CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What are micro accounts?
Micro accounts are forex trading accounts that allow users to trade with a contract size of just 1,000 units of currency.
In the last few decades, the global forex market has seen incredible growth – over $6.59 trillion is now traded on the global forex market every single day, according to the latest Triennial Central Bank survey from BIS.
As an influx of new traders enters the forex market each year, the demand for micro accounts has risen, and forex brokers have worked to meet that demand, turning micro accounts into a staple of the forex trading business – especially for beginners and traders on a tight budget.
Now that traders can trade on the forex market with a contract size of just 1,000 units of currency, the door has been opened for beginner traders to experience trading forex, and for seasoned traders to experiment with new strategies or try out different forex brokers – all without risking huge amounts of capital.
That said, micro accounts aren’t just for beginners who want to place small trades; these contracts can also allow for greater precision on larger positions.
Trade size precision: A trader wanting to place a trade for 263,000 units in a standard account could only choose 200,000 or 300,000, while a mini account would be constrained to 260,000 or 270,000, whereas the micro contract would be able to trade exactly 263,000.
Pros & cons of micro accounts
Pros:
- Learn the ropes, without breaking the bank. A demo account can’t always capture the “feel” of real trading. With a micro account, beginner traders can get the feel of real forex trading without risking huge amounts of investment capital.
- Precision matters. You don’t always want to add another 100,000 units to your position. Sometimes smaller denominations allow you to get to just the right amount, and micro accounts let you trade in increments of 1,000 units.
Cons:
- You won’t be raking it in. You’ll likely be trading with significantly smaller amounts of investment capital (unless you are building larger trades in increments – or, lots – of 1,000 units). With small trade sizes, less will be at risk, but you won’t be seeing any huge gains, either. Spreads also tend to be higher on micro accounts.
What is the difference between a micro account and a mini account?
The only difference between a micro account and a mini account is the contract size. While the contract size for a micro account is 1,000 units of currency, the contract size for a mini account is 10,000 units of currency. It’s worth noting that each account type comes with its own set of tradeoffs and unique trading conditions. For instance, you may get offered lower spreads and higher leverage with a larger account type.
Some account types will even let you choose from among all three contract sizes. When using a MetaTrader account, for example, traders can choose from 0.01 of a standard lot (which is the equivalent of a micro contract), 0.10 of a standard lot mini contract, and of course the full 1.00 standard lot size.
What is the difference between a micro account and a standard account?
Like with micro and mini accounts, the only difference between micro accounts and standard accounts is the contract size. With a micro account, the contract size is 1,000 units of currency, whereas the standard contract size jumps up to 100,000 units of currency. It’s worth noting that most micro accounts do not have a minimum deposit requirement, whereas standard accounts (usually) require a higher minimum deposit.
Who are micro accounts good for?
Micro accounts are good for beginner traders, as it lets them trade with a relatively small amount of investment capital, hence enabling them to better manage their risk and limit potential trading losses. In addition, some trading strategies may require more precise trade sizes where a micro contract can be more effective than other contract sizes.
What are the advantages of a micro account?
The key advantage of a micro account is the fact that it enables beginner traders to establish smaller trade sizes in order to limit their potential trading losses, while still gaining exposure to the market and to real-life trading experiences. Micro accounts provide an ideal way for a new trader to practice trading in the markets, without risking large amounts of capital.
What are the disadvantages of a micro account?
The main disadvantage of a micro account is the fact it limits your profit potential, as you will be trading with a relatively small amount of investment capital. It’s also worth noting that spreads on a micro account are typically higher than what you’d find with a standard account.
Micro account vs. demo account for testing?
Demo accounts allow traders to place trades using virtual (fake) money. This allows traders to gain experience without risking any real money. However, because demo account users are trading with virtual money, they won’t experience the emotional highs and lows that come along with profiting from a trade – or losing money. With a micro account, a beginner trader can feel how it is to trade in real life, with real money, and real risks – without putting significant capital in danger.
Is a micro account right for you?
The suitability of a micro account will depend on your personal trading objectives. If you are aiming to gain more trading experience while risking minimal investment capital, then the micro account might be a good fit for you. However, if you are seeking lower trading costs and greater potential for large profits, then a micro account probably isn’t your best option.
How much does a micro lot cost in forex?
A micro lot is 1,000 units of currency, and the actual cost for a micro-lot trade will depend on the currency pair you are trading, as well on the spread and any per-trade commissions you’ll be paying when opening the trade.
Let’s look at an example of how this works. A micro lot for the EUR/USD pair would be 1,000 units of euros. A one-pip move on the price of the EUR/USD would come to roughly 10 cents. You’d then need to factor in any per-trade commissions charged by your broker.
What is a micro MT4 account?
A micro account offers you the ability to trade 1,000 units at a time, also known as a micro lot. The MetaTrader 4 (MT4) platform allows for a wide range of flexibility with account and lot size. MetaTrader enables traders to go as big as one full standard lot (100,000 units) or as small as 0.01 standard lot (one micro lot).
Which forex broker offers the NAS100 Micro?
Nearly every forex broker offers CFD trading, with the ability to trade CFDs that track major indices like the NASDAQ 100 (though CFDs are not available to residents of the U.S.).
The NASDAQ 100 futures index is also referred to as the NAS100 or USTech 100, though the naming conventions may vary across brokers.
A micro lot will be 1,000 units of the index, which is priced in dollars (index price x contract size x leverage multiplier = trade value).
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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Managing Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
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