Top 6 Best Brokers with True Micro Accounts for 2020
As a forex trader, undoubtedly you want to be dealing with thebest forex brokersin 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 inmicro-lotswhich are0.01 of a standard lot. This is a great option if you are looking for an opportunity totrade 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.
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 broker nowadays.Then you have Micro Accounts.
Within a micro account for forex trading, you can often trade insmaller lotsthan even the micro lot, anano lot, or0.001 of a standard lotis 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 ourlow no minimum deposit broker top 10.
Here are what we believe to be some of the best micro accountforex brokersfor you to choose from:
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 accessnot only micro accounts, but also XM Standard or XM zero accounts if you are within Europe. If outside Europe, then theXM Ultra-Low Accountwill be available.
Within theXM micro account, you can tradelots as small as 10 unitsthrough both MT4 and MT5 trading platforms. With aminimum depositof 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.
The broker offers a very competitive low minimum deposit starting at just $5
They offer a small lot size within their accounts to cater for lower-risk trades.
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 isno minimum depositat 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 thatyou can trade as little as one unit of currencywith Oanda. This is the lowest value trading possible anywhere.
The trading platform made available through the broker is the known and trustedMT4. Alongside this micro-trading opportunity, you can benefit from an unlimited demo account made available for completely risk-free trading.
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.)
The third broker we have identified that allows for you to open a true micro trading account is FXOpen. Beyond themicro accounttrading that they do offer, the broker also providesSTP tradingand anECN accountto 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 as1 nano lotor0.1 micro lotswhich is equal to 100 currency units. This is great for new or low-risk traders and aminimum depositof 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 bothMT4 and MT5trading 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.
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.
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.
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 offerStandard Trading accountswith a minimum deposit of $100.
TheMicro Accountat 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 aminimum trade size of 1 micro lotacross 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.
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.
With HotForex micro trading accounts, there are a total of 8 account types you can select from. Both thestandardandmicro accounttypes with HotForex will facilitate micro lot trading. Within the broker, you can look forward to a competitiveminimum depositof $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 trustedMT4 trading platformfrom MetaTrader. There is also acopytrading servicethat 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.
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.
Finally in our collection of top micro trading brokers, we have OctaFX. They also make several micro trading accounts available for use. These include theirStandard,ECN,cTrader, andmicro accounttypes. All of these accounts cater for you very well if you are a forex trader interested in micro trading.
When it comes to aminimum depositwith 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, theMT4 and MT5trading platforms are available.
Beyond that, OctaFX also offers acopytrading servicefor 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.
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.
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