The main feature of the Cent account is that it calculates the trading balance using the cent instead. As a result, the Cent account allows traders to use the micro lot size of 0.01. This type of forex trading account is commonly popular among traders who are new to trading or want to enter the market with minimum risks.
The Cent account is one of the most popular forex accounts and is commonly provided by most forex brokers. This type of trading account has the same trading advantages as other account types, except that all transactions are carried out in cents.
The forex cent account is considered to be the ideal choice for novice traders, offering the perfect start with minimum financial risks. It’s a low-risk account that is particularly designed for forex beginners so they can explore the forex market.
How is the Cent account calculated?
The balance of a cent account is calculated using the same exchange rate as the regular accounts, but in “cent” or “centimes” instead of dollars. A cent account typically allows traders to open positions with just 1 cent for every point move. This makes cent accounts ideal for trading with small amounts of capital, allowing traders to spread risk over smaller trades rather than taking on larger positions and risking more money. With this type of account, traders also have access to leverage that can reach up to 1000 times their initial deposit amount.
Cent accounts allow micro lot trading with a minimum lot size of 0.01. Since the trading balance is displayed in cents, a $20 deposit will be shown as 2000 cents. This feature makes the cent account the cheapest trading account with the lowest risks. Also, the minimum to no deposit requirements makes it one of the most popular and accessible forex trading accounts. Initially, 1 USD = 100 cents. therefore, if the minimum lot required is 0.01 lot, which is equal to 10 USD.
How do you calculate profit in Forex Cent?
Profit per Cent in forex is calculated by subtracting the entry price from the exit price, then dividing that number by the entry price. This will give you the difference in pips between your entry and exit prices. You can then use this number to calculate your profit percentage.
An Example: If you enter at 1.2550 and exit at 1.2650, the difference is 100 pips. If you divided 100 pips by 1.2550, your profit percentage would be 8%.
What are the Advantages of CENT Account?
CENT Accounts offer several advantages that can be highly beneficial to novice forex traders offering:
- Low Deposit Requirements: Cent accounts usually require low to no minimum deposit. With a minimum of $1, a trader can easily open a forex account and the trading balance will be displayed as 1000 cents.
- Live Low-Risk Trading: With a cent account, forex newbies can start live trading with low financial risks.
- Level-up in the trading journey: Major of traders in their early years of trading will use the cent account as the transitional stage from a forex demo account to the real one.
- Lower spreads: In forex trading, the traders need to pay a spread which is the difference between the best available buy and sell prices. While the buyer needs to pay the best available sell, the price offered (Ask price), while the seller is required to take the best available buy price (Bid price). AximTrade’s cent account charges a low spread as low as 1 pip on all majors.
- Fixed commission: It is highly beneficial for some of the trading strategies to execute trades with the commission at the lowest spread possible. Therefore, some traders prefer commission-based trades. In this case, it is important to choose the broker with the lowest commission per lot.
AximTrade Cent Account
A forex account is used to trade foreign currencies. Opening a forex trading account is a quite simple process these days given the growth of online forex trading. It requires some paperwork and a few security steps, such as identity verification, and all can be done online. Typically, you open a forex account, deposit money and then buy and sell currency pairs or other trading tools.
But first, you’ll have to choose your forex broker, select an account type, register then activates your account. Once you register your forex account, you will be automatically emailed with the login details and access information for the MT4 platform.
AximTrade provides one of the best Cent forex accounts in the market. The minimum deposit for this account is $1 while the maximum leverage of 1:2000. The minimum amount of lots that can be traded is 0.01 lots while 150 lots are the maximum. There is an average spread of 1.0 -1.6 pips on major forex pairs. There are no trading commissions and clients can open up to 200 orders at a time. As a cent account, the lot size is 1,000.
Forex Cent Account
|Currency Pairs||All Currency Majors|
|Leverage||Up to 1:2000|
|Spread||as low as 1 Pip on Majors|
|Negative Balance Protection||Yes|
|Minimum Trade Volume||0.01 Lots|
AximTrade offers a variety of options when it comes to forex accounts. Traders can choose the best account type based on their trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading accounts. All AximTrade accounts offer negative balance protection with a low spread from zero to 1 pip on all majors. Traders can also enjoy a variety of forex bonus on all account types with a minimum deposit starting from $1. Any trader can hold up to 14 active trading accounts. You are allowed up to 7 Standard Accounts, 2 Cent accounts, and 5 ECN accounts per Active Member Area.
ECN Account: The minimum deposit for the ECN account is $50 while the maximum leverage is 1:1000. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread is 0.2 – 0.7 pips on major forex pairs and a commission of $3 per lot is charged. Clients can open up to 200 orders at a time.
Standard Account: The minimum deposit required to open this account is $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0 – 1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders simultaneously.
Infinite Leverage Account: The infinite leverage account takes traders to the next level by allowing them to borrow a limitless amount of trading capital from AximTrade, the leading best broker. The account exclusively offers the opportunity to trade more and maximize the potential for profitability. This one-of-a-kind forex account type helps you to fulfill your trading potential by trading larger positions using borrowing funds.
Cent account vs Standard account: How to Choose Your Forex Account?
As the forex market is a huge market with various types of investors and traders, there are different varieties of forex account types. Brokerage services usually provide a set of accounts that match the customers’ needs and investment portfolios. These accounts can have different minimum deposits, margins, contract sizes, and even spread levels.
Typically, the brokers can provide different trading conditions and name the account using their own unique names or branded names such as micro account, zero spread account, fixed spread account, professional account, investor account, and more. However, all forex traders understand the main types of forex accounts based on the lot size.
The main question for traders usually is which is the best Cent account or Standard account? If you are new to the world of day trading and still have limited experience with forex strategies and limited investment funds, then the cent account is the best account to manage and is suitable for the risk management you can control.
With a limited amount of capital, you can practice your strategies and invest with lower risks. However, the gains and profit generated from this account won’t be high, but it is definitely good from the demo account to a real trading account.
On the other hand, professional traders who already established their trading strategies and are confident of opening positions with the regular lot size, better trade using a Standard account. Initially, the standard account has a floating spread and effective trading conditions and as the risks are high, the gains can be rewarding.
How to Choose Your Forex Broker?
Search for a forex broker with a good reputation so your money and trades will be handled properly. An efficient broker typically includes real-time market execution, favorable trading conditions, providing a wide selection of account types based on the trading capacity of different traders, fast and secure money deposits and withdrawals, competitive spreads, and last but not least, offering multiple trading options with multiple currencies.
It’s also crucial to check whether the broker complies with all regulatory requirements. Make sure you choose a regulated forex broker that protects you from scams and fraud. It is extremely important to remember that your money and personal information should be protected when opening a forex account since brokers can be hacked or go bankrupt.
AximTrade Regulation ensures high levels of accountability and transparency for the benefit of all traders. Aximtrade complies with the Financial Conduct Authority Scheme (BVIFSC), which ensures compliance with the highest international standards and best business practices. It means you won’t have to worry about your funds or the confidentiality of your transactions.
Why Choose AximTrade?
AximTrade provides the best conditions for forex traders and investors who want to access the market and trade with cent accounts. As AximTrade allows traders to start with less capital, it is a good option for traders seeking flexibility and fast process registration. Furthermore, the platform is constantly expanding its capabilities to serve all types of traders by offering flexible leverage, low opening balance requirements, tight spreads, and multiple payment options.
AximTrade is recognized as a top broker because of its top-rated services and a variety of trading options that cater to the needs of individual clients. AximTrade has quickly gained recognition for its exceptional services, remarkable progress, and favorable trading conditions, including tight spreads, lower minimum deposits, a variety of account types, fast order execution, and highly responsive customer service, as well as a wide range of payment options.
Enjoy favorable trading conditions with the AximTrade Cent account, particularly regarding margin and leverage levels. Sign up now at AximTrade in a few simple steps, verify your documents, and start trading today! With a minimum deposit requirement and a diverse array of trading tools, explore luxury trading with the leading broker.
How to Open a Forex Account
Opening a forex Cent account is relatively easy and straightforward, however, it is important to do you plan your investment before committing.
- find a reliable trading platform that offers Forex Cent accounts or Micro accounts. You might already have a platform that supports these account types. Check your personal area if you need to add an extra account.
- Register by filling out the necessary personal information which includes contact information to be able to get an MT4 or MT5 access.
- You will need to verify your personal ID and supporting documents to be able to withdraw and deposit. Once your account has been verified, connect to the Metatrader and identify the currency pairs you wish to trade in, and set up your trading strategy before you place your order.
- Lastly, deposit funds into your new account and start trading! It is important to remember that careful research and due diligence are essential to ensure that you get the best possible returns from your investments.
- Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.