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.
The first forex broker featured is FBS. With this brokers cent account, trading can be started with a micro lot of 1,000 currency units and you can then trade with as little as 0.1 nano lots which is 10 currency units. The FBS minimum deposit is also great value at just $10 for Europeans and $1 for non-Europeans.
In the majority of cases, no FBS fee is attached to your deposit and the broker also makes a fully operational demo account available for a 90-day period to test the service. This period can be further extended through contact with the FBS support team.
At FBS, cent accounts are supported by the availability of both MT4 and MT5 trading platforms and a wide range of assets are available. This includes 28 currency pairs and 10 CFDs for trading if you are in Europe, and 35 currency pairs and 30 CFDs if you are outside Europe. The FBS floating spread starts from 1 pip.
Why should you choose FBS?
- They have developed a global reputation as one of the most trusted forex brokers in the world.
- There is a wide and diverse range of assets to choose for cent accounts, particularly outside Europe.
Again FXTM is another top option for trading with a forex cent account and the same trading lot sizes apply. These range from trading with a micro lot of 1,000 currency units, to trading with 0.1 nano lots, or 10 currency units. This helps open the door to all types of forex trader with a minimum deposit of just $10.
You will also save on fees since most deposits on FXTM are made without any kind of fee being charged. Beyond this, you can also get to know the system with a completely realistic and unlimited demo trading account, perfect if you are new to trading or the broker.
When it comes to trading platforms, the much respected MT4 trading platform is available and trading in a total of 25 currency pairs and 2 metals markets can be accessed. Floating spreads with this forex broker start from 1.5pips.
Why should you choose FXTM?
- They are a multi-award winning broker who have been operated for several years and established strong trust among traders.
- They are particularly suitable for African traders according to the collection of awards they have won.
At Roboforex you can get one of their Pro-Cent trading accounts for a minimum deposit of just $10. This can again provide new traders in the industry with an excellent value starting point. Within the broker there are also no deposit fees in the majority of cases.
Moving to the actual forex trading, this is available through both MT4 and MT5, with the MT4 trading platform facilitating trades as low as 1 nano lot, and the MT5 platform even lower at 0.1 nano lots.
The trading options you are presented with at Roboforex are extensive. This includes a total of 36 forex currency pairs, 9 crypto-fiat currency pairs, and 2 metals. Spreads with the broker are floating and start from a valuable 1.3 pips. Although there is no demo account available, the broker still provides a great deal of choice to you as a trader.
Why should you choose RoboForex?
- RoboForex provides an excellent range of assets for trading with your cent account.
- It is one of only a few brokers to facilitate crypto-fiat trading through a cent account.
Another one of the best forex cent account brokers is Instaforex. Here you can choose from not one, but two cents accounts, the Cent Standard, and the Cent Eurica. Both of these cent accounts can be opened with a minimum deposit of just $1 and as with many other top brokers, there are usually no deposit fees to worry about.
If you are new to trading or just want to try out the broker, you can avail of a fully unlimited Instaforex demo account before real trading.
The Cent Standard is spread-based with these spreads starting from 1 pip while the Cent Eurica is commission based with no spread on forex markets but a commission starting from 0.03% on position opening. Through both accounts you can trade as little as 0.1 nano lots through the MT4 trading platform.
Why should you choose InstaForex?
- The two cent accounts available help increase your options as a forex trader using a cent account.
- The different trading fee style on both of the accounts present you with something that is certain to fit your trading style based on your own needs.
5. FIBO Group
The last cent account forex broker to feature for now is FIBO Group. They offer a cent account to you if you are a forex trader from outside the EU and this account can typically also benefit from no minimum deposit requirement or deposit fees in place.
They do provide for an extensive range of assets here which includes a total of 38 forex pairs, more than some of the other top brokers featured. The spreads are also very competitive starting from only 0.6 pips.
If you do choose the Fibo Group cent account, there is no demo account availability though you can benefit from the use of the trusted and respected MT4 trading platform from MetaTrader.
Why should you choose FIBO Group?
- The broker offers one of the most extensive ranges of market choices in the sector for cent accounts.
- The spreads offered from the broker are highly competitive when compared with other top brokers.
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.