Forex brokers are the bridge between individual traders, and the global forex markets. They allow traders who would otherwise not have the kind of capital need to take part directly in the forex markets, to trade forex. That means that they take the relatively low investments, and help them trade on the forex markets.
In that regard, you as the trader has to deposit as certain amount with your forex broker. Each broker requires that you deposit a particular minimum amount. These minimum deposits can lock some traders out if they are too high. That’s why forex brokers with low minimum deposits tend to attract more traders. There are pros and cons to trading with a low balance, but that’s a story for another day.
Today, we want to sample the best forex broker that have low minimum deposits. These are brokers that have the best interests of forex traders in mind. These are brokers that go out of their way to ensure beginner traders get a seamless start. You’ll even find forex trading with no minimum deposit.
In our exploration of the forex trading industry, we’ve picked out four broker that have stood out, and charge low minimum deposit. By low minimum deposits we mean amounts that we ae certain that most traders around the world can afford. Take a look at the four brokers in the comparison table below.
|Brokers||Minimum deposit||Minimum spread||Currency pairs|
|IQ Option||$10||3 pips||29||1st Choice|
|FXTM||$10||0.1 pips||57||2nd Choice|
|eToro||$50||0.6 pips||49||3rd Choice|
In the sections that follow, we are going to outline reasons why we feel these four brokers are the best. We are going to review each one of them in brief, and show you why they should be on top of your list.
IQ Option is a forex broker that features in every other list of best forex brokers. There is no surprise in its featuring in this review as well, since there it is one of the forex brokers with low minimum deposit. IQ Option is not all about low minimum deposits though. There is a lot more exciting aspect of trading on IQ Option. Let’s sample some of them.
IQ Option Trading Accounts
One of the most interesting aspects of trading on IQ Option, is that it has one main trading account that is able to cater to all kinds of traders. You do not have to keep progressing over different types of accounts, you can grow your trading balance and profits within one trading account. The IQ Option standard account accommodates beginners, and also ensures that seasoned traders have all the resources they need to be able to trade profitably.
There is a special trading account called the VIP account, but it is more of a reward-program and a different trading account. Most of its features are quite similar to what you have on the standard account. The only difference is that you will get special support on the VIP account. Our focus is on the standard account in this case though.
The standard account is accessed by depositing a minimum of $10. That is without a doubt the lowest amount that’s asked for in the whole industry. $10 is certainly an amount that any person who is serious about forex trading should be able to afford.
There are many other aspects that put IQ Option in the leading pack in the forex industry. First, you should IQ Option is a regulated broker, and all its operations and transactions are under the oversight of its regulators. It is regulated by bodies such as CySec, FCA, and ESMA. That means that it is a very trustworthy forex broker.
Quite often, people ask; which are the best forex brokers for beginners? IQ Option is one of them. Not only does it have low minimum deposit, but it also offers the best conditions for a beginner to get started with forex trading.
FXTM is yet another perfect forex broker for anyone seeking a forex broker with the least minimum deposit. One more thing to get excited about FXTM is the fact that it has been in the forex trading space for the longest. It one of the few brokers that have been around as the individual forex trading space has been growing into what it is today.
Our focus in on minimum deposits though. We’ll understand the issue of minimum deposit on FXTM, better, if we take a look at the kind of trading accounts it has. FXTM has several of them.
FXTM Trading Accounts
FXTM boasts for 6 different trading accounts. What that means it that everyone has an ideal trading account for their experience level and trading style. The accounts are divided into two categories. Here are the accounts;
- Cent account – $10
- Standard account – $100
- Shares account – $100
- ECN Zero account – $200
- ECN account – $500
- Pro-account – $2500
FXTM has a trading account structure that is clearly designed to ensure that nobody is locked out of the platform. We’ve mentioned the issue of low minimum deposits, and clearly, FXTM has the lowest of them all. The cent account, which is one of the best places for beginner trader to start, has the lowest minimum deposit of the industry.
There are many other interesting features on FXTM that we may not be able to talk about in this review. One thing that we can guarantee is FXTM is a forex broker that will put you on a high pedestal as far as getting started with forex trading is concerned.
The other perfect option for anyone seeking a low-deposit forex broker is eToro. eToro is a very interesting forex broker, and some of its terms and features are quite unorthodox. For instance, eToro does not have low-minimum deposits for everyone. Traders in Israel and China have to deposit significantly higher amounts in order to trade on eToro.
EToro has low minimum deposits for traders from USA, UK, and Australia. You’ll need $50 only in order to get an eToro trading account. eToro has a single trading account, for all traders. We should mention that eToro is a copy trading platform, and that’s where most of its focus is. Copy trading is a form of trading where traders are allowed to copy trades and trading techniques from one another
eToro is a fantastic forex broker for those who can afford to get on it. Certainly, $50 is an amount that most forex traders in the USA, and the UK can afford. It can be ranked atoned the lowest minimum deposits charged in the industry. Too bad that that’s not the case for all trader on eToro.
Many traders are often excited at the prospects of being able to copy trading techniques and actual trades from other people. It means they won’t have to deal with the tough work of analyzing the markets and creating trading indicators. You can still trade normally without copying traders. Whichever way you choose to trade; your experience is going to be very exciting.
Lastly, let’s explore forex.com. Forex.com is as exciting as FXTM, and the two forex brokers are similar in many ways. FXTM is a great broker and is certainly one of the best forex broker with low minimum deposit. Apart from that, there are a lot of exciting features and tool of trading on forex.com.
Forex.com has four trading accounts, but they all requires the same minimum deposit. You just need $50 to start trading on forex.com. Honestly, that’s a fair amount. We reckon that it is a significant amount in some countries. For any person who has the capacity to trade forex, it is a very fair amount.
One more thing we must mention about forex.com is that it is a very economical forex broker. It has some of the tightest spreads you will find on a forex broker. Forex.com is unique in terms of the trading terms that it offers, because of its regulation by the CFTC (Commodities Futures and Trading Commission), which has regulations that are specifically designed to protect the individual trader.
Also, all traders are given the same kind of support on forex.com. As mentioned above, its trading accounts are quite similar. They have the same trading tools and terms, expect for the Sharia account whose trading terms are a little bit different. It is an Islamic-based trading account. In simple terms, Forex.com is arguably best broker for forex trading for all kinds of individual forex traders.
We cannot cover every single aspect of forex.com in a single brief. There are a lot of exciting features and offering on forex.com, and they are all aimed at getting you closer to your next profit. One thing we can continently promise is that forex.com is one of the forex brokers that make it incredibly easy for beginner to get started with forex trading.
Any serious forex trader should be able to get onto any of these brokers. They are great forex brokers, and they will give you a great chance of making something from the forex markets, despite the fact that they have low minimum deposits.