A micro account is an account used by investors/traders (primarily retail traders) to gain access to the forex market and learn to trade Forex in a shorter period.
Mini and Standard accounts are the other two types. Micro lots allow investors to trade for a small portion of a standard lot, typically, a micro lot equaling 0.01 of a standard lot size.
With this in mind, it would cost $100,000 to trade a standard lot on any forex currency pairs with 1:1 leverage, whereas a micro lot would cost $1,000.
Therefore, it would be wise for you to explore the possibility of micro accounts before deciding to plunge into big money trading.
It is where we provide you with the Best Micro Account Forex Brokers in Australia. All the forex brokers you will find on this list are set up to allow you to trade in micro-lots, which are 0.01 of a standard lot.
List of the 10 Best Micro Account Forex Brokers in Australia
Here is the list of the 10 best micro account forex brokers in Australia:
#1. AvaTrade
This brokerage was established in 2006. This platform is a beginner-friendly CFD broker offering to trade on FX, stocks, bonds, vanilla options, cryptos, commodities, indices, and ETFs.
The platform spreads are some of the tightest for a commission-free account, with a minimum deposit of 100USD – as low as 0.9 pips on the USD/EUR.
Features
- AvaTrade maximum leverage of 400:1
- Meta Trader4 and Meta Trader 5 trading platforms are available
- Integrated Trading Central dashboard
- AvaProtect tool allows users to purchase temporary loss protection. Profits are the traders to keep, but losses are refunded.
Pros
- AvaTrade is good for beginners
- It is well regulated
- The minimum deposit is low
Cons
- Dealing desk
- Market analysis is limited
#2. XM
The brokerage was established in 2009. It is one of the most well-regulated forex trading platforms in the Forex industry and offers CFD trading on Forex, commodities, equities, precious metals, energies, stock CFDs, and shares.
The platform is well known for its wide account choice, low trading fees, execution speed, and a wide range of CFD assets available on the MT4 and MT5 platforms. Algorithmic trading, hedging, and scalping are all permitted.
Features
- MT4 and the MT5 trading platforms are supported on XM
- Spreads start at 0.6 pips with no commission and a minimum deposit of 50 USD.
- All accounts on this platform have a no-requotes execution policy, and 99.35% of the brokerage orders are executed in less than one second.
Pros
- XM is a well-regulated platform
- XM has an excellent education tools
- Free deposits/withdrawals
Cons
- Dealing desk
- Wide spreads on XM entry-level accounts
#3. Pepperstone
This brokerage is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone are executed in less than 30ms, which is ideal for users who run expert advisors and scalpers.
Pepperstone accounts offer market execution with the tightest spreads in the industry. Pepperstone supports all 3 major trading platforms – MT4, MT5, and cTrader.
Features
- Pepperstone’s 24-hour customer support provides the foundation for its excellent customer service.
- For beginners interested in ECN trading,
- This brokerage also has one of the better education sections offered by a market execution broker.
Pros
- Pepperstone is a well-regulated platform
- Tight spreads
- Good platform choice
- It offers a wide range of assets
Cons
- Its market analysis is limited
#4. Axi
This platform was established in Australia in 2007. It is an ECN broker offering trading on commodities, Forex, metals, cryptocurrencies, and indices with a good selection of 70+ Forex pairs.
This platform only provides support for the MT4 trading platform with the MT4 NexGen plugin, which will offer you the best ECN MT4 trading experience. The MT4 NexGen plugin includes:
- A correlation trader.
- An advanced sentiment indicator.
- A more intuitive terminal window.
- An automated trade journal.
Features
- Spreads starting at 0 pips and 7 USD per lot commission
- Axi Max Leverage of 1:500
- Axi trading tools include VPS hosting, Autochartist, and Pysquation (an AI trade diagnostic).
Pros
- Axi minimum deposit is low
- Tight spreads
- Axi offers innovative trading tools
Cons
- Only MT4 is available
- Assets are limited
#5. easyMarkets
This market is a well-regulated market maker offering to trade on cryptocurrencies, shares, metals, commodities, indices, and over 103 Forex pairs.
It was established in 2001 and was the first broker to introduce negative balance protection and guaranteed stop-loss.
It has also introduced other innovative risk management tools, including dealCancellation, which allows users to cancel a losing trade within a specific period,
EasyTrade allows users to set the maximum amount they are comfortable risking, and Freeze Rate is a unique tool that allows users to freeze the prices they see.
Features
- This market is well regulated
- It offers a wide range of assets to users
Pros
- easyMarket is a well-regulated brokerage
- It offers a wide range of assets
- Good trading tools
Cons
- Its platform choice is limited
- Its account options are limited
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#6. CM Trading
This platform was established in 2012 in Sandton, and now with over 1 million users worldwide, CM Trading offers trading on Forex, indices, cryptos, commodities, oil, and metals.
CM Trading accepts a minimum deposit of 100 USD, personalized customer service, negative balance protection, and fixed spreads on a range of assets with EUR/USD spreads from 1.70 pips.
Features
- Six account types on MT4 and Sirix Webtrader
- Copy-trading system
- Guardian Angel automated feedback tool to prevent errors and optimize strategy
Pros
- CM Trading is good for beginners
- It offers great customer support
- Copy-trading system
Cons
- Withdrawal fees are quite expensive
- Local regulation
#7. FXTM
This brokerage was established in 2011; it is regulated by the UK’s FCA and the FSC in Mauritius.
FXTM is an established CFD and Forex broker offering to trade on Forex, metals, stocks, commodities, and indices.
While this brokerage Advantage Account has a minimum deposit of 500 USD with spreads starting at 0.0 pips and a 4 USD commission, it also offers a Micro Account with a 10 USD minimum deposit but wider spreads that may be more appealing to beginners.
Features
- Users can copy the trades of Strategy Managers whose risk profile matches theirs.
- This brokerage has a large volume of training material, including webinars, videos, and a searchable glossary of new vocabulary to help new users get started.
- This platform offers advanced chart reading techniques for experienced users and videos covering analysis topics.
- This platform is among the few brokers with weekend support, allowing new users to get set up outside the working week.
Pros
- This platform is good for beginners
- Offers excellent education
- It is well regulated
- The minimum deposit is low
- Offers copy trading accounts
Cons
- Its withdrawals are expensive
#8. Eightcap
This broker allows users to trade on over 300+ financial CFD instruments covering Indices, Forex, Commodities, Shares, and Cryptos through the MetaTrader4 and MetaTrader 5 trading platforms for Web, PC, MAC, and Mobile.
Features
- It is regulated by the ASIC and VFSC
- It is considered a safe platform to trade
- Non-trading fees are low
Pros
- It offers low forex fees
- Seamless account opening
- Free deposit/withdrawal
Cons
- Product selection is slim
- Research/educational tools are limited
- No user protection
#9. TMGM
This brokerage is authorized and regulated in various jurisdictions, including the Vanuatu Financial Services Commission (VFSC) and the Australian Securities and Investments Commission (ASIC).
Its platform also holds an Australian Financial Services Licence and segregates user funds from its own, holding them with tier 1 Australian banks Westpac and National Australia Bank.
Users of this platform can trade on more than 15,000+ financial CFD instruments covering 7 asset classes, including Metals, Forex, Energies, Cryptocurrencies, Commodities, Indices, and Shares from Australia, the US, and Hong Kong.
Features
- Over 15,000 financial CFD instruments
- It is regulated by ASIC and VFSC
Pros
- Over 15,000+ financial instruments to trade on
- Commission-free trading platform
- Offers ECN trading accounts
- MetaTrader 4/MetaTrader 5 and IRESS trading platform
Cons
- Customer service is not 24/7
- Limited trader education and research resources.
#10. FP Markets
This brokerage is an online CFDs and Forex trading platform owned by First Prudential Markets Pty. This company is an Australian-based company established in 2005.
This platform is regulated by ASIC and holds an AFSL (Australian Financial Services) License number 286354.
This platform offers its users the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms and the Iress trader platform.
Features
- It is regulated by CySEC and ASIC
- It offers its users the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms
Pros
- Three types of trading platforms to select from
- FP Markets spreads are competitive
- Availability of ECN trading
- Different choices of trading accounts
Cons
- No proprietary platforms, only MetaTrader
- A limited list of assets
As an Australian investor, the best forex trading platform to trade within Australia are those brokers who have taken the initiative to be regulated by ASIC.
It proves that the broker is willing to invest effort and time to gain their clients’ trust and protect their users’ legal interests.
By trading with ASIC regulated forex trading platform/broker, you will have fewer difficulties in referring any complaints that you might have about your broker to ASIC.
Watch the video below to know the best micro account forex brokers in Australia:
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