| Online Broker | Real Account Minimum Deposit | Trading Platforms |
|---|---|---|
| Oanda | None (for Standard account) Minimum Deposit | MT4, MT5 Trading Platforms |
| ThinkMarkets | None (for Standard account) Minimum Deposit | MT4, MT5, ThinkTrader Trading Platforms |
| Deriv | None (for MT5 and Deriv X accounts) Minimum Deposit | MT5, Deriv X Trading Platforms |
Forex Trading No Minimum Deposit - What Does This Mean For The Forex Trader
Brokers can have different minimum deposits, which tend to fall into ranges. At the lower end are brokers which have a low minimum deposit of $5-$10 dollars. However there are a few brokers which have no minimum deposit requirement.
Brokers treat a minimum deposit requirement in different ways. Some require it before the account can be opened and some let the broker open an account before the minimum deposit is made. However the latter account will be a demo account and to trade on a live account, a minimum deposit will be required.
The minimum deposit may be set by the broker, but it may also be dependant on the payment provider, in that there may be a minimum sum which can be sent from the payment provider. Then there is the minimum amount which may be required to trade. This depends on a number of factors, such as the minimum trade size and maximum leverage. That is, the minimum required to open a position and trade a market.
Some brokers may set a low minimum deposit but suggest a higher minimum to trade. Others may set a low minimum deposit by providing aaccounts with low minimum trade sizes or a low minimum oder size, letting the trader potentially trade from a low minimum deposit.
If the trader wants to test out a platform, they can open a Forex demo account, which allows the trader to trade, without making any deposit whatsoever. One difference between a broker with no minimum deposit and a minimum deposit, is that the trader can deposit what they want when trading. However there can be limitations on this, as the payment provider may have a minimum which can be sent.
So in effect a no minimum deposit broker, is one which lets the trader deposit what they want, within the parameters of the payment provider. But to actually open a position, the trader may have to deposit a sum such that it is possible to do so.
One effect of the ESMA changes in the EEA with respect to maximum Forex leverage is that it may no longer be possible to open a Forex position with a very small account size, even if the minimum Forex trade size is micro lots (0.01 lots). Traders who wish to trade with a small account size, may want to consider an MT4 or MT5 Forex cent account, which allows for smaller trade sizes (typically, but not always, cent accounts have a low minimum deposit requirement).
