Best Forex Brokers with a Low Minimum Deposit

This post is also available in: Indonesia Português العربية

Forex is the biggest financial market in the world, but this does not mean that the barrier to entry is high. Some retail providers will let you start with $100 or even less. After comparing the best offers in 2022, we created the ultimate list of the top nine forex brokers with low minimum deposits.

How Important is the Size of the Deposit?

The size of the entry deposit is not the only condition you should consider. It is vital to choose a regulated broker with a proven track record of success. All of the companies on our list are licensed in multiple jurisdictions.

Please note that all reputable brokers also register demo accounts. These are free and usually unlimited. They let you explore their software at your own pace, without putting any capital at stake. Use this opportunity to the fullest to find a convenient strategy and instruments that meet your needs. Then, start small and increase the deposit size gradually! 

1. XM

This broker has been operating since 2009. It is based in Cyprus and works with traders from all over the world. In terms of licenses, it even beats Forex.com! The list includes nine jurisdictions: 

• CySEC (Cyprus)
• FCA (the United Kingdom)
• BaFin (Germany)
• ASIC (Australia)
• CONSOB (Italy)
• PSZAF (Hungary)
• ACPR (France)
• CNMV (Spain)
• AFM (the Netherlands)

The XM minimum deposit requirement is just $5. You can trade Forex and CFDs on a wide range of assets — stocks, marketing devices, precious metals, energy, and commodities, over 1,000 instruments in total. The Research & Education section includes a wide array of materials, from market overview articles to the XM podcast and even TV.

This broker does not offer any unique applications as it is focused on MetaTrader 4 and MetaTrader 5. All versions are supported, including the web trader.

• Minimum deposit: $5
• Demo account: unlimited
• Instruments: 1,000+
• Leverage: 1:888
• Spread EUR/USD:
• Payment methods: credit/debit cards, virtual wallets (Skrill and Neteller) and wire transfer
• Software: MT4 + MT5

Unfortunately for traders based in the United States, the group does not offer services in the country. It also imposes inactivity fees that are relatively high. If you fail to take any action in your account for 90 calendar days, you will be charged a recurring monthly fee of $5. If your free balance is less than $5, you will pay its equivalent. 

2. FXTM

FXTM, also known as “Forex Time”, is another veteran — a global broker established in 2011. It is trusted by over 4 million clients worldwide. The company has 10 offices around the world with 800 staff in total. The regulation includes licenses from:

• FSCA (South Africa)
• FCA (the UK)
• FSC (Mauritius)

FXTM has one of the lowest minimum deposit requirements — just $10, €10, or £10 for a Micro Account. The range of instruments includes over 250 options — Forex and CFDs on commodities, indices, metals, and stocks. 

Education includes detailed overviews of trading tools available on the platforms. FXTM also actively supports copy trading and lets users become strategy managers.

The company combines both versions of the MetaTrader with its own app for Android and iOS — the FXTM Trader. You can explore the markets on the go and manage all operations through a convenient dashboard.

• Minimum deposit: $10
• Demo account: unlimited
• Instruments: 250+
• Leverage: 1:30
• Spread EUR/USD: 0
• Payment methods: credit/debit cards, virtual wallets (Skrill, Neteller, WebMoney), local transfer, and wire transfer
• Software: MT4 + MT5 + proprietary

Like XM, FXTM does not accept traders from the United States. Although it has support for copy trading, you cannot use ZuluTrader or Myfxbook. Finally, the range of instruments is very limited and does not include futures, options, or bonds.

3. FBS

FBS is an ECN broker regulated in three jurisdictions. It is a well-established brand with an impressive collection of industry awards. Unlike market makers, this company profits from commissions instead of spreads. Its licenses include:

• CySEC (Cyprus)
• IFSC (Belize)
• ASIC (Australia) 

FBS minimum deposit requirement is very modest — $1 for the Crypto account and $10 for the Cent account. The range of instruments includes Forex and CFDs on precious metals, shares, commodities, equity indices, and crypto. The website features a broad education section with guidebooks, webinars, videos, courses, and more.

FBS is a MetaTrader broker with its own app for iOS and Android. The FBS trader is a fully functional platform for trading on the go. All versions of MT4 and MT5 are supported.

• Minimum deposit: $1
• Demo account: unlimited
• Instruments: 100+
• Leverage: 1:3,000
• Spread EUR/USD: 0.6
• Payment methods: credit/debit cards, virtual wallets (Skrill, Neteller), Rapid Transfer, and wire transfer
• Software: MT4, MT5, proprietary

The product portfolio of FBS is very slim. It also works with a few base currencies and does not offer investor protection outside the European Union. 

4. OANDA

OANDA is a low-risk broker founded in 1996. It is one of the oldest providers of FX services and one of the best options for Indonesia. Its partners include Google, Airbnb, FedEx, and Deloitte. As of now, the company is licensed in six jurisdictions:

• ASIC (Australia)
• IIROC (Canada)
• JFSA (Japan)
• MAS (Singapore)
• FCA (the UK)
• CFTC (the USA)

The broker has no minimum deposit requirement at all. It features around 200 CFDs in total, including FX pairs, stocks, indices, commodities, bonds, and crypto. The educational content is mostly limited to platform tutorials, but the company also holds events and webinars.

The company offers MT4, MT5 and its own platform called OANDA Trade. It features advanced drawing tools such as Elliott Waves and Pitchforks. 

• Minimum deposit: $0 
• Demo account: unlimited
• Instruments: around 200
• Leverage: 1:40
• Spread EUR/USD: 0.8
• Payment methods: credit card, debit card, PayPal, and wire transfer
• Software: MT4, MT5, proprietary

OANDA has high fees for withdrawals if you want to use bank wires. Unfortunately, it also has a limited range of instruments. Despite the longevity of the brand, its educational material is scattered across the website and platforms. Finally, you won’t get slippage protection.

5. Roboforex

This company is a subsidiary of RoboMarkets, which targets traders outside the European Union. The broker was established in 2009. It is authorized by two entities — CySEC (Cyprus) and the IFSC (Belize). Regulatory support is noticeably weaker, but the company’s long history proves its reliability. It has over 800,000 clients around the world.

Roboforex is one of the forex brokers with a $10 minimum deposit. Moreover, three of its account types may suit your needs. There are seven asset classes in total. You can trade currency pairs and CFDs on corporate equity, ETFs, commodities, metals, energies, indices, and cryptocurrencies. 

The educational section is relatively limited. There are basic guides for beginners, a selection of video lessons for registered users, and a FAQ.

The range of trading platforms includes MetaTrader 4, MetaTrader 5, cTrader The latter is for users who need STP access to the markets. The company has its own products — R Stock trader, R Web trader and mobile app. 

• Minimum deposit: $10 
• Demo account: unlimited
• Instruments: around 12,000
• Leverage: 1:1,000
• Spread EUR/USD: 1.3
• Payment methods: credit/debit cards, virtual wallets (Skrill, Neteller), AdvCash, AstroPay, local options, and wire transfer
• Software: MT4, MT5, cTrader, proprietary

The biggest disadvantage of Roboforex is that it is not regulated by the FCA, like the majority of reputable brokers. However, CySEC is a reputable regulatory body, and negative balance protection is ensured.

6. InstaForex

This company has been around since 2007. It was established by the InstaFintech group. Today, InstaForex offers some of the most attractive conditions for rookie traders. It is regulated in a few jurisdictions:

• BVI (British Virgin Islands)
• FSC (Saint Vincent and the Grenadines)

With only $1, you can open a Micro trading account. The range of assets is quite narrow — around 100 in total. You can build a portfolio including FX pairs and CFDs on stocks, indices, metals, oil and gas, commodity futures, crypto and InstaFutures. The educational materials are relatively limited — you will find glossaries, articles, and video tutorials. 

Like most other brokers, InstaForex is a MetaTrader partner. It offers all versions of the MT4/MT5 terminals and adds its own product — FastTrader — to the mix. The proprietary system is tailored to tick trades and 6-digit quotes. 

• Minimum deposit: $1
• Demo account: unlimited
• Instruments: 100
• Leverage: 1:1,000
• Spread EUR/USD: 2
• Payment methods: credit/debit cards, virtual wallets (Skrill, Neteller), AstroPay, local options, wire transfer, crypto (Bitcoin, Litecoin, and others)
• Software: MT4, MT5, proprietary

Recently, multiple users have complained about the consistency of customer support. The team does not always manage to respond within the specified time frames. In addition, users have encountered terminal freezes, but the broker is actively working on fixing this issue.

7. HotForex (HF Markets)

This company founded in 2010 is part of HF Markets Group. Although it is a Caribbean broker, it is safe to trade with. Licenses from six jurisdictions should give you peace of mind:

• CySEC (Cyprus)
• DFSA (Dubai)
• FCA (the UK)
• FSC (Mauritius)
• FSCA (South Africa)
• FSA (Seychelles)

Beginners can get started with $100. Like XM, the company has over 1,000 trading instruments across markets, so you can easily build a diversified portfolio. Aside from forex, you can trade CFDs on stocks, metals, energies, commodities, and indices. In addition, Hot Forex offers CFDs on bonds.

The educational section of the site includes articles, videos and webinars. You can access a comprehensive e-course on the basis of technical trading with a handy glossary. 

The software products include MT4, MT5, and the company’s own application called HF Markets. It is compatible with Android, iPhones, and iPads.

• Minimum deposit: $100
• Demo account: unlimited
• Instruments: 1,000+
• Leverage: 1:500
• Spread EUR/USD: 0.1
• Payment methods: credit/debit cards, virtual wallets (Skrill and Neteller + others, depending on region), and wire transfer
• Software: MT4 + MT5 + proprietary

Unfortunately, HF Markets does not support social trading features. You won’t be able to copy experienced strategy managers. The number of instruments is also limited compared to thousands of assets on platforms like Roboforex.

8. Forex.com

Forex.com is one of the most heavily regulated brokers in the world. It has been around for over two decades — since 2001. Forex.com is owned by Gain Capital, whose shares are traded publicly on the NYSE (New York Stock Exchange). It has authorization from:

• CFTC and NFA (the USA) 
• FCA (the UK)
• ASIC (Australia) 
• CySEC (Cyprus) 

Beginners can get started with a relatively modest deposit of $100. The platform is packed with educational resources, including comprehensive courses for three levels from zero to advanced. It offers 80+ currency pairs with competitive spreads (EUR/USD as low as 0.8).

In terms of software, Forex.com has a mix of generic and proprietary solutions — its Advanced Trading platform works on desktop and mobile devices, including browsers. Broker is also the largest MetaTrader 5 provider. Loyal clients get monthly cash rebates of up to $10 per million dollars traded.

• Minimum deposit: $100
• Demo account: 30 days
• Instruments: 80+ pairs
• Leverage: varies geographically
• Payment methods: credit/debit cards, virtual wallets (Skrill and Neteller), and wire transfer
• Software: MT5, proprietary

As you can see, this broker has a very limited number of financial instruments. If you trade CFDs on shares, you will also find the fees to be quite pricey. Finally, the proprietary platform is not particularly user-friendly.

 9. eToro

eToro is one of the most famous social trading brokers. The company was established in 2007 in Tel Aviv. As of now, it is regulated by four entities: 

• ASIC (Australia)
• CySEC (Cyprus)
• FCA (the UK)
• MiFID (the EU)

The minimum deposit amount varies geographically. Traders from the US and the UK can start with $10, their peers from a few dozen European and Asian countries need to deposit $50. Everyone else needs at least $200, which is relatively high compared to other companies on our list. 

However, eToro has many strengths. The company provides access to fiat and cryptocurrencies, stocks, commodities, indices, and ETFs. There are over 3,000 instruments in total. 

Clients can use in-depth educational resources, including the eToro Online Trading Academy. Another big advantage is the opportunity to invest in stocks with zero commission.

eToro does not offer any platforms except for its own terminal. Its interface is similar to Facebook, with news feeds, profiles, and the opportunity to follow any trader. 

• eToro Minimum deposit: $200
• Demo account: unlimited
• Instruments: 3,000+
• Leverage: 1:30
• Spread EUR/USD: 1
• Payment methods: credit/debit cards, virtual wallets (Skrill, Neteller, PayPal, Rapid Transfer), iDEAL, Klarna, and wire transfer
• Software: proprietary

The biggest disadvantage of eToro is the high fees for inactivity, but that’s not all. You can open an account in one base currency. Moreover, support is not always available. You cannot call the team, as it only replies through live chat and email. 

Can I Start Forex with $1? 

Although such offers are now rare, some decent brokers let their clients test the waters at almost no cost. Be wary of such offers, though. Sometimes, they are used by scammy companies that just want to lure new victims. Trusted offers in 2022 include:

• FBS
• OANDA
• Admiral Markets
• InstaForex
• JustForex
• CMC Markets
• Trade Nation

Can I Open a Forex Account with $5?

Yes, you can start trading with $5. Take the precautions described above — check the background of your provider before transferring any money. We have found the offers from these brokers credible: 

• XM
• FBS
• Octa FX
• OANDA
• Admiral Markets
• InstaForex
• JustForex
• CMC Markets

Which Broker Will Let Me Deposit $10?

$10 is still a relatively low entry threshold. This category includes more Forex brokers with low minimum deposits. Six of nine brokers on our list accept beginners with this amount. 

• XM
• FXTM
• FBS
• eToro (US, UK)
• Roboforex
• Instaforex
• OANDA
• Excess
• BDSwiss
• Pepperstone

Final Word

Novices hunting for small deposits often neglect other aspects — regulation, trading conditions, withdrawal fees, and others. All companies in our top nine are well-established regulated businesses with a long history of success and a loyal audience across continents. You can get started with $1, $5, $10, or any amount you like! 

Many years ago, Forex used to be prohibitively expensive. Today, you can top up your account with just a few dollars and unlock the full potential of state-of-the-art solutions for remote earning. 

Finally, there is one caveat. All low deposit brokers offer leverage, which lets you trade with borrowed funds. This instrument requires extreme caution. Negative balance protection will prevent you from ending up in the red, but you can still wipe out your balance with one wrong move. Avoid leverage until you gain sufficient experience and confidence.

This post is also available in: Indonesia Português العربية