XM
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10 Best Micro Account Forex Brokers for 2023
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Pepperstone
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FP Markets
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FBS
Visit FBS74-89% of retail CFD accounts lose money -
HF Markets
Visit HF Markets70.51% of retail investor accounts lose money -
FXTM
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OctaFX
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Oanda
Visit OandaCFDs are not available to residents in the United States -
eToro
Visit eToro77% of retail investor accounts lose money
A “micro account forex broker” is a type of forex brokerage that allows traders to open accounts and trade with “micro lots”.
“Micro account forex brokers” are also referred to as “micro lots forex brokers”, “micro trading forex brokers” or “micro account brokers”.
In forex (foreign exchange) trading, a “micro lot” refers to 1,000 units of the base currency that you are buying or selling in a forex transaction. “Lots” are the standard unit for measuring the transaction amount in forex trading. For example, if you were trading the EUR/USD currency pair, a micro lot would be 1,000 euros.
Trading in micro-lots is known as “micro lot trading.” It’s a way to participate in the forex market with a smaller amount of capital, which reduces the risk associated with the trades. It’s especially beneficial for those new to forex trading, or traders with smaller account balances.
For comparison, there are also “mini lots” (10,000 units) and “standard lots” (100,000 units). Trading in standard lots is typical for larger or institutional traders, while mini and micro lots are more common among individual investors or retail traders.
Below are listed some of the best brokers offering micro accounts or micro lots trading.
Here’s what was taken into consideration when creating this list:
- If the broker offered micro accounts or micro lots trading
- The assets provided on the micro account or where micro lots trading was available
- The spreads charged on the micro account or where micro lots trading was available
- The leverage on the micro account or where micro lots trading was available
- The minimum deposit requested to open a micro account
Table of Content
What are the best Micro account forex brokers?
Below our curated list of the best micro account forex brokers, with a description of features and characteristics.
XM : best broker with no requotes
- Within the XM micro account, clients can trade as small as 0.01 lots on MT4 and on MT5.
- A minimum deposit of just $5 is needed to get started with an XM Micro Account.
- The spreads charged on Micro accounts are from 1 pips on forex.
- XM assets available with the Micro account are 1150+ including forex, stocks, indices and commodities.
- The XM leverage which can be found is up to 30:1 for EU and ASIC clients, while is up to 1000:1 under the global XM entity.
Pepperstone : best for lowest spreads
- Pepperstone offers micro lots trading (0.01 lots) on both its account types, standard and razor.
- The number of Pepperstone assets tradable are 200+ and includes forex, indices, commodities, crypto, stocks, and currency indices.
- Clients will find Pepperstone spreads from 0 pips on the Razor and from 0.4 pips on the Standard
- Leverage depends on the entity you’re trading under. This will be up to 30:1 for EU, DFSA, FCA and ASIC; up to 500:1 for CMA clients and up to 200:1 for SCB clients. Professional clients find a maximum leverage up to 500.1.
- No minimum deposit is required to open an account with Pepperstone.
74-89% of retail investor accounts lose money when trading CFDs
FP Markets : best trading costs overall
- FP Markets offers micro lots trading (0.01 lots) on their Standard and Raw accounts.
- Several assets are made available for micro lot trading by FP, including 70+ forex pairs, indices, and commodities.
- The spreads charged by FP on forex go from 0 pips on the Raw account and from 1 pips on the Standard account.
- The leverage provided depends on the FP Markets entity you’re trading under. This will be up to 30:1 under EU, FCA and ASIC and up to 500:1 as non-EU traders.
- The FP Markets minimum deposit is $100 for both accounts.
FBS : best broker with high leverage
- FBS provides a Micro Account under IFSC regulation.
- The assets provided by FBS via the Micro account include forex, metals and energies.
- Clients who use a Micro account with FBS find fixed spreads from 3 pips on forex.
- The maximum leverage of the Micro account is up to 3000:1.
- FBS has a minimum deposit of $5 for those who want to open a Micro account.
HF Markets : best trading tools
- Micro lot trading can be done with the Micro account under the HF Markets global entity.
- 140+ assets can be traded with the HF Micro Account, including forex, commodities, stocks, bonds and indices.
- HF spreads start from 1 pips on 55+ forex pairs with a maximum leverage up to 1000:1.
- Within HF, you can look forward to a minimum deposit of $0 to open a Micro account.
FXTM : best micro trading overall
- FXTM offers a Micro account for its clients with a minimum volume in lots per trade 0.01.
- Within the EU, note that FXTM only accepts professional clients.
- Spreads with an FXTM Micro Account start from 1.5 pips on forex.
- Forex and metals are the only assets trabadle with a FXTM Micro account.
- The FXTM micro account leverage goes up to 2000:1, however EU and UK clients will be given lower leverages.
- The FXTM Micro account comes with a $10 minimum deposit.
OctaFX : best educational materials
- OctaFX allows micro lot trading via MT4 and MT5 accounts with minimum size 0.01 lots. For EU clients only MT5 accounts are available.
- The assets provided by OctaFX on both accounts are forex pairs, commodities, indices, and, depending on your location, cryptos.
- The OctaFX spreads start from 0.2 pips on 35+ forex pairs.
- The leverage available here is up to 500:1 under the SV regulation and up to 30:1 for EU clients.
- The minimum deposit needed to open an MT4 or MT5 account with OctaFX is $25.
Oanda : best forex liquidity
- Oanda gives opportunities to engage in micro forex trading.
- In fact, clients can trade as little as one unit of currency with Oanda. This is the lowest value trading possible anywhere.
- Oanda Standard account offers a huge range of forex trading choices with more than 70 forex pairs, as well as CFD indices, commodities, metals, and bonds.
- Spreads on Oanda forex start from 0.6 pips with maximum leverage up to 100:1 (depending on the Oanda entity you trade with).
- Oanda does not require a minimum deposit.
Fxopen : best execution
- Within the FxOpen micro trading account, traders can look forward to trading as low as 0.01 micro lots.
- With the FxOpen Micro account, you can trade 600+ assets, including forex, through the MT4 or MT5 platforms.
- Minimum spreads are from 0 pips on forex with different maximum leverage up to 30:1 for both ASIC and FCA clients. Professional clients can access leverage up to 1:500.
- FxOpen requires a $1 minimum deposit to open a Micro account.
74-89% of retail CFD accounts lose money
eToro : best for social trading
- eToro allows micro lots trading via their Standard account since the minimum lot size permitted by eToro when trading with CFDs is 1 micro lot.
- The eToro Standard account offers 1000+ assets.
- eToro charges spreads from 1 pips on forex with a maximum leverage up to 30:1 (retail) and 400:1 (professional) under CySEC, FCA, and ASIC regulation.
- The eToro minimum deposit is $50 to open a Standard account, depending on your location.
What are the key differences between micro and standard forex accounts?
Micro account forex brokers allow trading with smaller lot sizes compared to a standard account, meaning that a lower initial investment is needed. These differences are crucial for traders who wish to engage in forex trading with different amounts of capital.
Understanding the contrasts between these two types of accounts can empower traders to make well-informed decisions about their chosen trading methods, the amount of capital to invest, and their risk management strategies.
Can micro forex trading lead to substantial profits over time?
Engaging in a forex micro account has the potential to yield substantial profits over an extended duration. While the initial investment in micro forex trading is relatively small, traders can capitalize on the power of compounding gains by consistently reinvesting profits.
By diligently employing sound trading strategies, managing risks prudently, and staying informed about market trends, traders can maximize their earning potential. Over time, the cumulative effect of profitable trades can lead to significant financial gains.
What are the pros and cons of micro trading accounts?
Pros
- Low capital requirement makes it accessible for beginner traders.
- Risk management is more efficient.
- Micro accounts lets you learn and test strategies without significant financial risk.
- Micro accounts provide less psychological stress.
Cons
- Profits might be relatively smaller compared to standard accounts.
- Higher spread and commissions.
- Limited asset availability.
How to choose the best micro account forex broker?
Choose a regulated micro forex broker
In selecting an appropriate forex broker, regardless of the desired trading approach or broker type, regulatory compliance holds a high priority. Opting for a micro account forex broker with the relevant jurisdictional licensing ensures that, should discrepancies arise, there’s a pathway to escalate grievances with the overseeing financial regulatory authority.
Choose a micro forex broker with low spread
Typically, forex brokers levy fees based on the spread, representing a differential in purchasing or offloading a forex pair. Micro accounts typically charge higher spreads and commissions, which will hinder your gains so it is wise to consider a low structure for trading forex.
Choose the best micro account forex with a wide range of financial instruments
The best micro forex brokers are generally limited in the range of financial instruments available. Hence, it is useful to ascertain that the instruments in which you wish to invest are present in the forex micro accounts. Additionally, the availability of other types of assets should not be underestimated in order to assess a possible diversification of trading.
What are the most suitable currency pairs for micro forex trading?
When it comes to micro forex trading, the most effective currency pairs usually include the major ones, owing to their high liquidity and narrower spreads. These pairs predominantly feature significant global currencies such as EUR/USD, GBP/USD, and USD/JPY. Nonetheless, it’s important for traders to consider their personal preferences and the prevailing market conditions when selecting pairs for micro forex trading.
About The Author
Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
10 Best Micro Account Forex Brokers for 2023
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