Best Forex Micro Accounts

Ibeth Rivero

The most effective way to learn how to trade Forex is in a micro account with a small deposit. It offers a real trading experience and prevents beginner traders from falling victim to the “demo account trap, where success in a demo environment is incorrectly believed to prove readiness for success in a real money environment.

We have researched the best micro account Forex brokers so that you can choose the best Forex broker to use to start Forex trading in a beginner-friendly and competitive trading environment. We also outline the benefits of a micro account Forex and assist you in deciding between a micro vs. standard option.

Methodology

We reviewed over 100 brokers based on eleven criteria. Each research consists of over 2,000 words and lasted more than ten hours. Over 100 brokers were reviewed in-depth and from a trader's perspective, ignoring the marketing tactics deployed by some to confuse retail traders. Therefore, we sourced the list of our best micro account Forex brokers from more than 200,000 words of dedicated research compiled over 1,000 hours, ensuring the most comprehensive approach to identify the best micro account Forex brokers.

The eleven criteria used in our research consist of:

  • Regulation and Security
  • Trading Costs
  • Asset Selection
  • Account Types
  • Trading Platforms
  • Unique Features
  • Research and Education
  • Customer Support
  • Bonuses and Promotions
  • Account Opening Process
  • Deposits & Withdrawals

The Best Micro Forex Brokers Overview

 

Markets.com

AvaTrade

SquaredFinancial

Moneta Markets

XM

Regulation

 

Yes

Yes

Yes

Yes

Yes

Minimum Raw Spreads

Not Applicable

Not Applicable

0.0 pips

Not Applicable

Not Applicable

Minimum Standard Spreads

0.6 pips

0.9 pips

1.2 pips

0.9 pips

0.6 pips

Minimum Commission

for Forex

Not Applicable

Not Applicable

$10 per

Round Lot

Not Applicable

Not Applicable

Commission Rebates

Not Applicable

Not Applicable

Yes

Not Applicable

No

Minimum Deposit

$250

$100

$0

$200

$5

Currency Pairs

67

55

50

44

57

Maximum

Retail Leverage

1:300

1:30

1:500

1:500

1:888

MT4

 

Yes

Yes

Yes

Yes

Yes

MT5

 

Yes

Yes

Yes

Yes

Yes

cTrader

 

No

No

No

No

No

Proprietary

Platform

Yes

Yes

No

Yes

No

Automated

Trading

Yes

Yes

Yes

No

Yes

Social Trading / Copy Trading

No

Yes

No

Yes

No

MT4/MT5

Add-Ons

No

No

No

No

Yes

Micro Forex Brokers in Detail

Markets.com

 

Markets.com offers traders fourteen competitive trading tools and the MT4/MT5 trading platforms. It also deploys two    proprietary alternatives, one for traders and one for investors. The minimum trade size for Forex traders is 0.01 standard lots, as Markets.com lacks a micro cent account, but it offers a competitive and secure trading environment. The maximum leverage is 1:300, but clients must deposit at least $250. Markets.com also maintains an excellent asset selection and a quality personalized live financial news stream, XRay.

AvaTrade

 

AvaTrade is one of the best-regulated brokers, and maintains a market-leading trading academy, SharpTrader, spun out due to its success. When researching “What is a micro trading account?”, AvaTrade does not have one for Forex traders, where the minimum transaction size is 0.01 standard lots or 1,000 currency units. AvaTrade offers equity traders on select CFDs on the MT5 trading platform a trade size of 0.001 standard lots or 100 units, but the minimum deposit is $100.

SquaredFinancial

 

While SquaredFinancial does not feature a dedicated Forex micro account, it offers traders an account without a minimum deposit requirement and maximum leverage of 1:500. The minimum trade volume for Forex traders is 0.01 standard lots, the same as a 1.0 micro lot or 1,000 currency units. Traders must accept a minimum spread of 1.2 pips, but SquaredFinancial provides the conditions for new traders to learn. The SquaredAcademy offers numerous educational resources, including webinars, and traders also get trading ideas.

Moneta Markets

 

Moneta Markets presents traders with another competitive trading environment. Regrettably, a micro cent account Forex is not available, but the minimum deposit of $50, maximum leverage of 1:500, and minimum transaction size of 0.01 lots make it a broker to consider. The 50% deposit bonus, together with trading tools Market Buzz and Featured Ideas, can give new clients the edge they need to become better traders. Moneta Markets has commission-free minimum spreads of 1.2 pips and over 300 trading instruments.

XM

 

XM is another excellent choice for traders who wish to take advantage of the benefits of a micro Forex account. For a minimum deposit of only $5, clients get access to an excellent asset selection and maximum leverage of 1:888. XM offers its micro alternative in eleven base currencies. There is a 100 lots restriction per order ticket, and each account remains limited to 300 positions, or a total of 30 standard lots, which suffices for all micro lot traders.

FXTM

 

FXTM remains one of the best overall Forex brokers and an award-winning educational section. The Cent Account is only available with the MT4 trading platform, which receives an upgrade via six plug-ins. Traders get 25 currency pairs, plus gold and silver, but the minimum spread is 1.5 pips. FXTM grants maximum leverage of 1:1000 for this account type, and the minimum deposit is only $10 or a currency equivalent. FXTM also offers its FXTM Pivot Points Strategy as an EA.

RoboForex

 

RoboForex ranks among the best overall multi-asset brokers, with excellent trading tools, educational resources, and a micro account. Pricing transparency remains market-leading, as RoboForex lists its mark-up, granting traders a complete overview of underlying market spreads and the profit RoboForex earns on each asset. For a minimum deposit of $10, clients get maximum leverage of 1:2000 and a generous bonus program. RoboForex notes the ProCent account as ideal for testing algorithmic trading solutions on 36 currency pairs and two metals.

InstaForex

 

InstaForex also belongs to the best micro account Forex brokers. It maintains one of the best currency pair selections with 110 among all brokers, delivering in-depth market coverage. Unlike other brokers with a cent account, InstaForex provides two options. One commission-free and one commission-based alternative. The minimum deposit is just $1, and the maximum leverage is 1:1000. InstaForex also grants generous bonus programs and contests, quality educational content, and a seasoned team of in-house analysts publishing multiple trading ideas daily.

IC Markets

 

IC Markets does not offer a micro account but is home to one of the most competitive MT4/MT5 upgrades. Therefore, new  traders get access to an excellent trading environment, recently upgraded to include over 850 assets. The minimum deposit is higher at $200, but traders get maximum leverage of 1:500. IC Markets remains a market leader for algorithmic trading solutions, offers three trading platforms and two account types. The quality education and research add to the benefits at IC Markets.

Pepperstone

 

Pepperstone provides MT4/MT5 traders with the best upgrade, consisting of 28 plug-ins. It also features a competitive team of analysts delivering trading ideas, while new traders can benefit from the educational resources. Pepperstone ranks first in customer satisfaction and has excellent trade execution. While it provides maximum leverage of 1:500, traders must deposit at least $200. Three trading platforms and two account types exist, but a micro-Forex option is missing. Traders should consider Pepperstone due to its trading environment.

What is a Micro Account?

Beginner traders often ask: “What is a micro account in Forex trading?”. A micro account is the best option for new retail traders to learn how to trade. It is one of the three account types which Forex brokers offer. The other two being standard and miniIt is ideal for exposure to live trading conditions without risking much capital. A $100 deposit often suffices to learn how to trade Forex in a micro account. Advanced and professional traders may also use a micro account to test a new trading strategy, an expert advisor (EA), or another automated trading strategy. In a micro account, 1.0 lot equals just 1,000 currency units, and a 0.10 lot transaction, the minimum transaction size, totals ten currency units. A Forex micro account, also known as a micro cent Forex account, is not available at all Forex brokers.

While a micro account remains an excellent choice for new traders to learn or experienced traders to test, the profit potential is limited. Many brokers who provide micro accounts grant the highest leverage possible, in some cases 1:2000. Before new traders jump at such an offer, it works both ways. Leverage can magnify profits tremendously, but it does the same to losses. Risk management protects against losses, but regrettably, most traders fail to implement it. Before depositing any account type, I highly recommend that new traders learn about psychology and risk management before proceeding. How much money do I need to start trading Forex is another matter which beginner traders should consider before starting trading with real money.

Micro vs. Standard Account

All brokers offer a standard account, where 1.0 lot equals 100,000 currency units. The minimum transaction size is 0.01 lots, or 1,000 units, the same as 1.0 lots in a micro account. Traders in a Forex micro account have significantly more flexibility, as they can transact 0.10 micro-lots. It offers an advantage, especially to traders who take multiple positions in the same asset. The pip value in a standard account, if the base currency is in US Dollars, and the quote currency is also in US Dollars, is $10. It decreases to $1 in a mini account and lowers to $0.10 in the micro alternative. With the smallest transaction size in a micro account at 0.10, unlike 0.01 in the standard one, the pip value is $0.01. It is why some refer to it as a micro cent account Forex.

New traders should opt for a Forex micro vs. standard account, as it allows them to learn how to trade with a minor capital commitment but in a live trading environment. While the minimum transaction size in a standard account is 0.01 lots, or 1,000 currency units, in a micro account, it is 0.10 micro lots or 100 currency units. Therefore, the minimum pip value decreases from $0.10 to $0.01, granting increased flexibility. It may not appear as a significant difference on paper but is immediately notable in a live trading environment. Once managing multiple orders, traders will swiftly recognize the benefits of a Forex micro vs. standard account. The lower pip value allows new traders to operate a portfolio longer, increasing the educational value. When learning how to trade, initial losses are a normal development along the process. In using a Forex micro vs. standard account, new traders boost their longevity by ten times. The lower minimum deposit requirements also ensure all types of traders have access to the most efficient form of learning how to trade.

Another notable benefit when using a Forex micro vs. standard account is the ability to test algorithmic and automated trading solutions or expert advisors (EAs). The rising popularity of autonomous trading and the benefits a Forex micro vs. standard account provides, to new and seasoned traders alike, results in more Forex brokers offering micro as an option to their trading accounts selection.

Final Thoughts

When evaluating a Forex micro vs. standard account, new traders should always opt for the former. It remains the best option to learn how to trade, work on trading psychology, risk management, and trading strategies while avoiding the “demo account trap” that leads most traders to lose their capital.

FAQs

What is a cent account in Forex?

A cent account in Forex allows traders to transact in micro lots, with the smallest possible size of 0.10. The pip value of a 0.10 lot trade in a micro account is just $0.01, hence the name cent account.

What is a micro account in Forex?

A micro account in Forex is the more commonly used name for a cent account. It grants traders exposure to pip values as low as $0.01, allowing traders to manage smaller portfolios of sub-$100 effectively. They are ideal for new traders to learn and for seasoned traders to test new strategies.

What is the best leverage for a micro account?

Most Forex brokers offer 1:500, while some grant an improvement to 1:1000 and even 1:2000. The most critical aspect of leverage remains risk management and the strict implementation of it.

Can I trade Forex with $10?

While it is possible to trade with $10 in a micro account in Forex, I recommend no less than $100. Traders with less than $1,000 should always consider the advantages of micro vs. standard. Most brokers have a limitation on the maximum balance allowed in a micro account before upgrading to a mini or standard alternative.

Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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