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.
- IG, No withdrawal fee.
- 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.
Comparison of the Best Micro Account Brokers
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Regulators | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | FMA, FSA |
Year Established | 1974 | 2010 | 2005 | 2009 | 2014 |
Execution Type(s) | Market Maker | No Dealing Desk, NDD | ECN/STP | ECN/STP, Market Maker | ECN/STP, No Dealing Desk |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips | 1.2 pips | 1.0 pips | 1.3 pips |
Average Trading Cost GBP/USD | 1.4 pip | 1.4 pips | 1.4 pips | 1.2 pips | 2.0 pips |
Average Trading Cost Gold | $0.30 | $0.15 | $0.16 | $0.12 | $0.90 |
Trading Platform(s) | Other, MetaTrader 4, Proprietary platform, Trading View+ | 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 |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Get Started Visit Website75-95% of traders on margin lose | Visit Website | Visit Website | Visit Website |
IG
In Summary No withdrawal feeIG is a global giant in the world of retail brokers and its presence is unrivaled. That means IG can bring resources to you as a US trader that is unparalleled in the industry. To give you an idea of IG’s scope, here are some quick facts: IG serves over 239,000 clients worldwide, has access to over 17,000 markets, and has been in operation since 1974 (over 45 years). In a world where US Forex brokers come and go every year, maintaining a consistent presence decade after decade demonstrates a deep commitment to the industry. Having such a large presence, (for example, IG executed 86 million trades through its own trading platform alone in 2019) means IG can invest in leading technology for its execution and trading platforms that is reliable and quick. It also means IG can invest in resources such as its learning academy and highly trained customer support.
You can trade Forex through IG with a Direct Market Access account. The Direct Market Access account has a variable commission but with improved liquidity and pricing.
As a US trader, IG offers you their own award-winning web-based platform and mobile trading apps for iOS and Android devices. The average execution time for trades on their own platform is a lightning-quick 0.014 seconds. IG also offers US Forex traders a range of third-party Forex trading platforms including the popular MetaTrader (MT4), Progressive web app, ProRealTime, and L2 Dealer (which offers Direct Market Access). IF you choose the MT4 platform through IG, you will have access to a suite of IG’s own custom MT4 add-ons as well as the standard indicators.
For those that want signals directly from their US Forex broker, IG has teamed up with Autochartist and PIA First to provide traders with technical and fundamental signals.
IG is also considered one of the best US Forex brokers for beginners because it has a comprehensive online trading academy with on-demand videos and live webinars to give you the knowledge you need to succeed.
IG’s customer service gives expert support 24 hours-a-day, six days a week.
In summary, as a US trader, if you want the best overall US Forex broker with great platforms, execution, and customer service, IG would be a choice that is hard to beat.
Pros & Cons
- Broad asset selection for Forex traders
- Quality choice of trading platforms, including MT4
- Autochartist signals integrated with the proprietary web-based platform
- No minimum deposit + free deposits and withdrawals
- Limited deposit and withdrawal methods
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformPepperstone 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
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.
