When it comes to trading forex, there is something known as a Cent account. This type of account is offered by Cent account forex brokers that measure a trader’s account in cents, not dollars. Cent accounts are hugely popular with beginners who don’t have much experience trading forex. They use Cent accounts since they do not want to risk losing substantial money but wish to experience live trading.
Cent accounts are ideal for those who want to improve their trading skills on time without risking much. As you may already know, forex brokers offer traders demo accounts, but the fact remains that you can never understand what it feels like to trade forex if there is no money involved. When money becomes involved, the pressure sets in, and trading forex becomes a different ball game than trading in demo mode.
So with cent accounts, you face the risk of losing money and the opportunities to make profits without much risk.
In This Guide
FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC
Min $100 Deposit
FCA, ASIC, CIMA, SIBL
Min $200 Deposit
Min $100 Deposit
ASIC, IFSC, DFSA, CySEC
Min $5 Deposit
Cent accounts are not widely available on many platforms, but here are some of the few who offer beginner traders the best option for trading forex with cents.
BDSwiss is a Zurich-based international brokerage firm established in 2012. In the last 10 years, through strategic planning and customer-friendly products like cent accounts, they are fast becoming a global brokerage services brand. Currently, BDSwiss has more than 1.5 million clients across 186 countries. The company also has offices in Berlin, Cyprus, Tirana, Malaysia, and Kosovo.
The minimum deposit to open an account with BDSwiss is $100, but you can trade in cents if you operate a cents account. BDSwiss offers several trading interfaces, which are MT4, MT5, WebTrader, and their online trading mobile app.
Regulators: CySEC, FSA, FSC
Another very good vent account forex broker is BlackBull Markets. Established in 2015 in Auckland, New Zealand, this company already had years of experience offering brokerage services to retail traders. It also majors as a financial services provider with the aid of advanced proprietary software and competitive proving offerings. BlackBull Markets provides its platform for traders to trade in different assets from forex to Cryptocurrencies, indices, futures, options, and any other asset you can think of.
The minimum account deposit amount to get started is $200, and they offer a maximum leverage of 1:500. Traders have the option of either trading with their MT4 or MT5 interface. In addition, they have advanced trading tools and a rich resource of learning materials.
Third, on our list of best cent accounts forex brokers is FP Markets which is an industry leader in its own right. Established in 2005, FP Markets serves more than 12,000 clients worldwide, and one of their best features is their ECN electronic bridges that offer traders innovative technology to execute fast precision trades.
This broker operates a safe and secure platform with their activities under stringent regulation protocols. Although it was established in Australia, FP Markets recently got the license to expand into the EEA zone, thereby making it accessible to traders in Europe. They offer traders spreads starting from 0.0 pipes with a maximum leverage of 1:30. To activate your FP Market Cent account, you will have to deposit at least $100 into your account.
Pepperstone brokerage service is a subsidiary of Pepperstone Group Limited, based in Australia. Established in 2010, it has grown to become one of the largest CFD and fried trading platforms in the world. Since its launch in the UK, it has expanded its services to provide access to more traders in new regions. Currently, they have offices in Dallas, Bangkok, Melbourne, and London.
Pepperstone has ensuite trading tools that will help you make quick market decisions in a split second. They also offer some of the best educational tools in their education section; they offer beginners insight into new trading techniques that will help them improve their trading skills. Their customer support is also one of the best we have seen if you are looking to improve your skills within the shortest possible time; Pepperstone is one of the best cent account forex brokers you should try out. They offer maximum leverage for cent accounts of 1:30, and you need to activate your account with a minimum $200 deposit. Pepperstone has MT4 and MT5 trading interfaces.
Still, looking for the best cent account forex brokers? HotForex is another new entrant into the scene. This multi-asset broker offers commodities and forex as well as CFD trading access. Moreover, they offer as many as 7 different account types on their platform, and each one has extremely tight spreads averaging 0.1 pips. In addition, they offer unrestricted liquidity, which is a great feature for certain types of traders, and their automated platform aids split trading decisions, especially in highly volatile markets.
Established in 2010 in Cyprus, they have expanded into a few regions with offices in South Africa and Dubai. They also have entities fully active in St. Vincent and the Grenadines. HotForex is a responsible platform with secured account access. Their fees are largely very low, and their education section is filled with so many resources to help you brush up your skills. This is one of the best cent account forex brokers for beginners. The minimum account deposit is also the lowest at $5.
Trading cents is not the same as trading forex in dollars. Although your gains are minimal, so are your potential losses. Moreover, a cent account allows you to improve your skill and gain confidence. If you plan to open a cent forex account today, make sure you do your due diligence to identify the best cent account forex brokers with the best deals.
That depends but on average, cent accounts are used to buy and sell forex using cents. So that will translate to 99 cents and under.
Yes, cent accounts are low risk because you only lose what you stake, which is cents in most cases.
No. Only a few brokers offer traders cent accounts.
All forex brokers that allow trading in cents often allow traders to trade various currency pairs they want.
No, they are different. A Cent account is a live account, while a demo account is not. So you can lose money and make money while trading with a cent account, while demo accounts carry no risk whatsoever.