FxBrokerReviews.org – The Cent Account Forex Broker offers trading accounts that measure balances in cents rather than dollars. Since trading with the Cent Account Type is simpler for new traders, it is popular among traders who want to practice or test a certain trading strategy on actual trading without making large deposits.
Typically, the minimum deposit for Cent Accounts is a mere $100 or less as a starting point. Nevertheless, in a low-risk trading environment, take into account the demanding minimum transaction volume.
What is a cent account in forex?
A cent forex account determines and keeps track of the balance in the smallest fungible denomination of a currency, such as the USD cent or GBP penny. Additionally, these accounts provide trading with significantly smaller currency pair lots.
Also read: ECN vs Standard Account: All That You Need to Know
Beginner traders who do not want to take significant financial risks often use cent accounts. However, experienced traders who just wish to try new trading tactics may like these account types.
- Live trading is made possible by Forex brokers that provide the cent account feature since all computations and measurements are shown in cents.
- With the exception of the nominal amount, cent accounts are managed in the same way as standard accounts. Once the trader deposits $10, the account balance will be presented as $1,000, which represents trading funds in pennies.
Difference between a micro account and a cent account
The nominal value for a Cent Account is shown in cents rather than dollars, while a Micro Account’s trading size is indicated in micro lots.
Also read: Cent Account Review Broker 2022
Best Cent Account Forex Brokers
We examined and researched a number of forex brokers in order to determine the top regulated forex brokers with a Cent Account. With each broker, we created a genuine account, made a real deposit, and executed actual transactions. With our test, we were able to get an accurate representation of the spreads, commissions, trading platforms, terms for deposits and withdrawals, informational resources, and customer support in real life.
1. BDSwiss
BDSwiss is a global brokerage company that was founded in 2012 and has since surpassed Markets to rank among the top trading groups. BDSwiss now serves an elite member club with more than 1.5 million traders, in addition to more than 1.5 million registered clients from more than 186 countries.
Pros
- BDSwiss has a solid reputation for offering user-friendly trading conditions.
- BDSwiss offers a fantastic track record and user-friendly trading conditions.
- There is also a decent selection of trading platforms, quick account setup, and excellent customer support with resources for education and research.
Cons
- The BDSwiss trading offering is dependent on the company, and the only available products are CFDs and Forex.
2. HFM
Previously known as HotForex, HFM is a multi-asset broker that provides forex and commodities through CFD trading services with a variety of 7 account types and trading platforms with narrow spreads averaging EUR/USD 0.1. The broker offers unfettered liquidity access, enabling traders of any size or profile to select between different spreads and liquidity providers using automated trading platforms and the effectiveness of any strategy.
Pros
- HFM is a reputable broker with the necessary licenses.
- The service is user-friendly, has a sizable Forex and CFD portfolio, is considered to have cheap costs, and has a solid education part that is appropriate for new traders.
Cons
- Offers a small portfolio for EU clients, and the only products available are CFDs and Forex.
3. Axiory
Axiory, founded in 2011, provides international traders with a smart, welcoming, and simple environment to enter the FX and CFD markets. Axiory’s founding principles are built on providing customers and the trading community with transparent offerings while also providing traders with cutting-edge technology for increased profitability.
With its corporate headquarters in Belize, Axiory is a conglomerate of businesses and trading brokers. However, Broker obtained international exposure as a result of operating in the trading industry for a considerable amount of time and maintaining representative offices in Dubai, which provided access to clients from the EEA as well as the Middle East.
Pros
- Axiory is a licensed broker offering a MetaTrader and cTrader platform that is appropriate for both novice and experienced traders.
Cons
- Since Axiory is situated in Belize, we advise conducting your own study into transparency. Additionally, the company only offers CFDs and forex as products.
4. FBS
Since its inception in 2009, FBS has served clients from over 150 countries, and it has distinguished itself with multiple major accolades and state-of-the-art technology in the forex market. Although the broker was initially solely created in Belize, recently, FBS also became a Cyprus broker. That undoubtedly helped and supported the company’s decision to extend its service to the people of Europe, benefiting both novice and experienced traders.
Regulated, set by European law, environments gave brokers more possibilities, helpful tools, and completely approved trading services, which improved FBS development.
Pros
- FBS has been in business for a long time and offers a secure trading environment.
- Good trading conditions exist, and copy trading is available on MetaTrader4 and MetaTrader5.
- spreads are minimal, and the education sector is large.
Cons
- Forex and CFDs are the only available trading instruments, and each business has its own trading criteria.
5. Eightcap
Eightcap is an Australian-incorporated brokerage firm that offers a transparent pricing strategy since 2009 through cheap rates of variable spreads with quotations obtained using technological tools through Equinix servers and data from various top banks or institutions.
Through its reputed Australian headquarters and several regional offices across the world, including the UK, Bulgaria, and Cyprus, Eightcap runs a worldwide business. In addition to what it offers to retail clients, this broker offers affiliates, IBs, and influencers technical benefits and collaboration options.
Pros
- EighCap is a trustworthy broker who also offers a solid technological foundation for trading.
- The MT4 platform has excellent research and reasonable expenses.
- There are many different instruments available, and you can withdraw money in several ways.
Cons
- There are no excellent, beginner-friendly learning resources available, and no round-the-clock support services.
6. Capital.com
A worldwide CFDs and Forex brokerage company called Capital.com was founded in 2016 and has offices in the UK, Melbourne, Cyprus, and Belarus. The broker offers its clients narrow spreads, no commission, and no additional costs while giving them access to more than 4,000 markets. It is not surprising that investors who choose Capital.com as their broker include more than 788,000 traders globally.
The well-regulated and user-friendly CFD trading platform at Capital.com is well-known. On the online and on mobile devices, Capital.com’s traders have access to 3,000 of the most popular indices, commodities, cryptocurrencies, shares, and currency pairings in the world with market-leading spreads and zero fees.
Pros
- With a simple account opening process and a wide selection of trading instruments, Capital.com offers the well-known MT4 trading platform.
Cons
- Only the MT4 platform is a little out of date, and teaching and research are fairly restricted.
7. AvaTrade
AvaTrade is a well-known, internationally recognized broker with more than 200,000 loyal customers worldwide. Regardless of user expertise or experience, a forex broker that is licensed on five continents offers consumers advanced trading solutions by giving them the choice to access the market through a variety of flexible platforms, tools, and alternatives.
Pros
- AvaTrade is a very reputable broker that is subject to strict regulation.
- Easy account opening, a wide selection of trading tools, user-friendly software, and several deposit and withdrawal options are all provided.
- High-tech access to more instrument options and a variety of platforms for manual, algorithmic, or social trading.
Cons
- Only Forex and CFDs are available as trading instruments,
- There is no 24-hour assistance.
8. CMC Markets
Since the firm started operating back in 1989, English broker CMC Markets has gained significant “life experience” and is currently one of the largest market-maker brokers in the FX industry.
Since launching in the UK, CMC Markets has expanded globally, opening offices in Australia, Austria, Canada, France, Germany, Ireland, Italy, New Zealand, Norway, Poland, Singapore, Spain, and Sweden. As a result, they are now one of the top suppliers of online CFDs in the world.
Pros
- A reputable broker, CMC Markets offers simple digital account opening, a robust platform, and excellent education and research.
- Several ways to deposit or withdraw money.
Cons
- The cost of trading stock CFDs is greater.
- There is no round-the-clock assistance.
9. FXTM
The FXTM or Forex Time firm, which was founded in 2011 and has its headquarters in Cyprus, is one of the greatest and fastest-growing forex brokers in the world. It is also regulated by the Financial Conduct Authority and other regulators. As a result of its emphasis on the African and Asian areas, the company demonstrated remarkable and quick expansion inside Europe and beyond in a very short period of time.
Regardless of the trader’s level of experience, the broker bases its business on dependable trading conditions and thorough instruction. It also offers accessible trading worldwide. However, the chain of FXTM offices, including locations in the UK and South Africa, was also created throughout Europe.
Pros
- FXTM is a reliable broker that is well-known and regulated on a global scale. FXTM has several regulated companies.
- Opening an account is simple.
- FXTM boasts one of the lowest minimum deposit requirements, fantastic trading conditions with low spreads, top-notch customer support, and comprehensive Forex training.
Cons
- A withdrawal fee is charged.
- Spreads on stocks are often greater.
10. eToro
Three partners established eToro in 2006 with the goal of developing a financial trading platform that would be suited for traders of all experience levels and provide simple and practical trading tools. In reality, the eToro social trading network, which serves more than 6 million members from over 150 different countries worldwide, has helped the parent firm become one of the biggest and most well-known brokers today.
The social trading platform and CFD asset trading specialist eToro is completely regulated by the reputable FCA and the Australian Securities and Investments Commission (ASIC).
Pros
- The best social trading broker is eToro, which has a solid reputation and is a safe broker.
- The software is fluid and simple to use, and establishing an account is simple.
- Is first for both the number of traders and the accessibility of portfolios in copy trading.
Cons
- The platform is rather simple.
- Some instruments have high spreads.
- There is no round-the-clock assistance.
Advantages and Disadvantages of the Cent Forex Account
Advantages
- Retail brokerage firms claim that while cent accounts allow trading with real money without taking on excessive risk, they might be helpful to Forex newbies.
- The penny account balance is displayed, which makes it easier for newbies to get used to seeing amounts in the thousands.
- As a first step into real trading, the cent account offers the chance to lower the lowest possible position size to 0.0001 of an entire standard lot. It functions as a type of transitional stage between demo and dollar accounts.
- There are no specified conditions to start a cent account, such as a minimum or maximum deposit amount.
Disadvantages
- Most Forex brokers who provide them have a maximum account and position size cap in order to minimise usage.
- Greater quotation spreads are linked to cent accounts as a kind of broker compensation.
Final Thoughts
The ideal response for a successful beginning. A Forex Cent account offers a low-risk method to start trading in the real world. A CENT account, created specifically for new traders, will help you better grasp the psychology of trading from the inside out. You trade on a live account, but there is no danger to your deposit because trading is done in cents.
FAQs
What is the best account type for forex trading?
Since CENT accounts allow trading with real money without taking on excessive risk, they are perfect for newcomers to forex. New traders can use CENT accounts to go from a demo to a live trading account.
What is mt4 Cent account?
A unique class of trading account on the MetaTrader 4 and MetaTrader 5 platforms that is valued in cents is known as a cent account. You may do more transactions without putting up a lot of money on the line if you deposit as little as $10.
How is a cent account calculated?
If you deposit $20 into your account, the terminal will display a balance of $2.00. The cent account offers the chance to practice trading with actual money. Since the earnings and losses are measured in pennies, the risks are negligible. In other words, the risks are 100 times lower ($1 = 100).
