The Forex market is steadily growing, and many brokers offer more and more innovative features that are meant to attract new traders. They invent new types of accounts with various features that suit an individual strategy or trading style, so you can choose what you like. Among these types of accounts, the micro ones are exceptionally popular. But what are they? Why are they beneficial? In this article, we explain how these accounts work and give you several reliable broker options to try them out.
How such accounts work
These accounts allow traders to operate micro lots consisting of a thousand units of a certain asset or currency. They have lower requirements for account balance, allowing you to trade highly capitalized assets without investing too much. That’s why these accounts are especially popular with novices who want to practice trading. They are also beneficial for algorithm testing since they limit potential risks of automated trades without restricting them to some kind of artificial market environment.
However, there are many traders who offer such accounts, and each micro account seems to have its own features and limitations. Here is the list of top 5 reliable brokers who are known to offer the most beneficial options of this kind.
RoboForex features the so-called ProCent account that’s considered one of the best micro options on the market. You get a bonus of up to 120% for your deposits, a negative balance protection, and all of the standard options, too. The minimum deposit is just $10.
This broker is known to have exceptional order execution speed that applies to its micros, too. It offers access to all the best trading platforms and allows you to trade 0.01 micro lots, so you can manage all the risks while still learning how to trade.
A reputable Forex broker regulated by FCA, Exness offers great micro options that give you access to about 120 different currency pairs and allow withdrawing funds in a quick and flexible manner.
InstaForex is known for its variety of available instruments and different passive options, and it allows you to choose from 4 different account types, including micros. You need just $1 to start trading here.
FxPro is another broker that features an exceptional micro option for beginners. While such accounts seem to have wider spreads, you can start trading micro lots with just $100 on your balance.