Overview
When traders start learning about forex, one of the first terms they will come across relates to “Lots” and position sizes, there are several types of lot sizes but there are only a few forex brokers that offer all types.
Standard lots are the most popular and will be offered by all brokers. A standard lot is 1 lot, which is equal to 100,000 units of currency.
Next, a micro lot which is 1,000 units of currency and a Nano lot, which is a tent the size of a micro lot and one-hundredth of a mini lot, or 100 units of the base currency. Lower units of currency mean that there is less on the line for these traders as opposed to trading large positions with real money.
Nano lots are the smallest possible position size in the forex market and there are only a few brokers who offer either Nano accounts, micro accounts or Nano and micro-lot trading.
Nano trading accounts are ideal for beginner traders who want to start trading in a live trading environment without risking too much of their capital. It is also ideal for advanced traders who want to test their trading strategies in a low-risk trading environment.
Of the few brokers who still offer Nano lots or Nano accounts, these brokers are the best.
OANDA
Features
Based in the United States, OANDA was established in 1996 and it is a popular and large Market Maker broker that is known for its wide range of tradable financial markets, versatile proprietary trading platform, and tight spreads.
OANDA offers tailor-made trading solutions to beginner and professional traders in addition to ensuring that traders are given a safe, fair, and transparent trading environment. Traders can expect flexible trading conditions that allow them to customise their trading position sizes, leverage ratios, and more.
Pros and Cons
| PROS | CONS |
| A user-friendly trading platform is offered | No fixed spread accounts |
| Low minimum deposit required | Social trading is not supported |
| Low trading fees guaranteed | Spreads are not the tightest in the industry |
| Member of FSCS and CIPF to ensure client asset protection | |
| Multi-regulated by reputable entities |
XM
Min Deposit
USD 5
Regulators
FSC, CySEC, ASIC,
Trading Platform
MT4, MT5
Features
XM has been in operation since 2009 and it is one of the most popular forex and CFD brokers in the industry. XM is known for its flexible retail trading account types, tight variable spreads, fast and reliable trade execution speeds, and negative balance protection applied to all retail accounts.
XM also offers beginner traders the option of starting with an entry-level account where they are exposed to real market conditions but fewer risks, allowing them access to smaller position sizes that help them adapt in a competitive market.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions offered | Fixed spreads are not offered |
| Negative balance protection offered | US Clients are not allowed |
| Well-regulated by several market regulators | |
| Traders are given personal customer service | |
| Customer support is given in over 30 languages | |
| Secure funding options are provided |
FXOpen
Min Deposit
USD 1
Regulators
ASIC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
FXOpen was founded in 2005 and it is an ENC and STP broker regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA). FXOpen was one of the original online brokers making it one of the most well-established financial trading providers.
FXOpen provides traders with some of the best possible trading conditions that consist of the lowest spreads, reliable trade execution, and low commission charges.
Traders are given access to powerful trading platforms that can be used across web browsers, desktop platforms, and mobile trading apps. Traders can choose from a wide range of financial instruments to trade including forex major currencies, major currency pairs, exotics, indices, shares, and several others.
Pros and Cons
| PROS | CONS |
| Strict regulation | No US Clients |
| Various tools and technologies offered | Limited educational materials |
| Tightest spreads and lowest commissions | |
| Free VPS access provided | |
| Low minimum deposit requirement | |
| ECN broker with proprietary price aggregating technology |
InstaForex
Min Deposit
USD 1
Regulators
CySEC, FSC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
107+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
InstaForex is a forex and CFD broker that has won several industry awards since its inception in 2007 as a reputable and well-established broker. InstaForex offers a massive range of more than 300 financial instruments across several financial markets.
Traders have a wide range of retail investor accounts from which they can choose, with each account featuring tailor-made trading conditions that suit different traders from beginner to seasoned traders.
Traders are also given access to several copy trading solutions, flexible funding options, advanced trading tools, and educational materials. In addition to this, InstaForex offers traders different position sizes that they can use while they trade forex currency pairs, shares, and other instruments.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | EU-clients restricted on leverage |
| MetaTrader 4 and 5 offered | US clients not allowed |
| Variety of account types offered | |
| Variety of financial instruments offered | |
| Well-regulated by reputable entities | |
Alpari
Min Deposit
USD 5
Regulators
FSC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
Alpari was established in Russia in 1998 and since its inception, it has expanded to accommodate over 2 million traders from 150 countries worldwide, with offices that are based in Russia, Nigeria, and Saint Vincent and the Grenadines, with several other offices, run through partners in other countries around the world.
Alpari is known for offering forex and CFD financial instruments that can be traded through the popular MetaTrader trading platforms. Alpari offers fast execution speeds, competitive variable spreads, and some of the most innovative trading technology.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 offered | Fixed spread accounts not offered |
| PAMM Accounts offered | Limited financial instruments offered |
| Superior multilingual customer support is offered | Restriction on traders from some countries |
| Well-regulated by reputable entities | |
| News is streamed through FxWirePro |
JustForex
Min Deposit
USD 10
Regulators
FSA, CySEC, FSCA, FSC
Trading Platform
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
JustForex is a forex and CFD broker that is owned and operated by JF Global Limited, a company that is registered in Saint Vincent and the Grenadines. JustForex has been in operation since 2012 and offers retail traders and professional investors access to more than 170 financial instruments.
The liquidity that traders can expect with JustForex is sourced from 18 of the largest, most reputable banks in the world. The prices obtained are streamed directly to the trading platforms of traders and this means traders can expect zero pip spreads and fast trade execution speeds.
Pros and Cons
| PROS | CONS |
| Mam accounts offered | Offshore regulation |
| Social trading is supported | US Clients not allowed |
| Trading tools are offered | Withdrawal fees charged |
| MetaTrader 4 and 5 are offered | Commission charges are not the lowest |
| Adequate education provided | |
| Competitive trading conditions are offered |
IFC Markets
Min Deposit
USD 1
Regulators
CySEC, BVI FSC, LFSA
Trading Platform
MT4, MT5, NetTradeX
Crypto
Yes
Total Pairs
50
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
IFC Markets is a group that consists of several companies that offer different services in the financial industry including trading software and competitive trading conditions. IFC Markets provides more than 600 financial instruments that can be traded including major currencies, minor forex pairs, exotics, cryptocurrencies, synthetic instruments, metals, and more.
IFC Markets also offers the use of powerful trading platforms including MetaTrader and its proprietary trading platform, NetTradeX.
Pros and Cons
| PROS | CONS |
| Strict EU Regulation | US clients are not allowed |
| Advanced proprietary platform is offered | Social trading is not supported |
| Portfolio quoting methods offered | Spreads are not the tightest |
| Education centre provided | |
| Competitive trading conditions for all traders |
PaxForex
Features
PaxForex was established in 2011 and is a Saint Vincent and the Grenadines-based STP broker that provides tight variable spreads, commission-free trading, and powerful trading platform access across desktop platforms, web browsers, and mobile apps.
PaxForex offers beginner traders and advanced traders easy access to global financial markets in addition to providing educational materials, daily market analysis, technical indicators, technical analysis, fundamental analysis, and flexible funding options.
Pros and Cons
| PROS | CONS |
| Low minimum deposit requirements | Not regulated |
| Research offered | Limited trading instruments |
| Multiple account types to choose from | US and Japan Clients not allowed |
| Multilingual customer support | |
| Free VPS and training resources provided |
Axiory
Min Deposit
USD 0
Regulators
FSC, IFSC, MFSC
Trading Platform
MT4, MT5, cTrader
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
Axiory is a Belize-based ENC and STP broker that offers some of the most versatile trading solutions in the industry. Axiory offers traders forex and CFD trading through cTrader, MetaTrader and FIX API.
Axiory has been in operation since 2012 and it was established by a group of professionals who wanted to provide a more innovative approach towards conventional trading. Axiory has grown to become a globally-established broker.
Axiory uses Purple Technology which offers forex brokers from around the world innovative trading solutions spread across server management, optimisation, web application development, payment gateway solutions, and more.
Pros and Cons
| PROS | CONS |
| Financial Commission member | US Clients are not accepted |
| Regulated broker | Limited financial instruments offered |
| Segregated client funds ensured | Cryptocurrency trading is not offered |
| cTrader, MetaTrader 4 and FIX API is offered | Fixed spread accounts are not offered |
| Access to AutoChartist provided to traders | Additional commissions charged on the Islamic Account |
| Suited to novice traders and active traders |
RoboForex
Min Deposit
USD 10
Regulators
IFSC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
36
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
RoboForex is a multi-award-winning broker that provides novice and advanced traders access to more than 9,400 financial instruments that are spread across several asset classes. RoboForex offers traders a choice between different account types and supports the use of nano and micro-lots.
This ensures that traders have access to live trading conditions without significant risk. Another benefit is that traders are given negative balance protection and several other risk management tools to protect their investment.
Pros and Cons
| PROS | CONS |
| Strict regulation | No US Clients allowed |
| Negative balance protection provided | Fixed spread accounts are not offered |
| Flexible account types offered | |
| Multiple trading platforms supported | |
| Traders have access to the Analytics Centre, Verify My Trade, and several others | |
| Traders are provided access to a wide range of financial instruments |
FAQ
Is it worth it to trade forex with a low minimum deposit?
Yes, forex traders who have a low barrier of entry allow traders to open smaller position sizes.
Which brokers offer Nano and Micro-lot trading?
The brokers that are featured on this list are some of the best forex brokers that offer nano and micro-lot trading.
What is a Nano lot in forex?
A nano lot in forex trading represents 100 base currency units.
Who should use Nano and Micro Trading Accounts?
These accounts can be used by novice traders who are just starting to trade in live market conditions. It can also be used by experienced traders who want to test their trading strategies.
How can I increase my trading volume?
Traders can either open larger position sizes with a larger minimum deposit or they can use the maximum leverage that the broker uses to open larger positions.
Top 4 Brokers
