Cent accounts, which allow trading in increments as low as 1 cent, provide an accessible starting point to dip your toes into the vast Forex market. As a beginner in the UK looking to open a cent account in 2024, choosing a reliable broker that provides a smooth trading experience is a key for testing out different trading strategies and growing your account as you sharpen your skills.
In this article, we compare the top 5 Forex brokers that offer cent accounts suitable for beginners in the UK. We analyze their regulation status, account minimums, trading platforms, and any special features. Equipped with these important factors to evaluate, you’ll be able to confidently choose a broker to open a cent account with and take your first steps into Forex trading.
1
FBS - Best for beginners in the UK
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
👍 Advantages of trading with FBS for traders from the UK:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from the UK:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
2
InstaForex - Best for beginners in the UK
InstaForex is a leading broker with over 7,000,000 clients. The company provides access to 2,500+ trading instruments, including Forex pairs, stocks, indices, commodities, and cryptocurrencies. Clients can benefit from competitive spreads starting from 0 pips, leverage up to 1:1000, and access to non-standard technological solutions like synthetic securities. The average execution speed is 0.1 sec.
The broker offers a wide range of cryptocurrency CFDs, with over 70 instruments available and zero spreads on major cryptocurrencies. Additionally, it supports passive investment options including PAMM accounts, copy trading services, and unique offering - OYS portfolios.
The company provides responsive client support and insurance coverage up to €20,000 under European regulation.
👍 Advantages of trading with InstaForex for traders from the UK:
•2,500+ trading instruments, including non-standard assets, such as InstaFutures and synthetic securities.
•Passive investment products, including PAMM accounts and a copy trading service.
•Non-standard technological solutions such as InstaSpot (P2P spot trading), OYS account, Stock Basket, etc.
•European regulation and IFC compensation fund with guaranteed insurance coverage up to €20,000.
•Comfortable trading conditions, such as a $1 minimum deposit and leverage up to 1:1000, for clients of the FSC-regulated broker.
👎 Disadvantages of InstaForex for traders from the UK:
•Tough conditions for retail European traders due to regulations.
•The time gap between a trade executed by a trader and the one copied to the investor’s account in the social trading service can be up to 15 seconds.
3
AvaTrade - Best for beginners in the UK
AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 10 countries. It currently has over 300, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC, 406684), the Japanese FSA ( 1662), and the South African FSCA ( 45984). AvaTrade holds accreditation by the Central Irish Bank ( C53877 ), the Abu Dhabi Financial Services Regulatory Authority (190018), and the British Virgin Islands Financial Services Commission ( SIBA/L/13/1049), CySEC ( 347/17). AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 1,200 tools to customers.
👍 Advantages of trading with AvaTrade for traders from the UK:
•a wide range of trading instruments;
•there is a license for the provision of services on the territory of 5 continents;
•customer service operates around the clock and provides competent assistance to users in 14 languages;
•a wide choice of convenient trading platforms;
•ability to trade from mobile devices;
•availability of an account for representatives of Islam (swap-free);
•for reliable storage of customer funds, the broker uses a segregated account;
•option for automated trading using trading advisors, indicators, and other analysis tools;
•no restrictions on trade and scalping;
•availability of training materials and conducting webinars for beginners and experienced traders.
👎 Disadvantages of AvaTrade for traders from the UK:
•the site interface is not user-friendly;
•customer service efficiency and response time
•trading terminals are prone to occasionally freeze.
4
Grand Capital Ltd. - Best for beginners in the UK
Founded in 2006, the Grand Capital broker delivers a full range of brokerage services, including cryptocurrency and futures trading. The company was one of the first to offer Copytrading services and Investment portfolio for passive investing and provide direct access to the largest liquidity aggregator. Traders’ money is insured by the Financial Commission, which guarantees up to 20,000 EUR coverage for every client.
👍 Advantages of trading with Grand Capital Ltd. for traders from the UK:
•direct access to Currenex, which ensures faster execution of orders in ECN accounts and relatively tight spreads;
•segregated accounts and up to 20,000 EUR insurance coverage for every client;
•platforms for passive investing.
👎 Disadvantages of Grand Capital Ltd. for traders from the UK:
•offshore regulation;
•fees apply on almost all account types;
•withdrawal fees apply;
•no demo accounts for cryptocurrencies;
•support service works slowly.
5
NumberOne Capital Markets - Best for beginners in the UK
Clients of this brokerage company can trade currency pairs and CFDs on indices, stocks, metals, commodities, and cryptocurrencies. Three real accounts differ in minimum deposit, trading conditions, and bonuses. The minimum deposit on the Cent account is $1. Spreads start from 0.5 pips. The maximum leverage is 1:1000. Other elements are standard for most brokers such as a minimum trade size of 0.01 lots, stop-out at 40%, no restrictions on trading styles and methods, and the use of advisors. The broker supports both MT4 and MT5 trading platforms. More than half of the deposit and withdrawal options are cryptocurrency wallets. The analytics are of good quality, and besides an economic calendar, there is Autochartist. The educational materials are basic and consist of a glossary and e-books. There are no options for passive income.
👍 Advantages of trading with NumberOne Capital Markets for traders from the UK:
•This broke has an extremely low entry barrier, with a minimum deposit of $1.
•A wide variety of assets expands the trader's possibilities and reduces trading risks.
•High leverage increases profit potential.
•This broker's offered analytical tools are useful and assist in making forecasts.
•This company is licensed and regulated by the Vanuatu Financial Services Commission (VFSC, 15035).
•Two promotions are continuously available, which are a bonus on the first deposit and a bonus on the subsequent deposit.
•Clients can work with any version of the MT trading platforms.
👎 Disadvantages of NumberOne Capital Markets for traders from the UK:
•This broker's client support is generally highly rated by users, but there is no call center as a communication channel, and managers are only available from 6:00 to 15:00 GMT on weekdays.
•This company focuses on active trading, so its clients do not have alternative earning opportunities. There are no PAMM accounts, copy trading, or referral programs (only IB).
•The platform offers several dozen deposit and withdrawal options, but most of them are cryptocurrency wallets. It is not possible to withdraw funds to a bank account, Mastercard, or Visa card.
TOP 5 Comparison
This table makes it easy to compare the best forex cent account brokers for beginners in the UK for 2024 by placing their information side by side all in one place. The table includes the categories that are most important when deciding on a broker to work with. The data contained in this table is verified and only includes the most reputable brokers.
| FBS | InstaForex | AvaTrade | Grand Capital Ltd. | NumberOne Capital Markets | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, Mobile Trading |
MT4, MultiTerminal, Mobile Trading, MT5, WebTrader |
MT4, Mobile Trading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option |
Grand Trade, MT4, MT5 |
MT4, MT5 |
|
Min deposit |
$1 |
$1 |
$100 |
$10 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:200 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
Yes |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0.2 points |
From 0 points |
From 0.9 points |
From 1 point |
From 0 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution |
Instant Execution |
Instant Execution |
Market Execution |
Market Execution, Instant Execution |
|
No deposit bonus |
$5 |
No |
No |
$10 |
No |
|
Cent accounts |
Yes |
Yes |
Yes |
Yes |
Yes |
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
FBS Commissions and Fees
The experts at Traders Union checked the broker for trading and non-trading commissions. In the category of trading commission, the company's spread was considered, and as a non-trading commission, various additional fees for withdrawing funds from the account were considered.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From $1.7 |
No |
|
Cent |
From $1.3 |
No |
InstaForex Commissions and Fees
Traders Union specialists have analyzed InstaForex trading conditions for explicit and hidden commissions. All information on the size of commissions contained is on the broker's website. Trading account replenishment through the popular payment system takes place without commission. The commission is charged only by the bank or e-payment system. Information on the amount of commission fees is available on their website. Withdrawal fees range from 0.5% to 3.5%, depending on the electronic payment system. PayCo does not charge a withdrawal fee.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Insta.Standard (FSC) |
From 3-7 USD |
yes |
|
Insta.Eurica (FSC) |
From 0 USD |
yes |
|
Cent.Standard (FSC) |
From 3-7 USD |
yes |
|
Cent.Eurica (FSC) |
From 0 USD |
yes |
|
ECN.MT4 (CySEC) |
From 10 USD |
Yes |
|
ECN VIP.MT4 (CySEC) |
From 3 USD |
No |
|
ECN Pro.MT4 (CySEC) |
From 7 USD |
Yes |
|
All ECN-accounts MT5 (CySEC) |
From 0 USD |
No |
AvaTrade Commissions and Fees
The broker has been checked by our experts for the existence of explicit and hidden commissions, in particular a commission for trading volume and withdrawal of funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From 0 to 20 US dollars, depending on the platform |
No |
Grand Capital Ltd. Commissions and Fees
Experts at TU have analyzed Grand Capital’s offers and basic trading terms for obvious and hidden fees. No hidden fees were found. Besides spreads, evident fees worth noting include maintenance fees on ECN accounts ($5–15 for 1 lot or 0.5%) and withdrawal fees (deposit fees are absent). Withdrawal fees are 0.5%–0.6%.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Micro |
$1 |
Yes |
|
Standard |
$10 |
Yes |
|
MT5 |
$4 |
Yes |
|
ECN Prime |
$4 |
Yes |
|
Crypto |
$4 |
Yes |
|
Swap Free |
$10 |
Yes |
NumberOne Capital Markets Commissions and Fees
For traders, three types of costs are relevant - spreads, trading commissions, and withdrawal fees. Sometimes brokers may charge fees of other types, but this is rare and usually related to additional services. Spreads can be fixed or floating, regular or raw. NumberOne Capital Markets offers regular floating spreads, the magnitude of which depends on the chosen account and can start from 0.9, 0.8, or 0.5 pips. The trading commission is only applicable to ECN accounts and amounts to $2.5 per standard lot. When comparing it with competitors' commissions, it is approximately half the amount. Thus, the commission conditions of NumberOne Capital Markets appear attractive.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Cent |
Spread from 9$, without commission |
No |
|
Standard |
Spread from 8$, without commission |
No |
|
ECN |
Spread from 5$, with a commission of $2.5 per lot |
No |
Summary
Many brokers are available for traders from the UK, but not all of them offer good conditions. In this review, TU experts chose the Best forex cent account brokers for beginners in the UK 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Forex Cent Account Brokers For Beginners in the UK
| FBS | InstaForex | AvaTrade | Grand Capital Ltd. | NumberOne Capital Markets | |
|---|---|---|---|---|---|
|
Overall score |
8.98 |
8.22 |
7.16 |
5.66 |
4.03 |
|
Execution of orders |
9.5 |
8.85 |
8.5 |
4.57 |
3.47 |
|
Investment instruments |
6.96 |
7.1 |
9.5 |
3.83 |
5.85 |
|
Withdrawal speed |
9.57 |
6.9 |
7.2 |
6.43 |
7.57 |
|
Customer Support work |
7.58 |
7 |
7.9 |
5.47 |
1.78 |
|
Variety of instruments |
7.02 |
8.02 |
10 |
7.02 |
6.02 |
|
Trading platform |
9.03 |
9.1 |
6.8 |
5.41 |
1.39 |
|
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FAQ
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
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.
Can you earn passive income in the financial markets?
Yes, the best brokers in the UK offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
Best Forex Cent Account Brokers 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.