What is a forex micro account?

A forex micro account allows beginners and retail traders to engage in foreign exchange trading using smaller trading sizes. A micro account's smallest contract, also called a micro lot, is a preset amount of 1,000 units of currency, or 1% the size of a standard lot.

What is a micro account?

A micro account is a common type of account that allows investors (mainly retail traders) to access the forex market. It is one of three types, the other two being mini and standard. This type of account is usually used by beginner traders, but can also be used by experienced traders to test out strategies in real market settings.

What are the benefits of micro trading?

Regardless of your trading experience, micro accounts can be a great approach to managing the high risk that comes with forex trading in the global markets. The key benefits to micro trading include: Compared to standard and mini accounts, a much smaller capital outlay is needed to start micro trading.

How much does it cost to open a micro account?

To open a Micro Account an initial deposit of $5 is needed, with the small capital outlay making it accessible to many new traders. While the broker’s other account types provide leverage up to 500:1, Micro Account holders can access a much higher maximum leverage of 1000:1.