Best Micro Forex Account Brokers. *Score is the overall score for the broker. The above table contains the top ranked forex brokers in our database for opening a micro account. What is a micro forex account? A micro account is the smallest possible real money account that you can trade with. Micro accounts generally require a deposit amount no more than $100 which means that a lot of people can comfortably get started trading with real money but without a lot of investment. Micro accounts also allow users to trade "micro lots" which are a 1/100th on a standard lot (0.01), meaning that every movement in currency prices only reflects a small profit or loss. We have assessed the brokers in our database to score them in the following categories: Currency pairs - The number of currency pairs available to trade Minimum deposit - How much is required to open an account Spreads - How low the spreads are for major currency pairs compared to other accounts. #1 Recommended Forex Broker. An impressive organisation putting their money into some big brand exposure activity, sponsoring the worlds fastest man, Usain Bolt . A lot of bonuses and competitions to take part in, making XM our top recommendation. Very friendly for new traders with an extensive education / learning section. What you'll love No deposit bonus Free trading signals Free webinars Daily technical analysis & market reviews Regulated in the UK, Australia & Cyprus. With regulatory approval in 3 countries including the UK and Australia, we can confidently recommend XM if you are looking for a trustworthy forex broker. FXCM Micro Review. Real Account. Demo Account. FXCM Micro Review. Advantages. Small Initial Deposit FXCM Name. Disadvantages. Mediocre Customer Support. As of September 2014, FXCM will no longer be offering Micro or Mini accounts. FXCM remains as one of the most reputable and highly-respected Forex brokers in the world, and their commitment to their traders comes through in their top-notch trading platforms and their low spreads. To learn more about Standard accounts, read our full FXCM review here. FXCM Micro, a division of, FXCM, a registered Futures Commission Merchants engaging in Forex trading and related services, offers Forex traders a solution to a very common problem. While the Forex market has over 4 trillion dollars traded daily, retail traders who are just getting started in Forex trading do not have a lot of capital to invest. In fact, putting aside capital, new Forex traders should not be investing large sums of money in Forex before they have some experience under their belts. A beginner Forex trader should try to keep risk low and trade on a low flame for as long as they can afford to. Many Forex brokers require a minimum deposit of $500, a sum that is substantial to most people. Other brokers go as low as a $100 minimum, but even that might be a high number for some traders. The FXCM Micro account enables Forex traders to begin their Forex career with a minimum deposit of $50. This means they cannot possibly lose more than that as a result of trading. Unlike FXCM that caters to all retail traders as well as institutions, FXCM Micro clearly targets the new Forex trader. FXCM now also offers the ability to trade micro CFDs, putting most of the major global stock indices within reach of the micro trader. The minimum risk sizes offered start at only 9 cents per pip for the Australian 200, and require margins mostly below $10. The site has various resources to learn the market including webinars, videos, and self study tools. The FXCM Micro account also offers its customers free professional Forex signals to help them in their trading. For those traders that want to practice before investing real money, FXCM Micro also offers a free $25,000 demo account for traders to test their strategies and trading abilities. Opening an FXCM Micro account with a $25 deposit will also grant the trader competitive spreads and FXCM’s no dealing desk execution. The one thing that struck me as a little strange is that if FXCM Micro is a service that caters to new traders, you would think they would the best customer support possible including email, phone, as well as real time chat. Unfortunately, FXCM Micro only has email and forum support, which may be a problem for the new Forex trader. In terms of the platform itself, it is a downloadable application that is compatible with PC only. For Mac users, there is a Java-based trading platform. Since FXCM Micro is a division of FXCM, the company is registered and regulated by many of the most respected regulatory bodies in the world. FXCM Micro is currently offered through Forex Capital Markets Limited (FXCM UK) for international clients, and Forex Capital Markets LLC (FXCM US) for U.S. based clients. FXCM UK is regulated by the Financial Services Authority (FSA) in the UK. FXCM US is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA). Depositing and withdrawing funds from your FXCM Micro account is relatively easy with support for credit card, wire transfer, paper check, and ACH or EFT. FXCM Holdings, LLC, the parent holding company of FXCM UK and FXCM US (FXCM), has over 165,000 tradable accounts from over 180 countries. As of June 30, 2010, FXCM had in excess of $425 million in customer funds and an average of $250 billion in trading volume on platforms offered by FXCM. We believe that FXCM Micro is a good solution for new traders. Please note that trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Currently, as of June 2012, FXCM now has their own FXCM app store. FXCM is offering a few free apps for those that open a live account. In addition to the free apps, worth $225, there are many others, some either free or reasonably priced for all your trading needs. Apps include indicators and trend locators among others. The app store is easily accessible for download on the FXCM website. Real Account. Demo Account. Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say. Free Forex Trading Courses. Want to get in-depth lessons and instructional videos from Forex trading experts? Register for free at FX Academy, the first online interactive trading academy that offers courses on Technical Analysis, Trading Basics, Risk Management and more prepared exclusively by professional Forex traders. Most Visited Forex Broker Reviews. Stay Updated! Also Available on. Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly. Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly. Types of Forex Accounts. 2.1 Level 1 Forex Intro 2.2 Level 2 Markets 2.3 Level 3 Trading. 3.1.1 Technical Analysis for Forex 3.1.2 Moving Averages in Forex 3.1.3 Identifying Trends in Forex 3.1.4 Resistance & Support 3.1.5 Double Tops And Double Bottoms 3.1.6 Bollinger Bands 3.1.7 MACD 3.2.1 U.S. Dollar 3.2.2 Euro 3.2.3 Japanese Yen 3.2.4 British Pound 3.2.5 Swiss Franc 3.2.6 Canadian Dollar 3.2.7 Australian/New Zealand Dollar 3.2.8 South African Rand 3.2.9 The Employment Situation Report 3.2.10 Unemployment Insurance Weekly Claims 3.2.11 The Fed 3.2.12 Inflation 3.2.13 Retail Sales 3.3.1 EUR-USD Pair 3.3.2 Trading Rules 22.214.171.124 Never Let a Winner Turn Into a Loser 126.96.36.199 Logic Wins; Impulse Kills 188.8.131.52 Never Risk More Than 2% Per Trade 184.108.40.206 Trigger Fundamentally, Enter and Exit Technically 220.127.116.11 Always Pair Strong With Weak 18.104.22.168 Being Right but Being Early Simply Means That You Are Wrong 22.214.171.124 Know the Difference Between Scaling In and Adding to a Loser 126.96.36.199 What Is Mathematically Optimal Is Psychologically Impossible 188.8.131.52 Risk Can Be Predetermined; Reward Is Unpredictable 184.108.40.206 No Excuses, Ever 3.3.3 USD-JPY Pair 3.3.4 GBP-USD Pair 3.3.5 USD-CHF Pair 3.3.6 Leverage 3.3.7 Fundamental Speed Strategy 3.3.8 Carry Trade 3.3.9 Money Management 3.3.10 Forex Futures 3.3.11 Forex Options. 5.1 Short Term 5.2 Medium Term 5.3 Long Term. So we've gone through the basics of forex trading, the risks, the chart patterns, how to decipher economic news and how to trade currencies. Now it's time to choose a broker. As we briefly touched on earlier in the walkthrough, there are three primary types of trading accounts - standard, mini and managed - and each has its own pros and cons. The type of account that is right for you depends on a number of factors, including your tolerance for risk, the size of your initial investment and the amount of time you have to trade the forex market on a day-to-day basis. Standard Trading Accounts. The standard trading account is the most common account. This account affords you access to standard lots of currency, each of which is worth $100,000. And as you know, this doesn't mean that you have to put down $100,000 of capital in order to trade. The rules of margin and leverage (typically 50:1 in forex) allow you to trade a standard lot with as little as $2,000. (Read more about margin and leverage in Adding Leverage To Your Forex Trading and our Margin Trading tutorial.) Since a standard account requires sufficient up-front capital to trade full lots, most brokers provide more services and better perks for forex traders who have this type of account. (Learn more about how to choose a reputable broker in Evaluating Your Broker .) With each pip being worth $10, if a position moves in your favor by 100 pips in one day, your gain will be $1,000. This type of gain cannot be accomplished with any other account type, unless of course more than one standard lot is traded. In most cases, brokers call for standard accounts to have a relatively high minimum starting balance. $5,000 to $10,000 minimums are common for new investors to open a standard forex account.. Just as you have a chance to gain $1,000 if a position moves in your favor, you could lose that same amount in a 100-pip move the other way. A loss of this magnitude could really put a dent in the account of a novice trader who only had the minimum amount in his or her account. (To learn more, read Forex Leverage: A Double-Edged Sword .) A standard trading account is recommended for experienced traders who have their fair share of capital to invest. Mini Trading Accounts. A mini trading account is just a trading account that allows forex traders to make trades using mini (smaller) lots. In most brokerage accounts, a mini lot is equivalent to $10,000, as opposed to a standard account, which trades lots 10-times that size. A lot of brokers who offer standard accounts will also offer mini accounts as a way to attract clients who are relatively new to forex and are tentative about trading full lots because of the capital needed to get started. By trading in $10,000 increments, newer traders can place trades without cleaning out their accounts. They can also try out different strategies without worrying about losing heaps of money. (For more, see Forex Minis Shrink Risk Exposure . ) Low Capital Requirement. The majority of mini accounts can be opened with as little as $250 to $500. The key to being a successful forex trader is having a risk-management plan and sticking to it. With mini lots, it's a lot easier to accomplish this goal, because if one standard lot is too risky, you can buy four or five mini lots instead and reduce the risk. (Read more in Forex: Money Management Matters .) As the common saying goes, with high risk can come high reward, but the opposite is also true: With low risk comes low reward. Mini accounts that trade $10,000 only realize a $1 gain for every pip of positive movement, as compared to $10 in a standard account. Managed Trading Account. Managed trading accounts are forex accounts in which the capital belongs to the investor/trader, but the buy and sell decisions are made by professionals. Account managers handle these accounts just like money managers handle managed stock accounts. The goals (profit goals, risk management, etc.) are set by the investor. (Read more in Assess Your Investment Manager .) In general, there are two types of managed accounts: Pooled Funds : In these accounts, money is put into a mutual fund with other investors' cash. The profits are shared among the investors. These accounts are divided according to the risk tolerance of investors. A trader looking for higher returns will put his money in a pooled account with a higher risk/reward ratio, while a forex trader looking for a more steady income would invest in a safer fund. Make sure to always read the fund's prospectus before investing in any pooled fund. (Read Digging Deeper: The Mutual Fund Prospectus if you need help making sense of this important document.) Individual Accounts : In these accounts, a broker will handle each account individually, making customized decisions for each individual investor instead of an entire pool of investors. (See Separately Managed Accounts: A Boon For All . ) Having a professional forex broker handle your account is a definite advantage that cannot be underestimated. Also, if you want to diversify your portfolio without spending your entire day watching the markets, this is a smart choice. Traders should know that most managed accounts require a minimum $2,000 investment for a pooled account and $10,000 for an individual account. On top of this, account managers will always keep a commission, or "account maintenance fee", which is calculated monthly or annually. (Read more in How To Pay Your Forex Broker .) If you're keeping a close eye on the markets and see a buying opportunity, you won't have the flexibility to place a trade. Instead, you'll have to hope that the account manager sees the same opportunity and takes advantage of it. A managed account is recommended for investors with a lot of capital and little time or interest to follow the market. Summary. No matter what account type you choose, you should always take a test drive first. As we've discussed, most brokers offer demo accounts and other platforms for traders to get comfortable with before jumping in. (See Forex: Demo Before You Dive In for more information.) As a basic rule of thumb, never put money into a forex account unless you are 100% satisfied with the investment being made. With all the different options available for forex trading accounts, the difference between being profitable and losing your shirt can be as simple as choosing the right account type.