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Best Mini Account Forex Brokers

Marcus Taylor

Written by Marcus Taylor

February 01, 2023

Pros, Cons, and Characteristics of Mini Accounts in Online Trading

A trading account is a basic but compulsory requirement for all online trading activities. The trading account is the depository for trading funds and holds information about a trader’s activity. All funds deposited, whether by wire transfer, credit/debit card, or by transfer from a trader’s eWallet, such as PayPal or Skrill, are sent to the trading account. Equally, any returns a trader has been able to accumulate from trading are deposited in the trading account, from where they can be withdrawn.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

Best Mini Account Forex Brokers

Here are the best mini account forex brokers.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • TD Ameritrade - 9.5/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall
Overall Rating
9.9 / 10
Minimum Initial Deposit
£250.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.86 (September 2022)
All-in Cost EUR/USD - Active0.5957 (September 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.7 / 10
Minimum Initial Deposit
€2,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.9 (September 2022)
All-in Cost EUR/USD - Active0.7 (September 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)60000
Forex Pairs (Total)190
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.7 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (Aug 2022)
All-in Cost EUR/USD - Active0.6 (Aug 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8500
Forex Pairs (Total)90
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)128
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.6 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.51 (August 2022)
All-in Cost EUR/USD - Active0.51 (August 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12377
Forex Pairs (Total)158
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)84
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.5 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.25 pips (September 2022)
All-in Cost EUR/USD - Active1.25 pips (September 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1955
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingYes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)0
Forex Pairs (Total)73
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)360
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.3 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.2 / 10
Minimum Initial Deposit
£100.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)13500
Forex Pairs (Total)84
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.07 (Q3 2022)
All-in Cost EUR/USD - Active1.04 (Q3 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12000
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.8 / 10
Minimum Initial Deposit
$10-$10,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes

All traders are not created equal and some brokers have used this knowledge to develop and implement a system of stratification. This means that different account types have been created, each with its own unique characteristics designed to suit the needs of a particular segment of the broker’s client base.

Brokers that offer various account types tend to offer three main types of online trading accounts. These are:

These accounts can have different labels, but the architecture of the accounts follows the classification stated above. Mini accounts are the focus of this article and will be discussed in more depth below.

Characteristics of Mini Accounts

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.

Mini Account Pros

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.

Mini Account Cons

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.

BN%20Mini%20Account%201.png

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).

Regulated Brokers that Offer a Mini Account

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 logoIG 9.9 £250.00 0.86 (September 2022) 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 (September 2022) 99 60000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 (Aug 2022) 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 (August 2022) 99 12377 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 pips (September 2022) 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.3 $100 1.0 (July 2022) 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.0 (July 2022) 99 13500 City Index Review
XTB logoXTB 9 $0 1.07 (Q3 2022) 95 12000 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 (August 2021) 93 3458 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 466 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.91 (Aug 2020) 93 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 (Q2 2022) 96 441 FXCM Review
Plus500 logoPlus500 8.5 €100 0.6 (as of Aug 2018) 98 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.6 (July 2021) 77 6000 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 (Aug 2020) 90 1372 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 (September 2022) 93 1200 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 (5/22-5/27/22) 92 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 (July 2021) 87 8425 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 (August 2022) 86 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 (August 2022) 86 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 (as of Oct 2019) 98 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 (August 2020) 90 2249 FxPro Review
Fineco Bank logoFineco Bank 7.9 $0 N/A 92 126 Fineco Bank Review
Tickmill logoTickmill 7.9 $100 0.51 (August 2022) 82 295 Tickmill Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 (August 2022) 74 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 -1 84 10000 DooPrime Review
BDSwiss logoBDSwiss 7.8 $100-$5000 (depending on account type) 1.6 (08/10/22) 83 1081 BDSwiss Review
TMGM logoTMGM 7.8 $100 0.96 (July 2021) 79 12000 TMGM Review
HFM logoHFM 7.7 $5 1.2 (August 2021) 85 3500 HFM Review
FlowBank logoFlowBank 7.7 $0.00 N/A 77 408600 FlowBank Review
HYCM (Henyep) logoHYCM (Henyep) 7.7 $100 0.6 (Sept 2021) 86 245 HYCM Review
Vantage logoVantage 7.7 $50 1.22 (August 2021) 83 1000 Vantage Review
Trading 212 logoTrading 212 7.6 EUR 10 N/A 77 1785 Trading 212 Review
Eightcap logoEightcap 7.6 $100 1.0 (Aug 2022) 87 326 Eightcap Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 (September 2022) 71 965 Moneta Markets Review
ThinkMarkets logoThinkMarkets 7.4 $250.00 N/A 86 1674 ThinkMarkets Review
VT Markets logoVT Markets 7.4 $200 1.2 (September 2021) 71 168 VT Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 (Sept 2021) 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $100 0.9 (as of Mar 2020) 84 199 a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 (Jan 2022) 69 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 (as of May 19) 74 112 Exness Review
Spreadex logoSpreadex 7.2 $0 -1 70 2000 Spreadex Review
Trade360 logoTrade360 7.1 $250 N/A 75 1062 Trade360 Review
AxiTrader logoAxiTrader 7.1 0 N/A 83 175 Axitrader Review Visit Site
GKFX logoGKFX 7.1 $0 N/A 66 354 GKFX Review
Vestle logoVestle 7.1 -1 -1 79 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.6 (August 2021) 67 80 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 -1 67 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 69 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 -1 62 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 0 75 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 -1 69 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 67 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 -1 72 300 Libertex Review
ATFX logoATFX 6.6 $500 -1 70 150 ATFX Review
UFX logoUFX 6.6 $100 3 (Jan 2021) 62 619 UFX Review
Xtrade logoXtrade 6.5 $250 -1 80 142 Xtrade Review
Tradeo logoTradeo 6.4 $200 -1 67 256 Tradeo Review
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About the Editorial Team

Marcus Taylor
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.


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