Micro Forex Trading Accounts

If you are a novice trader who is planning to open his/her first forex trading account, you are at the right place. Read this blog till the end to understand what will suit you most, and how that will benefit your trading. As you are going to enter the largest financial market in the world, I hope you are well aware of its volatility and the risks associated with forex trading. Now let us dive in deeper.

Why micro trading account is most suitable for a beginner

The forex market is full of uncertainties, and it is risky to put a large amount on the line for a novice due to a lack of understanding of the market. It is safer to start with a small account. You can always go big once you are accustomed to trading and have gained enough confidence. A micro trading account provides you the opportunity to start trading with a minimum amount.

Advantages of micro trading account

Following are the advantages of going with a micro trading account,

  • You can open a micro trading account with a minimum deposit, so it is easy for anybody to enter the financial market.
  • You can trade for smaller lot sizes. That ensures better control on position sizing and lesser risk involvement.
  • You can try different trading strategies with the least amount of risk, in a live trading environment.
  • You can test the different features of the broker.
  • You learn about money management and trading psychology, which is hard to master in a demo account as no real money is involved.

Best brokers for micro trading account

Following are the list of best forex brokers with their minimum deposit requirement.

Broker Name Minimum deposit required (in USD)
FinPro Trading 5
Grand Capital 10
EagleFX 10
Turnkey Forex 10
Tifia 10
LeoPrime 10
LQDFX 20
LMFX 50


Conclusion

You can select any of these brokers to open your micro trading account by submitting your basic details and the minimum deposit amount. Once your details get verified, your account will be activated. You can start trading immediately after the account activation. Trading is always more affordable with a micro trading account with much less risk involved.

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