So I’ve been doing demo trading on Forex.com for about 6 months now, and am ready for the real deal. Except, after some thinking, I realized that I will be significantly underfunded when it comes to mini accounts (I’m looking at around $1500-$2000 of starting capital), so I’m going to hit up a Micro account, but forex.com doesn’t have them. Sadness.
So does anyone know of any good micro trading platforms?? I’m just looking for something with relatively small spreads (3 to 4 pips for USD/EUR and USD/JPY is a-ok with me), that is reliable when it comes to making trades exactly when I click the Buy/Sell buttons, and displays financial news and information very soon after it comes out, so I’m not left in the dust when it comes to the fundamentals.
CMSFX has a universal account that you can use for both standard and mini account configuration.
Lot size defined as 1= std 100K, .1= 10K mini lot. To open an account is only $250. Your MR for trading 1 mini is $25 per lot. I think this will work very well for you. Down the road when you are ready to trade using full lot, you simply change your lot size from .1 in your market order form to 1 or if for multiple minis for example 5 minis then .5, .6, etc. without creating another new account.
Tough one. How can we really know? They seem to have a default spread of 10 on the weekends. No matter who you choose I would still recommend you demo with them prior to opening an account. You may be looking to itch the scratch but what will another month of demoing kill you?
So this brings me to a question to the more experienced guys. You think demoing with a broker for a month can typically tell you of their reliability? Or is that just something that fluctuates over time?
Maybe you want to try Interbank FX, cos they have 2 pips spread on the EUR/USD, but you just got to watch out for slippages of up to 50 pip spread when the market moves “trading the news”. Good Luck!
Variable meaning that during times of high volatility the spreads widen. Seems like this only happen during major news events in which we usually recommend to reduce your risk or stay out of the market all together.
For the most part, I’ve seen 1.5 pip spread on EURUSD most of the time. You should check Oanda out and come to your own conclusions as to whether it will work for you. Good luck!
My broker is HotForex and they have micro accounts. If you live outside Europe the minimum deposit is $5 but if you live within the EU the minimum deposit is $50.
HTH
Charlotte
This is the first time I know if you’re Europe citizen, the min deposit is $50. Thanks for your information. I’m trading with Hotforex and I’m outside Europe so my min dep only start from $5.
here is a tip, its gonna be a bit different if you jump into live for the first time, I suggest keep it small in the first couple of months to get the hang of live trading and how the platforms respond to you. maybe $150-$200 and lots as small as 0.01. this will be a practice period for you, dont rush with 2000 just yet, there will be some minor differences that you should get used to first due to liquidity and news and other stuff in forex, hotforex is an ok broker, there are other broker aside from them but bottom line is with anybroker just start small to test the waters and best of luck
try review sites and rating sites to see your top 5 and choose from them
That depends on what you are looking for. UK or US brokers offers $50 and above micro accounts. Offshore brokers from Asia )instaforex) and russia (profiforex) offers $1 and above micro accounts. You have to make a choice not only on the account size but also on the quality of services offered. Don’t forget to check out Oanda as well.
With anyone want to pick a micro-account for trading, I advise them should try with minimum deposit even $10 or $20, because micro-account cannot earn too much, if you’re good trader, you would go with higher capital and higher account like premium, vip. Micro-account get attention from new trader, and with new trader, $10 or $20 is good. Anyway, I like you post.
I would add Paxforex here as well, but even though you want to open a micro account I would fund it with more than just $50. It is great to learn how to trade in a micro account, but I would fund it with $200 or $300 so you better execute a viable strategy and deploy a sound risk management. There are plenty of brokers who offer micro accounts so just run a search and find the one which suits you best.
