Trading Platforms: MT4, MT5, HYCM Trader
Regulation: FCA, CySEC, DFSA, CIMA
Min. Deposit: $10
Max. Leverage:
A Cent account in the Forex (foreign exchange) trading world refers to a type of trading account offered by brokers where the deposit is measured in cents rather than dollars or other standard currency units.
This type of account is typically provided to cater to beginner traders who want to start trading with lower risk levels and investments.
When you trade using a cent account, your account balance is shown in cents. For instance, if you deposit $10, it will be reflected as cents in your trading account. Consequently, if you make a transaction of units (which would typically be $ in a standard account), it will only be 1 dollar in a cent account.
Cent accounts are popular among novice traders because they allow them to understand and experience the real trading environment with minimal risk. It provides an opportunity to learn about trading dynamics, develop strategies, and gain experience without the fear of significant financial loss. In addition, it enables traders to manage their risk more effectively by trading in smaller increments.
Forex trading accounts come in various forms, and two of the most distinct types are cent accounts and standard accounts. Here are the primary differences between them:
Profitability in forex isnt exclusively tied to the type of account but also to the traders strategies and knowledge. A cent account can indeed be profitable, much like any other forex account type.
However, there are factors to consider:
In a forex cent account the lot size typically refers to a micro lot, which amounts to 1, units of the base currency. However, the valuation twist comes with how the cent accounts forex brokers treats this lot. Given that the balance in a forex cent account is represented in cents, the value of a micro lot here is just 1% of its value in a standard account.
Due to this reduced valuation, trading in a cent account is suitable for novice traders or those wanting to test new trading strategies without a hefty financial commitment. Its an environment that encourages learning and experimentation without extensive risks.
As with all other forms of trading, trading through a cent account forex broker, even with one of the top forex brokers we have listed, comes with some positive points as well as a few potential drawbacks.
Pros
Cons
This is just a hypothetical example, but hopefully, it illustrates how more can be less in trading. So it’s worthwhile evaluating the costs of a broker you consider opening an account with for yourself before doing so.
Check out our list of Best lowest spread forex brokers.
A trading platform is your window into the market. It allows you to observe price action behavior and study potential opportunities for placing orders. Technical traders use a platform’s array of indicators, drawing tools, and other features to examine various price patterns, changes in volatility, liquidity, and so on in order to gauge the most favorable times to enter or exit the market.
The best platforms are also the most versatile ones. They include a wide spectrum of technical indicators, such as Fibonacci retracement levels, oscillators, trend-based and range-based indicators, and others, as well as drawing tools, such as trend lines, channels, wedges, etc. They are also the ones that allow you to easily scale price action up and down.
The retail industry’s most popular platforms, MetaTrader 4 and MetaTrader 5, have established themselves as benchmarks for simplicity and reliability over the years. While they offer a decent range of technical indicators and drawing tools for multi-timeframe analysis, their rugged design becomes evident when compared to newer and sleeker platforms. Although MetaTrader is suitable for beginners, those seeking more advanced trading capabilities may require a sophisticated platform. Read more about the platforms in our detailed guides on the best MT4 and best MT5 forex brokers.
In response, some brokers have developed their own proprietary platforms, which offer convenience and additional features not found in MetaTrader. These platforms allow for instrument search by asset class, easy scaling of price action, and execution of complex box orders. Ultimately, the choice of the best platform for you boils down to a trade-off between simplicity and practicality. Check out our carefully curated list of forex brokers featuring the best trading platforms in our dedicated guide.
Here is a quick rundown of some of the most important things to avoid:
And if you are still uncertain, you can always check out our database of reviews to sort out the most competitive brokers.
Scammers rely on the gullibility of traders. A common tactic fraudsters employ is to promise quick and easy profits at no risk to the trader. Often scammers would use labels that closely resemble the brands of real and legitimate companies. That is why regulators like the FCA have registers where traders can read about such fraudulent companies pretending to be others.
The best and easiest way to protect yourself is to make sure you work with a trustworthy and transparent broker. You can find a comprehensive list of reliable brokers by jurisdiction here.
Another important consideration is online safety. Be cautious about where you leave your personal information. Registering your details on suspicious pop-ups that promise enormous profits could lead to your contact information landing on a scammer’s dialing list. Remember, no licensed broker would make unsolicited cold calls.
The next time you get contacted out of the blue with promises of becoming the next Warren Buffet, you must remember that you are most likely speaking to a scammer. I think that nowhere is the “if something sounds too good to be true…” saying more accurate than in the world of trading. That is why you should do your due diligence before opening an account with any broker.
Here at FX Empire, we have pioneered a unique methodology for evaluating Over-the-counter (OTC) derivatives brokers worldwide. Our goal is to provide a comprehensive picture of a broker’s pros and cons so that our readers can make informed decisions. We understand their need to choose the best partner for their particular goals and needs.
Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We test each broker systematically by employing over variables across nine categories:
We strive to be as objective as possible, which is why our rigorous examinations are devoid of any personal bias as much as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in the Client Agreement. The reliability of a broker is further determined based on the regulation, fees, and general transparency of the website.
We collect essential information by opening a live account with a broker entity and testing its services in real-time. We measure the spreads, swaps, and commissions on its most popular account type and compare our findings to the industry average.
We also test the functionality of the available platforms, the number and types of tradable instruments, the reliability of customer support, and the quality of the research and educational materials.
For this guide, we only considered brokers with an overall score of 4+ from over rating system that are safe and secure, providing Cent accounts with favorable conditions. We evaluated brokers’ maximum leverage policies, minimum deposit requirements, the amount and type of tradable instruments on offer, and selections of available trading platforms.
We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.
The team of forex and CFD writers and editors at FX Empire comprises trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Cent accounts are a popular option for starting Forex trading without significant financial risk. Unlike a demo account, a cent account offers the full spectrum of genuine Forex trading experiences. Here, we will examine a list of Forex brokers offering cent accounts. These brokers can help you embark on your journey in the financial market trading. We will also discuss who can benefit from cent accounts, their unique features, and how to select a cent account properly.
We conducted an in-depth analysis of numerous brokerage firms. We selected the best ones offering cent accounts, ideal for beginner traders and those who prefer to minimize risks in Forex trading. Our list includes reviews of the top Forex brokers with cent accounts, helping you make an informed choice.
Spread fromEURUSD0pips
Forex Indices Stocks
Trading Platforms: MT4
Regulation: CySEC, SVG FSA
Min. Deposit: $25
Max. Leverage:
Cent account in Forex is atrading account thatmeasures balance in cents instead of dollars. Cent accounts maintain the balance in the lowest fungible form of a currency allowing trade with much smaller lot sizes of a currency pair. A Cent Account is very similar to a regular Forex Account, in a sense, with the main difference in the nominal fund.
Cent accounts are very popular among novice traders who look for less risky ways to trade. More experienced traders also pay attention to this account type for trade testing purposes.
Usually, the minimum deposit is quite small for Cent Accounts and may require only $ or lower as a start, however within a low-risk trading environment consider the demanding minimum transaction volume. Read more about Cent Account via Wikipedia.
💰 Spread | Spreads are higher compared to Standard accounts. Average EUR USD pips |
📈 Leverage | Yes |
📉 Positions | Sell and Buy |
🏦 Contract size | Micro Lot, Standard Lot (Depending on the broker) |
Cent Account can be traded through any platform, so you need to check on the broker if it has Cent Account listed in its offerings since its the broker that has exposure to the market and provides the platforms. Also, have a look at what we find about Cent Accounts:
Cent Account Advandages | Cent Account Disadvantages |
---|---|
Less Risky Trading | Higher Quote Spreads |
Great for Beginner Traders and Strategy Testers | Low Profits |
Easy Account Opening Process | Limited Maximum Position and Account Size |
Opportunity to Learn the Dynamics of Real Market and Build up Trading Skills | Not every Broker offer Cent Trading |
No Specific Requirements for Deposit or Account Opening |
Here we came up with a selection of Top Brokers with Cent Accounts selected best in the category by our experts for their good reputation, trustworthiness, and quality offerings:
Best Forex Cent brokers are with Cent accounts proposals not widely available among the market offering, most are now based offshore. However, the crucial point of the broker’s regulatory status remains a priority, check only regulated forex brokers like FXTM or XM.
The contract size may be Standard or Forex Micro lot depending on the Brokers offering, where all calculations are done in Cents instead of Dollars.
There arent Australia Brokers with Cent Accounts as a separate offering, however, you may find cent trading inbuilt into a Standard account, check FP Markets or OANDA.
A lot is a unit of measurement used to denote the amount of currency units bought or sold in a transaction. A minimum trading volume for a Cent Account is cent lot.
Here is our full list of Regulated Cent Account Brokers that we have proved as regulated brokers with the best offerings:
Broker | Detail | |
---|---|---|
HFM | Min. Deposit: 0 US$ Max. Leverage: Trading Platforms: MT4, MT5, HFM Trading App Regulation: CySEC, FCA, DFSA, FSCA, FSA, CMA | HFM Review |
FP Markets | Min. Deposit: US$ Max. Leverage: Trading Platforms: IRESS, MT4, MT5, cTrader Regulation: ASIC, CySEC, St. Vincent and the Grenadines, FSP, CMA | FP Markets Review |
Eightcap | Min. Deposit: US$ Max. Leverage: Trading Platforms: MT4, MT5, TradingView Regulation: ASIC, SCB, CySEC, FCA | Eightcap Review |
BDSwiss | Min. Deposit: US$ Max. Leverage: Trading Platforms: MT4, MT5, BDSwiss Webtrader and App Regulation: FSC, FSA | BDSwiss Review |
GO Markets | Min. Deposit: 0 US$ Max. Leverage: , Trading Platforms: MT4, MT5, cTrader, WebTrader Regulation: ASIC, CySEC, FSC, FSA | GO Markets Review |
HYCM | Min. Deposit: $20 Max. Leverage: The best cent brokers for forex and stock tradingCent brokers are brokerage companies that allow you to trade on micro accounts with a minimum lot. This trading option makes it possible to test your acquired knowledge in practice without risking a large deposit, as well as to identify the weaknesses of a particular broker. Technically, such trading is no different from working on standard Forex accounts, but as a rule, there are less favorable trading conditions. After all, micro Forex is not intended for making money, but for testing strategies on a real account with minimal risks, as well as testing various scripts that carry out automatic trading. This review contains only time-tested cent brokers with which I have worked more than once, and some I still work with. Almost all cent Forex brokers allow you to open standard or professional accounts with regular lots, that is, you can check how the DC works on a cent account, and then, if you wish, open an account with more favorable trading conditions. RoboForex is also a fairly well-known cent DC, which has a larger selection of different account options and a large number of trading instruments.
This option, in my opinion, is the best for both manual work and for using automatic trading advisors. InstaForex is the largest company on the Russian foreign exchange market, however, it allows you to trade on cent accounts. It is distinguished by its high speed of order execution and simply a huge selection of trading instruments - from currency pairs and metals to options and futures.
Alpari is one of the few cent brokers on Forex that does not discriminate trading depending on the type of account; this company is widely known among Russian-speaking traders.
Most investors associate Alpari with a large company, which it essentially is, but it can also be included in cent Forex brokers thanks to the presence of accounts like eunic-brussels.eu4. At the same time, you should not be afraid; the attitude towards traders working with small amounts is quite normal. If we talk about my personal preferences, then I like RoboForex; in 10 years of working with it, I have managed to kill myself not only in the fact that it is one of the best cent Forex brokers, but also in the stable operation of its trading platforms. Features of working with Forex cent brokersThe difference between cent accounts and standard ones is that information on funds on deposit is displayed; here it is given in the form of cents, that is, a deposit of $1 will be equal to units. One point on such an account can be only cents, that is, you can safely trade on a real account, test new strategies, and even in the event of a significant change in the rate, your loss is unlikely to exceed $1. In addition, a micro lot is used for trading, which is equal to only units, so to purchase it it is enough to have only $15 on hand, and if you wish, you can trade in smaller volumes. When trading with cent brokers on micro accounts, the trader usually operates with small amounts, but the desire to earn money still remains, so it is advisable to choose those DCs that have the largest amount of leverage. For example, using a leverage of , even with ten dollars in your account, you can trade using the scalping strategy and have quite a decent profit. Having the same 15 dollars in your account and using a margin of , you can open an order of such a volume that a movement of 1 point will bring 10 cents of profit. With a successful combination of circumstances, you can earn up to $10 or more in a day. On the contrary, many traders use micro accounts of cent brokers for safe trading, this is due to the minimum lot size on a standard account, which is about 10, In order to open an order of this volume, you will need 60 and a leverage of Not everyone wants to take risks using large leverage; there are also those who prefer to open safer transactions, especially for those traders who engage in long-term trading. In this case, it is the micro lot that allows you to withstand any price rollback on long-term timeframes. It would also be a good idea to pay attention to the speed of order execution; often cent Forex brokers discriminate against micro accounts, reducing the speed of execution, thereby discouraging the trader from switching to trading on a standard account. The main types of accounts that can be opened with a broker - eunic-brussels.eu Trading Platforms: MT4, MT5 Regulation: FSCA, CySEC, FSA, FSC | JustMarkets Review |
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