Best Cent Account Forex Brokers in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best brokers with cent accounts based on our analysis:
- 1
Roboforex - Best Forex broker that offer cent account - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 2
HF Markets - Regulated by reputable financial authorities. Wide selection of trading assets. A variety of educational materials and analytical reviews. - 3
IFC Markets - A wide range of trading assets. Variety of trading platforms. Educational materials for traders of all experience levels. - 4
- 5
XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account. - 6
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 7
Fibo Group - A wide selection of trading and investment accounts. Low spreads, which facilitates more profitable trading. A wide range of payment methods. - 8
LiteFinance - A variety of analytical tools. Extensive educational materials. 24/5 technical support. - 9
FXTM - A wide range of trading assets. Low fee per transaction. Availability of popular trading platforms. - 10
xChief - A wide range of trading instruments. Availability of cent and PAMM accounts. Tight spreads and low commission per transaction.
Cent accounts or Micro accounts are a popular option for starting Forex trading without significant financial risk. Unlike a demo account, a cent account offers the full spectrum of genuine Forex trading experiences.
These brokers can help you embark on your journey in trading in the financial market.
Cent Account Forex Broker List for 2024
We conducted an in-depth analysis of numerous brokerage firms. We selected the best ones offering cent accounts, which are ideal for beginner traders and those who prefer to minimize risks in Forex trading. Our list includes reviews of the top Forex brokers with cent accounts, helping you make an informed choice.
1. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
2. HF Markets
HF Markets is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5. With its regulation and industry experience, the company has earned a reputation as a dependable partner for traders of varying experience levels.
HF Markets is recommended for those seeking a trustworthy and vetted broker with favorable trading conditions and customer support.
Pros and Cons of HF Markets
Pros
- Regulated by reputable financial authorities.
- Wide selection of trading assets.
- A variety of educational materials and analytical reviews.
Cons
- There is no alternative to MetaTrader.
- High swaps and wide spreads.
3. IFC Markets
IFC Markets is a reliable and licensed broker, offering a broad spectrum of trading instruments and platforms for investors of various experience levels. With multilingual support and extensive educational resources, the company aims to provide its clients with a comfortable and efficient trading environment.
IFC Markets could be a suitable choice for investors seeking a variety of trading instruments and platforms.
Pros and Cons of IFC Markets
Pros
- A wide range of trading assets.
- Variety of trading platforms.
- Educational materials for traders of all experience levels.
- Tools for creating synthetic tools are available.
Cons
- High swaps.
4. Exness
Broker Exness is one of the most attractive companies offering brokerage services for clients worldwide in the Forex market.
Partnership with leaders in financial analytics, minimal commissions, numerous positive client reviews, a well-established operational scheme, and a decent selection of real assets and account currencies makes trading with the broker profitable and secure.
Pros and Cons of Exness
Pros
- Wide selection of trading accounts.
- Instant fund withdrawal.
- Variety of trading platforms.
- A variety of analytical tools.
Cons
- Limited selection of educational materials.
- Average selection of markets and products.
- Deposit fees.
5. XM Group
XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.
Pros and Cons of XM
Pros
- Wide range of trading assets.
- Extensive educational resources.
- Tight spreads on the Ultra Low account.
- Many analytical materials.
- Commission-free deposits and withdrawals.
Cons
- Inconsistency in technical support.
- Inactivity fee.
- Standard account has a higher spread than the market average.
6. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
7. FIBO Group
FIBO Group is suitable for various types of traders, including beginners and experienced ones. The broad selection of accounts and trading platforms allows every trader to find an appropriate solution. Additionally, educational materials and analytics will aid in skill development and making informed trading decisions.
The broker offers competitive trading conditions, various instruments, and robust support. However, fees and the absence of certain assets may limit its potential.
Pros and Cons of Fibo Group
Pros
- A wide selection of trading and investment accounts.
- Low spreads, which facilitates more profitable trading.
- A wide range of payment methods.
- Availability of various trading platforms.
- Comprehensive analytics and educational materials.
Cons
- An inactivity fee.
- Withdrawal fees.
- The absence of stocks and ETFs in the range of instruments.
8. LiteFinance
LiteFinance is a broker that actively invests in analytical and educational resources, providing its clients access to the economic calendar, daily forecasts, and analytics from Claws&Horns. These resources can significantly assist traders in developing their trading skills and strategies. The 24/7 technical support ensures that help is always on hand when needed, which is especially valuable for beginners and those who trade in various markets worldwide.
LiteFinance will be most suitable for beginner and intermediate-level traders who can make the most of the educational and analytical resources offered. It will also suit those who prefer to use standard trading platforms and do not plan to trade cryptocurrencies or soft commodities actively.
Pros and Cons of LiteFinance
Pros
- A variety of analytical tools.
- Extensive educational materials.
- 24/5 technical support.
Cons
- High trading fees.
- Lack of certain trading assets.
9. FXTM
FXTM stands out in the market due to its wide range of trading instruments, including many currency pairs, stocks, metals, and other products. It makes it attractive to traders looking to diversify their portfolios. Support for various devices' popular MT4 and MT5 platforms ensures trading flexibility and accessibility. In addition, FXTM offers competitive commission terms on the Advantage account, making it a favorable choice for active traders. The availability of educational materials such as e-books, videos, and webinars supports beginners and helps them develop their trading skills. With no deposit fees, the variety of deposit and withdrawal methods is convenient for clients worldwide.
FXTM is ideal for traders seeking various trading instruments and flexible platforms. It will be especially attractive for beginners due to its extensive training resources and for active traders interested in using an Advantage account to minimize commissions.
Pros and Cons of FXTM
Pros
- A wide range of trading assets.
- Low fee per transaction.
- Availability of popular trading platforms.
- Availability of educational materials.
- A variety of deposit and withdrawal methods.
Cons
- Issues with technical support.
- High spreads.
10. xChief
xChief offers traders a variety of opportunities and services for successful trading in the Forex market. With a wide selection of trading instruments, reliable trading platforms, contests, and educational materials, the broker creates conditions for developing traders of all experience levels.
Pros and Cons of xChief
Pros
- A wide range of trading instruments.
- Availability of cent and PAMM accounts.
- Tight spreads and low commission per transaction.
- Scalping and algorithmic trading allowed.
Cons
- Regulation in an offshore jurisdiction.
- Weak analytical section.
- No educational courses and webinars for beginner traders.
How to Choose a Forex Broker with Cent Accounts?
Our rating of Forex brokers with cent accounts is designed to ease the challenging task of choosing a trading account. Regardless of whether you select a broker from our rating or search further, here are the key factors you should consider when selecting an optimal Forex broker with a cent account:
Broker Reliability: Pay attention to the reputation and age of the Forex brokers. Please read what is written about these brokers on forums and their reviews. As a rule, a company with a good reputation has been in the Forex market for over 10 years, and mostly positive reviews can be found online.
Commissions: Compare the trading commissions and spreads of the Forex brokers in the cent account rating. The lower the commissions and spread of the trading account, the more profitable the trading.
Leverage: Calculate the level of risk with which you will be comfortable and profitable trading. The higher the leverage, the higher your account's risk and potential profit.
Trading Assets: Check if the broker's cent account allows trading the assets you are interested in. Many Forex brokers on cent accounts offer only currency pairs and metals for trading.
Trading Platform: Ensure the Forex broker offers the trading platform you want to trade on. Usually, only one trading platform is available when choosing a cent account.
Deposit and Withdrawal Methods: Verify if the Forex broker offers the method you prefer to withdraw funds.
Customer Support: In case of unforeseen situations, check if the broker has a convenient communication channel.
How to Work with Cent Accounts?
Forex brokers offer cent accounts so traders of all levels can make transactions for smaller amounts than standard account holders. The idea is that the trader's account balance is displayed in cents.
For example, if you deposit $20 into your cent account with a particular broker, the amount will be shown as 2,000 cents. This means that for any trade with EUR/USD at a volume level of 0.1 lots, 10,000 cents or just over $100 is required without using leverage.
Cent accounts are an excellent way to get acquainted with trading, as potential losses and profits per trade can be significantly lower. For instance, using a standard lot size of 0.1 on a cent account, one point equals 1 cent - thus, even small price changes can lead to real gains or losses of 20 cents! This is 100 times less than on a standard account, where the same movement would lead to a profit/loss of $20.
Advantages of Cent Accounts
Micro accounts for Forex trading offer an experience with real funds that demo accounts cannot provide. You risk a small but definite amount of money on a cent account. Demo accounts do not let you feel the risk of loss in the financial market.
Learning the market or testing strategies can be intimidating, especially involving money. Micro accounts allow easy learning of trading with minimal risk and an affordable deposit amount. Trades start from just 0.01 cents!
This account type is primarily intended for beginner traders, but even experienced professionals can find them helpful in testing new strategies without large investments at stake.
Who are Cent Accounts Suitable For?
For traders wishing to get accustomed, refine their skills, or dive into currency trading without risk, cent accounts are an excellent option.
Forex brokers with cent accounts provide registered clients with all the necessary tools for real-time trading without significant financial risks. Both self-doubting beginners and experienced professionals can use this exciting opportunity to broaden their horizons in currency market trading.
How Was the List of Forex Brokers with Cent Accounts Compiled?
The compilation of the best Forex brokers offering cent accounts (micro accounts) was conducted considering the specific needs of traders aiming to minimize risks. We followed these criteria for selecting brokers:
Inclusion of Brokers Offering Cent Accounts: Only those brokers that provide the option to open cent accounts were included in the list. This allows traders to trade with smaller volumes and significantly reduce financial risks, which is particularly important for beginners and cautious investors.
Ranking Based on Our Forex Brokers Rating: Brokers were ranked according to our Forex brokers rating. This rating is based on an objective and comprehensive analysis of crucial broker characteristics, including their reliability, quality of transaction execution, and level of customer support.
Evaluation Based on Our Methodology: Each broker was assessed according to our methodology, which includes a detailed analysis of various aspects of their operations. We aimed to provide up-to-date and accurate information to assist traders in choosing the most suitable broker.
Our list of the best Forex brokers with cent accounts is designed to facilitate the selection of a broker that offers specialized services with minimal risks and enjoys trust among traders.
Conclusion
In conclusion, a cent account is an attractive option for those who want to start trading in the Forex market. It allows you to practice your trading strategies and use low minimum deposits and helps you gain experience without risking too much capital. Overall, registering with a reliable broker offering a cent account can help anyone begin their journey to success in the Forex market.
FAQ
What is a cent account in Forex?
A cent account in Forex is a type of trading account where the balance is displayed in cents instead of dollars. For example, instead of seeing $100, the account balance will show 10,000 cents. This type of account allows traders to trade with smaller amounts of money and lower risks. Cent accounts are popular among beginners who want to learn and test their trading strategies without risking large sums of money, while still experiencing real market conditions.
Which broker offers a cent account?
Several brokers offer cent accounts, providing an opportunity for traders to start with smaller capital. Some popular brokers known for offering cent accounts include:
- XM
- RoboForex
- InstaForex
- Exness
- HF Markets
These brokers provide cent accounts with different features and trading conditions, so it's essential to review each one to find the best fit for your needs.
What is the best Forex broker for small accounts?
The best Forex broker for small accounts typically offers low minimum deposit requirements, tight spreads, and user-friendly platforms. Some brokers renowned for catering to small accounts include:
- InstaForex: Known for low minimum deposits and cent account options.
- RoboForex: Offers cent accounts and a variety of trading platforms.
- Exness: Provides flexible leverage and low deposit requirements.
- HF Markets: Known for competitive trading conditions and low initial deposits.
- XM: Offers micro accounts and a low minimum deposit of $5.
Can I start Forex with $5?
Yes, you can start trading Forex with as little as $5. Several brokers offer accounts with very low minimum deposit requirements, making it accessible for traders with limited initial capital. Brokers like XM and InstaForex are known for allowing traders to open accounts with a minimum deposit of $5. However, it's important to note that trading with such a small amount may limit your ability to manage risk effectively and achieve significant profits.
Which broker has the minimum deposit of $1?
Some brokers allow you to start trading with a minimum deposit of just $1. These brokers include:
- HF Markets: Offers cent accounts with a minimum deposit of $1.
- IFC Markets: Provides cent accounts with very low minimum deposits.
- InstaForex: Allows trading with a minimum deposit of $1 for cent accounts.
These brokers make it possible for traders to start with very small amounts, making Forex trading more accessible to everyone.
