What is the cheapest forex broker out there?

I would like to know about forex brokers that offer low balance accounts. Do you have any recommendations? What about forex research? What are all the important events or meetings that affect the forex market?

Whats a low balance - $100,$1k,$5k. Interest rates, trade balances, gdp(in/out), bailouts, war.

Oanda you can start with a dollar. They also provide you with news releases.

There are few other brokers as well,

HotForex
EXness
Gallant Capital
NordFX

Yes agree with these brokers. check this website to get more info on brokers
100 Forex Brokers

how low is low, there are brokers like oanda that offers up to 1 dollar deposits, i trade with hotforex and the min deposit is 5$, usually this low deposits are good for checking the live trading environment before depositing a decent sum. but you are gonna need more that 1$ to trade forex :smiley:

mmm… in this case it’s not the case of a broker being cheap…more like how cheap are you? hehehe
jokes aside, at the end of the day it is your money, not the broker’s, so it all depends how much you want to fund. Many offer different minimum funding depending on the kind of broker they are and who they are trying to attract.
The link perryfx gave above I think is a good resource to start with.
In reality though if you want to open with like $50 or $100 it kind of isn’t even worth it. You will get not great conditions probably and you will get frustrated with how little you make so you will trade too big a sizes, and ultimately end up spunking it all.
Say you open with a $100, depending on what bucketshop leverage you might get, let’s say for argument sake you can open 2 microlots per trade . Then let’s say you trade away, spend time studying forex and maybe the graphs etc. , and by some natural talent/luck/miracle you manage straight away to make 10 pips in a day. That’s $2…If you were able to do that every day consistently then sure, $44 in a month brings the account up, and by all means in 6 months you may have like $500…but if you are just beginning, which I am assuming is the case, it will be difficult to achieve that consistency.
So, to cut a long story short, I would say keep demoing until you are a bit more comfortable, then look at opening at least with $500…anything less IMHO is not worth the hastle.

I’m not sure what you mean by low balance. I’m using FXPRIMUS and their minimum deposit is $100. But personally I think there are many more things you need to consider when you choose a broker - not just because they offer the lowest balance or cheapest deposit.

The one you are not suscribed to.

I think if I am a new trader and I want to try a new broker I will need a cheapest broker, 1 or $5 is fine. Since we need to try the live system to know exactly how good the broker is.

hotforex is with $5 dep is a good choice. However, if you see that is a good broker, you can invest bigger to get valuable profit.

There is a company called Caesar Trade that is offering a 400% bonus, where you deposit $25 and can trade with $100 - great Bang for the buck.

IMo bonus is a big trap unless the broker is a genuine one with good services. So it is always better to trade own money rather than use bonus. Normally these brokers offer 02 types of bonus. One is withdrawal bonus and other one is trading bonus. Withdrawal bonus gone once you loss the initial investment. So it is always better to take trading bonus to minimize the capital risk. But the there is a Hugh gap with the % of bonus offerings.

400%???

thats big, and a very scary way! like a good stable broker can give up to 50% which the broker can really pay off if the conditions are met, at time they give a 100% acceptable bonus for a limited amount of time… but to be able to provide with 400% and actually pay you off… man id like to see that happen :slight_smile:

Thank you for your comments, I did not know that. But, what would be the point in trading with only $5, what would the leverage be? It seems a little pointless to me.

Agree with you Ciro. People should look beyond that 5 bucks. You have to look at the pros and cons of a broker.

Anyway, I don’t know what you can make out of that 5 bucks. Imagine setting a profit target at 10% per month, you can’t even afford to buy yourself a coffee :18:

Two years back I also started with $5 to get the real trading experience and not to earn big bucks from $5 . I used 1:500 leverage and traded with small 0.01. lots.

Even with 400% bonus, you should know they only offer maximum <$100. It’s not great as we think.

Hotforex allow you to open Micro account with $5.

Don"t just go by the bonus Vaibhav mate these brokers who give 100% bonus generally not good with withdrawal go with some reputed brokers like Fxcm Etoro or alpari they are all good mate.
I have been using Fxcm and Etoro for 5 years but I have got friends who used alpari they are good too.

Thanks for your suggestion mate but I have account with Hotforex from last 18 months and I never faced such an issue about withdrawal yet. So far Im happy with them and Im earning good there.