Best FX Micro Accounts Brokers 2024
The best Micro Account - RoboForex
The best Micro Accounts:
RoboForex - Best Micro Account Overall
XM - Best Broker With No Requotes
IC Markets - Best Execution Speed
Exness - Best Micro Account Leverag
InstaForex - Best Global Micro Account Broker
Admiral Markets - Excellent Trading Tools for MetaTrader
FxPro - Best Broker With No Commissions
If you have been researching different forex brokers, you may have come across various account types. As you browsed the sites of top forex brokers, the term micro account may have caught your attention. But what is a micro account? The name sounds simple enough, right? Sure, the concept of a micro account seems pretty straightforward at first glance. Forex micro accounts allow you to trade with smaller amounts of capital. What are the benefits of trading with less capital? Are micro accounts less risky as a result? There is a bit more to micro accounts than meets the eye.
It was our goal to make everything as clear-cut as possible, so we created this guide to help you learn more about trading with micro accounts. By reviewing the numerous forex account options in this guide, we help you determine if you should use a micro account, and we explain the benefits and disadvantages of using a micro account.
In addition, we conducted our own extensive research to determine the best forex brokers for micro account traders. We also go over the various factors to consider when choosing the right micro account forex broker for your unique needs, preferences, budget, and trading goals.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is a Micro Account Forex Broker?
Brokerages that offer micro-lots, or 1,000 units of the base currency or asset, are called micro account brokers.
By trading a lower balance and smaller capital requirements, the trader can speculate on the price instead of trading a whole unit. Beginners often choose the Micro Account because it provides access to instruments that are highly capitalized so that they can trade micro lots without a significant investment.
Trades that require the testing of algorithms, robots, and strategies require micro accounts, which limit potential losses while allowing traders to trade within a real-world environment.
There are only a few forex brokers allowing access to minimal transaction volumes among the leading forex regulated brokers that offer Micro Accounts and minimum deposits as small as 1$.
In micro trading, a trader may achieve a variety of trading opportunities based on the leverage offered and allowed by a broker and regulatory restrictions, but you must choose carefully the broker you deal with and choose among reputed regulated brokers for true Micro Lot trading and money safety.
Top 7 Micro Account Forex Brokers in 2024
To help you get started trading forex in a competitive and beginner-friendly trading environment, we reviewed the best micro account forex brokers.
Best Forex Micro Currency AccountsRoboForex – Best Micro Account Overall
The RoboForex ProCent account is perfect for testing trading strategies. You can also transition smoothly from a demo account to a real account with it.
RoboForex's micro accounts come with a forex bonus of up to 120% for your first deposit and all subsequent deposits.
Additionally, RoboForex offers negative balance protection. You can experience market volatility even if you open a micro currency account. Whenever such a situation arises, RoboForex can reset your account back to zero, preventing you from incurring a negative balance.
You can also protect your account from negative balance using RoboForex's standard tools like stop loss level, transaction volume, and leverage.
You will also receive access to R StocksTrader as part of your RoboForex membership. Traders can automate their trading operations without coding or downloading additional software using this feature.
Low trading fees are part of the ProCent account. Deposits start at just $10 and commissions are nonexistent.
XM - Best Broker With No Requotes
There are 50+ currency pairs available on the micro forex trading account at XM and spreads start at just 1 pip. It is fairly accessible for new forex traders, as a lot in the micro account is worth 1,000 contracts, and there is a $5 minimum deposit requirement. For the micro account, XM offers 10 different base currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR.
There is no proprietary trading platform offered by XM, but traders have access to MetaTrader 4 and MetaTrader 5. Aside from professional market research each day, the brokerage provides a weekly economic calendar, forex webinars, as well as in-depth educational videos for new traders. Additionally, XM offers traders a $100,000 demo account that they can reset whenever they want.
IC Markets - Best Execution Speed
Forex and CFD provider IC Markets offers trading solutions for active day traders and scalpers. With IC Markets, you will have access to cutting-edge trading platforms, low-latency connectivity, and superior liquidity.
IC Markets micros accounts offer the best options for those trading for the first time. Micro accounts are not available with every broker, but IC Markets does. Micro lots start at 0.01. It allows you to manage your own risk profile while still learning how to trade.
Exness - Best Micro Account Leverage
Exness was established in 2008 and is renowned as a global broker of Forex and contracts-for-difference (CFDs). As a result of the company's rapid growth, it has earned the trust of a number of clients.
The fact that Exness is regulated by seven regulators is one of the most important elements of trust. There are also the Financial Services Commission and the Financial Conduct Authority (FCA), two of the most renowned and trusted trading regulators in the world. Meanwhile, it is set to leave the EU and the European Economic Area (EEA) in 2019.
A few platforms are available with Exness, including MetaTrader 4, MetaTrader 5, mobile platforms, and the MT4 WebTerminal.
Furthermore, account holders have the option of choosing from 120 different currency pairs. Also, traders can access up-to-date financial news along with free VPS hosting. In addition to these, clients are able to withdraw funds using electronic payment systems. For investors who want to get started, Exness offers a Micro Account.
InstaForex - Best Global Micro Account Broker
InstaForex has provided services in the forex currency market since 2007. Over 7 million traders use this broker's services worldwide. A huge variety of trading instruments is available through InstaForex, from PAMM Investments to ForexCopy, which allows clients to copy successful traders' trading strategies.
Regulation of the company is carried out by the Financial Services Commission (FSC) under the Securities and Investment Business Act. InstaForex's trading practices are considered to be responsible and professional. It was named Best Asian Broker and Best Eastern European Broker in 2017, Best Forex Platform for Trading Cryptocurrency in 2018, and Best Forex Platform for Trading Cryptocurrencies in 2019.
Beginners can choose from four different types of accounts at InstaForex. Traders who are beginners are those who have never traded before, or who have traded for less than one year. Trading full-time during the workweek is not feasible for most novice traders since they don't want to risk large amounts of money.
Beginners typically benefit from accounts with lower minimum deposits and micro-lot trading capabilities. These accounts often have wider spreads than those with higher minimum deposits, however. A minimum deposit of 1 USD is required for all InstaForex accounts, and it offers two micro trading accounts as well.
Admiral Markets - Best STP MetaTrader Broker
Admiral Markets opened its doors in 2001. As a licensed broker, the broker's activities are regulated by the Australian Securities and Investments Commission (ASIC). In addition to operating in over 40 countries, Admiral Markets has a cash cycle of up to USD 40 billion. Licensed by the Federal Financial Markets Service, the broker holds a lifetime license. Financial Conduct Authority (FCA) regulation is also in place. One of their special features is access to the FX+Project. The New Europe Magazine awarded Admiral Markets the "Forex 2012" ("Best of the Best") in 2002.
The Micro Account at Admiral Markets has a fixed spread (from 3 points), making it suitable for trading on the news. Unlike the Zero Spread account, it does not charge commissions. Aiming to gain experience and master completely different trading strategies, it has the highest possible leverage of 1:3000.
FxPro - Best STP Broker for Forex and CFD Traders
There are a variety of accounts available at FxPro, including instant and market execution accounts, but its trading costs are significantly higher than average.
Market and instant execution accounts are available through FxPro, a non-dealing desk broker. Market orders are usually executed within 14 milliseconds, with 80.48% being executed at their requested price, and 9.6% being executed at a better price.
Depending on the platform you choose, FxPro offers five different account types with different trading costs (click here for more information). Unlike most brokers, FxPro does not offer a variety of accounts, some of which are better suited for beginners, and others for experienced traders.
Beginners are inexperienced traders who have never traded before, or have traded for less than a year. As a beginner trader, it is likely that you will not be able to trade full-time during the week, since you are not comfortable risking large sums of money.
Beginner traders prefer accounts with lower minimum deposits and micro-lot trading. They usually have wider spreads than accounts with higher minimum deposits. A reasonable minimum deposit of 100 USD makes FxPro an attractive trading option for beginners since it offers micro-lot trading on its MT4 instant account.
Best Forex Micro Account Brokers Comparison
| Regulation | Minimum Deposit | STP account EURUSD average spread | |
|---|---|---|---|
RoboForex |
FSC, CySec |
$10 USD |
1 pip |
XM |
CySec, FSC, ASIC |
$5 USD |
0.1 pips |
IC Markets |
ASIC, CySEC |
$200 USD |
0.1 pips |
Exness |
FCA, CySEC |
$10 USD |
0.70 pips |
InstaForex |
FSC |
$10 USD |
3.00 pips |
FxPro |
CySEC, FCA, FSCA, SCB |
$100 USD |
1.7 pips |
Forex Lots Explained
There are 100,000 currency units in a standard lot in forex. Traders, whether they are independent or institutional, use this unit size.
One-tenth of a standard forex lot is a mini forex lot. Mini lots in forex are worth 10,000 currency units. Because mini lots are smaller than standard lots, their profit and loss effects are lower.
There is a tenth difference between a micro forex lot and a mini forex lot. That means it's worth 1000 units. When you trade EUR, one pip corresponds to one currency unit, e.g. €1. A micro lot also requires less leverage, so a swing won't have the same financial impact as a larger lot.
Compared to a micro lot, a nano lot is one-tenth of the size. There are 100 units of currency in it. With a micro lot, a one-pip movement represents a price change of 0.01 units of the base currency, e.g. €0.01 for euros.
Forex Lot Size: Standard vs Micro| Lot | Units of Currency |
|---|---|
Standard Lot |
100,000 |
Mini Lot |
10,000 |
Micro Lot |
1,000 |
Nano Lot |
100 |
Are Micro Accounts Good for Beginners?
Micro accounts are suitable for beginners. Beginners can learn the basics of risk management while learning about trading on these accounts. They also gain exposure to market volatility.
Investors open micro accounts to trade like professionals even though they are small-scale retail traders. In order to buy or sell forex pairs, a prospective trader will have to set up a smaller equity stake than someone using a standard account.
The minimum deposits on micro accounts are usually nominal, such as $50. Even if there is a minimum deposit, it is usually less than $100. In contrast, standard accounts generally require deposits ranging from $500 to $10,000.
Trading volume is usually determined by the amount of equity in an account, while the minimum volume is one lot. With a micro account, a trader can take advantage of short-term price fluctuations to run long-term positions.
How to Choose a Micro Account Forex Broker
Here are our key criteria for selecting the best micro accounts for forex.
Regulation: There are regulated forex brokers that offer all of the micro accounts we discussed today. A broker must comply with strict licensing guidelines on investor safety as a result of this.
Supported pairs: There are a wide variety of major, minor, and exotic currency pairs supported by the best micro forex accounts.
Fees: Micro account providers should offer tight spreads and zero commissions.
Tools and analysis: There are a lot of trading tools and features available in the best micro forex accounts. Research materials, high-level charting and drawing tools, and technical indicators should all be included.
Minumum deposit: The minimum trade size for micro accounts is 1,000 units, but first-time funding requirements should also be considered.
Payment methods: Payment methods such as debit and credit cards are supported by the best forex trading micro accounts.
Customer service: Micro lot brokers should offer 24/7 live chat and/or telephone support when opening an account. In the event that assistance is needed, you will have peace of mind.
What Are The Key Differences Between Micro And Standard Forex Accounts?
Choosing the right type of trading account is a pivotal step for any forex trader. While micro and standard accounts appear similar, the differences between them can significantly impact your trading strategy and outcomes. Here are the key distinctions:
Trading Size
Micro accounts allow traders to deal in smaller lot sizes, often starting from 1,000 units of the base currency. Standard accounts, in contrast, usually start at 100,000 units. This means that standard accounts offer higher profit and loss potential due to the larger trading size.
Capital Requirements
The initial deposit requirement for standard accounts varies among brokers but generally ranges from $1,00 to $5,00. Micro accounts are far more accessible, often requiring a deposit as low as $1.
Risk Management
Trading in smaller lot sizes via a micro account provides a better platform for risk management, especially for beginners. Standard accounts, with their larger trading sizes, inherently carry higher risk and require more skilful risk management techniques.
Leverage
Both types of accounts offer leverage options, but the risk is more pronounced in standard accounts due to the larger sums involved. While leverage can amplify gains, it can also lead to significant losses, making it a double-edged sword in forex trading.
What Are The Pros And Cons Of Micro-Trading Accounts?
Understanding the pros and cons of micro-trading accounts can help you make an informed decision, especially if you're new to forex or working with limited capital. Here's a balanced view:
👍 Pros
• Lower Entry Barrier: Brokers with micro accounts make forex trading more accessible to everyone, especially beginners and those with limited capital.
• Reduced Risk: Because you're trading with smaller sums, the financial risk is inherently lower. This is ideal for learning the ropes without the stress of high-stakes losses.
• Flexible Trading Strategy: With micro accounts, you can diversify your trades more easily and test various trading strategies without a substantial financial commitment.
• Skill Development: Starting with a micro account allows you to develop trading skills and understand market behaviour with lower financial exposure.
👎 Cons
• Limited Earnings: Smaller trading sizes mean smaller profit margins. While you're less likely to incur large losses, you're also less likely to see large profits.
• Higher Costs: Some forex micro account brokers might charge higher fees or spreads, thereby eroding your profit potential.
• Less Leverage: While lower leverage limits risk, it also limits your earning potential, making it harder to achieve significant gains quickly.
• Psychological Factor: The lower risk and smaller trade sizes can sometimes lead traders to become careless or overly casual in their trading decisions, which can be detrimental in the long run.
Each type of account offers its own set of advantages and disadvantages. Your choice will largely depend on your trading objectives, risk tolerance, and the size of your trading capital.
Summary
Traders and brokers alike need a universal language for forex trading, which is the lot on a trade. Beginners should consider using a micro or mini forex account if they are new to forex trading. These type of accounts allow you to trade in live markets with minimal risk.
Mini or micro lots can also serve as a good way to diversify a forex portfolio, as well as a 'minimal-risk practice run' for experienced forex traders.
These accounts allow you to gain more trading experience with minimal capital requirements, no matter how experienced you are in the world's most liquid market. You should not expect huge profits with any investment because there will always be some risk.
You might want to try some demo trading accounts before committing to a broker platform. Trading at a brokerage is a great way to discover whether it is right for you and how it works.
FAQs
What is a forex micro account?
Micro forex accounts offer traders the opportunity to speculate on currency pairs at a minimum of 1,000 units. In comparison, a standard lot comprises 100,000 units. Due to this, micro accounts allow traders to access the forex markets with much less capital.
What is the best leverage for a micro account?
It is common for Forex brokers to offer a ratio of 1:500, though some grant an improvement to 1:1000 or even 1:2000. Leverage must be managed and implemented strictly to ensure success.
Is a micro account right for me?
Trading objectives will determine whether a micro account is suitable for you. It may be a good idea to open a micro account if you want to gain more trading experience while putting a minimal amount of money at risk. A micro account is probably not your best choice if you are looking for low trading costs and large profits.
What are the disadvantages of a micro account?
The main disadvantage of a micro account is that the investment capital is relatively small, which limits your profit potential. Micro accounts typically have higher spreads than standard accounts.
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.