Best Mini Account Forex Brokers

Mini accounts can be described as basic level or entry accounts. They are meant for new traders or those who are entering the world of online trading for the first time. The primary factors that distinguish mini accounts from the other account types are the following:

• Minimum deposit amounts
• Trade size
• Maximum size of investment
• Accessibility to certain features

The capital requirements for mini accounts are usually smaller than those for other account types. It is not unusual to see the minimum deposit amounts for mini accounts to be as low as £100 on some platforms, whereas VIP accounts on the same platform may require a minimum of £20,000. There is a reason for this. Entry-level traders are not very skilled at trading and using money management techniques. For their own protection and also to enable them to get acquainted with the market using smaller trade sizes, the brokers set a small entry bar for these traders.

Such low minimum deposit requirements also mean that the trade sizes which can be used for online trading are quite small. Mini accounts will usually allow micro-lot trading (i.e. 0.01 lots), with positions sizes not exceeding a few mini-lots. Mini account holders are usually not allowed to hold Standard lot positions and are also not allowed to execute full CFD (contracts for difference) contracts.

Mini account holders usually gain access to basic features, which can be increased as the trader steps up the account level.

What are the benefits of using a mini account?

• Low entry bar for new traders. These accounts do not need to be heavily capitalized.
• Accessible to a greater number of traders. Most people can find £100 to trade with, but not the VIP-level amounts.
• Suitable for a learning experience in the real money trading arena. Mini accounts provide a suitable transition from a demo account to real money trading.

The biggest issue with mini accounts is that these accounts are not suitable for traders with some level of experience. Once some experience has been acquired by the trader and the desire to start trading larger positions sets in, the mini account will no longer be suited for such purposes.

In addition, mini accounts lack some of the essential features that may enhance trading outcomes, which are available to other traders. It is not unusual to see a Standard or VIP account holder being given access to daily market analyses and very regular updates, but mini account holders are lacking some of these facilities.

Example of the Different Types of Trading Account

The snapshot says it all. The Basic account here (which is the mini account) does not offer technical analysis, does not allow scalping and commissions on CFD trades are higher than the Standard and VIP accounts (Premium and Advanced accounts shown here).

Traders such as XTB offer a mini account, which they refer to as a Basic Account. Their Basic Account offers fixed spreads, with a minimum spread of 2.0. For their Standard and Pro Accounts, they offer clients floating and market spreads, respectively, with much lower minimum spread values. Guaranteed stop loss is also a feature of the XTB Basic account.

In conclusion, a mini account as an online trading setup is the most appropriate account for those who want to make the transition from demo trading to live account trading, however, once a trader becomes more advanced, they will most likely require a Standard Account to meet their needs.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company	Overall Rating	Minimum Initial Deposit	Average Spread EUR/USD - Standard	Trust Score	Tradeable Symbols (Total)	Read Review	Visit Site
IG	9.9	£250.00	0.86 (September 2022)	99	19537	IG Review	Visit Site
Saxo Bank	9.7	€2,000	0.9 (September 2022)	99	60000	Saxo Bank Review
Interactive Brokers	9.7	$0	0.6 (Aug 2022)	99	8500	Interactive Brokers Review
CMC Markets	9.6	$0	0.51 (August 2022)	99	12377	CMC Markets Review
TD Ameritrade	9.5	$0	1.25 pips (September 2022)	99	0	TD Ameritrade Review
FOREX.com	9.3	$100	1.0 (July 2022)	99	5500	FOREX.com Review	Visit Site
City Index	9.2	£100.00	1.0 (July 2022)	99	13500	City Index Review
XTB	9	$0	1.07 (Q3 2022)	95	12000	XTB Group Review
eToro	8.8	$10-$10,000	1 (August 2021)	93	3458	eToro Review
Swissquote	8.7	$1000	N/A	99	466	Swissquote Review
AvaTrade	8.6	$100	0.91 (Aug 2020)	93	1260	AvaTrade Review
FXCM	8.5	Starts from $50	1.38 (Q2 2022)	96	441	FXCM Review
Plus500	8.5	€100	0.6 (as of Aug 2018)	98	2800	Plus500 Review
Capital.com	8.4	$20	0.6 (July 2021)	77	6000	Capital.com Review
XM Group	8.4	$5	1.6 (Aug 2020)	90	1372	XM Group Review
Pepperstone	8.4	$200	0.77 (September 2022)	93	1200	Pepperstone Review
OANDA	8.4	$0	1.26 (5/22-5/27/22)	92	124	OANDA Review
Admiral Markets	8.3	$100	0.8 (July 2021)	87	8425	Admiral Markets Review
FP Markets	8.3	$100 AUD	1.2 (August 2022)	86	10000	FP Markets Review
IC Markets	8.2	$200	0.62 (August 2022)	86	3583	IC Markets Review
Markets.com	8.2	$100	1.9 (as of Oct 2019)	98	2179	Markets.com Review
FxPro	8.1	$100	1.51 (August 2020)	90	2249	FxPro Review
Fineco Bank	7.9	$0	N/A	92	126	Fineco Bank Review
Tickmill	7.9	$100	0.51 (August 2022)	82	295	Tickmill Review
BlackBull Markets	7.9	$0	0.827 (August 2022)	74	26000	BlackBull Markets Review
DooPrime	7.8	$100	-1	84	10000	DooPrime Review
BDSwiss	7.8	$100-$5000 (depending on account type)	1.6 (08/10/22)	83	1081	BDSwiss Review
TMGM	7.8	$100	0.96 (July 2021)	79	12000	TMGM Review
HFM	7.7	$5	1.2 (August 2021)	85	3500	HFM Review
FlowBank	7.7	$0.00	N/A	77	408600	FlowBank Review
HYCM (Henyep)	7.7	$100	0.6 (Sept 2021)	86	245	HYCM Review
Vantage	7.7	$50	1.22 (August 2021)	83	1000	Vantage Review
Trading 212	7.6	EUR 10	N/A	77	1785	Trading 212 Review
Eightcap	7.6	$100	1.0 (Aug 2022)	87	326	Eightcap Review
Trade Nation	7.5	$0	0.6	83	601	Trade Nation Review
Moneta Markets	7.5	$50	1.27 (September 2022)	71	965	Moneta Markets Review
ThinkMarkets	7.4	$250.00	N/A	86	1674	ThinkMarkets Review
VT Markets	7.4	$200	1.2 (September 2021)	71	168	VT Markets Review
ACY Securities	7.4	$50	1.2 (Sept 2021)	75	1600	ACY Securities Review
easyMarkets	7.3	$100	0.9 (as of Mar 2020)	84	199	a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets)	7.3	$100	1.4 (Jan 2022)	69	12000	Roboforex (RoboMarkets) Review
IronFX	7.2	$50	1.2	84	340	IronFX Review
Exness	7.2	$1	0.9 (as of May 19)	74	112	Exness Review
Spreadex	7.2	$0	-1	70	2000	Spreadex Review
Trade360	7.1	$250	N/A	75	1062	Trade360 Review
AxiTrader	7.1	0	N/A	83	175	Axitrader Review	Visit Site
GKFX	7.1	$0	N/A	66	354	GKFX Review
Vestle	7.1	-1	-1	79	750	Vestle Review
OctaFX	7	$25	0.6 (August 2021)	67	80	OctaFX Review
FXOpen	7	$100	N/A	80	87	FXOpen Review
TeleTrade	7	$100	-1	67	500	Teletrade Review
FXPrimus	6.9	$100	N/A	69	140	FXPrimus Review	Visit Site
Forex4you	6.9	$0	-1	62	150	Forex4you Review
LegacyFX	6.9	$500	0	75	425	LegacyFX Review
GBE brokers	6.8	$500	-1	69	500	GBE Brokers Review
Alpari	6.8	$20	N/A	67	105	Alpari Review
TopFX	6.7	Depends on payment method	N/A	67	655	TopFX Review
Libertex (Forex Club)	6.7	$10	-1	72	300	Libertex Review
ATFX	6.6	$500	-1	70	150	ATFX Review
UFX	6.6	$100	3 (Jan 2021)	62	619	UFX Review
Xtrade	6.5	$250	-1	80	142	Xtrade Review
Tradeo	6.4	$200	-1	67	256	Tradeo Review

View More

More Forex Guides

• Best Forex Brokers
• Best CFD Brokers
• Best Zero Spread Brokers
• Best MetaTrader Brokers
• Best Brokers for Mac
• Compare Forex Brokers

Popular Forex Reviews

• IG Review
• Interactive Brokers Review
• FOREX.com Review
• IG Review
• IC Markets Review
• OctaFX Review
• All Broker Reviews

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

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.