Not many investors have large sums of money to invest in the forex market. Additionally, it would be challenging to test out new trading strategies with large sums of money. This is where brokers that require low minimum deposits come in. Brokers with a minimum deposit of $1 are best suited for these purposes. Even with the minimum deposit of a broker, there are still other things to look at. In this review, we look at some of the best forex brokers with a $1 minimum deposit. We will look at the trading conditions and regulatory status of the companies to see which ones stand out.
The Financial Conduct Authority has granted XTB Ltd authorization and oversight in the UK. Interestingly, there are no minimum deposit requirements for XTB’s two accounts. Therefore, clients with a mere $1 can start trading with this broker. XTB offers nearly 2000 CFDs on forex, cryptocurrencies, indices, commodities, shares, and ETFs. The trading platform available to clients on XTB is the xStation 5 built by XTB itself.
The spreads on XTB depend on the account you are using. For example, the spread on the standard account is floating, starting from 0.9 pips. On the Pro account, the spreads start from 0 pips and are variable depending on the market movement.
81% of retail investor accounts lose money when trading CFDs with this provider.
OANDA is a global forex and CFD broker with over 25 years in the market. The company has an outstanding reputation for innovation, excellent customer care, and transparent pricing. Additionally, the company has a great reputation regarding its regulatory status. It has regulations from the NFA and CFTC in the US, the FCA in the UK, the ASIC in Australia, and the IIROC in Canada. OANDA provides three trading platforms together with a broad selection of international CFD instruments, including indices, currency, cryptocurrencies, shares, commodities, and metals. The trading platforms available to clients include MetaTrader 4, MetaTrader 5, and the fxTrade app.
OANDA offers two main types of accounts, with a demo account available to clients who want to try out the company’s services. The Premium account is mainly for seasoned experts, while the Standard account suits all kinds of traders. The minimum deposit amount and the availability of extra services are the primary variations. The Standard Account has a $1 minimum deposit. The spread is always floating for currency pairs, with a minimal spread of 1.1 pips. This is not exorbitant and most traders can afford this. There are 3 ways to fund accounts and withdraw funds. These include bank transfers, credit and debit cards (Visa or MasterCard), and PayPal.
Remember that forex and CFDs available at OANDA are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
Global online broker Axi provides brokerage services for shares, forex, cryptocurrencies, gold, and commodities. Several international regulators have granted permission to the Axi Group of enterprises. These include the ASIC in Australia and the FCA in the UK. Axi has two main accounts to choose from. These include the Standard account, designed for general traders, and the Pro account, best suited for professional traders. With a $1 minimum deposit, traders of all experience levels can trade with this broker. There is no deposit fee charged on Axi.
You have a number of options when you want to deposit money into your Axi account. These options include credit/debit cards, bank transfers, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, and China Union Pay. The most widely used trading platform in the world, MT4, is available on all Axi accounts.
Pepperstone offers a variety of free deposit options with a minimum deposit of $0 USD for all of its accounts, with the exception of the spread betting account (available to residents of the UK only), where the minimum deposit is $200. It is authorized and governed by the Dubai Financial Services Authority (DFSA) in the United Arab Emirates, the Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority (FCA) in the UK.
Pepperstone provides traders with a number of platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Here clients can trend more than 800 CFD instruments, including forex, indices, stocks, energy, and commodities. There are a number of ways clients can fund their Pepperstone accounts including credit/debit cards, Union Pay, POLi, BPay, PayPal, Neteller, and Skrill.
There are three main trading accounts on Pepperstone. The major trading account offers clients spreads ranging from 0 to 1.59 pips for some major currency pairs. Pepperstone also offers two commission accounts depending on the trading platform the client prefers. For instance, clients on the MT4/MT5 Razor account pay a commission of $3.50 per side per lot. On the other hand, clients using the cTrader commission account pay a commission of $3 per side per lot.
FBS is a recognized broker regulated by the Cyprus Securities and Exchange Commission (CySEC). Depending on the trading account you select, the FBS minimum deposit varies. The minimum initial deposit for a cent account is $1, while the initial deposit for an ECN account is $1,000. Clients can fund their accounts through Visa and MasterCard, Skrill, Neteller, Wire Transfers, and Rapid Transfer.
FBS allows clients to invest in 28 different currency pairs, 4 metals, and CFDs on indices, commodities, stocks, and energies. The trading software available to clients using this account includes both MT4 and MT5. These are two of the most popular trading platforms on the planet. They are great for all kinds of traders as they come with charting tools and automated trading. Finally, FBS provides clients with three different spread structures. Depending on the account a client is on, the spread can be floating, starting from 0.2 pips, or it can be fixed starting from 3 pips. Further, clients can trade on the zero spread account with 0.0 pips and pay a commission.
IG Markets is one of the earliest international brokerages to receive regulation by the FCSA in South Africa and is governed by two of the most established international organizations. Since 2001, IG Markets has been subject to FCA, ASIC, and FSCA regulations. On IG, there is no minimum deposit for bank deposits. This means that even a $1 deposit is accepted on IG. However, if you are funding your account with a credit, debit, or PayPal, the minimum deposit is US$300. Bank Transfer deposits are free on IG, and the account balance is updated after three business days.
IG allows clients to trade over 18,000 market instruments across a variety of markets. This broker allows clients to trade CFDs on forex, indices, commodities, shares, cryptocurrencies, and more. This accommodates all clients, whether they want to invest in one market or several simultaneously. IG offers some of the best trading platforms, including the MetaTrader 4, ProRealTime, L2 Dealer, and the ProgressiveWebApp. Here, traders can pick and choose the platform that best suits their investment needs. Moreover, IG provides clients with a trading platform available on all types of devices. This makes sure they accommodate all kinds of traders. The spreads on IG are not exorbitant and most traders will afford to trade on this platform. The average spreads on IG can fall as low as 0.6 pips for some major currency pairs.
Final thoughts on Forex Brokers With $1 Minimum Deposit
Forex brokers that support small minimum deposits are necessary for the forex space. Not all traders have large sums of money to invest. Being able to top up an amount as tiny as $1 gives clients a low entry point. Additionally, it allows clients to test out new trading strategies without risking large investment amounts. Nonetheless, always make sure you invest with a broker that best suits your investment needs. Make sure the company is under strict regulation and offers the best trading conditions in the market. This is the best way to protect your investment.