While many traders spent hundreds of dollars to start in the Forex trading industry, newbie traders can now start Forex trading with one US dollar.
Today, there is already a rising number of Forex brokers who allow traders to open a real trading account for just a minimum deposit of 1 USD (One US dollar). Of course, with the scarcity of opportunities to earn money, a lot would feel skeptical to spend much on something unfamiliar.
Some people would probably think- I could buy a fancy gadget at $1,000. I could buy a piece of new jewellery at $500. I could buy some good snacks at $100. May it be those who are in a tight budget or those who have thousands in their banks, most of them would prefer to spend on something they are used to.
So, most people would only risk 1 USD as an investment for Forex trading because of this thinking- let alone their tiny knowledge about the industry.
If you’re one of those who has $1 left in the pocket or you just want to spend $1 from your $100,000, here’s a few Forex brokers who allow Forex trading with only one US dollar.
Forex Brokers who allows Forex Trading with $1 (One US Dollar)
FBS is an online Forex broker that predominates a number of countries in Asia. FBS is very popular with many traders based in Malaysia, China, Vietnam, Philippines, Russia, and Jordan due to its specially customized trading accounts perfect for a wide range of people.
Each account varies according to the trader’s choice and needs. This gives their clients several options on which amount and when they should get their Forex trading journey started. On top of that, they are among the few brokers in the world who lets someone open a trading account for a minimum deposit of $1.
Below are the account options offered by the FBS Online Forex Broker.
- Cent account is claimed perfect for those who are just starting on their way to success on Forex with an initial deposit of $1.
- Micro account is said to be ideal for those who want to calculate their profit precisely that starts for $5.
- Standard account is for experienced market players that are already starting their way to Forex heights with a minimum deposit of $100.
- If you prefer trading at the fastest speed, the Zero spread account is for you. An initial deposit of $500 gives you a nice head-start.
- The ECN account allows you to feel the full power of trading with ECN technologies. Gear up your trading journey for a minimum deposit of $1000.
Exness is one of the rapidly increasing leaders in the Forex trading industry. The group was founded in 2008 that is continuously gaining successful milestones over the past years. In their recent record, the monthly transaction of their 72,721 active traders has reached approximately 325.8 billion US dollars.
Their success is rooted in the best quality and personalized customer service approach. With a wide span of localized languages, the group was able to translate and extend their influence to many countries across the globe.
And one of its noticeable services that many aspiring traders look after is their minimum deposit of $1. This is more of a strategic training that allows the traders to navigate his journey in the industry while already earning. This option also prevents traders from losing huge amounts while still learning the basics of trading.
A few of the financial products offered by the group also include currency repairs, metals, encrypted digital currencies, energy, indices, and stocks. They also got several account options for you to choose from.
3. InstaForex (Instant Forex Trading)
Another highly-competent broker in the trading industry is the Russia-based group, InstaForex. They started offering services in Forex trading since 2007 under the regulation of FSC in the British Virgin Islands and CySEC in Cyprus.
Ever since the start of their team, they have already garnered 7 million customers, 300 trading instruments, 30+ analysts, 30 financial awards, and 9 trading servers. In over 30 languages they used in their services, they were able to have 50 international expos and conferences that also allowed them to hold Forex contests with an annual prize pool of no less than $500,000.
Yet, among its services, InstaForex appeals the most when it comes to the account options they provide. It is mainly divided into two which are the Demo account and the Standard account.
- Demo account allows you to experience and explore the platform without risking any money. It’s a good experience for those who are still trying to be familiar with Forex trading.
- Standard account is a real trading account that only requires the traders with a minimum deposit of $1. The learning you can get from the Demo account can even be enhanced using the Standard account without the risk of wasting a huge amount.
These Forex brokers are only a few among many of them in the industry. They got a lot of services available that will surely confuse you where to start.
How do you select a broker who allows Forex Trading with 1 USD?
1. Of course, no one would want to spend even 1 USD for something that is not reliable and credible. So, the first thing to consider in checking and selecting a broker is SECURITY.
Since the rise in the number of many Forex brokers, there are also existing regulatory agencies to protect the traders. These agencies are already available in almost all parts of the world like the United States, the United Kingdom, and Australia.
You can’t exchange security from fancy offers of any brokers that’s rampaging the web today. It is better to refer your options to the responsible agencies to guarantee your safety.
2. Next to security is the TRANSACTION BUDGET. It is always about money. And even if it only costs you one US dollar to start Forex trading, you should still see to it that you’re spending it well. Every transaction you make in the trading platform would either cost you the spread or commission. Spending the right amount by choosing the most affordable and cheapest rate is a good decision. And it is very timely because you can now start Forex trading with 1 USD.
Both security and transaction budget play simultaneously because the exceedingly low transaction is commonly associated with suspicious security. So, it is best to master the basics to understand the nature of Forex trading well.
3. After allotting a budget, you should also check the DEPOSIT AND WITHDRAWAL PROCEDURE of the Forex broker. Starting in this industry may a bit stressful for beginners, so choose the brokers who guarantee you hassle-free steps to deposit funds and withdraw earnings.
Always remember that the purpose of having a broker is to make the nature of trading easier for you. And if they lack this part, you should better skip them and find another one.
4. All Forex brokers have their trading platforms. They just vary based on features and services. So, you should find a broker that has a user-friendly and convenient TRADING PLATFORM.
Other things to consider in assessing their platforms are easy-navigation, security, technical and charting tools, and features that do all the number summary for you.
Having considered all of these, you no longer have to stress yourself configuring how it works. You’re dealing with numbers here. So, it is right to have it in graphs or tables for better comprehension and usage.
5. And the last thing that you should consider is the broker’s CUSTOMER SERVICE. You can’t expect to start a trading experience smoothly. Not unless you already have a few background and research on how to start it. So, it is necessary to evaluate if they have a responsive and accommodating customer service that answers your queries, problems, suggestions, and requests all day in a week.
Regardless of how much money you’re about to spend, even if it’s only $1, it is always better to have an in-depth assessment upfront. And once you have finally settled which broker you want, you are down to making strategic plans and proper risk management.
How to start Forex trading?
In order to successfully make your Forex trading experience work, you only need to have two- strategic plans and risk management.
- STRATEGIC PLAN
Don’t skip! Start at the very bottom. You should first identify and define your motivation, goal, time, and budget. These are the four main elements that you must consider.
Once you do, learn, and learn. You can’t reach the peak without sending effort on learning the basics of it. So, grab all the free courses and demo accounts to delve into the unfamiliar journey of trading.
- RISK MANAGEMENT
It takes a lot of time before you can master this. So, similar to your strategic plan, start at the very bottom. Start risking on free accounts to $1 real trading accounts. And accept the fact that this journey is all about gaining and losing. You just have to gain more than lose.
By starting at $1, you gain all the secrets and basics of Forex trading while earning and eliminating the chances of losing a huge sum of money.
Who knows where would $1 take you, right? It might just be the first foot-mark to the doorway of your Forex trading success.