Are there any reliable brokers who offer Micro accounts? (Not mini accounts)?

[stevenpaul]

Hello all. I am brand new to forex, and diligintly going through the babypips trading school. In one of the "College Courses" that talks about the number 1 reason why traders fail, it says:

"No matter what the forex brokers tell you, don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

Don’t set yourself up to fail.

We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.

So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”."

Are there any reliable brokers out there that offer micro accounts? all of the other brokers that I've looked at seem to only offer Mini accounts. I don't want to make a mistake by getting a mini account when I only have about 3,000 dollars to trade. Thank you so much for any help you can provide.


- Steven Paul

[pipbull]

I use GFT. They have a feature called BASE 10 trading. All it means is that you can control the size of your lots in multiples of 10. I have mine set to 1000 units, which basically means 0.10/pip on pairs like GBP/USD and EUR/USD.

You can increase the increment of your lot sizes in multiples of 10. So, you can essentially trade 1010, 1020, 1030 or whatever...as long as it is in multiples of 10.

I think this is the ultimate flexibility in controlling your position sizes and i have never had problems with them.

There are other brokers who offer the ability to trade in smaller lot sizes but i don't think down to this level.

The catch is that GFT's platform is anything but user friendly. but once you get used to it, this is the best there is in terms of risk control

[swordofrue]

I would have to say Oanda is probably pretty reliable. They allow you to trade any lot size. So you can select how many units of a currency to trade. I would suggest that if you are new then you don't put any money into forex as of yet. Demo around a bit and see how things are. No need to flush your trading capital down the drain. Now, I am not sure if I agree with the three month rule that the babypips team recommends, but I would defiantly say have a good solid month of demoing before trading a micro.

[swordofrue]

Also other brokers the provide Micro accounts are InterbankFX, advantage with them is they are MT4 platform based. There are probably several other brokers that have micro accounts, but I can't name them off the top of my head. With brokers you should expect slippage and what not. Ok better yet, define what you mean by reliable? Does low slippage and tight spreads reliable? Or do you mean they don't take your money and run reliable? Do you mean how reliable their execution speed is? Reliability can encompass a lot of things and not knowing what you tie into reliability I can not really comment on any broker.

[boosta]

I've only been trading live for about a month, and I've been "learning the ropes" by trading very small quantities. I currently use Oanda and I'm very comfortable with them at this stage of my education. Are they perfect? Heck no, but they are among the best I've seen when it comes to trading small amounts.

B

[abenefield]

Hi

I use FX Solutions at FX Solutions - Simplified Forex Trading with Premier Forex Trading System You can set very low lots and up to 400to1. I have not taken the time to learn there new accu charts. I use the charts from Starting Forex.com

before using anyone, check them out at National Futures Association - NFA is a regulatory service provider for the derivatives markets to see if there ok. You will see that FX Solutions has good records. Check out FXCM and you will find bones, bats, and all kinds of scary stuff.

hope this helps

[patroclus99]

If there any retail on-line broker most beneficial to the customer's best interest, it is OANDA.

No minimum lots. . no lots whatsoever.

Also, you gain interest from money you have invested in them.

Very smooth, I mean smooth, on-line executions.

Very easily unterstandable graphical interface.

Can be accessed anywhere, at any time. . . without a bunch of downloading; their server or mainframe must be quite up-to-date and modern.

Very, very secure.

Very, very professional.

Any withdrawals you make, are posted that day before 2:00, without fail (that has been my experience, very reliable, as far as wire transfers go).

May use use practise account concordantly with your "live" account. . . with no penalties. . very handy with situational or hypothesis trading objectives.

No penalties for lack of trading. . no nickel-and-dime stuff. . if you don't trade. . .interest posts to your account. ..no penalty.

No "lots" . . trade as you see fit to your best interests.

Server-mainframe always stable. ..never been any problems since I've traded with them for two years.

Excellent customer service. . .if you need it.

A plain, flat-out, reputable company in the retail currency business; they earn their money with your best interests.

OANDA is the company I'd most recommend.

I have a GFT account; it's all-right. . as long as you make trades. . .but will charge you 25.00 for inactivity for one month. .. it's kind'a' like doin' business with your local bank. There is also no interest derived with your investment in them.

[shangzh]

are you sure GFT offers micor size? I talk to the live person and was told the minimum size is 10000.

thanks

Originally Posted by pipbull

I use GFT. They have a feature called BASE 10 trading. All it means is that you can control the size of your lots in multiples of 10. I have mine set to 1000 units, which basically means 0.10/pip on pairs like GBP/USD and EUR/USD.

You can increase the increment of your lot sizes in multiples of 10. So, you can essentially trade 1010, 1020, 1030 or whatever...as long as it is in multiples of 10.

I think this is the ultimate flexibility in controlling your position sizes and i have never had problems with them.

There are other brokers who offer the ability to trade in smaller lot sizes but i don't think down to this level.

The catch is that GFT's platform is anything but user friendly. but once you get used to it, this is the best there is in terms of risk control

[chilkoot]

adding my vote for oanda.

[shangzh]

can anybody clarify that GFT offer fractional lot size above 10000?

I hope to trade 11000,12000,etc for a mini account but the live perons from GFT always said no way. ii has to be integer multiples of 10000.

thanks