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Best Forex Micro Account Brokers In Australia for 2023

The forex market is the largest financial market in the world, with the vast majority of trades exchanged between institutional counterparties for impressively large amounts. Micro account brokers, sometimes called nano accounts, allow retail traders to get started with very low minimum capital, occasionally as low as $1.


eToro is our top choice thanks to its user-friendly platform, diverse trading options, and unparalleled social trading features. Beginners benefit from its transparent fee structure and the ability to mimic expert traders’ strategies, making it an ideal starting point for those venturing into forex.

Try File:Etoro logo.svg - Wikimedia Commons

Short on Time? Here Are our Best Micro Account Brokers in 2023


File:Etoro logo.svg - Wikimedia CommonseToro
User-friendly, innovative platform with social trading features.


Investor Relations / Axi UKAXI
Advanced trading tech, transparent pricing, global reach, and dedicated support.


AvaTrade logo - download.AvaTrade
Robust offerings, multiple platforms, global presence. 

Wide asset offerings, higher spreads, user-centric tools, trusted globally.

Dynamic leverage, diverse instruments, tailored educational resources, and customer focus.


CMC Markets
Wide range, competitive spreads, customizable platform.


File:FXTM logo.svg - Wikimedia CommonsFXTM
Fast execution, cutting-edge platforms, in-depth analytics, and client-first philosophy.


Best Micro Account Brokers — Full Analysis (Updated in 2023)



  • Minimum Deposit: $50
  • Our Score: 98%
  • Tradeable Symbols: 3,000+
  • Maximum Leverage: 1:30


eToro stands out in the vast sea of forex brokers for its unique blend of user-friendly design and innovative social trading features. It offers both seasoned traders and beginners a dynamic trading environment with a broad spectrum of assets.

New traders will particularly like the platform’s copy trading feature, which allows traders to replicate the moves of successful traders. The broker has a transparent fee structure which is essential to understand potential costs.

However, this is just a quick review. You can dive deeper into the ins and outs of eToro with our comprehensive review to uncover all the pros and cons of trading through this platform.


  • User-Friendly Interface: eToro’s platform is intuitive, making it easy for both beginners and experienced traders to navigate and execute trades.
  • Innovative Social Trading: The unique Copy Trading feature allows users to copy the trades of seasoned professionals, bridging the knowledge gap for newcomers.
  • Transparent Fee Structure: eToro provides clear information about its fees, reducing unforeseen costs and ensuring traders are well-informed.


  • Withdrawal Fees: Unlike some competitors, eToro charges a fee for withdrawing funds, which can deter some users.
  • Currencies Converted to USD: For non-USD deposits, eToro converts funds to USD, incurring a conversion fee which may be unfavourable for some traders.

Try eToro


  • Minimum Deposit: $0
  • Our Score: TBA
  • Tradeable Symbols: 150
  • Maximum Leverage: 1:30 – 1:500 for professional accounts

AXI, formerly AxiTrader, has made great strides in the world of forex brokers. The broker is well known for offering traders a seamless and efficient trading experience. Making leverage of tight spreads, rapid execution speeds, and top-notch customer support.

Their commitment to transparency is evident from the clear fee schedule and absence of hidden fees. They offer the robust and technically advanced MT4 platform, which also allows trades to automate trades.

The broker puts a lot of emphasis on trader education, where beginners can find a ton of useful resources to hone their trading skills. Altogether they mix cutting-edge technology and a human-centric approach that makes them stand out in the competitive forex market.


  • $0 Minimum Deposit: AXI stands out by offering a $0 minimum deposit, making it incredibly accessible for traders of all financial capacities.
  • Tight Spreads & Rapid Execution: Competitive spreads combined with fast trade executions reduce slippage and enhance profit potential.
  • Comprehensive Education Resources: With a focus on empowering its users, AXI provides a vast range of educational materials, webinars, and training sessions.


  • Limited Platform Variety: While MT4 is powerful, AXI’s reliance on this single platform might deter traders who prefer a wider range of platform options.
  • No Direct Cryptocurrency Trading: While AXI offers CFDs on cryptocurrencies, they don’t provide a direct cryptocurrency trading option, which might be a drawback for some crypto enthusiasts.



  • Minimum Deposit: $100
  • Our Score: 79.5%
  • Tradeable Symbols: 250+
  • Maximum Leverage: 1:30 – 1:400 for professional accounts

AvaTrade is a globally recognized forex broker, which is renowned for offering a robust selection of trading platforms, including MT4 and MT5 and their proprietary web-based platform and mobile app AvaTradeGO.

They offer a wide selection of asset classes ranging from FX and commodities to stocks and crypto. Giving traders plenty of choice to express their ideas. Their regulatory framework spans several jurisdictions across the globe and creates a high level of confidence.  

The educational material is top-of-the-class, with in-depth and beginner-friendly resources. If you want to uncover more details about AvaTrade, you can read our full review here.  


  • Trading Platforms: AvaTrade offers both MT4 and MT5, as well as their user-friendly AvaTradeGO app, catering to a broad spectrum of trader preferences.
  • Strong Regulatory Framework: Operating under multiple regulatory authorities worldwide, AvaTrade ensures a high level of trust and security for its traders.
  • Rich Educational Resources: With many tutorials, webinars, and articles, they provide valuable learning materials suitable for traders of all experience levels.


  • Inactivity Fees: Fees are charged after a period of inactivity, which can add up if you aren’t regularly trading.
  • Withdrawal Processing Time: Some users have reported that withdrawal requests can take longer than preferred, causing slight delays in accessing funds.

Try AvaTrade

  • Minimum Deposit: $5
  • Our Score: 67%
  • Tradeable Symbols: 1,400+
  • Maximum Leverage: 1:30 – 1:400 for professional accounts

XM is a stalwart in the forex industry, consistently garnering praise for its blend of customer-centric services and technological prowess. Its trading platforms, which cover both MT4 and MT5, are complemented by a zero-requote policy that ensures timely and efficient trades. 

The broker has over a million clients worldwide, and their global reach is reinforced by their commitment to transparency and education. Their varied account types cater to different trader needs, ensuring flexibility. 

Yet, there’s more to XM than meets the eye. Curious about the intricacies and unique offerings? Dive into our in-depth review and discover what sets this broker apart in a crowded marketplace.


  • Multiple Platforms: XM offers both MT4 and MT5 platforms, giving traders a broad 
  • range of tools and flexibility in their trading strategies.
  • No Requotes Policy: This policy ensures 
  • efficient trade execution without unexpected adjustments, providing consistency and reliability.
  • Diverse Account Types: Catering to various traders, XM provides different account options, allowing customization based on individual trading styles and capital.


  • Inactivity Fee: An account that remains inactive for a prolonged period incurs a fee, which can be a drawback for sporadic traders.
  • Limited Asset Variety: While XM offers a good range of currency pairs, their offerings in other asset classes, like cryptocurrencies or stocks, can be limited compared to some competitors.



  • Minimum Deposit: $1
  • Our Score: TBA
  • Tradeable Symbols: 138
  • Maximum Leverage: 1:30 – 1:500 for professional accounts

FBS is a globally recognized broker and has been making significant inroads in the Australian forex market. Tailored to both novice and experienced traders, FBS offers an array of account types, from Cent to ECN, ensuring flexibility in trading conditions and strategies. 

Their platforms, MetaTrader 4 and MetaTrader 5, are enhanced with customized tools that cater to the Australian audience. The broker’s commitment to education stands out, with webinars and tutorials tailored to local market conditions. Additionally, FBS’s transparent fee structure and rapid execution speeds set it apart.


  • Variety of Account Types: From Cent to ECN accounts, FBS offers diverse options to cater to different trading needs and strategies.
  • Customized Trading Tools: FBS enhances the MetaTrader 4 and MetaTrader 5 platforms with tools specifically tailored for an improved trading experience.
  • Strong Educational Focus: With an array of locally-relevant webinars, articles, and tutorials, FBS prioritizes empowering its clientele.


  • Higher Spreads on Basic Accounts: While FBS offers competitive conditions, the spreads on their basic accounts can be relatively high compared to industry standards.
  • Withdrawal Fees: Depending on the method chosen, FBS charges fees on withdrawals, which can impact traders’ overall returns.


CMC Markets

  • Minimum Deposit: $0
  • Our Score: TBA
  • Tradeable Symbols: 10,000+
  • Maximum Leverage: 

CMC Markets stands as a towering figure in the forex landscape, renowned for its deep commitment to innovation and adaptability. What sets them apart is their myriad of add-on tools for MetaTrader 4, enhancing the trading experience manifold. 

Beyond forex, their proprietary platforms for CFDs and shares demonstrate a keen understanding of diversified trading needs. This integration offers traders a seamless transition between markets, ensuring they’re always at the forefront of financial opportunities. 

The broker also has a robust educational infrastructure to guide traders, including videos, eBooks, and live streams. Altogether, CMC Markets offers a comprehensive trading environment. 


  • Versatile Trading Platforms: CMC Markets provides a range of tools for MT4 and boasts proprietary platforms specially designed for CFDs and shares trading.
  • In-depth Educational Resources: They offer many tutorials, webinars, and articles, ensuring traders of all levels can continually enhance their skills.
  • Diverse Asset Range: Traders can explore a wide variety of markets, from forex to shares, providing ample opportunities for diversification.


  • Platform Learning Curve: With so many features and tools, newer traders might find the platforms slightly overwhelming initially.
  • Higher Spreads on Basic Accounts: While they offer competitive conditions, the spreads on their basic accounts might be relatively higher compared to some competitors.

Try CMCMarkets


  • Minimum Deposit: $10
  • Our Score: TBA
  • Tradeable Symbols: 1,000+
  • Maximum Leverage: 1:30

FXTM, often referred to as ForexTime, has rapidly cemented its reputation in the forex realm. Known for its razor-sharp execution speeds and diverse account offerings, FXTM caters to both novices and professionals. 

Their cutting-edge platforms, encompassing both MT4 and MT5, are enhanced with state-of-the-art tools, elevating the trading experience. A standout feature is their commitment to education, with a vast array of resources ranging from webinars to e-books. 

But what truly defines FXTM’s place in the forex hierarchy? To unravel the full breadth of their services and unique features, take a look at our comprehensive FXTM review.


  • Swift Execution: FXTM is acclaimed for its rapid trade execution speeds, minimizing slippage and ensuring timely trades.
  • Diverse Platforms: Offering both MT4 and MT5, traders get access to a range of advanced tools suitable for various strategies.
  • Robust Educational Suite: Their dedication to trader growth is evident through their extensive educational resources, from detailed webinars to insightful e-books.


  • No Live Online Chat: The absence of a real-time chat feature can make immediate assistance challenging.
  • Withdrawal Fees: Depending on the method, FXTM charges fees for withdrawals, potentially reducing a trader’s net profits.


Why Use Micro Account Brokers?

Micro account brokers allow traders to test the services of a broker with live prices or test a trading strategy with a very low commitment in cash. Newcomers looking to get involved in forex can also use these brokers to get started with minimal financial risk. 

These accounts allow traders to access real-time financial market prices to test strategies and hone their trading skills. You may be a novice trader looking to test your skills in a live environment, or you may be a veteran trader testing a new strategy.

In both cases, you’ll have the same features and tools available to traders executing trades with larger volumes. 

Pros and Cons of Using a Micro Account Broker


  • Lower Risk: Smaller trade size means reduced financial exposure, ideal for beginners and veterans alike.
  • Practical Learning: Offers a live trading environment for hands-on experience without significant financial stakes.
  • Flexibility: Suitable for testing different trading strategies and market conditions or testing well-known strategies in new markets.


  • Limited Earnings: Smaller trade sizes also mean smaller potential profits but the same effort.
  • Overconfidence Risk: This might lead new traders to underestimate risks in larger accounts.
  • Limited Features: Some brokers might restrict advanced tools and features for micro accounts.

How to Choose the Best Micro Account Broker

  • Regulation and Safety: As with all forex brokers, regulation is of the utmost importance. To ensure your money is safe, check that the broker is licensed by at least one top-tier authority. Regulation guarantees that your money is safe and the broker is adhering to best market practices.
  • Trading Platforms: Having a range of options when it comes to trading platforms is desirable. Whether you’re just starting out or are a seasoned trader, being able to test a few platforms to see which suits you best is a plus. Bear in mind that not all brokers allow for automated trading if, at some point, you believe you may want to access that market. 
  • Account Fees: Account fees can add up in the long run; check the fee schedule, which should be transparent and easily available. Compare the fees and the bid-offer spreads. Some brokers charge no fees but have higher spreads. Some accounts have inactivity fees. If you’re going to use your micro account sporadically, that may just become an extra cost.
  • Customer Support: Most brokers have an online chat available 24 hours, 5 days a week. But not all of them are with real people on the other side. Consider if you’re the type of trader that wants questions or queries answered promptly. Some brokers only use contact forms from the contact us page. 
  • Educational Resources: High-quality educational resources are a must for novice traders. While for seasoned traders, a deeper level of instructive material may be useful. Check the broker has plenty of media, such as videos, podcasts, e-books, as well as written articles.
  • Market Range: This aspect is especially important if you are going to trade one market against another. For example, crude oil against a stock index or gold against a currency. Check they have all the markets you may be interested in and more. Traders tend to have ideas, only to find out their broker doesn’t cover that market.

Alternatives to Micro Account Brokers

Standard Account Brokers

Standard accounts generally require a higher initial deposit but offer larger trade sizes. These are suitable for experienced traders who seek higher volatility and potential returns. All micro account brokers offer standard accounts, and some offer more specific accounts, for example, high-frequency trading or automated trading.

Seasoned traders usually prefer standard accounts as the extra capital allocated to margin allows for greater earnings. And, of course, these accounts also come with greater risk. Spending some time on a micro account may be more productive than venturing into a standard account without having fully mastered your trading skills.

ECN Brokers

ECN stands for Electronic Communication Network; these brokers operate by providing a direct link between traders and the liquidity providers in the interbank market. This unique approach eliminates the traditional dealing desk, ensuring faster execution speeds and reducing the chances of price manipulation. 

Because of their direct model, ECN brokers offer much tighter spreads, which can be particularly beneficial during major economic announcements when price volatility spikes. However, they often charge a commission for their services in lieu of wider spreads. 

This transparent fee structure, combined with real-time order execution, makes ECN brokers a top choice for scalpers and high-frequency traders. Those who prioritize direct market access, combined with a clear view of the market’s depth and pricing dynamics, often gravitate towards ECN brokers.


  • Can I switch from a micro to a standard account? 

A1. Absolutely. Most brokers facilitate a smooth transition between micro and standard accounts, allowing traders to upscale as their confidence and capital grow. This flexibility ensures traders can adapt their trading environment to match their evolving strategies and financial goals.

  • How do swap rates or overnight fees differ between micro and standard accounts? 

A2. Swap rates, or overnight fees, are charged when positions are held overnight in forex trading. While the underlying principle remains consistent across account types, micro accounts should experience proportionally smaller swap fees due to the reduced trade sizes. However, checking with individual brokers is essential as policies can vary.

  • Do micro accounts offer all currency pairs?

A3. In general, micro accounts offer trading in the major currency pairs and markets. Trading in exotic or emerging markets may be restricted to larger account sizes due to the higher levels of volatility experienced in less developed financial markets.

  • Is leverage the same on micro and standard accounts?

A4. The leverage level is usually the same on both accounts. However, leverage can vary a lot depending on the regulations the broker is subject to. In Australia, you must sign up for a professional account in order to access the highest levels of leverage offered by the broker.

  • Do micro accounts offer the same types of orders

A5. Typically, brokers offer the same order types irrespective of account size. Orders such as market, limit and stop are the standard, with some brokers offering more complex orders. However, execution speed and slippage may change based on the broker’s liquidity and infrastructure. 


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