Last Updated on December 30, 2022 by Patrick Mahinge
Looking to get into Forex trading but don’t have a lot of money to start with? Don’t worry – there are plenty of brokers that offer low minimum deposit.
This means you can get started trading currencies without putting up a lot of cash, and if your trades are successful, you can use the profits to continue increasing your account balance.
So whether you’re a seasoned trader or just getting started, be sure to check out these brokers with low minimum deposits! Many of these brokers also offer generous bonuses and promotions. So what are you waiting for? Start trading today!
7 Best Forex Brokers With Low Minimum Deposit
- XM Forex
1. XM Forex
- Minimum Deposit – $5
- Leverage: upto 1:888
- Trading Platforms: MT4 & MT5
- Min Lot Size: 0.01
- Regulation: CySec, FCA, FSA
XM Group is a Forex brokerage company that was founded in 2009. The company is based in Cyprus and is regulated by the CySEC. XM Group offers a variety of trading services, including CFDs on stocks, Forex, cryptocurrencies and Metals. The company has a wide range of products and features, which makes it a great choice for traders of all experience levels.
XM Forex is one of the best low minimum deposit forex brokers in Kenya. The broker requires only a minimum deposit of $5 to get started. Additionally, XM offers a 50% deposit bonus for every deposit you make upto $4500.
We also love XM Forex since they have the easiest account opening process of all the forex brokers we have reviewed. They do not put unnecessary demands on Proof of Residency, which is a hard document for most Kenyan traders to acquire. With just the front and back side of your National ID, your account at XM will be verified and you can start trading.
Additionally, Kenyan clients can take advantage of fast Mpesa deposits and withdrawals that the broker offers.
XM Forex offers a range of webinars and live education to help traders learn about forex trading and improve their skills. The webinars are hosted by experienced traders who will teach you everything you need to know about forex trading, from the basics to more advanced concepts.
The XM live education sessions are interactive, and allow traders to ask questions and get feedback from the experts. Plus, you can access the webinars and live education sessions whenever you want – they’re available on demand 24/7.
So if you’re looking to learn more about forex trading, XM Forex is the perfect place for you. Register now for one of our upcoming webinars or live education sessions, and start trading like a pro.
Overall, XM Group is a great choice for Forex traders of all experience levels. The company has a wide range of products and features, and its trading platform is top-notch. XM Group is also regulated by the CySEC, which gives traders peace of mind knowing that their money is safe and secure.
- Easiest account opening process
- Regulated by multiple top-tier regulators
- $5 minimum deposit
- Over 1000 tradeable assets
- Fast Mpesa Deposits and Withdrawals
- Not regulated by the CMA in Kenya
- No investor protection for non-EU traders
- No Advanced charting features
2. FxPesa – CMA Regulated Forex Broker With Low Minimum Deposit
- Minimum Deposit: $5
- Trading Platforms – MT4 & FxPesa WebTrader
- Leverage: Up to 1:400
- Regulation: Capital Markets Authority of Kenya (CMA)
- Funding: Mpesa, Airtel Money, Equitel
FxPesa was the first CMA regulated forex broker in Kenya. Being a local broker, the broker is well aligned with the needs of the forex traders in Kenya.
FxPesa offers 2 account types
- Premier Account
FxPesa is one of the most popular low minimum deposit Forex brokers in Kenya, and for good reason – they offer a huge range of features and benefits that are sure to appeal to both novice and experienced traders. Let’s take a look at some of the highlights:
First of all, FxPesa offers a wide range of tradable assets, including forex, stocks, indices, and commodities. This gives you plenty of options to choose from, so you can find the assets that best suit your trading style.
FxPesa also offers excellent customer support, with a team of experienced professionals on hand to help you with any questions or problems you may have. They offer 24/7 support through phone, email and live chat, so you can get help whenever you need it.
Plus, FxPesa is one of the most secure brokers out there. They use state-of-the-art security measures to protect your funds and personal information, so you can trade with confidence knowing that your money is safe.
So, what are the drawbacks?
Well, the only thing we could really say is that FxPesa isn’t the cheapest forex brokers in Kenya. Typical spreads on the EURUSD start at 1.4 pips, which is among the highest in the industry – but given all the features and benefits they offer, we think it’s still good value for money.
If you are looking for a good low minimum deposit forex broker, then you should definitely check out HotForex. they offer great spreads and commission rates, as well as reliable customer service. I have been using their services for a while now and i am very happy with them.
HotForex offers 4 account types:
- Micro – Account with $5 low minimum deposit
- Premium – The standard account with spreads from 1 pip
- Zero Spread – An ECN type of account
- PAMM – Account for fund managers
- HFCopy – A Copy trading account
The Micro Account has a minimum deposit of $5, which is low enough for anyone who does not have a lot of money to start forex trading.
So far, my experience with HotForex has been extremely positive. their customer service is excellent and they always go the extra mile to help me out with whatever question I have. the trading platform is user-friendly and very easy to use. most importantly, their spreads are extremely competitive and they offer great value for your money.
I would definitely recommend HotForex to anyone looking for a good low minimum deposit forex broker in Kenya. they are reliable, trustworthy
- Minimum Deposit: $1
- Trading Platforms: MT4, MT5 and social trading
- Leverage: Up to 1:3000
- Promotions & Bonuses: $30 no deposit bonus + 120% Deposit Bonus
JustForex was founded in 2012. It is a regulated and reliable Forex broker that offers clients an intuitive trading experience with a wide range of features.
Clients can benefit from competitive spreads and commissions, as well as first-class customer service and support. Withdrawals are processed quickly and without hassle, making JustForex an excellent choice for traders of all levels of experience.
JustForex offers low minimum deposit requirements. This makes it a great choice for traders who are just starting out in the market. In fact, you can start trading with just $1! And because JustForex offers high leverage (1:3000), you can make a lot of money with a small investment.
Traders in Kenya can make deposits and withdrawals with Mpesa. You can use your Mpesa account to deposit funds instantly, with no processing time or fees.
To make a deposit, simply login to your JustForex account and click on the Deposit Funds tab. Select Mpesa from the list of available payment methods, enter the amount you want to deposit, and click submit. You’ll get a popup notification on your phone asking you to input your Mpesa pin. After this, your funds will be transferred instantly and you can start trading right away.
One of the key features of JustForex is its low spreads. The company offers competitive spreads on major currency pairs, starting from 0 pips. JustForex also offers a wide range of bonuses and promotions, which can be quite lucrative for traders.
- Minimum Deposit: $10
- Leverage: 1:unlimited
- Trading Platforms: MT4. MT5, Exness Trader App
- Regulation: FCA, CySec, FSA (Seychelles)
- Spreads: From 0.3 pips
Exness is a Forex broker that has been in operation since 2008. The forex broker is regulated by several regulatory authorities including the UK’s Financial Conduct Authority. This makes it one of the safest choices for traders who want to trade with a widely regulated forex broker.
Exness has a low minimum deposit ($10). And although they do not have Mpesa funding, traders can make use of bank cards, e-wallets such as Skrill and Neteller, and Cryptocurrencies to fund and withdraw money from their accounts.
Additionally, Exness offers unlimited leverage for traders – and this can be a great tool to help you maximize your profits. However, it’s important to remember that with great power comes great responsibility – and leveraged trading can be very risky. So make sure you do your research and understand the risks of leveraged trading before you dive in.
Other features you’ll find at Exness include copy trading, which means you can copy trades of more experienced forex traders across the world, and a cent account, which makes your low deposit appear as a lot of money :-).
Exness, as a highly rated low-minimum deposit forex broker offers excellent trading conditions and a wide range of tradable assets. Their intuitive platform makes it easy for traders to execute their trades, and they offer 24/7 customer support in case you need assistance. Overall, Exness is a great choice for traders who are looking for a low-minimum deposit broker with excellent features.
Which Forex Broker Has the Lowest Minimum Deposit?
FBS has the lowest minimum deposit among all well-regulated forex brokers. It has a very low minimum deposit of just $1, which makes it a great choice for beginner traders.
Deposits can be done through a variety of methods including the very famous Mpesa
At FBS, you can trade a variety of financial instruments, including currency pairs, precious metals, and CFDs on stock indices and commodities. You can trade with leverage of up to 1:1000, which means you only need a small amount of margin to open a position. This makes it possible to take advantage of even the smallest price movements in the market.
Plus, they offer a wide range of educational materials to help you get started trading Forex. You can learn more about FBS on their website at www.fbs.com.
What’s the Least Amount You Can Invest in Forex?
You can invest in Forex with as little as $1, but I wouldn’t recommend it. For one, you’ll get a lower return on your investment that way. And two, you won’t have enough capital to make meaningful trades with.
I recommend investing at least $250 so you can make good trades and see a healthy return on your investment. With that kind of starting capital, you’ll be able to open more positions and increase your chances of making money.
In fact, some people trade with just a few hundred dollars, while others may invest tens of thousands or more. It just depends on the trader’s financial situation and trading goals.
That said, it’s always important to remember that trading involves risk. So it’s never a good idea to invest money you can’t afford to lose. If you’re new to Forex trading, it’s always best to start small and build your account up gradually over time
Many forex brokers require a relatively high minimum deposit – sometimes as high as $1,000 or even more. But there are a few brokers who offer accounts with a much lower minimum deposit – sometimes as low as $5 or $50. So, if you’re just starting out in forex trading, it’s worth considering these brokers.
3 Benefits of Trading a Low Minimum Deposit Broker
When you’re first starting out in forex trading, it’s important to start small. A low minimum deposit allows you to trade with a lower risk, which is ideal when you’re still learning the ropes. Additionally, a low minimum deposit can help you to build your confidence while trading and avoid costly mistakes.
Get a Sense of How the Forex Broker Operates
It’s important to test drive the broker to make sure it’s a good fit for you. Just because a broker has a $5 low minimum deposit doesn’t mean that it’s the best broker for you.
So, before making a final decision, be sure to do your research and compare brokers. You can get a sense of how the broker operates and whether their trading platform and features meet your needs.
When assessing a low minimum deposit forex broker, there are a few things you’ll want to consider. First, make sure the broker offers the assets and markets you’re interested in trading. Second, check to see if the broker has good customer support. And, finally, be sure to read the fine print – especially any terms and conditions related to bonuses and promotions.
If you’re comfortable with all of these factors, then opening an account with a low-minimum-deposit broker could be a good option for you. Just be sure to keep in mind that these types of brokers may not offer the same level of service and support as those with a higher minimum deposit.
Take Only the Best Trading Opportunities
One of the benefits of trading with a small forex capital is that you can afford to be more selective with your trades. This means that you can focus on high-quality opportunities and avoid costly mistakes.
When you have a smaller amount of money to invest, you need to be especially diligent in your analysis and trade planning. This will help ensure that your capital is used efficiently and that you don’t succumb to impulse trading.
By being selective with your trades, you can improve your chances of success while keeping your losses to a minimum. So if you’re new to forex trading, start out by trading smaller positions until you feel comfortable with the process. Then, once you’ve mastered the basics, you can start increasing your position size.
Better Management of Risk
A low minimum deposit is one of the factors that can help with risk management in forex trading. When you start trading with a small amount, it helps to keep your losses low if the trade goes against you.
It also allows you to experiment with different strategies and find the ones that work best for you without risking too much money. By starting with a low minimum deposit, you can learn about the market and develop your trading skills without putting too much at risk.
When you are ready to start trading with a larger sum of money, you will have a better understanding of the market and be more likely to make profitable trades. A low minimum deposit can help you get started in forex trading while still managing your risk effectively.