to keep you as a client.
- Some brokers provide VIP clients with expedited withdrawals and/or zero withdrawal fees.
As you can see, VIP clients are provided with certain advantages, like lowered fees, more responsive customer support, special perks in the form of an account manager or other extra options, and the ability to hold an unlimited account balance. You also might see benefits that are exclusively offered to VIP clients, like lightning-fast withdrawals or fee-free withdrawals, even though other account holders have to wait and pay for their withdrawals.
Don’t be discouraged if you don’t see yourself as a VIP client anytime soon. Know that most brokers offer multiple account types that can be used as steppingstones up to their very best account. Beginners can start out at the entry-level account and graduate to a better account as their balance grows, earning more benefits, and paying lower fees with each upgrade. Eventually, you could find yourself at the top with a lot of hard work and dedication. We aren’t saying that everyone can have a VIP account – but you can find yourself there one day if you invest your money and spend time educating yourself and perfecting your strategy. Also, be sure to compare brokers to make sure that you get the best trading account that your money can buy right now.