What is CENT Account in Forex？
Initially, the Cent account is one of the most popular forex accounts and is commonly provided by most forex brokers. This type of trading accounts 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. Its a low-risk account that is particularly designed for beginners so they can explore the forex market.
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.
What are the Advantages of CENT Account？
CENT Accounts offer several advantages that can be highly beneficial to novice forex traders.
-
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 trading joureny:Major of traders at their early years of trading will use the cent account asthe transitional stage from aforex demo accountto 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). AximTrades 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 of the traders prefer commission-based trades. In this case, it is important to choose the broker with the lowest commission per lot.
AximTrade Cent Trading 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, youopen a forex account, deposit money and then buy and sell currency pairs or other trading tools.
But first, youll have to choose yourforex broker, select an account type, register then activate your account.Once you register your forex account, you will be automatically emailed with the login details and access information for the MT4 platform.
You can read more about Aximtrade Cent Account on AximDaily and open account in few easy steps
Leave a Reply