I am very new to Forex (still going through the school of pipsology) and I want to try a demo account to get the feel for Forex. However, I don’t have the money to use a mini or standard size lot. Are there any Australian brokers that provide micro lots? If not, what are the disadvantages to using a US broker instead. Also, I am under the age of 18 (17), does this legally limit me in any way in opening and using a Forex account? I know that I haven’t yet grasped all the concepts of Forex, so any help is greatly appreciated.
Online Forex Trading | MetaTrader 4 Brokers - GO Markets
i would recommend Gomarkets, there head office is in melbourne and are regulated by ASIC. They offer micro lots at 400:1 leverage and you can open an account with a small deposit.
Also you trade straight off there metatrader platform which they also offer as a demo, but the smallest starting balance in demo is $3000, i think, but live you could play around with $50 or less to get a feel for it
Forex Trading | Currency Trading | Forex | Forex Broker | FXCM
this is another, fxcm australia, you can get a micro account, but it is a little more difficult (fxcm is worlwide and i have had my account transferred from ameican to england to australia)
I used to have only US accounts but now gomarkets is world class and right in my home city and also australia isnt affected by any NEW cftc rules such as the FIFO or the inabilitiy to have stops and take profits directly attached to a position - as well as now the 50:1 leverage limitations in the US
All I can afford to invest is $1000AUD. Is there still an option for me?