TOP 3 BEST FOREX BROKERS WITH CENT ACCOUNT

According to traders in the forex market, the Cent account, or other accounts of the same size but with different names, is always considered the best account type for forex beginners. So if you are someone who just entered the fx market, you should take some time to find out who are the best forex brokers with Cent account.

What is the Cent account?

Cent Account in forex is a trading account that shows units in micro lots. The Cent Account only allows you to trade up to 1,000 units compared to the Standard Account which requires trading at least 100,000 units. This will benefit those who are new to the forex market. They will be able to open a real account with a lower deposit, just $5, and experience real forex trading.

Beginners who want to trade on their own will use the Cent account in forex . This will allow them to learn forex trading better and familiarize themselves with the trading process before starting to trade professionally. In the Cent account, the amount of margin required is minimal compared to standard accounts, which will allow new traders to adjust for the risks and potential losses of forex trading.

Why is Cent account suitable for newbies?

Cent account is a forex trading account with account balance in Cents instead of US Dollars. The Cent account works like any other forex account. The only difference is the size of the amount used to trade.

Forex brokers say that Cent accounts are useful for forex beginners because they allow trading with real money without taking on too much risk. Cent account balances are measured in cents, meaning $0.01, which helps beginners get used to seeing thousands on their accounts.

Cent account is a kind of transition period between demo account and real account. It is the first step of trading in real terms, an opportunity to reduce the minimum available position size to 0.0001 of a standard lot.

Furthermore, most forex brokers do not require a specific amount to open a Cent account. You can start real forex trading with as much as you want.

Disadvantages of Cent account

The downside of Cent accounts is that most forex brokers with Cent accounts will limit the maximum size of the account, keeping the number of traders using it to a minimum. In addition, cent accounts will often have higher spreads to compensate for the operating costs of forex brokers. Some of the major UK or US exchanges will not have Cent accounts because they are determined not to target amateur customers.

The best forex brokers with Cent account

Here is our list of the best forex brokers with Cent account:

Exness broker

Exness is one of the biggest forex brokers in the world nowadays. Their monthly trading volume is always on top. So you might think that Exness is for big players only, right?

Actually, Exness has a Cent account. The aim of Exness is to provide service for all levels of traders, from beginners to professionals, so they have all kinds of forex accounts for everyone. People choose Exness because they have professional trading platforms, low fees and super fast deposit/withdrawal system. Customers at Exness can easily deposit and withdraw money through their local banks to minimize the time and fee required.

Exness is regulated by the FCA, so their reliability is out of the question. Their Cent account is called Standard Cent account. Here are some of its features:

• Minimum position size is only 0,01
• No minimum deposit requried
• Maximum leverage is 1:Unlimited
• No commission
• Spread only from 0.4 pip
• Maximum order size is 200 lots
• The maximum number of open positions is 1000

According to many traders, Exness is one of the best forex brokers with Cent account in the market.

XM broker

The Cent account at XM is named Micro account. Most brokers will use similar words to name this very small account such as Micro, Mini or Nano.

XM is also a very reliable forex broker thanks to ASIC, DFSA and CySEC regulations. This forex broker is constantly in the top of the best forex brokers in the world on review sites. Many people like XM because this is a big broker but still offers bonus programs to attract more customers to join. Not many major forex brokers have promotions like XM. Like Exness, XM also has a local deposit/withdrawal system for their traders..

Here are some features of the XM Micro account:

• Various base currency options
• Minimum position size is only 0,01
• Minimum deposit fee is $5
• Leverage up to 1:888
• No commission fee
• Spread from 1 pip
• Maximum order size is 100 lots
• The maximum number of open positions is 200

HotForex broker

HotForex is also a famous forex broker and trusted by many international traders. HotForex's Cent account is also named Micro. HotForex is a forex broker licensed by FSCA and CySEC.

This is also a platform that supports local deposit/withdrawal methods. Here are some features of the HotForex Micro account:

• Can be used to trade any product
• Minimum position size is only 0.01 lot
• Minimum deposit fee is $5
• Leverage up to 1:1000
• No commission fee
• Spreads from 1 pip
• Maximum order size is 700 lots
• The maximum number of open positions is 150

Conclusion

The above are the 3 best forex brokers with Cent account. They are all big and famous forex brokers but still think of the beginners in forex trading. Speaking of beginners, please remember that this account is only for this level of trading only. If you have experiences in forex trading, you should try out other account types.