Opening a forex account has never been easier. Thanks to the advent of online trading, the only resources needed to open a trading account is a small amount of money and an internet connection. Nevertheless, besides a large number of online brokers to choose from, different types of forex accounts offer a wide variety of features and options. These options include demo accounts, mini accounts, micro accounts, standard accounts and premium accounts.

See all our reviews of FX brokers here

Broker Bonus Regulator Platforms Next Step
Number One Broker ForexTime Logo Founded: 2011

Switch to FXTM
get $4 back for every lot you trade
T&C Apply

CySEC, IFSC MT4 & MT5 for PC, Mac, iPhone/ iPad, Android. FXTM WebTrader (MT4)
AvaTrade Logo Founded: 2006

Exclusive 40% Bonus
for ForexTraders Visitors
Limited Time Offer

ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
FxPro Logo Founded: 2006
CySEC, FCA, FSB MetaTrader4, MetaTrader5, cTrader, FxPro SuperTrader
eToro Logo Founded: 2007

FTD Bonus up to 40%
eToro Credits

CySEC, FCA eToro OpenBook, eToro WebTrader, eToro Mobile Trader
esayMarkets logo Founded: 2001

50% deposit bonus up to $2,000*

*(excluding EU Countries)
ASIC, CySEC MT4, Web platform & Easy-forex on mobile
24option logo Founded: 2010
CySEC, MiFID MT4
FXPrimus Logo Founded: 1999
CySEC, FCA MT4
FxGiants Logo Founded: 2015
ASIC, CySEC, FCA MetaTrader
Plus500 Logo Founded: 2008

Exclusive offer: €60
€60 bonus when depositing €200
Use bonus code: ForexTraders200
T&C Apply

ASIC, FCA Plus500
CM Trading Logo Founded: 2011
FSB MT4 & Sirix
XM Logo Founded: 2010

$30 Free
+ Deposit Bonus up to $5,000

CySEC, FCA MT4 Terminal, MT4 for Mac, Web Trader, iPhone/iPad Trader, Droid Trader, Mobile Trader
Founded: 2011

FTD 50% Bonus

FCA MT4 and cTrader
IronFX Logo Founded: 2010
ASIC, CySEC, FCA, FSP MetaTrader
Markets.com logo Founded: 2006

$25 no deposit bonus
T&C apply

CySEC Markets.com Platform
Oanda Logo Founded: 1996
ASIC, CFTC, FCA, FFAJ, FSA, IIROC, KLFB, MAS, NFA fxTrade, MT4
HotForex Logo Founded: 2008

100% FTD Bonus

CySEC, FSA MT4
LCG Logo Founded: 1996
FCA LCG Trader, MT4
BDSwiss Logo Founded: 2013
CySEC MT4 & SpotOption
IG Group Logo Founded: 1974
FCA L2 Dealer, ProRealTime and MT4
Trade.com Logo Founded: 2009

Various FTD Bonuses

CySEC Metattrader4, Webtrader, and mobile support platforms supported
FXGlobe Logo Founded: 2013
CySEC, MiFID MT4, FXGlobe Web Trader
Alvexo Logo Founded: 2014

FREE Traders Playbook

CySEC MetaTrader4, MT4 Mobile Web, iPhone/iPad, Social
Formax Logo Founded: 2014
FCA MT4, CopyMaster
HYCM Logo Founded: 2011

Up to $5,000 Welcome Bonus
T&C Apply

FCA, MiFID MetaTrader4
iTrader Logo Founded: 2012
CySEC MT4, WebTrader, Mobile
ThinkMarkets Logo Founded: 2010
ASIC, FCA MT4, Mobile
TrioMarkets Logo Founded: 2014
ASIC, FCA MT4 & Sirix
USGFX Logo Founded: 2005
ASIC MT4
XTB Logo Founded: 2002

Cash back loyalty bonus.
Earn up to £1.80 cash back per lot.

BaFin, CMB, FCA, KNF xStation, MT4, Mobile

    Forex Trading Accounts

    Demo Accounts

    In order to attract more customers and to give small traders a chance to test their skills at trading the forex market, a large number of online brokerage firms offer demo or practice accounts. Offered free of charge in most cases, demo accounts can usually be opened with minimal effort and offer many of the online features of a live forex account, except trading with real money.

    Trading in a demo account can offer a novice trader ample opportunity to test their skills in reading the market, and they provide invaluable experience without the need to commit real funds to a trading account. A demo account can also have technical analysis and other market diagnostic features that offer a new trader excellent educational material. Make sure that the broker you open a demo with is regulated in your jurisdiction, e.g. the NFA for U.S. traders, in case you wish to deposit funds in the account at a future date.

    Mini Accounts and Micro Accounts

    Forex accounts for those traders who want to start small, and yet do not want to trade just with virtual money, can offer a great opportunity to gain experience with relatively little money placed at risk. These accounts are commonly known as Mini accounts and Micro accounts.

    • Mini Accounts – can usually be opened with a $1,000 minimum deposit and have a size of 10,000 units of the base currency, typically making the minimum fluctuation of one pip equivalent to $1 for EUR/USD.
    • Micro Accounts – this type of forex account can be opened with as little as $1 and they tend to have a micro-lot size of 1,000 units of base currency. This makes the minimum fluctuation of one pip equivalent to $0.10.

    By trading with mini and micro accounts, traders can evaluate not only their own performance, but the performance of the forex broker and the efficiency of their order entry system and online trading platform offered. More importantly, a trader can learn how to control risk and manage their money more effectively, all without the stress of working with larger size trading lots. Micro and Mini accounts help traders to more easily gauge their emotional reactions when trading.

    Standard Account

    Even though some standard forex accounts can be opened for as little as $1,000, most brokers offer standard accounts for initial deposits of $10,000 and up. The minimum pip fluctuation on a standard account for EUR/USD is on the order of $10, and the minimum lot size might be $100,000, with up to 100:1 leverage offered in some cases.

    Nevertheless, leverage not only magnifies profits, but also magnifies losses, and so with a highly-leveraged account and a losing market position, the account balance could erode very quickly prompting a margin call or an automatic close out of open positions. Many brokers recommend a more prudent amount of leverage, perhaps more in the 4:1 to 20:1 range being closer to ideal.

    Premium Account

    Not all forex brokers offer premium or V.I.P. accounts, and those that do often require a minimum deposit of $10,000 to $100,000. The premium forex trading account generally offers direct service to the broker’s trading desk and sometimes extends leverage of up to 500:1. One must realize that when you increase leverage you also increase risk.

    In addition, many brokers will guarantee a tighter spread to premium trading account holders, as well as other extras. Trading might also occur in larger standard lots of 10,000 units of base currency, with a typical minimum fluctuation being $10 per pip on EUR/USD.

    Summary

    While a large number of forex brokers compete for your business, it can really pay to research online brokers first before committing any funds. One way to start shopping for a forex broker is to visit forex discussion forums. Often, other traders will comment about the brokers they opened their forex accounts with and what kind of service they received.

    Other things to consider would be execution time and whether the broker is a Market-maker or Non-dealing desk (NDD) broker, or whether they use an Electronic Communications Network or ECN to provide pricing. Also worth checking out is if your orders will be handled automatically in an electronic system or if you will need to go through a dealing desk. Another important consideration for some traders these days involves whether the online dealing platform offers or supports automated trading systems, and if so, which ones.

    While seasoned forex traders coming from a professional trading background can often jump right into the retail forex market, novice traders will usually first want to get more familiar with how the forex market works by doing some in-depth research to further their forex education. Once they better understand how the forex market and trading works, they can open a forex demo account to test their skills before they start trading in a live account.