15 Best Cent Account Forex Brokers

Cent accounts in Forex trading are mostly used by beginners and for testing strategies in a live market. In this article, we review the 15 Best Cent Account Forex Brokers.

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

 

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

 

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 15 Best Cent Account Forex Brokers will help you choose the right account for you.

Good luck with your trading!

 

FAQ

What is a Cent Account?

A Cent account 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?

A Cent account has a maximum order size of 50 orders.

 

What is the maximum lot size on a Cent Account?

A Cent account has a maximum lot size of 0.01 lots ($10).

 

What is a Cent account used for?

A Cent account is designed for Beginners and strategy-testing.

 

Disclaimer

Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.

The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.