Best Forex Brokers with minimum $1 deposit

Retail forex brokers require a low minimum deposit to start trading a live mini or micro account. It’s also known as an initial deposit. The minimum deposit depends on which forex broker you use.

Mini and Micro forex accounts with low initial deposits are very popular with beginner traders. You can learn how to trade in real time and experiment with your trading strategy, but you minimise the risk of losing a lot of your own money because you trade with small lot sizes.

Choose your quick section of our Best Forex Brokers with minimum $1 deposit below.

Our 10 Best Handpicked Best Forex Brokers with minimum $1 deposit Revealed:

 Admirals

Founded                              2001

Regulated                           ASIC, CySEC, FCA

Headquarters                    Estonia

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              NDD, STP

Trading desk                      MT4, MT5

Minimum deposit            $1

 

AXI

Founded                              2007

Regulated                           ASIC, FCA, DFSA

Headquarters                    Australia

Tradeable assets               Currencies, commodities, indices, crypto

Trading platform              MT4

Trading desk                      MM, STP

Minimum deposit            $0

CMC Markets

Founded                              1989

Regulated                           ASIC, FCA

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              CMC Web Platform

Trading desk                      Dealing Desk, Market Maker

Minimum deposit            $0

FBS

Founded                              2009      

Regulated                           CySEC, IFSC        

Headquarters                    N/A

Tradeable assets               Currencies, stocks

Trading platform              MT4, MT5

Trading desk                      STP, ECN, NDD

Minimum deposit            $1

FXCC

Founded                              2010

Regulated                           CySEC, VFSC

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, indices, crypto

Trading platform              MT4

Trading desk                      DMA, ECN, NDD, STP

Minimum deposit            $0

Infinox

Founded                              2009

Regulated                           FCA, SCB

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              MT5

Trading desk                      ECN, STP

Minimum deposit            $0

IQ Options

Founded                              2013

Regulated                           CySEC

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, indices, stocks, crypto, options

Trading platform              DD, MM

Trading desk                      Proprietary

Minimum deposit            $0

JustForex

Founded                              2012      

Regulated                           Pending

Headquarters                    Belize

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures

Trading platform              MT4

Trading desk                      ECN, NDD, STP

Minimum deposit            $1

Oanda

Founded                              1996

Regulated                           ASIC, FCA, IIROC, MFS, FIBO, BVIFSC, NFA and MAS.

Headquarters                    United States

Tradeable assets               Currencies, commodities, indices, crypto

Trading platform              MT4, OANDA fxTrade

Trading desk                      Dealing Desk (DD)

Minimum deposit            $0

ThinkMarkets

Founded                              2010

Regulated                           FCA, ASIC, FSCA, FSA

Headquarters                    UK and Australia

Tradeable assets               Currencies, commodities, indices, crypto

Trading platform              MT4, MT5

Trading desk                      MM, STP

Minimum deposit            $1

Trade Nation

Founded                              2020

Regulated                           ASIC, FCA, FSCA, SCB

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, stocks, bonds, futures

Trading platform              Proprietary

Trading desk                      MM

Minimum deposit            $0

Union Standard Group (USG) UK

Founded                              2017

Regulated                           FCA

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices

Trading platform              MT5

Trading desk                      ECN, STP

Minimum deposit            $1

XTB

Founded                              2002      

Regulated                           CNMV in Spain, CySEC, FCA, IFSC, KNF    

Headquarters                    Poland

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              MT4, xStation 5

Trading desk                      MM, STP

Minimum deposit            $0

Why these forex brokers are best for beginner forex traders

These brokers are best for beginner forex traders because they are regulated by at least one Top-tier authority.  They are considered to be transparent, reliable and are safe to use by forex traders in Africa. These retail forex brokers provide a significant level of protection and they operate within policies, guidelines and standards stipulated by the regulatory authority in each jurisdiction.

In fact, traders of all levels of experience should only buy and sell currency pairs through a licensed and regulated broker. Forex trading is one of the most risky asset classes to trade on the global markets so why make it even more riskier by trading with an un-regulated broker?

Why it’s important to use a regulated forex broker

Beginner forex brokers can protect by choosing a forex broker that is strictly monitored by a regulatory authority. These authorities exist to prevent and investigate fraud in the non-banking sector, keep activities transparent and to make sure forex broker clients are treated with fairness, their funds are safe and data is secure.

Avoid using a retail forex broker that is not regulated. The forex market is the largest and most liquid asset in class and it does attract it’s fair share of fraudulent brokers and forex scams. This includes unwarranted commissions, loose spreads, hidden terms and conditions and withdrawal restrictions.

If you use an un-regulated broker and you have a problem, you have no recourse because there is no regulatory authority that you can report the issue to and get help. You don’t need to take the risk of trading with an unregulated broker because there are many licensed brokers who are well-established and offer a trustworthy, reliable service.

Benefits of low minimum deposits for forex trading

The main benefit of opening an account with a forex broker that offers a low minimum deposit is you can learn how to trade with a live account in real time without the risk of losing too much of your own money.

Starting to trade with a low amount means you can test the trading experience with the retail forex broker and experiment with your trading strategy without staking too much capital in the beginning. It’s a good idea to open a trading account with a low minimum deposit with several brokers and then you can choose the forex broker that you felt delivered the best trading conditions.

What is a Mini or Micro trading account?

A Mini or Micro trading account allows you to trade with a small lot size. For example, the mini lot size is one-tenth that of a standard lot of 100 000 units, or 10 000 units. This means one pip of a currency based in US Dollars is equal to $1 as opposed to $10 for a Standard lot.

A smaller lot size is best for beginners because they can learn and experiment with the broker’s trading platform while managing their risk. Smaller lot sizes give you greater control over the size of positions which is important when you are a beginner trader.

Many brokers these days don’t offer a Mini or Micro account. You are only offered a Standard account with a lower deposit but not as low as one of those accounts. If that is the case, choose a forex broker that offers a Standard account with a reasonable minimum deposit for the same reason as discussed; to minimise your risk while you are a beginner trader and testing your trading skills.

Why do beginner traders use a free demo account?

Beginner traders are encouraged to start trading with a free demo account. This means you can learn to trade and get to know how a trading platform works with virtual money, rather than real money. This is the best way to avoid losing a lot of your own money in the beginning while you are learning how to trade forex.

While a demo account is a good option for beginner forex traders, it doesn’t give you a real trading experience. When you have nothing to lose financially, you can trade without letting your emotions get in the way. When you trade with your own money, that is when emotional trading happens and traders can lose a lot of money in volatile trading conditions.

Acquaint yourself with forex trading on a demo account and then move onto a Mini or Micro account with a low initial deposit. Once you feel confident with the trading platform and you’ve finetuned your trading style, you can move onto trading with a Standard account that requires a higher minimum deposit.

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