Best Forex Brokers with Minimum Deposits

brokers with minimum deposits

 

The minimum deposit or initial deposit that forex brokers require is the amount of money a trader must deposit in order to open a forex trading account. Many forex brokers advertise that there is no minimum deposit required and this is usually a way of attracting new clients who are typically beginner forex traders.

 

In this in-depth guide you’ll learn:

  • Forex brokers with $0 minimum deposits
  • Forex brokers with $1 minimum deposits
  • Forex brokers with $5 to $10 minimum deposits
  • Forex brokers with $100 minimum deposits

 

And lots more…

Let’s dive right in…

 

10 Best Forex Brokers in South Africa for 2022

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

Choose your quick section of our Best Forex Brokers with Minimum Deposits below.

 

Our Best Handpicked Forex Brokers with Minimum Deposits:

 

Forex brokers with $0 minimum deposits

 

Axi

 

Overall Rating

4.6/5

Rated #70 of
Recommended FX Broker

💰Minimum Deposit

USD 0

🌐 Regulators

FSA, FCA, ASIC, DFSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

66

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Axi

 

Country of regulation

UK, Australia, Dubai, St Vincent and the Grenadines

 

Think Markets

 

Overall Rating

4.8/5

Rated #62 of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

ASIC, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Australia

 

Pepperstone

 

Overall Rating

4.9/5

Rated #54 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

FCA, SCB, CMA, ASIC, DFSA, CySEC, BaFIN

📱 Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes – CFDs

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Germany, Cyprus, Australia, United Arab Emirates, Bahamas, Kenya

 

Oanda

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4); 

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

USA, UK, Australia, Singapore, Canada, Japan

 

IG

 

Overall Rating

4.8/5

Rated #38 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

IGRs

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, EU, Switzerland, USA, Singapore, Japan, South Africa, UAE, Australia, New Zealand

 

Interactive Brokers

 

Overall Rating

4.9/5

Rated #41 of
Recommended FX Brokers

💰Minimum Deposit

0

🌐 Regulators

US SEC, CFTC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

22

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

USA, UK, Ireland, Luxembourg, Hungary, India, Australia, Canada, Japan, Hong Kong

 

Forex brokers with $1 minimum deposits

 

Exness

 

Overall Rating

4.9/5

Rated #2 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10.00

🌐 Regulators

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

107

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Cyprus, South Africa, Seychelles

 

Justforex

 

Overall Rating

4.4/5

Rated #72 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

St Vincent and the Grenadines

 

FBS

 

Over 16 000 000+ Traders

Overall Rating

4.7/5

Rated #71 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

IFSC, FSCA (south africa), ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

📈 Total Pairs

250

☪️ Islamic Account

No

📊 Trading Fees

Low

Welcome bonus

$140 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FBS

 

Country of regulation   

Cyprus

 

Forex brokers with $5 to $10 minimum deposits

 

XM

 

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

Country of regulation

Cyprus, Australia, Belize, United Arab Emirates

 

HotForex

 

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, FSCA

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, South Africa, Cyprus, Dubai, Seychelles

 

RoboForex

 

Overall Rating

4.7/5

Rated #57 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

IFSC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

32

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

Belize

 

FXTM

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

Cyprus, South Africa, UK, Mauritius

 

Forex brokers with $100 minimum deposits

 

Avatrade

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

Ireland, Australia, Japan, South Africa, Abu Dhabi, British Virgin Islands

 

Tickmill

 

Overall Rating

4.7/5

Rated #3 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

62

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Cyprus, Seychelles, South Africa, Malaysia

 

FxPro

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Cyprus, South Africa, Bahamas

 

Plus500

 

Overall Rating

4.9/5

Rated #55 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC, FCA, ASIC, FMA, FSB, MAS

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Country of regulation

UK, Cyprus, Australia, New Zealand, South Africa, Israel, Seychelles

 

FAQs about minimum deposits

 

What is a minimum deposit in forex trading?

The minimum deposit is the amount of money you must transfer to your trading account from your bank account or credit card before you can start trading forex with an online forex broker. It is also called an initial deposit or funding your trading account.

Many forex brokers allow you to open a trading account with no initial deposit. However, it’s more common that forex brokers require a minimum deposit of anything from $10 to $50 or $100. Accounts that offer more benefits like Professional accounts require higher minimum deposits.

 

Why forex brokers require a minimum deposit?

Online forex brokers require a minimum deposit from trader in order to cover their initial costs incurred when creating an account for a new customer. Today, competition is attract new customers is hectic so many global forex brokers waiver the minimum deposit requirement or set it at a very low level of between $1 to $10.

 

Which forex brokers offer low minimum deposits?

As a rule, forex brokers that ask of a very low minimum deposit or even a $0 minimum deposit are Market Makers (MM). A Market Maker is a brokerage or individual broker who quotes on both sides of the market, meaning they provide bids (buys) and offers (asks) along with the market size of each.

Market Makers provide clients with an opportunity to buy and sell financial instruments and in so doing, keep financial markets liquid.

 

Why do some forex brokers require high minimum deposits?

The higher the initial deposit for a forex account, the more benefits the account holder will receive from the type of account. Minimum deposits on premium accounts can be as high as $10 000 and some as high as $100 000. Higher minimum deposits are most often associated with premium accounts while lower or zero minimum deposits are associated with Market Makers attracting new clients.

 

How much money do I need to open an account?

You can open a trading account with a number of forex brokers with no minimum deposit or as low as $1 to $10. If you want to start trading straight away, it’s recommended you deposit a minimum of between $100 to $500.

Basically, you should only trade with the amount of capital you can afford to lose. Never trade with more money than you can spare on positions that are notoriously volatile and risky.

 

How can I deposit money into a forex trading account?

The methods of depositing funds into a forex trading account are more or less standard. The majority of forex brokers allow bank transfers, credit or debit card payments and transfers from online wallets like PayPal, Skrill and Neteller.

 

How much money do I need to open a position on the forex market?

The majority of forex traders trade on leverage. This can range from 30:1 to 3000:1. Basically, leverage means you borrow funds from the brokerage to increase your trading position beyond what you would be able to afford with your own capital. Leverage can amplify profits but it can also magnify losses.

It’s recommended that beginner traders use 1:1 leverage until they have learnt how to trade forex and gained some experience with a Mini account. However, you are not going to make much profit on 1:1 leverage if you don’t have much capital to trade with.

You need a very high leverage for trading forex with $10. You could choose 888:1 leverage which many brokers offer. This means you only need $10 to trade a position of $8 880.

The best leverage for $20, $30 and $50 equity trading account is 100:1. This means you only put up $50 to trade a position of $5 000.

The best leverage for $200 equity trading account is 50:1. This means you only put up $200 to trade a position of $10 000.

 

Can I trade forex with $10?

Yes, you can trade forex with $10. Many beginner forex traders start off with small amounts using a Mini account when they move on from a demo account. Obviously, if you start trading forex with as little as $50 or $100, this will limit your returns.

 

How do you determine your minimum capital requirements for forex trading?

It’s not how much of your own money that you commit to a trade but rather what leverage you take on. Never feel pressurised to take on higher leverage even if a forex brokerage offers tantalizing high leverage.

It’s best to start off trading with a small amount of capital until you get a good feel for how the forex market works and while you’re still developing your personal trading strategy. Balancing trading capital and leverage is a big part of learning to trade forex and becoming a successful forex trader.

 

Best forex trading tip!

The experts recommend day traders shouldn’t risk more than 1% of the capital in their forex account on a single trade.

 

$100 in your account

Limit your risk to $1 per trade (1% of $100).

 

$500 in your trading account

Limit your risk to $5 per trade (1% of $500)

 

$5 000 in your trading account

Limit your risk to $50 per trade (1% of $5 000)

 

FOREX TRADING AFRICA DISCLAIMER

Forex is a complex instruments and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.

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