If you just started trading or still consider yourself an amateur trader, Forex Cent account might be suitable for you because of the following advantages:
1. Very Minimum Deposit
Since Forex Cent account measures your balance in cents, it usually has very low requirements for making a deposit. Some brokers even allow a deposit as low as $1.
It is advisable, however, to deposit a bit more than the minimum requirement. This is due to the fact that price movements in the Forex market fluctuate unpredictably, so traders might want to have a few extra units in their account as a safety deposit.
2. Smallest Possible Lot Size (size of a trade)
Forex Cent account allows traders to trade using the smallest possible lot size since the unit currency used in their balance is measured in cents.
Some trading platforms, MT4 for instance, do not allow a trade size lower than 0.01 standard lot. This means that traders can only trade with the minimum of 1,000 units or $1,000 in a standard USD account.
By using a Forex Cent account, traders can minimize their trading volume even more, to only 10 units of the currency. For example, 0.01 standard lot in a USD account equals to 1,000 units of the currency or $1,000. In a Forex Cent account, 0.01 of a standard lot equals to 1,000 cents or only $10.
This is very beneficial if you are a beginner trader because you will be able to practice trading by smaller lot sizes and less money.
3. Lowest Risk Possible
By using a Forex Cent account, you will be able to start trading in a Live Forex account with a low balance, and the smallest lot sizes possible.
These are all important features that will benefit beginner traders because they will be able to trade with the lowest risks possible without putting too much of their money at risk. If you cannot afford to lose a lot of money in the learning process, then Forex Cent account might be the answer you are looking for.
4. Perfect Transition for Beginner Traders
It is a known fact that only a few newbie traders manage to survive and finally thrive in the Forex world. This is because mastering Forex trading takes lots of time and practice not only in formulating financial strategies but also in managing emotions and impulses.
Forex Cent account works as a perfect transition between Forex Demo account and Forex Live account. After beginner traders finish their lessons and practices with a demo account, they will have to switch to a real money account, and this might sometimes be stressful, especially in the case of significant financial losses.
By using a Forex Cent account, you will be able to experience a real live trading situation with real money and real profits or losses. This will tell you what your most suitable trading style is, and most importantly, your limits and how to deal with losses.
1. Very Minimum Deposit
Since Forex Cent account measures your balance in cents, it usually has very low requirements for making a deposit. Some brokers even allow a deposit as low as $1.
It is advisable, however, to deposit a bit more than the minimum requirement. This is due to the fact that price movements in the Forex market fluctuate unpredictably, so traders might want to have a few extra units in their account as a safety deposit.
2. Smallest Possible Lot Size (size of a trade)
Forex Cent account allows traders to trade using the smallest possible lot size since the unit currency used in their balance is measured in cents.
Some trading platforms, MT4 for instance, do not allow a trade size lower than 0.01 standard lot. This means that traders can only trade with the minimum of 1,000 units or $1,000 in a standard USD account.
By using a Forex Cent account, traders can minimize their trading volume even more, to only 10 units of the currency. For example, 0.01 standard lot in a USD account equals to 1,000 units of the currency or $1,000. In a Forex Cent account, 0.01 of a standard lot equals to 1,000 cents or only $10.
This is very beneficial if you are a beginner trader because you will be able to practice trading by smaller lot sizes and less money.
3. Lowest Risk Possible
By using a Forex Cent account, you will be able to start trading in a Live Forex account with a low balance, and the smallest lot sizes possible.
These are all important features that will benefit beginner traders because they will be able to trade with the lowest risks possible without putting too much of their money at risk. If you cannot afford to lose a lot of money in the learning process, then Forex Cent account might be the answer you are looking for.
4. Perfect Transition for Beginner Traders
It is a known fact that only a few newbie traders manage to survive and finally thrive in the Forex world. This is because mastering Forex trading takes lots of time and practice not only in formulating financial strategies but also in managing emotions and impulses.
Forex Cent account works as a perfect transition between Forex Demo account and Forex Live account. After beginner traders finish their lessons and practices with a demo account, they will have to switch to a real money account, and this might sometimes be stressful, especially in the case of significant financial losses.
By using a Forex Cent account, you will be able to experience a real live trading situation with real money and real profits or losses. This will tell you what your most suitable trading style is, and most importantly, your limits and how to deal with losses.
