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.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform..
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
Comparison of the Best Micro Account Brokers
| | | | | |
Regulators | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | FMA, FSA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2010 | 2005 | 2009 | 2014 | 2006 |
Execution Type(s) | No Dealing Desk, NDD | ECN/STP | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.1 pips | 1.2 pips | 1.0 pips | 1.3 pips | 0.9 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.4 pips | 1.2 pips | 2.0 pips | 1.5 pips |
Average Trading Cost Gold | $0.15 | $0.16 | $0.12 | $0.90 | $0.29 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
Get Started Visit Website74-89 % of CFD traders lose | Visit Website | Visit Website | Visit Website | Visit Website |
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.Pepperstone ranks among the best micro account Forex brokers due to its cutting-edge trading environment. It upgrades the out-of-the-box MT4/MT5 trading platforms with the Smart Trader Tools package, featuring 28 plugins. Autochartist is also available, but Capitalise AI, which supports algorithmic trading in a code-free environment, sets Pepperstone apart from most competitors.
The well-balanced asset selection, including cryptocurrencies and ETFs, plus competitive commission-based trading fees, ensure traders pay less and earn more. Pepperstone connects social traders to TradingView, where 50M+ traders interact and share ideas. Copy traders get embedded MT4, MT5, cTrader service, the well-known Myfxbook Autotrade, and DupliTrade.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets upgrades the MT4/MT5 trading platforms with 12 plugins, Trading Central and Autochartist. The well-balanced asset selection, including cryptocurrencies, ETFs, and bonds, while the commission-based account features raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot. FP Markets maintains excellent payment processor choices, including cryptocurrencies, and a reasonable $100 minimum deposit requirement. It places FP Markets highly on my best micro account brokers listing.
Copy traders can diversify via the in-house FP Markets Copy Trading solution, embedded copy trading services in MT4, MT5, cTrader, or fee-based Signal Start and Myfxbook Autotrade.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosForex trading has lower capital entry requirements, but beginners often approach it with $100 or less. It makes standard Forex trading accounts unsuitable, and smaller portfolios require micro lot trading. Eightcap offers minimum transaction sizes of 0.1 lots, which is 1.0 micro lot. Unlike many competitors, Eightcap maintains the same competitive trading fees, as it does not feature a stand-alone account type for micro lot trading.
Eightcap also ensures beginners have quality educational content and connects accounts to the active TradingView community. MT4/MT5 has embedded copy trading services, and Capitalise AI allows traders to automatize strategies in a code-free environment.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingI consider BlackBull Markets among the best micro account brokers as it has no minimum deposit requirement and supports cryptocurrency deposits and withdrawals. It makes BlackBull Markets one of the most accessible micro lot Forex brokers. Traders get the Autochartist for MT4/MT5 and the out-of-the-box cTrader trading platform. Competitive leverage with negative balance protection and deep liquidity ensures traders have an edge.
BlackBull Markets is also a leading copy and social trading option for micro lot traders. Copy trading solutions are the embedded MT4/MT5/cTrader services, BlackBull Markets CopyTrader, ZuluTrade, and Myfxbook Autotrade. Social traders can connect via TradingView.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsBeginners receive industry-leading education via the spun-out Ava Academy and on-site content, the MT4 Guardian Angel plugin, and the fee-based Ava Protect insurance policy protecting against losses. AvaTrade also maintains reasonable commission-free Forex costs from 0.9 pips or $9.00 per lot. Therefore, I rank AvaTrade among the best micro account brokers.
AvaTrade developed its WebTrader and mobile app AvaTradeGO with embedded Trading Central services and the specialized trading platforms Ava Option and Ava Social. Algorithmic traders can manage portfolios from the MT4/MT5 trading platforms. The high-paying partnership program features 70,000+ registered partners from 150+ countries and $250,000,000+ commission payouts.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
Top Forex Brokers with Mini, Micro, & Cent Accounts
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.
What is a Micro Account?
A micro account is the best option for retail traders to learn how to trade with a small deposit in a live account. While not every broker offers a dedicated Forex micro account, most brokers support micro lot trading from 0.01 lots, or 1,000 currency units.
Benefits of a micro account:
- Ideal for exposure to live trading conditions without risking much capital.
- Low minimum deposit requirements.
- Allows copy traders to evaluate signal providers.
- Algorithmic traders can test and bug-fix EAs and other algorithmic strategies.
- Advanced traders can test new strategies or tweak existing ones.
- 1.0 micro lot equals 1,000 currency units, and traders can place trades from 0.10 lots or ten currency units.
Tips on using a micro account:
- Learn about psychology and risk management before making a deposit.
- Understand the relationship between risk management and leverage.
- Consider how much money you can afford to deposit before trading with real money.
Micro vs. Standard Account
A Forex micro account offers traders notably more flexibility for smaller portfolios, as they can transact from as little as ten currency units, or 0.10 micro lots, versus 1,000 currency units, or 0.01 standard lots in a standard account. It also lowers the pip value to a minimum of $0.01, which may seem insignificant but makes a difference once traders take dozens of positions.
Beginner traders should consider learning how to trade in a micro account vs. a standard account, as they can get exposure to live trading conditions with small deposits. It increases their longevity and educational value before earning their way into a standard account. The lower minimum deposit requirements also ensure all types of traders have access to the most efficient form of learning how to trade.
Here are the primary differences between a micro vs. standard account:
- 1.0 lot equals 1,000 currency units vs. 100,000 currency units.
- Minimum trade size of 0.10 lots or ten currency units vs. 0.01 lots or 1,000 currency units.
- Pip value per lot, if the base and quote currencies are in US Dollars of $0.10 vs. $10.00.
Trading with a Micro Account - Pros & Cons
Before choosing among the best micro account Forex brokers, I recommend traders consider the pros and cons.
The pros of micro account Forex brokers include:
- Low minimum deposit requirement.
- High leverage with negative balance protection.
- Low trading volumes and pip values.
- Ability to learn Forex trading in live trading conditions.
- Testing new strategies and tweaking existing ones.
- Evaluating signal providers
- Testing and bug-fixing algorithmic trading solutions.
The cons of micro account Forex brokers include:
- Limited availability
- Decreased profit potential for the same effort.
Tips for Choosing a Micro Account Forex Broker
I focused my best micro account Forex brokers criteria on the following aspects, as they apply to all traders, irrelevant to individual preferences and requirements.
- Regulation - A clean regulatory track record exceeding 10+ years.
- Low Forex trading fees - Competitive fees and low swap rates, including positive ones.
- Trading platforms - Traders should ensure algorithmic, copy, and mobile trading capabilities.
- Asset diversity - A choice of liquid trading instruments.
- Deposits/Withdrawals - Low minimum transaction requirements and no internal fees.
Bottom Line
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.
You might also be interested in reviewing the below top brokers:
