Doesn’t it carry the risk of high leverage? With this much of an amount, any one would require a leverage of 100:1 for actively trading and reaping benefits. How safe would it be to expose high leverage risks?
There are many brokers in the market like turnkey forex and xm that will allow you to open a micro account which will let you trade with just $10 or less. So that’s sorted. But what you need to understand is that expecting profits with this much of an amount is not possible.
These pairs that you’ve selected kind of belong to the major currency pairs group and can be profitable. If you see the EURUSD, it is actually the most traded pair and it is better if you trade during the day when the liquidity is high in the European markets.
Yes, of course spreads matter and if you are trading with a broker that’s offering you higher spreads, that won’t do you any good. It is better to stay a step ahead and do you own research with this. You can look at suggestions from other people but ultimately it is your decision to invest your money in a platform.
Yeah that is right and micro accounts can just act as mini investments. You can’t expect a lot from them since the amount is usually very low.
I don’t usually prefer micro accounts because they look similar to demos to me. I know the difference but it is just a preference thing I guess. Could work for beginners though.
I agree with you on this one and it gets a bit difficult for a newbie to decide which broker to choose. I’m in a bit of the same situation right now and honestly there are so many brokers to choose from and multiple suggestions online. Looking at oanda, turnkeyforex, etc these days. So far, I’ve looked at commissions charges, account types, platforms (MT4, MT5) and spreads.
No way!!! I should check them out. I’ve never used a broker charging commission. It’s worth it to demo with them.
Yes. There are brokers in the forex market who let you trade with small amounts too. Because some beginners don’t start with huge deposits which is a good thing I guess.
No, it is $1 on one side, so $2 on both the sides or round turn you can say. And I guess that the lowest in the industry.
Research is without any doubt very powerful. You can answer most of your questions if you are indulging in good research.
It’s always wise to first test the waters with as little as possible. I too started with a hundred quid with instaforex
Yes Daniel, micro lots are such a saviour in this regard.
I can totally agree to it. Because of research I was able to find good brokers like Turnkeyforex and IC Markets for me. Many newbies struggle with brokers. I think they just trade through any random ones. One should always keep a check on whether the broker is having tight spreads or is it providing good leverages. Else what is the point of giving commissions to them.
Exactly. Study before you trade. Otherwise you will end up losing everything.
Ya indeed I think that’s the lowest commission charge of an ECN broker. I know brokers that charge even as crazy as $10, lowest being $3.5.
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Spreads do matter a lot in forex and you can find a broker that is providing some tighter ones. $200 is a good amount to begin with and you’ll just be fine…
200 is a bit like demo trading.
I would suggest 500 to test your strategy for one year.
After one year if you are still profitable you can scale up to 2000.
After two years if you are still profitable you can scale up to any amount you don’t need, but less than 1% arrive here. 
Deposit and withdrawal policy of a broker is a make or break deal for me.
I’m demo trading and apprehensive about the funds part. How exactly do brokers hold the funds safely?