Best Cent Account Forex Brokers Comparison 2023
Cent accounts are an excellent way for new forex traders to start their trading journey. This type of account allows traders to trade with a low deposit, and it can be as low as $1 or 100 cents. So, when you deposit $100 into the cent account, you actually get a 10,000 cents balance in your account. Since $1 is equivalent to 100 cents, you will just multiply your deposited USD value by 100. And you will get the values in cents.
Therefore, when you deposit $10, the equivalent amount in cents is 1000. Unlike other forex account types, a cent trading account is denominated in cents instead of dollars. This allows you to trade with smaller lot sizes and lower risk, as the value of each pip in the cent account is only $0.01 instead of $0.1 in a standard account.
Hence, the new traders find it easy to get into the forex market or even check a broker before investing a huge amount.
So, traders can understand the broker's platform and service properly by starting trading with a small deposit. This article will give you an insightful comparison among the leading cent account brokers in the industry.
As a result, you will surely get clear a clear idea about the cent brokers around the world, along with their potential drawbacks.
| FBS | HFM | InstaForex | RoboForex | Exness |
|---|---|---|---|---|
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Forex Broker Comparison Regulations and Licenses
Forex Broker Comparison Brokerage
FBS: Start Forex Trading with $1
FBS started its business in 2009, and with steady growth, now the broker has 2.3 million traders in more than 150 countries.
Over time, FBS earned a leading position in the forex trading world and achieved several awards. The broker received their first global award in 2011 as the Best mini Forex broker. Later they were recognized as the Best Broker in Asia in 2014.
With a regulatory license from ASIC and CySEC, FBS has become one of the best forex brokers in the industry. With FBS, you can trade different assets such as metal, forex, crypto, indices, stocks, energies, and forex exotic. In addition to that, you can also trade crypto coins, coin-fiat, coin-coin, and coin-metals.
And overall, the best thing about FBS is that you can get all these features by depositing as low as $1.
FBS Cent Account
FBS cent account is a popular trading account for novice traders who want to start trading with a low initial deposit. With just a $1 minimum deposit, traders can open an FBS cent account and take advantage of its floating spread, which starts from 1 pip, and commission-free trading. The account also offers high leverage of up to 1:1000, allowing traders to increase their buying power and potentially amplify their profits. The maximum number of open positions and pending orders is 200, while the order volume ranges from 0.01 to 1000 cent lots, with a step of 0.01.
Further, the FBS cent account uses Market Execution, which ensures fast order processing with a speed of as low as 0.3 seconds and operates on an STP (Straight-Through-Processing) model. Overall, the FBS cent account provides a great opportunity for beginner traders to gain experience and build their trading skills.
Apart from the cent account, you can also open standard, micro, zero accounts, ECN account, and crypto account.
Maximum Leverage Offered
FBS Cent Account Deposit and Withdrawal
At FBS, you can choose from a variety of payment methods for deposits and withdrawals, such as bank transfers, credit cards, Neteller, and Skrill - the most popular ones. Plus, all internet payments are processed electronically, so you can expect quick transactions. Please bear in mind that certain locations may be subject to certain restrictions.
FBS Platforms
FBS is renowned for its services which mainly involve using MetaTrader 4 and 5. While these two are the primary platform, the broker also offers service with their very own mobile application, the FBS Trader App. It is available for both Android and iOS devices and includes features like 24/7 customer service, access to MT4 & MT5, deposit & withdrawal, daily market analysis, and much more.
Trading Platforms + Tools
HFM: Trade with 1:1000 Maximum Leverage
HF Markets, formerly known as HotForex, is one of the reputable forex brokers in the industry, with over 3.5 million live accounts opened since its establishment in 2010. As one of the global market leaders, the broker has more than 200 employees worldwide and has received more than 60 industry awards, which reflects its commitment to providing exceptional trading services to its traders.
In addition to that, the broker is available in more than 27 languages, making it accessible to traders from different parts of the world. It provide multiple trading assets an instruments. You can trade forex, commodities, indices though different flexible accounts and platforms.
Most importantly, HF Markets targets both novice and experienced traders to provide flexible service. The company's focus on customer satisfaction and innovation has made it a reliable choice for traders seeking a trustworthy and dynamic trading environment.
Spreads
HFM Cent Account
HFM cent account is also signifies as a micro account. It offers a wide range of trading platforms, including MetaTrader 4, MetaTrader 5, Webtrader, and Mobile Trading. The account has a competitive spread starting from 1 pip, making it attractive for traders who are looking to keep their trading costs low.
The contract size in the HFM cent account is 1 lot which equals 100,000 units, and the account supports trading in all available instruments. With this specific account, you will get 1:1000 maximum leverage. Hence, this can increase your buying power and potentially enhance your profits.
The account uses Market Execution and requires a minimum $5 deposit, making it accessible to traders with low budget sizes. The minimum trade size is 0.01 Lot, and the trade size increment is 0.01, while the maximum total trade size is 7 standard lots.
The HFM cent account provides a great trading environment for both beginner and experienced traders. It has a margin call/stop-out level of 40%/10% and allows for a maximum of 150 open orders simultaneously. Additionally, it supports multiple currencies, including USD, EUR, NGN, and JPY, and gives users the freedom to customize their bonuses to meet their own trading requirements. Best of all, there are no commission fees, plus each user is assigned a personal account manager.
Platform
Deposit and Withdrawal
The minimum deposit varies according to the account type; nonetheless, HF Markets provides a multitude of well-known payment methods, excluding PayPal. Furthermore, the deposit methods are rapid, accessible round-the-clock, and free of charge. Additionally, there are many withdrawal options, for instance, wire transfer, Union Pay, Visa, MasterCard, and other digital payment platforms.
Research Tools
Markets and Instruments
Platforms and Tools
While MetaTrader 4 and MetaTrader 5 are their initial platform, HFM also offers their service via web, mobile, and desktop.
Traders can trade from any browser with Web trading or from their phones with mobile trading. Additionally, a traditional desktop app is available for traders to download. The platforms boast a user-friendly design, making them accessible for traders of all experience levels. Moreover, the platforms provide a range of powerful tools, like premium trader tools, auto chartist tools, and trading calculators, to help traders examine the markets. Plus, multiple charting features are on hand to help traders execute their strategies.
InstaForex: Trade with 2 Types of Cent Accounts
Established in 2007, InstaForex has a strong presence in the forex industry with its extensive range of trading instruments. They offer around 300 trading instruments through 9 trading servers. With excellent service in 16 years, they have gained the trust of 70 million traders. Over the years, InstaForex got 30+ financial awards, including a prestigious award from a business magazine. The best thing about InstaForex broker is that they offer support for more than 30 languages.
Cent.Standard and Cent.Eurica Accounts
InstaForex developed these accounts for newbie traders who are eager to learn forex trading. So, keeping the beginners in mind, the broker gives the opportunity to trade with the minimum possible trading volume. The company offers two types of cent accounts by keeping similar trading terms.
They offer Cent.Standard and Cent.Eurica accounts. However, there are slight differences in these accounts, while most of the conditions are the same. On both account types, you can deposit using USD or EUR currency. The minimum and maximum deposit is also the same, which is $1 and $1000, respectively.
When it comes to the spreads, the Cent.Standard offers a variety of spreads from 3-7 pips. On the other hand, the Cent.Eurica offers 0 pips.
The good thing about Cent.Standard is that it does not impose fees. But, Cent.Eurika account charges 0.03%-0.07% on your trading.
Both accounts’ minimal trade is 0.10 of the lot, which is equivalent to 0.0001 market lot. However, the maximum trading lot is 10,000 lots for both cent account types.
Other similarities between the accounts are 1:1-1:1000 leverage, 25% margin for locks (necessary volume percentage to maintain opposite position), 30% margin call, and 10% step out. Both of these accounts give the opportunity for instant execution.
Overall, the Cent.Standard and Cent.Eurica account is great for beginners and experienced traders who want to take minimum risk while testing a trading strategy.
Apart from cent accounts, InstaForex also offers regular accounts such as Insta.Standard and Insta.Eurica.
Risk Management
Trading Instruments
With the InstaForex cent accounts, you can trade different trading assets such as currencies, shares, indices, metals, oil and gas, commodity futures, cryptocurrencies, and currency futures. Overall, you can trade from 300 trading instruments and boost your portfolio.
Analytics Features
InstaForex provides multiple analytical tools and resources for traders. The analytical features include Chief Strategist, Analytical Reviews, Economic Calendar, Holidays worldwide, Video analytics, InstaForex TV, Trading Sessions, and News in pictures.
With these tools, you can get up-to-date information on any economic events, and you can also understand specific forex trading. InstaForex also offers a range of educational resources on trading strategies and analysis. These resources are designed to help traders of all levels improve their skills and make their decisions wisely. Overall, InstaForex's analytical features provide traders with valuable insights into the markets and help them stay ahead of the curve, and help make profitable trades.
RoboForex: Get Access to 12,000+ Trading Instruments
RoboForex started its journey in 2009 under the FSC regulatory body. Over the years, they have added their range of trading features. Now the broker offers 8 types of assets along with 12,000+ trading instruments. While they aimed to provide the best service to the traders, RoboForex earned 10+ prestigious awards, such as Most Transparent Broker of 2022, awarded by the World Economic Magazine Awards. Currently, RoboForex serving to more than 1,000,000 active clients.
RoboForex Cent Accounts
This account is the most authentic and strategic way to start forex trading for any trader. While some of the brokers offer a minimum $1 deposit to the cent account, RoboForex requires a minimum of $10 to start. The RoboForex cent account offers traders 36 currency pairs along with metal trading, market execution, and no commission on deposits or withdrawals.
While RoboForex has only one cent account type, it has a few different trading conditions based on the platforms. For your information, RoboForex offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for its clients. For example, the minimum order volume is 0.1 for MT4 users and 0.01 for MT5 users. This means you can trade 100 units of the base currency in MT4 and 1000 units of the base currency in the MT5 platform. However, the maximum order volume is the same for both platforms, which is 10,000.
Again, there is a difference in the maximum number of positions. In RoboForex MT4, the maximum position is 200, while the maximum open positions for MT5 accounts are 1000. The maximum active order you can place on MT5 is 500.
The minimum step volume is the same for both platforms, and it is 0.01. Other similar features you will get on both platforms are a 10% stop out, bonus program, one-click trading, swap-free account, and store account history for one month.
In the RoboForex cent account, you can deposit in three currencies, including USD, EUR, and Chinese Yuan (CNY). While the minimum deposit is $10 and 10 EUR for USD and Euro accounts, it is 100 CNY if you are trading from China. Using all these currencies, you can get extended quotes meaning 5 digits after the comma.
The good thing about a RoboForex cent account is that you will get all the standard account features. For example, the floating spread starts from 0 pips.
The RoboForex also offers a ProCent account for algo testing. It offers to test different strategies and EA while you have the opportunity to move to real trading from a demo account. However, the floating spreads in ProCent start from 1.3 pips with 1:2000 maximum leverage.
Other RoboForex Features
Like other forex brokers, you can trade forex, stocks, indices, ETFs, commodities, energy commodities, cryptocurrencies, and metals with RoboForex. You can trade all these assents using MetaTrader 4, MetaTrader 5, and R StocksTrader platform. In addition to that, you will get access to different analytics, education, and trading tools.
Exness: Ultra-Low Trading Fees
Exness is a renowned Forex broker with remarkable stats in terms of order and volume. It has an impressive record in terms of client withdrawals, totaling over $1.1 billion per quarter. Traders can take advantage of their MT4/MT5 trading platform and two proprietary alternatives, in addition to competitive trading fees and variable leverage.
Exness Cent Accounts
Novice traders may find the Exness Standard Cent account to be the most suitable option, as it enables them to invest in smaller quantities with even smaller trading amounts (cent lots). This type of account offers the lowest possible trading volumes, making it the perfect choice for experimenting with trading tactics.
The Standard Cent account offers some incredible trading features. For instance, cent lots, reliable execution, stable spreads, no trading commissions, and no requotes when placing orders. Additionally, you can access up to 36 different trading instruments.
However, the minimum deposit amount varies on the transaction methods. Currently, they accept Neteller, Skrill, Perfect Money, and Sticpay. If you are depositing through Neteller, the minimum deposit is $10, and the maximum deposit is $50,000. For the Skrill users, the minimum deposit is also $10, but the maximum deposit is $100,000 per transaction. You may also deposit through Perfect Money, which requires a $50 minimum deposit, and the maximum transaction amount is up to $100,000. Finally, the smallest deposit amount is $10 for Sticpay, and the maximum amount is $10,000. You can deposit in five different currencies, including USC, EUC, GBC, CHC, AUC, and CAC.
Unlike other brokers, Exness cent account offers 1: unlimited leverage, which will surely boost the cent trader’s confidence. The broker offers market execution for the cent accounts. However, you can trade only forex and metals with an Exness cent account.
The minimum volume of position is 0.01 cent lots while the maximum is 200 cent lots in a day and night time. Other features you will get with Exness cent accounts are, spread from 0.3 pips, 60% margin call, 0% stop out, MT4 platform, and no commission.
Like other broker’s cent accounts, you cannot open a demo account under the cent account category. But, Exness gives the opportunity to open 10 Standard Cent Accounts in a user’s Personal Area.
Apart from a Standard Cent account, you can also open Standard, Raw Spread, Zero, and Pro Accounts with Exness broker.
Other Exness Broker Features
You can trade forex, metal, cryptocurrencies, energies, stocks, and indices. If you don’t use the cent account and want to trade via other accounts, you will get access to MetaTrader 5, MetaTrader 4, Exness Terminal, and Exness Trader App. Additionally, Exness offers multiple analytical tools, an investment calculator, an economic calendar, a currency converter, tick history, VPS hosting, and trading central WebTV.
Cent Account Brokers in USA
The USA has strict regulations for forex trading in the country. Therefore, all the brokers need to follow everything, and they need to offer the same service for the cent account. Usually, the cent account brokers in the USA offer the service with a minimum deposit of $1-$10.
While most brokers don’t offer their service to US traders, there are some brokers that offer cent accounts to American traders. Profiforex and FXSign are the top cent account brokers in the USA. Both of these brokers require a minimum $1 deposit to start trading. The minimum position size for both brokers is 0.01. The maximum leverage for Profiforex is 1:500, and it is also 1:500 for FX Sign.
Cent Account Brokers in European
Almost all the European brokers offer cents to account for any clients. As they aim to grab new traders every day, European brokers offer metals and attractive benefits for old clients too. In Europe, the minimum starting balance for a cent account is $1. However, it depends on the broker type and their offers.
The top three cent account brokers in European countries are, FXTM, FBS, and RoboForex. As we have already discussed FBS and RoboForex, let's see the key features of FXTM cent accounts.
You will need to deposit $10 to start the FXTM micro account. But you can only trade forex, metals, and commodities with this cent account. Other FXTM cent account features include spreads from 1.5, zero commission, forex leverage 1:30 to 1:1000, 60 margin call, and stop out at 40%.
Cent Account Brokers in Canada
Like the cent account brokers in other countries, Canadian brokers provide traders with the opportunity to trade in smaller lots. And it is ideal for those who are just starting out or those who wish to test their trading strategies with smaller amounts of capital. In Canada, there are several cent account brokers available. However, the brokers listed here in this article are recommended by the experts.
One of the top cent brokers in Canada is ForexMart. With a minimum $15 deposit and a minimum of 0.1 (cent lots) lot size, traders can control their risk while practicing their trading strategies. The account has a minimum spread of 1 pip and an average spread of 1.2 pips, with no commissions charged. Order execution is done in the market, providing traders with instant execution of their trades.
Cent Account Brokers in Australia
Cent account brokers in Australia are an innovative approach to attract more traders to forex. Usually, Australian forex brokers focus on providing easy-to-use and secure technology. And you will certainly get these with the cent accounts too.
According to our research, FBS and XM are the top cent broker in Australia. You can start a cent account with FBS for just $1, while XM requires $5. FBS has a floating spread starting from 1 pip, and XM’s spread starts from as low as 1 Pip. However, the leverage 1:1000 is the same for both brokers.
Cent Account Brokers in Asia
As forex trading is banned or limited in most Asian countries, traders from these countries want to start with low investment. Hence, cents accounts are very important for Asian traders. On top of that, some Asian traders want to test different brokers before they make any investment decision. In such cases, cent brokers are also an important element.
For most Asian countries, Exness and Forex4you are the mostly used broker for cent accounts. As we have already discussed the Exness, let's focus on key features of Forex4you. There is no minimum deposit for Forex4you. Hence, you can deposit any amount you want, but you will get all the features, such as 1:10 – 1:1000 leverage, 0.01 lot minimum trade volume, and more. However, the Forex4you cent account has fix spread which starts from 2 pips. The broker also offers a cent pro account with a floating spread of 0.1 pip.
Cent Account Brokers in South Africa
These kinds of brokers in South Africa offer a convenient way for beginner traders to enter the world of forex trading without risking large amounts of money upfront. With cent accounts in South Africa, traders can deposit as little as $10 and still take positions with micro-lots, allowing them to gain experience with real market conditions while keeping their losses limited.
HFM and FXOpen are the top cent brokers in South Africa. While you already know about the HFM, let's get to know about the FXOpen cent account briefly. With a minimum deposit of just $1 and a maximum balance of $3000, traders can control their risk while practicing their trading strategies. The account is denominated in cents and has a floating spread with no commission charged.
Cent Account Brokers in UAE
Cent brokers in UAE have become increasingly popular among newcomers to the currency markets who are looking to build their skills and confidence before they commit more substantial funds. But you have to check if the broker offers a cent account with Islamic account features.
For UAE traders, there are three cent account brokers that can give you ultimate access. FBS, Exness, and RoboForex are the popular cent account brokers in Dubai. While FBS and RoboForex have $1 minimum deposit requirements, Exness has a variable deposit requirement starting from $10. Other than that, all of these brokers offer regular cent account features such as high leverage, minimum trading lots, and more.
Cent Account Brokers in India
There is some restriction on forex trading in India, and most Indian brokers try trading using some third-party service. In such cases, the cents account becomes necessary as the new traders want to check a broker through a small investment.
Indian traders recently opened cent accounts via the BDSwiss. With a minimum deposit of just $10, traders can open a cent account with BDSwiss and trade over 70 assets with spreads starting from 1.5 pips. The account does not charge any commission, which makes it attractive for traders who want to keep their trading costs low.
Cent Account Brokers in UK
Cent brokers in the UK denominated in cents rather than the standard dollars or euros, or pounds. This allows traders to trade with smaller amounts of money while still experiencing real market conditions and strategies. Cent account brokers have become increasingly popular among novice traders who want to test their skills without risking a huge investment.
HFM and Exness are the two popular brokers that offer cent accounts for UK forex traders. But, between these two, opening a cent account with HFM is beneficial as with the Exness, you will have only a few deposit methods with variable minimum deposits. On the other hand, HFM offers some of the popular deposit methods with a $5 minimum transaction.
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Final Words
So, if you are looking for cent account brokers in the USA, Europe, Canada, Australia, Asia, South Africa, UAE, India, and the UK, these brokers will surely meet your needs. However, before choosing a cent account broker, there are a few things you should keep in mind.
Make sure the broker has cent account features, as some brokers don’t offer cent accounts to their clients. So, you may need to do some research to find one. Next, don’t just choose any broker, and you should look for a broker with an excellent reputation. This will help ensure that you are dealing with a reputable company, and you can think of investing a big amount if you find everything is okay.
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