- Is The Forex Minimum Deposit 10$?
- Low Minimum Deposit Forex Brokers
- Min Lot Size
- RECOMMENDED FOREX BROKERS
- List of Forex Brokers with a low minimum deposits 2020
- Forex Brokers with Lower than $10 Minimum Deposit
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There are a few reasons that people look for the forex brokers with low minimum deposit but I think the main reason is that you are a new trader and you want to get your feet wet before plunging into the ocean.
Well, that’s a wise thing to do and fortunately, there are several forex brokers offering low minimum deposit accounts so not only do you have a chance to begin with a few bucks but also you have a wide range of brokers that you can pick from.
There are some factors that you can pay heed to when choosing a low minimum deposit account.
Is The Forex Minimum Deposit 10$?
Some of them might not be as important while picking brokers for a larger size account, like educational material, and some should be treated differently such as leverage.
There might be other reasons for the traders to search for low minimum deposit brokers like having a strategy, especially a scalping one, with aggressive money management or dividing your capital into several small portions and keeping it out of your account for psychology issues or any other reasons.
Either way, you are probably interested in knowing some information about the brokers in this category so that you can make a more reliable decision.
There are several sections that I’ve designed for the table but some of them are more important especially if you are new to trading so I’ll explain them to some extent.
Brokers’ regulation is always important however it’s crucial when you trade with large size accounts.
With a low minimum deposit, you don’t need to scout out for a highly regulated broker with the authorization of several financial bodies in different parts of the world.
On the other hand, choosing a broker with no regulation is not a wise decision either because they have no obligatory conditions that watch their probable wrongdoings and make them accountable if they do something illegal.
Not regulated brokers have tempting conditions in some cases such as lower spreads but you can find those situations, and even better, in some regulated brokers as well — you just need to dig deeper.
Low Minimum Deposit Forex Brokers
Not all unregulated brokers are scam and you may find a good one every now and then but I prefer to look for the best ones among regulated brokers.
I think having one regulation in this case suffices. That’s why I’ve chosen the brokers in this list from the ones that are authorized by one regulatory body at the least.
If you want to know more about the method that I used for scoring them, you can see this post that I explain about that.
With low minimum deposit accounts, you get the worst spreads of brokers most of the time.
This is definitely not the strong suit of micro or mini accounts but if this is your priority, for example if you are a scalper, there are still some brokers in the list that have lower spreads.
You will defiantly have problems if you’re a scalper with a 3 to 4 pip tp/sl unless you have an impressive win rate.
On the other hand, there are plenty of options to pick from if you have something like a 10-pip target or stop loss.
If you are a longer-term trader like a day trader, the condition is better and you can pay attention to the other aspect of the brokers as well.
The spread section of the list is based on the lowest spread (from) you get for EUR/USD, which normally has the lowest spread among all the available currency pairs.
If you trade a specific pair or pairs or even other trading instruments like metals, CFDs, cryptocurrencies, and etc; you can find the typical or minimum spreads for them on the website of the brokers.
Another good side of regulated brokers is that they publish some information like their spreads on their websites, however, according to my experience, the information released by high regulated brokers are more reliable.
This is probably the most important factor for micro accounts.
It makes it possible to trade with a low budget in general. Without that there’s no such a thing as a low minimum deposit account.
As a general rule, the higher leverage in small size accounts the better and the lower in large-size accounts the safer, so it’s kind of a double-edged sword.
It’s very hard to trade with as low as 5 or 10 dollars normally even with high leverage like 1.2000, now imagine you have to trade when you have 1:300 with min lot size of 0.01 — it’s kind of impossible to open more than one trade at a time.
In a nutshell, with a 1:300 leverage and 0.01 lot size and a $10 account, we can have roughly 2 trades at a time so if you have a strategy that generates lots of signals, you should pick the highest leverage or larger lot size or even both.
For example, with a lot size of 0.001, you can have 20 trades with the same leverage (1:300) and even larger tp/sl.
If you just open one trade at a time even 1:200 will be enough.
In this case, you can put stress on other aspects of the broker you want to pick.
Min Lot Size
Minimum lot size is the next crucial factor for minimum deposit accounts. The combination of this and the leverage determines your freedom in trading with micro accounts.
As we saw, the larger leverage the better for micro accounts.
It’s the opposite for min lot size, the smaller the better.
One standard size for example for EUR/USD is worth $10. 0.1 lots are worth $1 and 0.01 lots are worth 10 cents.
With a $10 account, considering you use a large leverage like 1:1000, you almost have 100 pips which makes it possible to have lots of small trades with a for example 5-pip tp/sl.
Imagine how many trades you can have with 0.001 or even 0.00001 lot size.
It’s very helpful for scalpers with a lot of simultaneous trades.
There are some brokers in the list that provides such lot sizes, so if opening lots of positions at the same time is in your trading style, they would be a great fit for you.
This section is not necessarily important if you are not new to trading but it’s a helpful element to consider if you are a newbie.
You have to be well-equipped before even think of trading a small account, but since micro accounts can be an alternative to the demo accounts, you can start with a few dollars right away instead of fake money.
There are some advantages to that.
RECOMMENDED FOREX BROKERS
First of all, there are some differences between demo and live accounts.
For example, you may not see problems like slippage (getting a worse price than the one you order), or at least not as frequent, in demo accounts.
So when you trade with a live account especially if you rip a few number of pips like scalpers, you might get into trouble and stumble upon situations you’ve never seen before.
Another issue that you might come across when trading with live accounts is psychology.
You can trade with fake money and win or lose big amounts but nothing changes inside you.
You trade fearlessly and don’t care about your trades so you wouldn’t get back and analyze them to find the flaws.
It’s different in real money even if it’s not much.
Anyway, if you’re a complete beginner, choosing a broker with educational material can serve you well in the early stage of your trading career.
You’ll probably need more, especially in terms of experience, but even basics can prevent you from jumping into many unreasonable trades or losing your money soon.
I went through all the educational materials of the brokers listed here so that I can be a better reviewer.
List of Forex Brokers with a low minimum deposits 2020
I didn’t want to just see the headlines of education sections on the brokers’ websites to figure out if they have any material but I examined each of them thoroughly so that I can give meaningful scores.
The scores are from A+ which includes the educations that have useful articles, videos webinars, seminars with high-standard quality, to B which means the broker only provides some basics.
If you are a rather experienced trader, you can skip this section and pay attention to other parts but if you are a beginner, consider this factor as one of your choosing criteria.
I chose this factor for the brokers with low minimum deposit because it can increase your initial money so that you can trade with a chubbier account, however, it might not be beneficial to you if you don’t know these kinds of bonuses well.
First of all, you should know that there’s nothing like free money in this case.
It means no broker gives you a bonus with no string attached. You need to trade and redeem the bonus.
In other words, the brokers take back their money when you trade and give them spreads or commission which are the revenue stream of the legit brokers.
For example, for withdrawing a bonus, you need to trade a rather high number of lots compare to the size of your account.
It’s even worse when they give you no deposit bonus.
For example, if you get a $50 bonus, you need to trade 50 standard lots so that you can withdraw that $50. In other words, you have to be a hell of a trader with lots of trades in a day because in most cases you have a limited time for redeeming the money too.
It can lead to overtrading and growing other bad trading habits which are fatal to the future of your trading especially if you are a newbie.
If you decide to use these types of bonuses, you can find them on the table or on this post that I wrote about them here.
Just make sure to read the terms and conditions of the bonus so you don’t break the bonus’ rules and waste your time.
There are reviews both on the above link and on the links inside the table that explain the conditions thoroughly.
Since online trading creates an opportunity for people from all over the world, brokers try to provide service in different languages.
It comes in handy for the traders who don’t speak English or English is not their native language because there might be some terms and conditions that people ignore because they don’t understand them correctly.
Brokers’ website is the primary source of the clients to find everything they need to know about their brokers and become more familiar with different parts of them.
Moreover, it’s very helpful for those who want to take advantage of educational materials.
If the broker’s website offers their languages, the learning process becomes more productive.
Supporting different languages on a website doesn’t necessarily mean that they have customer service or support in those languages.
Some websites support lots of languages but they only have English customer service agents.
On the other hand, there are some brokers in the list that have agents for most of the languages that their site supports.
Hotforex, FXTM, FBS, Robo Forex are some of them.
You can find whether they speak in your language or not by either having a look at their contact page or asking them via online chat.
Forex Brokers with Lower than $10 Minimum Deposit
1- Hotforex 2- FXTM 3- FBS 4- Roboforex 5- Alpari 6- FXOpen 7- Fibo Group 8- Axi trader 9- …more
There are some brokers offering accounts with only $1 deposit needed.
You can find some of them here.
Spread, leverage, minimum lot size, education, support, and bonus are the main ones, however, it’s wise if you choose them from regulated brokers as well… more