These days Forex industry offers a huge variety of services. Even beginning traders with small trading capital have an opportunity to trade Forex on micro-accounts (starting from $1). Probably, some of you have some questions like:
What are micro-accounts? Why are they so popular among beginners? Why are beginners recommended to choose micro-accounts (usually $1 to $50) when deciding to switch to real-money trading? Which micro-brokers are the most popular and reliable? Let’s try to answer them.
Micro-brokers are those brokers that allow micro-lot trading. According to Eugene Olkhovsky, Masterforex-V Academy ’s leading expert in financial markets from Canada, on the face of it, micro-trading looks like an unpromising and unprofitable market niche. Obviously, any broker would rather have one big-scale client with substantial funds to trade (say, $50-100K) rather than dealing with hundreds of micro traders with tiny trading capital (say, $10-100).
But in reality, micro-trading is promising for those fair and reliable brokers who are interested in long-term cooperation with successful traders because some of those beginners may eventually grow into professional traders managing 10-100K accounts and allowing the broker to generate stable profits on spreads and commissions.
That is the reason why major Forex brokers (like Forex club, Alpari, FxOpen, BMFN, FIBO Group, FXDD) occupy the micro-trading niche. They understand that micro-accounts are beginner’s first steps in the Forex trading environment. Later they might turn into big-scale traders operating substantial funds.
On the other hand, micro-accounts are the best option for beginning traders, Eugene Olkhovsky says. Micro-accounts are the most suitable accounts when it comes to testing your trading system or overcoming greed, nervousness and excitement. These are the traits beginning traders must get rid of to become professionals. Another reason to trade micro-accounts is to find out whether a particular broker is reliable and suitable for you in terms of trading conditions. If this is a scam broker trying to make you lose your micro-deposit, then obviously it isn’t worth trusting.
22 brokers that allow micro-trading:
Masterforex-V Academy’s rating of Forex micro-brokers (those brokers that allow traders to open micro-accounts up to $50 and to trade 0.01 lot) counts 22 brokers. So, far over 35 000 traders have participated in the open voting. The voting is not over yet. The preliminary results look as follows:
Nord FX and Alpari are the unquestionable leaders among micro-brokers
Nord FX and Alpari occupy the first to standings in the rating. They are the most popular brokers among micro-traders.
Both the broking companies had perfect initial standings in Masterforex-V Academy’s main rating of Forex brokers (they represent the TOP 10 of Forex brokers). Nord FX started with 669 rating points while Alpari had 447 rating points before the voting. For now, they have a surplus of +1319 and +1181 points correspondingly.
Let’s have a look at their trading conditions:
Only 3 other micro-brokers can compete with Nord Fx and Alpari.
These are FX Clearing, FxOpen, Roboforex. They show positive dynamics as more beginning traders start trusting them.
Now let’s talk about mediocre micro-brokers.
FreshForex, Forex4You, Manors Group Broker, Lite Forex, BMFN, Forex Broker, Grand Capital, FX Start.
Manors Group Broker is showing the best dynamics of votes. More and more traders chose MGB’s innovation products and services.
And finally, let’s have a look at the list of outsiders. They are represented either by young and unknown brokers (they have failed to accumulate a substantial amount of votes) or by brokers with negative client feedback - lots of claims and negative votes (for example, Instaforex).
The bottom line:
Not all the micro-brokers are the same. Even though Nord FX and Alpari seem to be dominating the micro-broking niche, everything can change. Every single vote matters, yours as well!
Therefore, in order to participate in the voting, please, follow the link, sing up and cast your vote.
Market Leader and Masterforex-V Academy would appreciate if you could participate in a survey. Please, visit the Academy’s forum for traders and investors and answer the following question:
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