As implied by the title, a Cent Account deals with (yes, you guessed it) cents. Deposit 5 dollars and your account will have a balance of 500 cents, deposit 10 dollars and they will be reflected as 1000 cents. There are no major differences in the structure of traditional accounts and cent accounts; the main element which distinguishes the two is that regardless of how much money you deposit, your balance will always appear in cents.
At ForexTime (FXTM) the Cent Account is available on Standard MT4 accounts and for those wishing to test it out first, we've developed a demo version of the account too.
What's the philosophy behind it? The Cent Account has been designed for small depositors and newcomers to the forex industry. It's most suitable for those who wish to trade with a lower deposit and grants access to the markets to all those who want to trade but cannot risk losing too much. Furthermore, it acts as a smooth shift from demo accounts to real accounts as it gives traders the chance to become familiar with using a forex account before trading with large sums of money.
|Account Currency||US Cent / EU Cent / GBP Pence / NGN kobo1|
|Leverage / Margin req.||Fixed7 from 1:500 - 1:25 (FX), 1:500 - 1:25 (Spot Metals)4, 5|
|Minimum deposit||$/€/£ 5, ₦1 0001|
|Order execution||Instant Execution2|
|Limit & Stop Levels||2 spreads|
|Pricing||5 decimals for FX (3 on JPY pairs), 2 decimals for Spot Metals|
|Trading Instruments||Majors, Minors — 25, Spot Metals — 2|
|Micro Lot (0.01)||V|
|Mini Lot (0.1)||V|
|Standard Lot (1)||V12|
|Maximum Volume per Trade||113|
|Maximum Number of Orders||300|
1NGN accounts are only available to clients in Nigeria.
2 Scalping is not allowed on the servers with Instant execution.
4 If positions are opened, closed, or modified on a Standard.MT4 or Cent.MT4 account in the hour before the trading session ends on Friday, the leverage will be switched to a maximum of up to 1:100 for all Forex currency pairs and spot metals. Before the beginning of the next trading session, the leverage will be reset based on the total volume of open positions on the account.
5Leverage is offered based on your knowledge and experience. The Leverage / Margin requirements may be subject to change as a result of applicable regulations in your country of residence. For residents of Poland, the maximum leverage is 1:100.
7 Cent Accounts offer a fixed leverage which is based on your experience and knowledge and can be changed within your MyFXTM.
8 Spread may increase depending on market conditions.
12 Standard Lot size on Cent server is 0.01 Lots or 1000 units.