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.
|Trading Platforms||MetaTrader 4|
|Account Currency||US Cent / EU Cent / GBP Pence / NGN kobo1|
|Leverage / Margin req.||Fixed15from 1:1000 - 1:25 (FX), 1:500 -1:25 (Spot Metals)12|
|Minimum deposit||$/€/£ 10 / ₦2 0001|
|Order execution||Instant Execution|
|Limit & Stop Levels||1 spread|
|Pricing||5 decimals for FX (3 on JPY pairs), Spot Metals: 2 decimals for XAUUSD and 3 decimals for XAGUSD|
|Trading Instruments||Majors, Minors — 25 Spot Metals — 2|
|Minimum Volume in Lots per Trade||0.01|
|Micro Lot (0.01)|
|Mini Lot (0.1)|
|Standard Lot (1)||13|
|Maximum Volume in Lots per Trade||112|
|Maximum Number of Orders||300|
|Maximum Number of Pending Orders||100|
1 NGN accounts are only available to clients in Nigeria.
3 Spreads are floating and they may increase during specific periods of the day depending on the market conditions.
12 Please bear in mind that the Company may at its sole discretion switch the leverage to a maximum of up to 1:100 for all forex currency pairs and spot metals within the hour before the trading session ends on every Friday if any positions are opened, closed or modified on a Standard MT4 or Cent MT4 account. However, before the beginning of the next trading session, the leverage will be reset based on the total volume of open positions on the account. Moreover, kindly note that the Company may extend these amendments for as long as it deems necessary after the market opening, by providing the Client with prior written notice.
13 On Cent server 1 Lot size is 0.01 Standard Lots or 1,000 units. The maximum volume per trade on our Cent server is 100 Cent lots which is equal to 1 Standard lot or 100,000 units.
15Cent Accounts offer a fixed leverage which is based on your experience and knowledge and can be changed within your MyFXTM.