Best Cent Accounts Forex Brokers

They say if it doesn’t make dollars, it doesn’t make cents. Foreign exchange trading is the largest financial instrument globally, with action happening 24 hours a day, five days a week. People from their bedrooms, coffee shops, to corporate offices speculate in the markets for a piece of this massive pie.

Although forex has become increasingly democratized over the last few decades, this has also presented some challenges, especially for newbies. Plenty of research suggests most new traders quit trading within a year, and one of the reasons attributed to the failure rate is capitalization.

Brokers have positioned themselves to welcome low deposits like $1, $10, $50, or $100, which may not necessarily be beneficial on your typical standard account if we appreciate the importance of position sizing; this is where a forex cent account comes into play.

According to Wikipedia, the broker, LiteForex, became the first globally to offer this service allowing traders to speculate in the markets with a reduced account to accommodate cash-strapped investors. 

We should note not many brokers offer this type of account. Hence, we’ve seen the need to create this guide exploring all the best available options and all the information necessary for you to make the best decision.

Top 6 FX Brokers For Cent Accounts

Broker	Founded	HQ	Regulations	Platforms	Markets	Deposit from	Leverage up to	Website
	2011	Cyprus	CySEC, FCA	MT4, MT5, FXTM Trader	Forex, Indices, Commodities, Stocks, Metals	$10	1:2000	visit
	2009	Belize	IFSC	MT4, MT5, cTrader, R Trader	Forex, Indices, Commodities, Stocks, ETFs, Metals, Energies	$300	1:300	visit
	2009	Cyprus	CySEC, IFSC	MT4, MT5, FBS Trader	Forex, Indices, Stocks, Metals, Energies	$100	1:3000	visit
	2007	Saint Vincent	BVIFSC	MT4, MT5, InstaTick Trader	Forex, Indices, Commodities, Stocks, Metals, Crypto	$1	1:1000	visit
	1998	BVI	CySEC, FSC	MT4, MT5, cTrader	Forex, Crypto, Metals, CFDs	$0	1:400	visit
	2012	Saint Vincent	FSA	MT4, MT5	Forex, Metals	$1	1:3000	visit

What is a cent account in forex? 

A forex cent account is a special trading account where positions are denominated in cents instead of dollars. So, for instance, a $10 deposit equals 1000 cents (or currency equivalent)

Technically, a cent account allows clients to trade position sizes starting from 0.001 instead of the typical 0.01 micro lot (although the platform is likely to show 0.01 as a minimum still). This measurement denotes 100 units of the base currency or a nano lot.

The reduced positions permit traders to speculate in most markets using a smaller account balance without increasing their chances of a margin call. We should consider that most brokers traditionally offer a standard account where the minimum lot sizes start from 0.01 (1000 units of the base currency). 

Additionally, they may advertise accepting deposits from $10, although this may not necessarily be safe for the client on a standard account. Let’s consider an example using the most traded pair, EUR/USD, and imagine starting with $10. 

If you were to open a 0.01 position with the present exchange of 1.17434, you’d need to have at least $11.74 in your account using 1:100 leverage. Although most traders opt for margin far higher than 1:100, you are still inherently limited by how many more positions you could take on a standard account without a blow-up.

This realization is particularly prevalent with new traders who are often under-capitalized from the get-go. 

Why is a cent account in forex necessary? 

A cent account is necessary for new live traders with small balances. Of course, it’s hard to quantify what a ‘small’ is as it will depend on a trader’s disposable risk capital, their trading style, the number of markets they trade, and the leverage provided.

However, it’s fair to assume most people trading live for the first time typically enter with balances lower than $1000 to get their feet wet; in some cases, this can be $100 or even lower. So, a cent account allows traders to participate in more markets while maintaining a relatively conservative risk per trade. 

As we saw in the previous example, you would be restricted from trading with $10 even with fairly high leverage, increasing your chances of losing this amount. 

A cent account is also beneficial for those testing robots who prefer seeing the results on a real market without putting down a lot of real money. Some traders may even test discretionary strategies using a cent account for the same reason instead of a demo account.

So, the benefits are plentiful. Overall, a cent account is a perfect fit, specifically for newer traders who cannot afford to trade with substantial capital right away.

What to know before using a cent account broker

As seen in the previous sections, cent accounts are simple to understand as they function more or less like standard accounts. It goes without saying your trading is no good without the best broker to facilitate this activity. 

Therefore, consider some of the following things when choosing a cent account forex broker:

Regulation

Regardless of the broker and their offerings, your first point of reference should always be the regulation, which is especially important in an environment where large financial transactions frequently occur.

Prospective clients should verify a broker’s status beforehand and understand the most recognized and trusted regulators. Typically, these bodies include the likes of ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority – UK), CySEC (Cyprus Securities and Exchange Commission), etc.

Generally, regulators from Europe, Asia, and North America have the highest respect in the industry. As a rule of thumb, traders should avoid brokers primarily regulated in offshore countries like Mauritius, the Bahamas, Cayman Islands, Bermuda, etc., since regulation here isn’t as strong unless the broker is already well-established and favorably perceived.

Trading costs

Once you’ve confirmed regulation, trading costs should be the next thing to observe. Cash-strapped traders will undoubtedly want to minimize charges as much as possible. The first thing is comparing the spreads across the board, although the differences nowadays are inconsequential.

Another critical factor is understanding that brokers should not charge any commission aside from the spread. The other area related to trading costs is deposit and withdrawal fees. 

Traders will want to fund their accounts using electronic methods like cards and e-wallets, which typically have zero or little charges, unlike bank transfers, cryptocurrencies, or other channels.

Execution type

In forex, we use two kinds of order execution, market and instant. The former refers to an executed order at the current market price without a trader’s approval, while the latter means an order requested with a trader’s consent. So, which is better? 

Market execution is better for all traders because the order executes instantly and is guaranteed. Moreover, you will not receive requotes where the broker cannot fill your trade at the current price, resulting in a position often with a worse price than initially.

Although requotes don’t happen frequently, market execution is still more preferable as it ensures bigger liquidity and faster placing of your trades

Available markets

Cent accounts may not avail all the typical markets you’d expect on a standard account, and this is something to factor in depending on your strategy. Also, traders will need to know the lot sizes for each market they wish to trade since it will vary widely based on exchange rates and the notional values of certain currencies.

Which are the best forex brokers for cent accounts?

Now that we’ve covered helpful education about cents in currency trading, let’s cover the best forex brokers offering them with a brief review of each.

FXTM: Best Overall

FXTM or Forextime is a Mauritius-based derivatives broker specializing in currencies, metals, commodities, indices, and equities markets. The firm has regulatory licenses from its home base and also from the UK and Cyprus.

FXTM prides itself on fast execution, cost-effectiveness, innovative products, and excellent customer support.

FXTM provides a zero-commission cent account for the forex market with leverage ranging from 1:3 to 1:000 on the MT4 platform as part of their broad range of accounts. Traders can open their accounts in US/euro cents, GBP pence, or NGN kobo with a minimum balance of $10 (or currency equivalent).

RoboForex: Best Cent Account Broker With Excellent Support

Roboforex is an IFSC and CySEC-regulated CFD broker with offices in Belize and Cyprus. The broker provides several trading services in currencies, commodities, ETFs, shares, indices, and metals.

Traders can open their cent account from $/€10/ ¥10 and trade 36 forex pairs on MT4 and MT5. Trading conditions found on the standard account remain on the cent version, and the broker provides both instant and market execution. As an incentive, new traders can receive a $30 welcome bonus for testing their cent account with reasonable Ts & Cs.

Customers receive 24/7 customer support in several channels: callback, live chat, Facebook, Viber, Telegram, Skype, and WhatsApp.

FBS: Best Cent Account Broker With The Lowest Minimum Deposit

FBS is an IFSC and CySEC-licensed broker established in 2009, now boasting tens of millions globally. The broker provides one of the most attractive cent accounts. 

On FBS’ cent account, you have access to 35 forex pairs, four metals, and 33 stock markets using the MetaTrader 4 charting platform with maximum 1:1000 leverage. Additionally, you can test the conditions of this account on its demo version before going live. 

For less than a cup of coffee, you can get started trading forex with FBS.

FIBO Group: Best Cent Account Broker Providing The Widest Market Selection

Founded in 1998, the Financial Intermarket Brokerage Online Group (or simply the FIBO Group) is one of the oldest forex brokers. The brokerage is based in Austria but also boasts in several other countries. 

On their cent account, you can trade a collection of 36 currency pairs, nine cryptocurrencies, gold, and silver with 1:1000 maximum leverage on MT4. Traders should expect zero commissions and competitive floating spreads as you’d expect on a standard account.

Overall, FIBO Group provides favorable trading conditions for their cent account if you’re looking for a slightly more comprehensive selection of tradable markets.

Justforex: Best Cent Account Broker Supporting Numerous Base Currencies

Justforex is an internationally recognized broker founded in 2012, now serving millions of clients worldwide. They offer several accounts, namely the Standard, Pro, and Raw Spread for MT4 and MT5.

Justforex’s cent account has been designed for cash-strapped traders to test their trading strategies in a live setting with minimum spending. The broker provides low spreads from 0.3, 1:3000 maximum leverage, and market execution, all favorable factors.

You can trade 34 forex pairs, gold, and silver, and denominate your account in USD, EUR, GBP, ZAR, CNH, INR, MYR, and THB.

Instaforex: Best Cent Account Broker With Zero Spread Cent Account

Instaforex is a globally known, award-winning ‘instant forex trading’ broker founded in 2007. The broker has more than 260 representative offices worldwide, a testament to its incredible global footprint. 

Instaforex has regulatory licenses from the British Virgin Islands (BVIFSC), and Saint Vincent (FSC).

Instaforex provides their “Cent. Standard” (USD and EUR-denominated) and “Cent.Eurica” trading accounts starting from a measly $1 up to a maximum $1000 deposit. The Cent.Eurica is the zero spread version of the standard cent account. Here, traders are charged a lower spread with a tiny fee.

FAQs about the best cent accounts forex brokers

Can I trade forex with less than $10? 

Yes, it’s possible even on a standard account. Yet, as explained in an earlier section, traders should instead consider a cent account to allow more margin and trade more markets without overexposure.

What is the difference between a cent account and a standard account?

You can trade from 0.01 (or micro lots) to 1 (or standard lots) on a standard account. With a cent account, the contract sizes start from 0.001 (nano lots) to 1.

Who should be using cent accounts in forex?

Most new traders who feel under-capitalized and don’t wish to put down a sizable financial commitment should use cent accounts, particularly after the demo stage. Traders preferring to test their robots in real conditions are also good candidates.