Best Forex Brokers with a Low Minimum Deposit

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Contributor, Benzinga
November 10, 2022

The forex exchange is the largest financial market in the world, so it draws the attention of millions of traders each day. You can gain many benefits, like round-the-clock trading and high liquidity, in forex trading, but it is also risky. Currencies are volatile, and if you don’t know what you’re doing, you could lose a lot of money. 

Before you start trading, you need to find a secure broker, trading off a user-friendly platform that supports training and education. Look for forex brokers’ minimum deposit requirements and the spread or commission charges. Below we’ll review the best forex brokers with a low minimum deposit. 

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Quicklook: Best Forex Brokers with Low Minimum Deposit

  • Best for Copy Traders: Pepperstone
  • Best for U.S. Day Traders: TD Ameritrade
  • Best for New Forex Traders: OANDA
  • Best for Islamic Traders: Admiral Markets
  • Best for Educational and Research Resources: XTB
  • Best for ECN Access: FXTM

7 Best Forex Brokers with Low Minimum Deposits

If you’re keen to start trading and prefer not to pay a large deposit, you have plenty of choices. Many tried and trusted online brokers allow you to open a trading account with a forex minimum deposit. Here is a list.

1. Pepperstone

Founded in 2010, Pepperstone specializes in forex and contract for difference (CFD) trading. Pepperstone is regulated in two tier-1 jurisdictions, so you know your money is secure when you trade with them. The Pepperstone platform runs on MT4 or MT5, supported by its proprietary cTrader platform. The platform allows for algorithmic trading and integrates with copy trading platforms. There is plenty of educational support, but the lack of interactive courses is disappointing. 

Best for: Copy traders

Forex Minimum Deposit: Pepperstone requires no minimum deposit except in the U.K. where the minimum is $200

Special Features

  • Supports algorithmic and copy trading platforms
  • MT4, MT5 and cTrader trading platforms
  • 62 currency pairs

Pros: 

  • Volume rebates for traders
  • 24/7 customer service 
  • Great educational platform
  • Copy trading support

Cons: 

  •  No interactive courses
  •  Not the largest collection of currency pairs

Read Benzinga's Full Pepperstone Review

  • Pepperstone FX
    Best For:
    Trading Experience
    securely through Pepperstone FX's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

2. TD Ameritrade

TD Ameritrade is a publicly traded company regulated by four tier-1 jurisdictions. The company has been around for decades. Its award-winning platform, thinkorswim, is a standout feature. TD Ameritrade also offers a standard platform for beginners who may find it difficult to navigate the advanced platform. TD Ameritrade is a bank, so traders have access to a debit card for easy withdrawals.  

Best for:  U.S. day traders

Forex Minimum Deposit: No minimum deposit to open an account. A $50 balance secures electronic funding

Special Features

  • 75 currency pairs
  • No commission
  • Thinkorswim platform has all the advanced tools that traders would appreciate
  • Pre-market trading hours

Pros: 

  • Extensive learning center
  • 24/7 customer support
  • Two platforms cater to beginners and advanced traders
  • Debit card-enabled withdrawals 

Cons: 

  • Only available in the U.S.
  • TD Ameritrade is pricier than some other traders

Read Benzinga's Full TD Ameritrade Review

3. OANDA

OANDA was founded in 1996. It is regulated in six tier-1 jurisdictions and trades exclusively in forex. Its easy-to-use platform supports native trading so you can trade forex on the same screen as the charts and analysis. Screen views are easily customized, allowing users to personalize their views. OANDA supports social and algorithm trading. 

Best for: New forex traders

Forex Minimum Deposit: $0

Special Features

  • Social copy trading is available through ZuluTrade but requires a $500 deposit
  • MT4 with free VPS support and proprietary FxTrade app
  • Supports algorithmic trading
  • Proprietary Trading View software
  • 71 currency pairs

Pros: 

  • Proprietary trading view software offers excellent charting abilities and supports social trading
  • Multilingual educational materials
  • An excellent platform 
  • Extensive educational resources

Cons:

  • Video content needs improvement
  • Trading fees are higher than average
  • Inactivity charge after 12 months of no action

Read Benzinga's Full OANDA Review

4. Admiral Markets

Founded in 2001, Admiral Markets is regulated in two tier-1 jurisdictions. Its parent company is stock-exchange listed. Admiral Markets operates using the MT4 and MT5 platforms. It has recently launched a copy trading feature and features some of the best educational content you will find on any forex platform. You can also use a debit or credit card to make deposits and withdrawals.

Best for: Islamic traders

Forex Minimum Deposit: $25

Special Features:

  •  MT4 and MT5 trading platforms
  •  Islamic account available
  •  Copy trading facility

Pros:

  •  Some of the best educational content in the industry
  •  Credit and debit cards accepted to facilitate withdrawals 
  •  Copy trading and free demo trading
  •  One free withdrawal per month

Cons: 

  •  Social trading still in its infancy
  •  Subject to inactivity fees after a year of no action 
  •  No 24/7 customer service

5. XTB 

Founded in Poland in 2002, XTB is a publicly listed company regulated by the Financial Conduct Authority in the U.K. XTB’s proprietary trading platform xStation 5 is its standout feature. The app has everything a trader needs, and it is easy to navigate. Educational and research content is well above the industry average with loads of charts and analysis tools. 

Best for: Traders looking for best-in-class research and educational content

Forex Minimum Deposit: $0

Special Features

  •  3,000+ trading instruments, including 48 currency pairs
  •  Proprietary xStation 5 platform
  •  Multilingual support and educational content

Pros: 

  • Two trading platforms MT4 and xStation 5
  • Extensive educational offering
  • All the features you need with xStation 5 

Cons: 

  •  No 24/7 customer support
  •  Fewer currency pairs to choose from

Read Benzinga's Full XTB Review

6. FXTM

Headquartered in Cyprus, FXTM has been trading since 2011. The company serves over four million clients across 150 countries. FXTM gives you access to its electronics communications network (ECN), giving you direct contact with market players. The extensive educational library and demo account ensure that even beginners can learn to trade. The platform has an advanced copy-trading feature and offers multilingual support. 

Best for: Traders who enjoy the easy access that an ECN offers

Minimum Forex Deposit: $50

Special Features

  •  1:30 leverage
  •  More than 60 currency pairs
  •  MT4 and MT5 trading platforms and proprietary mobile app
  •  Proprietary copy trading – FXTM Invest
  • Access to an Islamic account

Pros: 

  •  Commission-free trader’s account
  •  MT4 and MT5 support
  •  Multilingual customer support
  •  Excellent educational content

Cons: 

  • Open five days a week
  • Withdrawal fees and inactivity fees
  • Not available in North America and certain Asian and South American countries

Read Benzinga's Full FXTM Review

What is a Forex Broker’s Minimum Deposit?

A forex broker’s minimum deposit is the lowest amount you must deposit to open a forex trading account. 

A Forex Brokers Minimum Deposit Shouldn’t Stop You from Trading

Don’t let large deposit requirements prevent you from trading. Some secure and reputable forex broker minimum deposit requirements are designed to encourage trading. Find a forex broker that meets your needs to start trading today. 

Frequently Asked Questions 

Q

Why do forex brokers require a minimum deposit?

A

Forex brokers require a minimum deposit to cover the costs of opening the account and ensure you have enough money to start trading.

Q

Can I trade with $1?

A

Some brokers will allow you to trade with $1, but the instruments you can trade will be limited.

Q

Can I start forex with $5?

A

Many brokers require no minimum deposit, so it is possible to start your forex trading with $5.

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