As a forex trader, undoubtedly you want to be dealing with the top forex brokers in the industry. Before you take a deep dive into big money trading though, you may want to explore your options in micro trading.
With choosing the best micro forex broker in mind, here we have listed six of the very best in the industry to select from.
These forex trading brokers will all allow you the chance to trade in micro-lots which are 0.01 of a standard lot. This is a great option if you are looking for an opportunity to trade within a lower risk area.
Although many brokers may claim to offer trading in micro-lots and even smaller in the case of nano lots, though only a few will offer dedicated micro-accounts. These are the micro trading brokers that we will list for your knowledge.
Table of contents
Micro lots vs Micro Accounts
Delving deeper into the trading experience to find out exactly what are micro-lots and micro-accounts and what can you as a forex trader get from them, we can see that micro lots allow you to trade for a minimal fraction of a standard lot. As mentioned above, a micro lot is 0.01 of a standard lot size.
Taking this into account, where a standard lot on any of the forex currency pairs would cost $100,000 to trade with 1:1 leverage, a micro lot would cost $1,000 with the same leverage. These types of lots are pretty much offered by every forex broker nowadays. Then you have Micro Accounts.
Within a micro account for forex trading, you can often trade in smaller lots than even the micro lot, a nano lot, or 0.001 of a standard lot is typically available on these accounts. This would lower your real money trading cost to $10 per nano lot using the same calculation as above.
This low risk is only slightly more than you would experience with a forex demo account and is great for those looking to start out. If you are looking for a low risk, no minimum deposit broker, then look no further than our low no minimum deposit broker top 10.
Top 6 Micro Account Forex Brokers
Here are what we believe to be some of the best micro account forex brokers for you to choose from:
XM
When it comes to micro account trading brokers, one of the best choices in the industry is XM. They offer a range of great account types that can ideally fit with any trading strategy. Through this broker you can access not only micro accounts, but also XM Standard, XM zero, and XM Ultra-Low Accounts (these last 2 are not available to all the Entities of the Group).
Within the XM micro account, you can trade lots as small as 10 units through both MT4 and MT5 trading platforms. With a minimum deposit of just $5 to get started with a Micro Account or a Standard account, there is great value to be had. Minimum deposits on both the Ultra-Low account and Zero Account of $50 and $100 respectively are also very competitive and with no deposit fees in most cases. Beyond that, the broker also offers the use of an unlimited demo account.
Why should you open an account with XM?
The broker offers a very competitive low minimum deposit starting at just $5
XM spreads are very low
They offer a small lot size within their accounts to cater for lower-risk trades.
Oanda
Moving on to the next top micro account broker in our list we reach Oanda. With this broker, while there is not a wide range of accounts to choose from with only one available, you can benefit from the fact there is no minimum deposit at all.
Within this account type, since Oanda does not offer what you would term as standard-lot trading in forex, there are opportunities to engage in micro trading. This is due to the fact that you can trade as little as one unit of currency with Oanda. This is the lowest value trading possible anywhere.
The trading platform made available through the broker is the known and trusted MT4. Alongside this micro-trading opportunity, you can benefit from an unlimited demo account made available for completely risk-free trading.
Why should you open an account with Oanda?
Oanda has the lowest lot-size available anywhere to facilitate micro-trading
The typically zero minimum deposit eliminates a big barrier to entry for many forex traders.
Your Oanda account can be linked to Zulutrade to allow for copy trading. (Zulutrade requires a $100 minimum deposit.)
Fxopen
The third broker we have identified that allows for you to open a true micro trading account is FXOpen. Beyond the micro account trading that they do offer, the broker also provides STP trading and an ECN account to get you some of the best prices on the market as well as a separate account for trading cryptocurrency pairs.
Within the micro trading account, you can look forward to trading as low as 1 nano lot or 0.1 micro lots which is equal to 100 currency units. This is great for new or low-risk traders and a minimum deposit of just $1 is available for micro-trading accounts. If you are interested in another account type then the minimum deposit is still highly competitive at just $10, or $100 for an ECN account.
With no deposit fee in the majority of cases and both MT4 and MT5 trading platforms available, the broker facilitates for a very wide range of traders and trading types. While FXOpen demo accounts are available, this does not, unfortunately, extend to the micro account type.
Why should you open an account with FxOpen?
FXOpen makes forex trading available for a very low minimum deposit across all account types.
ZuluTrade linking of your account is also available although ZuluTrade does require a $100 minimum deposit.
Forex Brokers with Micro Accounts but no smaller trading sizes
While the above brokers facilitate micro trading accounts and trading in both micro trading lots and smaller. The next three brokers in our list, while still being some of the best forex micro trading broker options around, offer micro accounts but a smallest trading size or 0.01 standard lots only.
FBS
The next broker worth considering if you wish to engage with a micro trading account which is highly respected is FBS. Along with being a top micro trading broker, they also offer Standard Trading accounts with a minimum deposit of $100.
The Micro Account at FBS comes with a minimum deposit of just $5 to facilitate great value trading opportunities although these accounts are not currently available for traders within Europe. They are available to traders in other jurisdictions though.
FBS does impose a minimum trade size of 1 micro lot across both of these account types and a very well-equipped demo account is provided to allow you to try forex trading in a completely risk-free manner for a 90-day period that is extendable.
Why should you open an account with FBS?
The broker offers both variable and fixed spreads that start from just 3pips, giving you a range of trading options.
As a non-European trader, the minimum deposit is very low.
The broker is a particularly excellent choice for those forex trading from Indonesia.
HotForex
With HotForex micro trading accounts, there are a total of 8 account types you can select from. Both the standard and micro account types with HotForex will facilitate micro lot trading. Within the broker, you can look forward to a competitive minimum deposit of $50 which rises to $100 if you plan on opening a standard account type.
In the majority of cases with HotForex there will be no deposit fees at all. While you are trading with this broker, you will also be using the well-liked and trusted MT4 trading platform from MetaTrader. There is also a copytrading service that the broker makes available. This does require a minimum deposit of $300 if you want to copy the trades of others, or $1,000 if you want to be copied.
On top of all of these features, at HotForex, you can benefit from the use of an unlimited demo account for completely risk-free trading.
Why should you open an account with HotForex?
The availability of up to 8 different account types gives you a really wide range of positive choices when it comes to micro trading.
The copy trading service can be very useful to those new to the industry or who want to take any stress out of making their own trades.
OctaFX
Finally in our collection of top micro trading brokers, we have OctaFX. They also make several micro trading accounts available for use. These include their Standard, ECN, cTrader, and micro account types. All of these accounts cater for you very well if you are a forex trader interested in micro trading.
When it comes to a minimum deposit with OctaFX this stands at $100 if you are opening a Micro account or a cTrader account type and $500 with the ECN account. Within these accounts with the exception of the cTrader account, the MT4 and MT5 trading platforms are available.
Beyond that, OctaFX also offers a copytrading service for your use. This can be great if you want to follow the trading patterns of others or have them follow yours.
OctaFX also provides for an unlimited, risk-free demo account within which you can experience real market conditions and completely free deposits for forex trading in most cases.
Why should you open an account with OctaFX?
The broker offers a choice of spread type, fixed and floating. This means there should be something to suit all types of trader.
Both spread types are very competitive for all traders with the floating spread starting from just 0.4pips and the fixed spread from 2pips.
The copy trading service offered by the broker gives you another angle to approach the forex trading industry from.
More top 10 lists
