Hotforex
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Cent accounts in Forex trading are mostly used by beginners and if you’ve practised on a demo account and you’re ready to make your first deposit, we recommend trading with one of the following 30 Best Forex Brokers with Cent accounts.
The balance on a cent account is measured in cents, so any deposits you make will be converted to cents.
If you deposit $50, it will be displayed as 5,000 cents and you will trade in cents.
The risk on a cent account is significantly lower than the risks of using a standard account, which is why this type of account is recommended to beginners.
Another reason for using cent accounts is if you are testing new strategies and you want to use real money.
Let’s look at some of the features of Cent accounts:
Cent accounts are very similar to standard trading accounts, but they differ in trading volumes, the number of maximum orders you can open and the profit potential.
The minimum trading volume on a Cent account is 0.01 lots (0.0001), which is the equivalent of $10 – on a standard account, 0.01 lots is equivalent to $1,000.
Most Cent accounts allow only 50 orders to be opened at a time, while standard accounts allow up to 100 and some brokers even allow an unlimited number of orders to be opened on professional accounts.
The profit potential on cent accounts is significantly lower than that of a standard account because you are trading in cents.
So what are the advantages of Cent accounts?
Cent accounts are not designed for the purpose of earning big profits – they are low-risk, low-volume accounts that are better used by beginners and strategy testers.
You can test your strategies using real money but with significantly lower risks and if you are a beginner, using a cent account is the safest option as an alternative to a demo account.
The main advantages of Cent accounts are minimal risks, it’s beginner-friendly and you can trade in real markets using real money.
Are there any disadvantages to using Cent accounts?
There aren’t really many disadvantages to using a Cent account because it is such a low-risk account, but the drawbacks of using this account are smaller lot sizes and lower maximum orders are allowed.
Now that you know more about Cent accounts, let’s take a look at which brokers you can trade with if you’d like to use one:
Exness
Exness is regulated by SFSA, FCA, FSCA and CySEC, and was founded in 2008.
Exness has more than 300,000 clients worldwide and they offer over 100 tradable currency pairs, as well as Cryptocurrencies, Commodities, Shares, Stocks, Energies and Metals.
As an Exness client, you can trade on the MT4 and MT5 platforms and hedging and scalping is allowed.
Exness requires a minimum deposit of only 10 USD and there is no limit on leverage.
They also offer swap-free and demo accounts and accounts can be funded using AUD, ZAR, NZD, SD, CHF, SGD, EUR or JPY.
Pros and Cons of Exness:
| ✔️Pros | ❌Cons |
| No inactivity fees | No trading bonus |
| Low minimum deposit | |
| 5+ base currencies | |
| 100+ Forex pairs |
AvaTrade
AvaTrade is regulated by several agencies, including ASIC, FSA, MiFID, BVI, FSCA, FFAJ, ADMG and FRSA.
The minimum deposit for an AvaTrade account is $100 and accounts can be funded using CHF, AUD, USD, EUR or GBP.
AvaTrade offers demo and swap-free accounts and there are 4 types of live trading accounts that you can choose from.
Pros and Cons of AvaTrade:
| ✔️Pros | ❌Cons |
| Many regulations | No US clients |
| Free Deposits and withdrawals | |
| Beginner-friendly | |
| Trading bonuses |
Hotforex
HotForex is a low-risk ECN and STP broker that requires a minimum deposit of only $5.
HotForex accounts can be funded using NGN, USD, ZAR or USD, and a maximum leverage of 1:1000 is allowed.
HotForex is regulated by FCA, FSCA, FSA and DFSA, and they offer 5 types of trading accounts and a variety of Indices, Metals, Stocks, Shares, Forex, Energies, ETFs, Commodities and Bonds.
Pros and Cons of HotForex:
| ✔️Pros | ❌Cons |
| Flexible account options | 4 base currencies |
| Tier-1 regulations | Inactivity fees |
| Trading bonuses | |
| Negative Balance Protection |
HYCM
HYCM has more than 30 million clients worldwide and over 3 decades of industry experience.
HYCm offers Forex, Indices, ETFs, Commodities, Stocks, and Cryptocurrencies, and there are 3 types of accounts you can open with them.
A minimum deposit of at least $100 is required to trade with HYCM and you can fund your account using USD, AED, GBP or EUR.
HYCM is regulated by DIFC, CySEC, FCA and CIMA, and accounts have negative balance protection.
Pros and Cons of HYCM:
| ✔️Pros | ❌Cons |
| 300+ instruments | No US clients |
| Beginner-friendly | Inactivity fees |
| Tier-1 regulations | |
| Negative Balance Protection |
FXOpen
FXOpen is regulated by ASIC, FSCA and FCA, and they have millions of clients from around the world.
A minimum deposit of only $1 is required to trade with FXOpen and you can fund your account using GBP, CHF, CAD, EUR, USD, CNY, AUD or JPY.
With FXOpen, you can trade on the MT4, MT5, TickTrader, FIX API, Myfxbook platforms and hedging, scalping and Expert Advisors are allowed.
Pros and Cons of FXOpen
| ✔️Pros | ❌Cons |
| 5+ base currencies | No fixed spreads |
| Low minimum deposit | No US Clients |
| Cashback rewards | Lack of educational material |
| Tight spreads |
easyMarkets
easyMarkets is regulated by ASIC, FSA and CySEC and they have more than 100,000 clients worldwide.
easyMarkets offers a variety of Forex, Shares, Crypto, Metals, Commodities and Indices, and a minimum deposit of $25 is required to trade with them.
easyMarkets offers a proprietary trading platform, but you can also trade on MT4.
A maximum leverage of 1:400 is allowed and easyMarkets also offers trading bonuses.
Pros and Cons of easyMarkets:
| ✔️Pros | ❌Cons |
| 15+ base currencies | No USA clients |
| Fixed spreads | |
| Negative Balance Protection |
IG
IG is a multi-regulated, award-winning Forex broker that was founded in 1974.
They offer more than 17,000 instruments across several asset classes, including Shares, Forex, Crypto, Commodities and Indices.
IG is regulated by MAS, FCA, CFTC, FINMA, ASIC, JFSA and DIFC, and has over 300,000 clients worldwide.
A minimum deposit of $250 is required to trade with IG and accounts can be funded using SGD, AUD, USD, HKD, GBP or EUR.
Pros and Cons of IG:
| ✔️Pros | ❌Cons |
| 17,000+ instruments | High minimum deposit |
| Trading bonuses | Low maximum leverage |
| Low trading fees |
FP Markets
FP Markets is regulated by ASIC and CySEC and was founded in 2005.
FP Markets offers more than 10,000 CFDs with tight spreads and commission-free trading accounts.
FP Markets is a great option for social traders and beginners, and expert advisors can be used.
A minimum deposit of $100 is required to trade with FP Markets and accounts can be funded using EUR, CHF, NZD, GBP, USD, HKD, AUD, JPY, SGD or CAD.
Pros and Cons of FP Markets:
| ✔️Pros | ❌Cons |
| 5+ base currencies | Withdrawal fees |
| 10,000+ CFDs | No fixed spreads |
| Commission-free trading |
FBS
FBS is regulated by FSCA, CySEC, ASIC and IFSC, and was founded in 2009.
FBS has more than 17 million clients worldwide and they offer 5 types of trading accounts.
As an FBS client, you can trade on MT4, MT5, FBS trader and CopyTrade, and a minimum deposit of only $1 is required to trade with them.
Pros and Cons of FBS:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 2 base currencies |
| Copy trader-friendly | |
| Trading bonuses | |
| Many regulations |
OctaFX
OctaFX is an FSA-regulated Forex broker that was founded in 2011 and has more than 6 million clients internationally.
OctaFX offers 2 types of trading accounts and you can trade a variety of Forex, CFDs, Stocks, Commodities and Cryptocurrencies.
A minimum deposit of 100 USD is required to trade with OctaFX and the maximum leverage allowed is 1:500.
Pros and Cons of OctaFx:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 2 base currencies |
| Tight spreads | |
| Can be used for CopyTrading | |
| 6mil+ clients |
Forex.com
Forex.com is a trusted Forex broker that is regulated by FCA, ASIC, CFTC and IIROC.
Forex.com was founded in 2001 and has over 70,000 clients worldwide.
Forex.com offers cash rebate programs for high-volume traders, more than 500 tradable instruments and 3 types of trading accounts.
The minimum deposit required to trade with Forex.com is 100 USD and the maximum leverage allowed is 1:40.
Pros and Cons of Forex.com:
| ✔️Pros | ❌Cons |
| Cash rebate rewards | 2 base currencies |
| Many regulations | Inactivity fees |
| Beginner-friendly |
Windsor Brokers
Windsor Brokers is an award-winning Forex broker that was founded in 1988 in Limassol, Cyprus.
Windsor broker offers 2 types of trading accounts and a minimum deposit of 100 USD is required to trade with them.
Accounts can be funded using GBP, USD, EUR and JPY, and they offer a variety of Indices, Energies, Shares, Commodities, Metals, Treasuries, Cryptocurrencies and Forex.
Windsor Brokers is regulated by CMA, FSC, JSC, FSA and CySEC.
Pros and Cons of Windsor Brokers:
| ✔️Pros | ❌Cons |
| Many regulations | 4 base currencies |
| Beginner-friendly | |
| MetaTrader support |
BDSwiss
BDSwiss is an international regulated Forex broker that was founded in 2012.
BDSwiss offers more than 250 tradable instruments, consisting of a variety of Commodities, Indices, Shares, Cryptocurrencies and Forex pairs.
BDSwiss is regulated by BaFIN, CySEC, FSC and FSA, and they have over 1.5 million clients worldwide.
The minimum deposit required at BDSwiss is $100 and you can fund your account using EUR, USD or GBP.
Pros and Cons of BDSwiss:
| ✔️Pros | ❌Cons |
| Commission-free trading | 3 base currencies |
| Many regulations | No USA clients |
| 1.5 mil+ clients | No trading bonus |
| Beginner-friendly |
FXTM
FXTM is a low-cost, low-risk forex trader that is regulated by CySEC, FCA and FSC.
A minimum deposit of 10 USD is required to trade with FXTM and they offer 3 types of accounts that can be funded using EUR, GBP, NGN or USD.
FXTM has over 2 million clients and they offer more than 5,000 trading strategies that you can copy.
Pros and Cons of FXTM:
| ✔️Pros | ❌Cons |
| Tight spreads | No US clients allowed |
| 5,000+ strategies | Inactivity fees |
| Low minimum deposit |
OANDA
OANDA is a popular forex broker that offers 2 types of accounts, tight spreads and a variety of Forex, Commodities, Bonds, Indices and Metals.
OANDA is regulated by FCA, ASIC, MAS, NFA, IIROC and CFTC, and a maximum leverage of 1:50 is allowed.
No minimum deposit is required to trade with OANDA and accounts can be funded using HKD, CAD, USD, EUR, AUD, SGD, CHF, GBP or JPY.
Pros and Cons of OANDA:
| ✔️Pros | ❌Cons |
| Many regulations | No cryptocurrencies |
| Active trader account | No live chat |
| No minimum deposit | |
| Negative Balance protection |
Alpari
Alpari is an FSC-regulated Forex broker that has more than 2 million clients worldwide.
Alpari offers 2 types of accounts and a minimum deposit of only $5 is required. Accounts can be funded using GBP, NGN, EUR or USD.
With Alpari, you can trade over 300 CFDs, Forex pairs and Metals, and they are a beginner-friendly broker that is recommended for copy traders.
Pros and Cons of Alpari:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 4 base currencies |
| High maximum leverage | Few asset classes |
| 2mil+ clients | No US clients |
| Referral rewards |
Roboforex
RoboForex is an IFSC and CySEC-regulated forex broker that was founded in 2009.
RoboForex offers 5 types of trading accounts.
A minimum deposit of only 10 USD is required to trade with them and accounts can be funded using GOLD, USD, EUR, BTC, CNY or RUB.
As a RoboForex client, you will be able to trade on MT4, MT5, cTrader and R Stocks Trader, and they offer a variety of Forex, Commodities, Metals, Indices, ETFs and Stocks.
Pros and Cons of RoboForex
| ✔️Pros | ❌Cons |
| Low minimum deposit | No USA clients |
| Multiple platforms | |
| Beginner-friendly | |
| Negative Balance Protection | |
| Free VPS server |
FXPrimus
FXPrimus is regulated by CySEC and VFSC, and they offer more than 200 Forex pairs, Metals, Energies, Equities, Cryptocurrencies, Indices and Futures.
FXPrimus has more than 300,000 clients from over 140 countries and they have been in the trading industry for 12 years.
FXPrimus offers 4 types of trading accounts and no minimum deposit is required to trade with them.
You can fund your FXPrimus account using USD, SGD, PLN, GBP and EUR, and they offer commission-free accounts.
Pros and Cons of FXPrimus:
| ✔️Pros | ❌Cons |
| Tight spreads | No USA clients |
| Multiple accounts & platforms | |
| Negative balance protection | |
| Commission-free accounts |
IC Markets
IC Markets is a trusted Forex broker that is regulated by CySEC, FSA and ASIC.
IC Market offers 3 types of trading accounts and a variety of Stocks, Commodities, Indices, Forex pairs, Bonds, Cryptocurrencies and Futures.
IC Markets requires a minimum deposit of $200 and you can trade on MT4, MT5 and cTrader.
Pros and Cons of IC Markets:
| ✔️Pros | ❌Cons |
| Multiple accounts & platforms | No US clients |
| Tier-1 regulations | High minimum deposit |
| 5+ base currencies |
Instaforex
Instaforex is a low-risk forex broker that is regulated by BVI, CySEC and FSC.
A minimum deposit of only 1 USD is required to trade with Instaforex and they offer 2 accounts that can be used to trade Indices, Commodities, Metals, Oil, Crypto, InstaFutures Stocks, Futures, Gas and Forex pairs.
InstaForex has more than 7 million clients worldwide and clients can trade on MT4, MT5, InstaTick Trader and Multiterminal.
Pros and Cons of InstaForex:
| ✔️Pros | ❌Cons |
| Beginner-friendly | 2 base currencies |
| Low minimum deposit | No US clients |
| Negative Balance Protection | |
| Many asset classes |
eToro
eToro is a great option for social traders and beginners.
eToro has more than 25 million clients and they are regulated by ASIC, FCA and CySEC.
eToro is a popular NASDAQ broker and they offer a variety of Stocks, ETFs, Forex, Cryptocurrencies, Commodities and Indices.
A minimum deposit of $50 is required to trade with eToro and accounts can be funded using USD, JPY, RUB, CNY, AUD, EUR, GBP or CAD.
Pros and Cons of eToro:
| ✔️Pros | ❌Cons |
| CopyTrading allowed | Account info lacking on website |
| 25mil+ clients | Low maximum leverage |
| Flexible leverage | Withdrawal fee of $5 |
| Free stock and ETF trading in EU |
FIBO Group
FIBO Group is a CySEC-regulated forex broker that was founded in 1998.
A minimum deposit of $50 is required to open an account with FIBO Group and accounts can be funded using RUR, GLD, CHF, GBP, ETH, EUR, BTC or USD.
FIBO Group accounts are compatible with MT4, MT5 and cTrader and they offer a variety of Metals, Forex, Crypto and CFDs.
Pros and Cons of FIBO Group:
| ✔️Pros | ❌Cons |
| Flexible accounts | Not beginner-friendly |
| Multilingual customer support | No US clients |
| Tight spreads | |
| Zero-commission trading |
Blackwell Global
Blackwell Global is a beginner-friendly client that offers tight spreads and flexible accounts with competitive trading conditions.
No minimum deposit is required to open an account with Blackwell Global and a maximum leverage of 1:200 is allowed.
Blackwell Global is regulated by SCB, SFC, SECC and FCA, and they have more than 1 million clients.
Pros and Cons of Blackwell Global:
| ✔️Pros | ❌Cons |
| No minimum deposit | Not beginner-friendly |
| Highly regulated | No US clients |
| 1mil+ clients | |
| MT5 supported |
IFX Brokers
IFX Brokers offers ZAR accounts and a 50% welcome bonus.
A minimum deposit of only 10 USD is required to trade with IFX Brokers and accounts can be funded using GBP, EUR, ZAR or USD.
IFX Brokers is regulated by FSCA and a maximum leverage of 1:1000 is allowed.
IFX Brokers offers 5 types of trading accounts and MetaTrader 4 and 5 support.
Pros and Cons of IFX Brokers:
| ✔️Pros | ❌Cons |
| Low minimum deposit | Not beginner-friendly |
| Welcome bonus | Not many regulations |
| Tight spreads | |
| MetaTrader support |
XTB
XTB requires no minimum deposit and they offer more than 2,100 Forex pairs, Stocks, ETFs, CFDs Cryptocurrencies, Commodities and Indices.
XTB is regulated by FCA, IFSC, KNF and CySEC, and they have more than 400,000 clients.
XTB offers high-quality educational resources and an intuitive proprietary training platform, called xStation5.
Pros and Cons of XTB:
| ✔️Pros | ❌Cons |
| Many regulations | Inactivity fees |
| No minimum deposit | No USA clients |
| Beginner-friendly | 1 base currency |
| 400,000+ clients |
GO Markets
GO Markets was founded in 2006 and they offer 2 types of accounts that can be funded using USD, AUD, CAD, GBP, CHF, SGD, NZD, HKD or EUR.
You can trade a variety of Forex, Metals, Commodities, Shares and Indices with GO Markets, and they are regulated by FSC, AFSL and ASIC.
With GO Markets, you can trade on MT4 and MT5, but they also provide access to MetaTrader Gensis and, Autochartist and Trading Central.
Pros and Cons of GO Markets:
| ✔️Pros | ❌Cons |
| GBeginner-friendly | No Islamic account |
| 5+ base currencies | Inactivity fees |
| Free VPS | High minimum deposit |
Axiory
Axiory was founded in 2011 and is regulated by MFSC, FCA and IFSC.
No minimum deposit is required to open an account with Axioryand they offer 5 types of trading accounts.
Axiory also offers tight spreads on a variety of Energies, Gold, ETFs, Forex, Metals, Oil, CFDs, CFD stocks and indices.
Pros and Cons of Axiory:
| ✔️Pros | ❌Cons |
| Negative balance protection | 2 base currencies |
| No minimum deposit | No US clients |
| Tight spreads | No cryptocurrencies |
| Many platforms | |
| Beginner-friendly |
CMC Markets
CMC Markets is an FCA-regulated forex broker that has more than 300,000 clients.
CMC Markets requires no minimum deposit and you can fund your account using NZD, AUS, GBP, SEK, CAD, NOK, EUR, PLN, SGD or USD.
CMC Markets offers 3 types of trading accounts and plenty of Shares, Forex, ETFs, Treasuries, Indices, Commodities and Cryptocurrencies.
Pros and Cons of CMC Markets:
| ✔️Pros | ❌Cons |
| 300+ Forex pairs | Not many regulations |
| Tight spreads | Inactivity fees |
| Beginner-friendly |
XM
XM is regulated by ASIC, ESMA, DFSA, FCA, CySEC and IFSC, and they offer more than 1,000 tradable instruments and trading bonuses.
XM has over 5 million clients and we recommend XM for beginners.
XM requires only a $5 minimum deposit and accounts can be funded using USD, HUF, PLN, CHF, JPY, EUR, GBP, RUB or AUD.
Pros and Cons of XM:
| ✔️Pros | ❌Cons |
| 5mil+ clients | No fixed spreads |
| Many regulations | No US clients |
| Negative Balance Protection | Inactivity fees |
| Trading bonuses |
Eightcap
Eightcap is an ASIC-regulated Forex broker that offers more than 250 Forex pairs, Commodities, Indices, Shares and Cryptocurrencies.
A minimum deposit of 100 USD is required to trade with Eightcap and accounts can be funded using AUD, USD, EUR, GBP, NZD, CAD or SGD.
Eightcap supports the MT4 and 5 platforms and is a good option for beginners.
Pros and Cons of Eightcap
| ✔️Pros | ❌Cons |
| Supports MT4 & MT5 | No swap-free accounts |
| Tight spreads | High commissions on Raw account |
| 7 base currencies | |
| EA trading allowed |
Conclusion
Many traders do not know that Cent accounts exist, but it is important to know that you have the option of using one if you’re a beginner or you’re testing new strategies.
For most traders, minimising risks is a priority because not all traders have an appetite for taking risks and trading in volatile markets.
That is why Cent accounts are perfect for practising and backtesting your strategies ad we hope that this list of the 30 Best Forex Brokers with Cent accounts will help you choose the right account for you.
Good luck with your trading!
FAQ
What is a Cent Account?
It is a low-risk trading account and the balance and profits of a cent account will always be displayed in Cents and not Dollars.
What is the maximum order size on a Cent Account?
50 orders
What is the maximum lot size on a Cent Account?
0.01 lots ($10)
What is a Cent account used for?
Beginners, low-volume trading and strategy-testing
