Best Forex Cent Account Broker For Beginners for 2024 - TOP 5
Forex trading can seem intimidating for beginners, especially when it comes to choosing a broker. Cent accounts, which allow trading with cent-sized lots, provide an accessible starting point. With a cent account, novice traders can get familiar with the Forex market while risking less capital. This gives them room to practice strategies without worrying about losing large sums.
The top cent account brokers provide user-friendly platforms, extensive educational resources, and top-notch customer support. With these brokers, beginners can trade confidently with small position sizes as they work to develop their skills.
This article will highlight the 5 best Forex cent account brokers for beginners in 2024. These brokers stand out for their low minimum deposits, tight spreads, and dedication to serving the needs of new Forex traders.
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What is a demo account and why is it important?
On a demo account, you trade by using virtual funds. It is important to choose a broker offering a demo account both for beginners, who are only learning, and for experienced traders, who can use this account type to test new strategies or EAs risk-free.
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Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
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Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
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What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
Best cent account brokers for beginners
Cent account brokers offer an excellent gateway for beginners into the forex trading world. They allow trading with small amounts, thereby reducing financial risk and providing a practical learning experience.
RoboForex
Main Features of RoboForex Cent Account:
RoboForex, regulated by the International Financial Services Commission of Belize, is highly recommended for beginners. Their Pro-Cent account is particularly tailored for new traders, offering a safe environment to learn and experiment with a variety of trading strategies.
The account features include:
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Access to a wide range of markets (approximately 9,000), with spreads starting from 0.0 pips plus a $4.0 commission per 1 lot traded.
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Micro account options which facilitate trading with small amounts.
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A bonus program that provides additional incentives for traders.
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High leverage options, going up to 1:2000, allowing traders to magnify their trading positions.
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The availability of ECN accounts for more direct market access and lower spreads.
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A low minimum live-account requirement of just $10, making it accessible for beginners with limited funds.
👍 Pros
•Safe and low-risk for beginners.
•Multiple account types, including Cent and demo.
•High leverage options.
•Protection against negative balances.
•User-friendly platforms on various devices.
•Excellent support and educational resources.
👎 Cons
•High leverage increases loss risk.
•Commission on trades may be higher.
•Inherent risk of capital loss in forex trading.
Exness: Cent Account for Beginners
Exness offers a unique blend of features in its cent account, making it an attractive choice for beginners in forex trading. The broker's approach combines flexibility with a supportive environment for new traders.
Main Features of Exness Cent Account:
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Account type: Exness provides a standard cent account, suitable for traders who prefer to trade in smaller volumes. This feature is particularly beneficial for beginners who wish to limit their financial exposure while gaining real-market experience.
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Leverage: Exness is known for its flexible leverage options. The broker offers unlimited leverage for cent accounts, allowing traders to amplify their trading positions. However, this also increases the risk factor.
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Trading Instruments: Traders using the cent account have access to a selection of 36 currency pairs, including major pairs, as well as precious metals like silver and gold.
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Platform Accessibility: The cent account is accessible on the popular MetaTrader 4 platform, known for its user-friendly interface and comprehensive trading tools.
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Micro Lot Trading: The minimum lot size for a cent account holder is one micro lot, which is ideal for beginners looking to trade with lower volumes.
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Minimum Deposit: Exness allows traders to start with a very low minimum deposit, making it accessible for individuals with limited initial capital.
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Spreads and Commissions: The broker offers competitive spreads starting from 0.3 points, with no trading commissions on the cent account. This is a crucial factor for cost-effective trading, especially for those new to the forex market.
👍 Pros
•Suitable for beginners.
•Unlimited leverage.
•Low minimum deposit.
•No commission fees.
•User-friendly platform.
•Variety of trading instruments.
👎 Cons
•High leverage risk.
•Potential conflict of interest in Market Maker execution.
•Variable regulatory standards.
InstaForex
InstaForex offers a Cent Account, which is particularly suitable for beginners and those looking to trade with smaller amounts.
Key Features:
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Minimum Deposit: The minimum deposit required to open a Cent Account with InstaForex is only $1, making it highly accessible for beginners or traders with limited capital.
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Leverage: For deposits of less than $1000, the leverage offered ranges from 1:1 to 1:1000. This provides flexibility in trading strategies and the potential for larger trades relative to the account balance.
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Trading Volume: The minimal trade volume on a Cent Account is 0.10 of the lot, equivalent to 0.0001 of a market lot. This allows for trading in smaller increments and better risk management for new traders.
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Spreads and Fees: The Cent.Standard account has spreads from 3 to 7 pips with no commission fees, whereas the Cent.Eurica account offers zero spreads but includes a commission ranging from 0.03% to 0.07%
👍 Pros
•Accessible for beginners with a low minimum deposit requirement.
•Multiple account types, including both cent and demo accounts.
•Offers high-leverage options.
•Provides protection against negative balances.
•User-friendly trading platforms available on various devices.
•Excellent customer support and a wide range of educational resources.
👎 Cons
•High leverage also increases the risk of significant losses.
•Potential for higher commission fees in certain account types.
•Inherent risks associated with forex trading, including the possibility of capital loss.
Forex4You
Forex4You, a forex broker based in the British Virgin Islands, offers a Cent Fixed Account, which is particularly geared towards beginners and those who wish to test trading strategies with lower risk. Here are the key features:
Key Features:
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Minimum Deposit: Forex4You does not require a minimum deposit amount to open a Cent Fixed Account, allowing traders to start with as little as they prefer.
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Leverage: The leverage offered ranges from 1:10 to 1:1000, providing flexibility to suit various trading strategies and risk appetites.
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Trading Conditions: The Cent Fixed account allows for instant order execution and fixed spreads starting from 2 pips. It supports a wide range of trading instruments and is compatible with Expert Advisors (EAs) for automated trading.
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Trade Volume: The minimum trade volume is set at 0.01 lot, with a maximum of 1000 lots, accommodating both small and large trading sizes.
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Other Features: The account also includes features like hedging, scalping, a bonus program, and the ability to join the Share4you service, where traders can copy others or become leaders themselves.
👍 Pros
•No minimum deposit requirement.
•High leverage up to 1:1000.
•Multiple trading platforms, including MetaTrader 4.
•Wide range of tradable instruments.
👎 Cons
•Offshore regulation may concern some traders.
•Limited information on account specifics.
•Does not accept traders from several major countries.
FBS
For people looking to deposit small stakes, FBS is the best cent forex account broker. The minimum initial deposit for the cent account at FBS is just $1. If the minimum is met, 100 cents will be the starting balance.
Unlike other account types, FBS does not charge trading commissions on a cent account. Additionally, EUR/USD floating spreads begin at 1 pip. With the FBS cent account, you can leverage up to 1:1000. The leverage limit for a trader will vary depending on their location.
STP is used to execute positions on FBS cent accounts and execution speeds are 0.3 seconds. FBS offers only 28 forex pairs, which is not a lot.
In addition to forex, FBS offers a variety of other asset classes. Among them are metals, indices, energies, cryptos, and stocks. The FBS mobile app is available for iOS and Android devices. MT4 and MT5 are required for those who wish to trade on a desktop device.
How to choose the best broker with a cent account?
Choosing the best broker with a cent account, especially for beginners, involves considering several important factors. Here are five tips to help guide you in making an informed decision:
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Regulatory Compliance: Ensure that the broker is regulated by a reputable financial authority. Check for certifications or licenses from bodies like the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, or other relevant authorities.
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Trading Platform and Tools: Assess the trading platform provided by the broker. A good platform should be user-friendly, reliable, and equipped with necessary tools and features like charting, technical analysis tools, and real-time data. Many brokers offer a demo account; use this to get a feel of their platform before committing.
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Fees and Spreads: Look into their fee structure, including spreads, commission fees, and any other charges. Cent accounts typically have different fee structures compared to standard accounts, so it's important to clarify these details.
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Customer Support: Reliable customer support is crucial, particularly for beginners. Ensure that the broker offers adequate support, with multiple channels like email, phone, and live chat. Check if they provide support in your preferred language and their responsiveness and helpfulness.
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Educational Resources and Support: As a beginner, having access to educational materials can be extremely beneficial. Look for brokers who offer comprehensive learning resources like tutorials, webinars, e-books, and even personal coaching or training sessions.
Is a cent account good for beginners?
A cent account can be a suitable option for beginners in forex trading due to its unique features. Here's an explanation of why a cent account might be a good fit for beginners:
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Low Risk and Investment Requirement: Cent accounts require a much lower initial investment compared to standard accounts. This allows beginners to start trading with a minimal amount, reducing the financial risk and providing a practical learning experience without the stress of losing large sums of money.
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Real Market Experience: Trading with a cent account offers a real market environment, unlike demo accounts. This enables beginners to gain practical experience in trading, understand market dynamics, and test strategies with real money, which is essential for developing trading confidence.
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Risk Management Practice: With smaller transaction volumes, beginners can practice risk management techniques. Learning to manage risk with smaller balances is a critical skill that can be scaled up as they progress to larger accounts.
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Understanding Leverage and Margin: Cent accounts allow beginners to understand how leverage works in real trading scenarios. It offers an opportunity to learn about margin requirements and how to use leverage responsibly without the high risk associated with larger account balances.
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Development of Trading Strategies: Beginners can use cent accounts to test and refine their trading strategies. It provides a practical platform to experiment with different approaches, analyze outcomes, and adjust tactics based on real market conditions.
Can I make money with a cent account?
Yes, it's possible to make money with a cent account, but it's important to approach it with the right strategy and mindset, especially as a beginner. Here are five tips to help you:
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Develop a Solid Trading Plan: Establish a clear trading strategy before you start. This should include your trading goals, risk tolerance levels, and specific criteria for entering and exiting trades.
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Emphasize Risk Management: Implement strict risk management rules. This includes setting stop-loss and take-profit orders to manage potential losses and protect gains.
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Continuous Learning and Market Research: Stay informed about market conditions and economic news that could impact currency values. Dedicate time to learning about technical and fundamental analysis to improve your trading decisions.
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Practice Patience and Discipline: Success in trading requires patience and discipline, especially with a cent account where profits might be smaller. Avoid impulsive trading and stick to your trading plan.
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Regularly Analyze Your Trades: Keep a detailed record of your trades and regularly review them to understand what works and what doesn't.
Summary
Choosing a good broker for beginners is not a simple task. To make it easier, TU experts have prepared this review. Based on the collected information, we have given scores to each company. In the Overall score table, you will learn about the best Forex Cent Account Broker for beginners in 2024, and also advantages and disadvantages of its closest competitors.
Best Forex Cent Account Broker for beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).