Best forex brokers with Low/No minimum deposit for 2020

Filippo Last Updated: December 2019 12 min read
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If you are thinking of getting involved in the forex trading market and you are looking for the top forex brokers, or maybe you are already dealing with an FX broker, one of the most important things you may be thinking about is the minimum deposit.

In the forex market, there are often a few trading conditions that you will have to abide by, which sometimes means a minimum deposit to get into forex trading. With these brokers though, that is not the case.

The reviews we have conducted for this top 10 show that they do not have any minimum deposit requirement, although in some cases you will find a forex broker minimum deposit based on funding amount.

The following top 10 brokers are great for all traders, but particularly for new traders seeking an excellent low deposit start in currency trading, particularly with the credit/debit card deposits that are often cheaply available.

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    Why a minimum or 0$ deposit is not the only thing to consider

    Conducting an in-depth technical analysis in search of a broker with no minimum deposit or a low one is not all you should think about though.

    You should also consider the fact that you will likely be trading with some kind of leverage. This and other factors can really help determine the best broker choice for your forex trading future.

    In fact, the best situation for you is one where you have a minimum deposit broker that also allows you to trade with minimum trade size. This is something we will get into more at the end of the post.

    For now, let’s take a look at the very best forex brokers with low or no minimum deposit.

    Best Forex Brokers with Low or No Minimum deposits

    In no particular order, here is the best low or no minimum deposits brokers chosen after thorough broker reviews on each:

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    73.5% of retail investor accounts lose money

    1 Oanda

    Trading with Oanda broker, the first thing you will be glad to notice is that there is no minimum deposit at all.

    The broker also has no minimum trade size. In the forex market and for your trading career, this can mean great flexibility as you can trade as low as 1 unit in your base currency without worrying about lot-size trading.

    Deposits for trading with the Oanda broker and trading platform can be made in the form of wire transfers, all major credit cards (Visa/MasterCard), eWallets such as Paypal and some other Oanda deposit methods may be available depending on your area. Almost all of these come with no real money fee attached at all.

    Oanda can also be connected with Zulutrade to open many copy trading opportunities and is widely considered to be a very trustworthy option particularly if you are based in Europe and want to get started in forex trading with a small amount of money.

    78
    Rated: Excellent
    security 93
    cost 66
    trading 68
    education 79

    Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: $0
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    74-89% of retail CFD accounts lose money

    2 FBS

    Getting into the Forex market with FBS is one of the best value ways you can become a trader. This is because you can start a mini account with FBS that only requires $10 from within Europe, or $1 from outside as the minimum deposit. This is the FBS Cent account. A Micro account with a $5 minimum deposit is also available but not within Europe.

    These kinds of currency trading account types allow you to trade in Micro lost of 1,000 units and to trade as low as 10 units or 0.1 nano lots. Compared to the standard forex market trading lot size, this would be 0.0001 standard lots. So, as you can see, real money is still at risk, but in a very controlled way.

    Again here, the wire transfer, Visa/MasterCard, and eWallets like Neteller and Skrill are all available for deposit with on fee in the majority of cases.

    The FBS accounts are also a great choice for non-Europeans with super high leverage available, and Islamic accounts too.

    82
    Rated: Excellent
    security 92
    cost 100
    trading 68
    education 60

    Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $1
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    73.57% of retail investor accounts lose money

    3 XM

    Of the 5 XM accounts that are offered, two, in particular, have a very low and attractive minimum deposit if you are getting involved in the forex market. These are the Micro and Standard accounts both with a minimum deposit of just $5.

    As with other brokers, the micro account will make it less risky in terms of your real money trading. Here you can benefit from micro lots down to 0.1 nano lots to help you get a taste of the forex market.

    When it comes to XM deposit methods, you can choose between the ever-present wire transfer, all major credit cards from either Visa or MasterCard and some eWallet and local specific methods. All of these methods, for the most part, are free of any XM fee.

    Islamic trading accounts are also widely available from the broker as well as the XM Ultra Low account, which allows you to trade with either micro or standard lots, lower spreads starting from 0.6 pips and it has minimum initial deposit of $50

    84
    Rated: Excellent
    security 93
    cost 100
    trading 71
    education 69

    Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC, Offshore Minimum Deposit: $5
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    81% of retail investor accounts lose money

    4 FXTM

    FXTM is another major force in the forex trading industry and an excellent place to get started if you are looking for a low minimum deposit broker. Our FXTM broker review showed that you can start micro trading here with the Cent account for as little as a $10 deposit.

    Again these accounts allow for mini trading with micro lots of 1,000 units and nano lots of just 10 units making trading here very accessible indeed.

    Deposits are made available through all of the popular channels including wire transfers, major credit and debit cards from Visa, MasterCard, and Maestro, and eWallets like Neteller and Skrill. Other localized funding methods may be available depending on location, and all FXTM deposits should be free of any fees.

    FXTM Islamic accounts are again available where needed and the broker caters particularly well to traders in African countries like Nigeria who want to get into the Forex market. Crypto deposits are also accepted if you are based outside the remit of European regulations.

    79
    Rated: Excellent
    security 93
    cost 71
    trading 71
    education 80

    Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSB, CYSEC, FSC (Mauritius) Minimum Deposit: $100
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    74-89% of retail CFD accounts lose money

    5 Roboforex

    If you are looking to jump into Forex trading with a wide range of account choices, then Roboforex may be just the place for you. There are a total of 6 account types to choose from, 3 of these account types have a great low minimum deposit of just $10. These forex trading accounts are the Pro Standard, ECN Pro, and Pro Cent which allows for micro trading from micro lots of 1,000 units to nano lots of 100 units through the MT4 trading platform and the MT5 trading platform through which you can trade as low as 0.1 nano lots.

    For deposits with this broker you can avail of wire transfers, major credit cards, and eWallet options like Neteller, Webmoney, AdvCash, and PerfectMoney. There may be other funding methods available depending on your area, and most of the deposit methods mentioned carry no fee at all from the broker.

    Yet again, if you are in forex trading and need an Islamic account, this broker has you covered and is a really good choice if you are looking for standard forex trading accounts with a low minimum deposit.

    85
    Rated: Excellent
    security 92
    cost 100
    trading 74
    education 72

    Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $10
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    61.14% of retail investor accounts lose money

    6 Instaforex

    Considering forex brokers with a low or no minimum deposit, then Instaforex is another option. They offer two types of micro trading cent accounts with a minimum deposit of just $1 on each. These allow you to engage in mini trading for as little as 0.0001 standard lots, a real risk-free way to engage in the forex market.

    Spreads on these accounts start from just 1 pip and the Cent Eurica account offers a zero spread option with commission from 0.03% in its place which could be an attractive proposition depending on your forex trading style.

    Deposits at Instaforex can be made by way of wire transfer, major credit cards, and eWallets such as Neteller and Skrill. In many cases, there are no fees at all to get started trading or make a deposit.

    As with the majority of top brokers today, Islamic trading is well catered for with this broker.

    78
    Rated: Excellent
    security 93
    cost 72
    trading 72
    education 61

    Platforms: Mirror Trader, ZuluTrade, MT5 Desktop, Proprietary Web Platform Regulations: MIFID-ESMA, CYSEC, FSC (British) Minimum Deposit: $1
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    74-89% of retail CFD accounts lose money

    7 Alpari

    The next broker with a very low minimum deposit for forex trading that you should consider is Alpari. This broker offers micro trading accounts with the low minimum deposit of $5 to get started. With these accounts as with other cent type mini trading accounts, you can expect both Micro and Nano lots of 1000, and 10 units to be available.

    Deposits to fund your real money forex trading here can be made with a wire transfer, trusted credit cards from either Visa, MasterCard, or Maestro, and eWallet options from Neteller and Skrill respectively. There are typically no deposit fees with this broker.

    Alpari has extensive experience in the forex trading industry, offering the best in trading platforms and Islamic accounts for those who require them.

    75
    Rated: Excellent
    security 78
    cost 74
    trading 71
    education 78

    Platforms: Mirror Trader, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms, Sirix Regulations: CBR, Offshore, FSC (Mauritius) Minimum Deposit: $10

    Why is lot size important with low deposits?

    You may be wondering why the lot size has been mentioned frequently and why this may impact you as a trader.

    The fact is that if you are a European based forex trader, it has become very difficult to have a low minimum deposit and be able to trade significant amounts within the standard trading accounts that this opens up. This is all due to the 30:1 leverage limitation placed by regulators in Europe. For example, in order to invest 1$ in a Micro lot (1000 units), you would need minimum leverage of 1000:1.

    So, if you don’t have leverage, the only solution is to have the smallest trading sizes available.

    Some brokers will allow you to open positions for 0.1 nano lots (basically 1/100 of a micro lot), which translates in minimum leverage terms to 10:1.

    The only solution that you have available for really low deposit trading if nano lots are not available is unfortunately just to step up your deposit a little more. In these cases as a forex trader, $50 is typically sufficient although it depends on the asset.

    With all of that said, given the number of broker options available, it is still very much possible for European traders, even those constrained by strict 30:1 leverage to experience very low deposit trading in the forex market and others.

    Brokers with Low or 0$ Minimum Deposit good for non EU users

    The following brokers still have very low, or even no minimum deposit requirements to enter the forex market as the brokers above also have. The only difference here is that with these brokers, micro trading through cent accounts is not necessary.

    In this case, the best thing you can do is use these brokers to avail of higher leverage availability if you are located outside of an area like CySEC regulation where leverage is limited.

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    74-89 % of retail CFD accounts lose money

    8 IC Markets

    IC Markets is another of the top forex brokers providing you trading options on a lower budget for deposits. The broker do not have a minimum deposit requirement to get involved in forex trading at all, though they do recommend you to make a minimum of $200 deposit in order to fully benefit.

    Orders can be placed here for as little as one micro trading lot which equates to 0.01 standard lot.

    Deposits to get started on their trading platform can be made through a traditional wire transfer, with all major Visa and MasterCards, and through eWallet means like Skrill, Neteller, WebMoney, AdvCash, and PerfectMoney. There are no deposit fees in the majority of cases from the broker side.

    Again with IC Markets, Islamic account trading is offered to those traders who need it. Bitcoin deposits are also catered for outside of Europe.

    94
    Rated: Excellent
    security 93
    cost 100
    trading 100
    education 66

    Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
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    80% of retail investor accounts lose money

    9 XTB

    XTB as a forex broker is another which offers you a pathway into the forex trading industry with no minimum deposit at all. There are also no deposit fees from the broker that you need to consider.

    Trading can be done in a micro trading fashion with as little as 1 micro lot in most markets. This forex trading can be funded through a trusted wire transfer, major credit cards from Visa, MasterCard, and Maestro, eWallets, and a selection of other regional funding options that may be available depending on your location.

    The broker also provides for an extensive education in everything from trading platforms to the forex market and can be a great help in improving your skills a forex trader.

    79
    Rated: Excellent
    security 94
    cost 66
    trading 74
    education 72

    Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $250
    Open an account
    73.57% of retail investor accounts lose money

    10 HotForex

    Hotforex is another popular broker that offers a low deposit micro trading account that allows you to get involved in the forex trading market with as little as $5. This amount increases to a still very reasonable $50 if you are a European trader.

    Forex trading here can start with as little as one micro lot or 0.01 standard lots which is still excellent at making sure you get great value for your real money deposit.

    Deposits can be made through wire transfers from your bank, credit cards from MasterCard, Visa, or Maestro, and Neteller or Skrill if you use the. There are no deposit fees from the broker in the majority of cases and Islamic trading accounts are made available where needed.

    85
    Rated: Excellent
    security 94
    cost 100
    trading 73
    education 70

    Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: FCA, MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit: $50

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