There are often many types of accounts available to try within the fx broker that you choose to deal with. Among these is the cent account.
Particularly if you are a forex trader trying to balance risk management with getting involved in forex trading, this may be the ideal solution for you.
With that in mind, we have collected more information and a selection of what we consider to be the best forex cent account options in the industry for you.
What is a Cent Account?
As you may be able to guess from the name, cent accounts facilitate trading in the smallest denomination of currency through micro lot trading. These trades can typically be opened with as little as 0.1 nano lots. One of the other keys to the cent account is the fact that your account balance shows as cents, for example, a $10 deposit would appear as 1000 US cents in your trading account.
This low volume trading availability makes cent accounts some of the cheapest and lowest-risk account options for those traders who may be new to the industry. They are also highly accessible due to the low or no minimum deposits that are often involved.
If you are searching beyond cent accounts and wish to open a standard account type with a very low minimum deposit, you should also make sure to check out our listing of the best brokers with nano lot size.
Top 5 Cent Accounts
Here we have compiled a listing of the best cent account forex broker options for you to choose from. These 5 are the top cent account forex brokers in the industry and a great starting point if you are opening a forex cent account.
Pros and Cons of Cent Accounts
As with all other forms of trading, trading through a cent account, even with one of the top brokers we have listed, comes with some positive points as well as a few potential drawbacks.
- Trading through cent accounts is very low-risk and often ideal for those starting out in the forex trading sector.
- You can benefit from some super-low or even no minimum deposits with top brokers on the majority of cent accounts.
- All of this is ideal for those with less experience in the industry who want to know and understand forex trading, but take fewer real money trading risks.
- While the real money trading risks are low, so too can be the reward from profits if you make the right trades in cent trading.
- Some of the assets that may normally be available through brokers may be somewhat restricted on a cent account. This is particularly true for European traders where the maximum allowed leverage is 30:1 through ESMA regulation.