Hello, dear friends! I want to tell you about the Forex cent accounts today.
As you have already understood, cent accounts deals are executed in cents and all deposits are made in cents too. For instance, if you deposit 10 dollars, your trading account will show 1000 USC (US cents). You will be able to work with Metatrader (or any other trading platform of your choice, but I’ll talk about this one, as I personally use it), and the conditions will seem similar to a standard account of your broker. The main difference is the deposit sum and how it is displayed in the Metatrader trading platform and the back office.
Note that cent accounts are often called ‘micro’ accounts, but it is the same thing.
When should you open a cent account?
- If you just start trading after practicing on a demo, the cent account will be useful, as you can deposit a minimal sum of money. This way, you will trade live with real funds, but your losses won’t be large in case your strategy fails. Another side of trading Forex on cent accounts is little profits. Anyway, it is a great opportunity for getting real experience on the market.
- Usually, there are no minimum deposits for cent accounts, it’s true for various brokers I examined.
- You can use advisors or social trading signals in Metatrader just the same way you could use them on a standard Forex account.
As you see, Forex trading with small sums is ideal for newcomers and those who want to test their strategies live with no big risks. You can become familiar with the market itself and see whether your trading system works properly.
Many Forex brokers offer cent accounts, you can find more information on a website of the company of your choice. Or, if you want, ask the support team to give you details.