Best Forex Micro Currency Accounts in 2024
Ever think about dipping your toes in the Forex market but were too nervous to risk more than pocket change? Micro Forex accounts are perfect for traders who want to learn the ropes without too much sweat on their palms.
With a micro account, sometimes called a "cent account", you can trade real currencies with real leverage, all while only risking a few bucks. It's like a practice test drive for the high-speed world of Forex. Sure, your potential profits won't be huge. But if Murphy's Law strikes and you hit rocky waters, at least you didn't sink the ship.
In this article, we'll walk through some of the top brokers that make micro trading a breeze. You'll learn how their mini-lot sized deals work, as well as tips for opening an account. Just remember - with tiny risk comes tiny reward. But it just might be enough to get your sea legs, without getting seasick.
Do you want to start trading Forex? Open an account on Roboforex!-
What is the minimum deposit required to open a micro Forex account?
Minimum deposits vary by broker but are usually between $1-10.
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Can I deposit more than the minimum into a micro account?
Yes, most brokers don't limit how much you can deposit beyond the minimum required to open an account.
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Are micro accounts suitable for day trading?
Yes, micro accounts provide the flexibility needed for day trading with small position sizes and leverage.
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How much leverage is provided in micro accounts?
Leverage can be as high as 1:2000 but averages between 1:200-1:500.
What is a Micro Currency Account?
A micro currency account allows traders to start trading with a smaller amount of capital. Traders might use micro accounts to learn forex trading with minimal risk. They might also use micro accounts to try out new brokers with a live account while minimizing risk.
With micro accounts, forex traders can open trades with contract sizes starting from 1,000 lots instead of the standard 100,000 lot. That way, traders can hone their trading strategy with smaller deposits before moving to larger account sizes.
What is a Micro Lot?
A micro lot is a micro account’s smallest contract. It represents 1,000 units, or 1%, of the base currency in a forex trade.
To truly understand the value of a micro lot, it’s important to understand a mini lot and standard lot. A standard lot equals 10 mini account lots. And one mini account lots are equal to 10 micro account lots.
Let’s look at that more closely:
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1 micro lot = 1,000 currency units
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1 mini lot = 10 micro lots
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10 micro lots = 10,000 currency units
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1 standard lot = 10 mini lots
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10 mini lots = 100 micro lots
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100 micro lots = 100,000 currency units
So, in a nutshell, 10 micro lots make one mini lot (10,000 currency units). And 100 micro lots make one standard lot (100,000 currency units).
Beginner traders often use a micro lot. These accounts help them get a handle on trading and get used to market volatility. They can also learn the basics of risk management. However, micro lots aren’t just useful for beginners. More experienced traders might also use micro lots to test out strategies in real market settings.
Depending on the type of leverage an investor wants to use, they can achieve immense gains through a heavily leveraged micro account. With a micro account, traders can buy and sell forex pairs the exact same way as anyone who uses a standard account. The only difference is, there’s a much smaller equity stake.
Pros and Cons of a Micro Account
A forex micro account allows you to learn how to trade without risking a lot of money. Forex micro accounts are also advantageous because they require a small amount of upfront capital to get started. The minimum depends on the forex broker you choose. And with some brokers, you can get started with as little as $1.
With any investment, there’s always risk involved. So, the risk associated with forex micro accounts is obviously a disadvantage. Also, because you’re investing a small amount of money, you might not see significant profits depending on the amount of leverage.
Top 10 Micro Currency Accounts 2024
| Account | Minimum Investment | Minimum Step | Extra Benefits | |
|---|---|---|---|---|
$10 |
0.01 |
Deposit Bonus, Maximum leverage 1:2000 |
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$10 |
0.0001 |
Stable spreads, Reliable execution, Up to 36 currency pairs to trade on |
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$0 |
0.0001 |
No minimum deposit amount, Market execution, Floating spreads |
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$1 |
0.01 |
No restrictions on maximum deposit. Trade with minimal risks |
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$5 |
0.01 |
Start with as little as $5, Become familiar with the markets with little to no risk |
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$5 |
0.01 |
Trade with the fraction of a standard lot, No commission |
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$100 |
0.01 |
Available on all trading platforms, Trade using high leverage while reducing risk |
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$10 |
0.01 |
No maximum deposit, Zero commission, Tight spreads |
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$5 |
0.01 |
Low trading cost, Trade smaller trade sizes |
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$200 |
0.01 |
No limits on trade sizes, Flexible lot sizing |
RoboForex - Best Micro Currency Account for All
RoboForex’s ProCent account is ideal for testing trading strategies. It’s also great for smooth transitioning from a demo account to real trading.
Another benefit to opening a micro account with RoboForex is that you can receive a forex bonus of up to 120% for your first deposit and all deposits that follow.
RoboForex also offers negative balance protection. Even opening up a micro currency account can put you at risk of experiencing market volatility. In cases like these, RoboForex can reset your account back to zero, helping you avoid a negative balance.
Using RoboForex’s standard tools such as stop loss level, transactions volume, and leverage, you can also protect your account from negative balance on your own.
When you sign up with RoboForex, you’ll also gain access to R StocksTrader, which is a trading strategy builder. This feature allows traders to make their trading operations automatic without having to code or download additional software.
With a ProCent account, you’ll have low trading fees. For example, there’s a minimum deposit of only $10 and there are zero commission fees.
Exness - Best Cent Account For Low Spread Trading
Exness’ Cent Account combines the features and conditions of a standard account. When you deposit $100 to your Cent account, you increase your account balance by 10,000 cents.
How to trade with $100?Exness offers:
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Record tight spreads without additional commission
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A wide variety of available payment systems
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More than 36 currency pairs, gold, and silver
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High-quality order execution
There’s also no minimum deposit with Exness. This means that you can deposit any amount of money you want and start trading right away. And because Exness measures your trading positions in cents, you can open as low as 0.0001 lot.
Opening very small positions allows you to practice trading with minimal risk. And even though it’s a cent account, you can apply high leverage on it. And there’s no limit to the amount of leverage you can add to your account.
Another great feature Exness has to offer is that you can test trading strategies with reduced risk. So, you can put new strategies to the test without having to worry about losing significant amounts of money.
Forex4You - Best Micro Currency Account For Beginners
Forex4You’s Cent account allows forex traders to trade in cents, with instant order execution and fixed spreads.
With Forex4You’s Cent account, you’ll get access to:
Forex4You’s Cent account isn’t just great for beginner traders, it’s also beneficial to those wanting to test an expert advisor or exercise a trading strategy with micro lots.
What makes this product so unique is that traders can open a Cent account and share it for others to copy. When Cent account users become a leader on Share4you, they can receive a commission of up to $8 for each lot a follower copies from them.
Best Micro Currency Trading Platforms
RoboForex MT4 - Best Overall Micro Currency Trading Platform
With RoboForex MT4, you’ll be using one of the most popular platforms on the currency market. It has the necessary features and tools for both beginners and experienced traders.
The platform not only gives you access to three types of order execution, but it also provides 50 ready-to-use indicators for technical analysis. Plus, you’ll have the opportunity to program your very own trading robot.
Top 10 Best MT4 Indicators - Download for FreeIC Markets cTrader - Best for Advanced Users
The IC Markets cTrader platform gives traders access to deep liquidity in 64 currency pairs and 16 major equity indices. You’ll also benefit from high speed of execution as well as advanced features, which is highly beneficial for more experienced traders.
With IC Markets’ cTrader platform, you’ll be able to leverage:
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Extremely low spreads
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Fast order execution
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Scalping (no restrictions on trading)
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Smart stop our (provides maximum protection)
FXTM MT5 - Best for Other Markets
If you’re a forex trader looking to branch off into non-Forex markets, including CFDs, stocks, and futures, FXTM’s MetaTrader 5 might be the best platform for you. MT5 enhances the overall trading experience and offers several impressive additional features.
The platform has rich functionality, fundamental technical analysis, copy trading, and automated trading.
In addition, MT 5 also provides more pending orders, more balance transaction types market depth, and an economic calendar.
So, in a nutshell, MT5 is a great option if you’re looking to access more versatile software with additional features. However, if you’re new to trading and just want to trade forex, it may be best to stick to MT4.
How to Open a Micro Currency (Cent) Account
Now that you’re familiar with the different forex brokers that offer micro currency accounts, let’s look into how to open one.
To guide you through the process, let’s use RoboForex as an example.
Step 1: Go to roboforex.com. Hover your mouse over the “Trading” tab in the top-left corner. Then, click “Cent Accounts”.
Step 2: Click the green button that says, “Open cent account.”
Step 3: After clicking the button, it’ll take you to the next page. This is where you enter your email address, first name, last name, and phone number.
Step 4: On the next page, you’ll have various options when choosing a trading account. You can choose from Real, Demo, Partner, CopyFX Trader, and Contest.
You’ll also be able to choose a trading platform (MT4, MT5, cTrader, R StocksTrader), Account Type (MT4 ProCent and MT5 ProCent), Currency, and Leverage. Then, you must enter additional information, including your Country of Residence, Town/City, Address, and Postcode.
Step 5: In order to get started trading, you must verify your account. Start by verifying your email. Enter your email address and click the button that says, “Send code”. Then, you’ll need to verify your ID and address. Go to your email to get the code. Then, enter the verification code into the field on the RoboForex verification page.
Step 6: The next step is to verify your identity and address. To verify your identity, you must scan or take a photo of an identification document (photo ID, or passport) and upload it to the platform. Make sure your full name, photo, date of birth, document serial number, issuing authority, and the date of issue are all clearly visible.
For address verification, scan or take a picture of a document proving your address. Make sure your full name, actual residence address, and date of issue of the document are clearly visible.
After passing the complete verification, you’ll get full access to all services within RoboForex. Then, you’ll be able to deposit money into your cent account.
Micro Account vs Demo - Which Do I Choose?
If you’ve been doing your research on how to get started trading forex, then you’ve likely come across the term demo account.
A demo account is a type of account that allows you to experiment with a trading platform before putting in real money. So, a demo account is different from a micro account in that you won’t be dealing with actual money.
Although micro accounts involve small amounts of money, there’s still some degree of risk involved. On the other hand, with micro accounts, there’s no risk to forex trading because your actual money isn’t at stake.
Another difference between micro accounts and demo accounts is that micro accounts allow the potential to make profits. Because demo accounts don’t involve real money, you can’t make real gains when trading on them.
Also, micro accounts allow for a strong potential to make significant returns if you have higher leverage.
Which is Better?
Now that you know the major differences between micro accounts and demo accounts, which option is best for you?
The answer will depend on your individual needs. If you’re just starting out as a forex trader, then a demo account may be more suitable to help you learn the ropes.
You may have no knowledge about the market and may have no experience with different trading strategies. In this case, it’s likely best to stick to a demo account. This is because if you go straight to a micro account, you could risk losing money, even at smaller amounts.
On the other hand, if you’re somewhat familiar with how the market works and have some knowledge of trading strategies, it may be a good idea to open a micro account.
This will give you the ability to practice trading and potentially gain profits in the process. And if you do end up losing money, you can avoid losing significant amounts.
Another factor to consider when choosing between a demo account and a micro account is the emotional element. When trading on a demo account, it can be easy to deplete your account and start over by opening up a new one, without feeling any real sense of loss.
So, when using a demo account, it’s important to treat it like a live account. But if you don’t think that’s feasible for you, consider trading forex with a micro account. That way, you’ll expose yourself right away to the emotional aspects of trading, which will be key to your success as a trader.
When Do I Open A Standard Account?
If you’ve been working with a micro account for a while, you might be wondering when is the best time to open a standard account.
With a standard forex account comes more financial risk, so it’s important to make sure you’re ready to make the transition. However, it can be difficult to gauge your readiness unless you actually do it.
One way to help yourself make a decision is to set a goal. When working on your micro account, set a certain number you’d like your account to reach before you decide to open a standard account. For example, if your account starts off with $10, your goal may be to increase the value of your account to $25. By more than doubling your account, this could indicate that you may be ready to move on to a standard account. But to ensure it isn’t just luck, you might choose to do this multiple times.
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You have clear-cut risk management rules you consistently adhere to. When moving to a standard forex account, you’ll have a stronger chance of losing large amounts of money. Therefore, having a strong risk management plan can signal that it’s time to open a standard account.
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Losses don’t impact your trading decisions. Unfortunately, losses in trading are bound to happen. So, at times, you might fail to minimize your losses in your micro account. But what matters is how you respond to those losses. The more experienced you are in dealing with a loss, the better off you’ll be with a standard account.
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You’re 100% comfortable using your current broker and trading platform. Before opening a standard account and risking more money on your trades, it’s important to know the ins and outs of your trading platform. You should be familiar with various aspects of the forex trading platform you’re using, from your broker’s usual pip spreads to how to contact your broker in case anything goes wrong with your account.
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You’ve extensively practiced your trading strategy. Once you’re comfortable with your trading strategy and have gained an understanding of the analysis tools and indicators, it might be time to make the transition to a standard account.
Summary
Micro forex accounts may limit the amount of profits you gain, but they protect you from destructive losses. This makes them especially useful during very volatile periods, like during and shortly after important economic data releases.
Whatever broker and trading platform you choose, be sure that they meet your needs, preferences, and experience level. That way, you can ensure you’re getting the most out of your forex trading experience.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
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.