Good Micro Broker?

#1

Hi,

I signed up With IG.com because a friend of mine told me they were good, however they seem to have a minimum lot size and stoploss that is quite alot.

I’m going to start trading with around 5k or less, im also based in the UK and not looking to use any leverage the option would be nice i guess.

i was wondering if any of you Vets can recommend a good micro or nano Forex broker so that i can start trading, i have used Etoro before but the spread was a bit high and they also charge on withdrawal.

also i was wondering if there was a broker that would allow me to trade bitcoins also with micro lots or do they all offer that service?

#2

I started with 200 bucks (USD) with the FXCM platform. They are no longer available in the U.S. they are a very customizable platform. You are limited to what pairs you can trade tell your account gets bigger. If you like to trade uncommon pairs I wouldn’t recommend them. Great for beginners though.

#3

I also started my trader’s way with them, it’s unfortunate that they no longer work with the US. For a beginner, really, that’s it.

#4

Hi Keithen,

I’m curious which uncommon pairs you had wanted to trade in the mini account. The feedback is always appreciated.

Jason

#5

Hi Mrpredict,

Welcome to the forum! Being able to trade smaller sizes to risk less when starting out is very important. FXCM offers micro lot forex and CFD trading from 8p per point.

If you’re in the London area, we host a seminar in our office the first Wednesday of each month if you ever want to drop in to say hello and meet the team.

Jason

#6

I agree. I loved them. I still do : ( I am getting used to FOREX now. I am not in love with them, yet. GREAT customer support so far though.

FXCM just seemed natural.

#7

I didn’t want to trade any that time. I still don’t really. It is still a little daunting to me to have so many choices! It isn’t a bad thing I just haven’t adapted. Though, I am a beginner. (1.5 years trading live)

#8

Here is a link with some brokers that offer bitcoin trading: Bitcoin Forex Brokers, FX Brokers with BTC/USD Trading
I am currently trading with JFD Brokers and I saw they now offer microlot BTCUSD and BTCEUR and I’m considering to give these 2 pairs a try, maybe first in a demo account. Another broker I am testing with bitcoins is Avatrade to understand the different conditions better.

#9

Completely agree. Like having too many options on a menu :slight_smile:

#13

Why do you think trading unpopular pairs will be useless? It might be true at the beginning, but if you find the right analytics, I think you can give it a go.

#14

if you want a low commission Micro (CENT) account , you can use Alpari International (it’s russian though)
you can start from 5 bucks (USD)

#15

I recommend trading with FP Markets, and they do allow Micro lots(0.01) with a minimum opening balance of 100$.

#16

I think you have the right trading plan. I can’t really tell you what broker to choose but I can share my experience with you. I have traded with Etoro and Fxview for the longest time and yes, you might find the spreads to be a bit high with etoro. The commissions so far are low. Overall, both these brokers are pretty good. You can try demo accounts with different brokers as well, good luck.

#17

What pairs are you trading?

#18

It’s good that you are asking for recommendations but I don’t think that you should depend on these recommendations completely. You must test each of the brokers at your own end so that you know what your broker will provide you with and how you can use its trading platform to your advantage.

#19

Is micro account something to do with depositing lower minimum funds?

1 Like
#20

Yeah, basically there are forex broker out there offering the forex trading with very small capital (can go as low as $10). You may know that micro lot in FX means 0.01 or only 1000 units of any currency, thus the term Micro-Account.
And by using high leverage (wont recommend tho), 1000 units (micro lot) of any currency can be bought (or short sold) with only 1 ~ 2 USD or even a few cents.

#21

About eToro they recently lowered their spreads and withdrawal fee.
Also have you looked into trading.com ? They are the UK subsidiary of XM.com
Also try pepperstone and tickmill

#22

If you are looking for a broker with micro lots, I suggest trading with FP Markets from my experience . They offer micro-lots (0.01) with a minimum opening balance of $100, and they have lower commission fees which are transparent to their clients.

#23

Since retail traders trade small, contract sizes of 0.01 or 1,000 units is offered by most FX/CFD trading service providers.