| Online Broker | Minimum Deposit | Trading Platforms | Retail Trading Accounts |
|---|---|---|---|
| FOREX.com | $50 | MT4, Advanced Platform, Web Trader | Standard |
| Pepperstone | $200 | MT4, MT5, cTrader | Standard, Razor, Active Traders |
| RoboMarkets | $100 | MT4, MT5, R Trader | Fix-Cent, Fix-Standard, Pro-Cent, Pro-Standard, Pro-ECN, ECN-Fixed Spread, ECN-Pro NDD, R Trader, MT4 Prime |
| Titan FX | $200 | MT4 | Standard, Blade ECN, Active Traders |
| FXTM | $10 | MT4, MT5 | Cent, Standard, Shares, ECN, ECN Zero, FXTM Pro |
Top 5 Forex Brokers - Forex Trading Account
A trader may choose a Forex broker for a number of reasons. This can include the trading platforms offered, but it may be a choice involving account factors such as minimum deposit and other Forex trading account features.
To trade on an online trading platform, the trader first needs to open a trading account. Brokers may or may not have different minimum deposits for different kinds of accounts.
If a broker has a very low minimum deposit requirement, this may be for an account which allows very small trade sizes for Forex, for example a cent account, which is denominated in cents and has minimum trade sizes where each pip can be worth 1 cent or less (versus 10 cents in a micro lot trading account).
The cent account allows live trading positions to be opened with a low deposit. Cent accounts can be a way to practice trading in a live account (versus a demo account) with small sums, but it needs to be borne in mind that the trader can still make cumulative losses as they are trading with real money.
These brokers may have accounts which require a larger minimum deposit as well to use. These can include Standard accounts and accounts with a significantly higher minimum deposit, with extra features for traders who trade high volumes.
Some brokers offer ECN trading, and this may be apparent in the name given to their ECN account. ECN accounts at an ECN broker may have similarities with their Standard account, but the more obvious difference can be that the ECN account charges a commission in addition to the spread, which means that the ECN account can offer lower Forex spreads, as the Standard account includes such a charge in the spread. Some brokers may have separate accounts for their trading platforms others may structure their accounts around types of trading, i.e. cent or ECN or in some cases markets offered or types of spread available.
