A cent account is an account type with US cent as the base account currency. The account is handled in the same way as any US dollar account. The difference is, less capital is required to be able to trade on a cent account.

Euro cent accounts are also available, but are not as popular as USD cent accounts. Brokers can also use cent units from other currencies as trading account units. However, no currency is traded as widely as USD or EUR cents.

Since its inception, cent accounts have quickly become a popular feature and become a permanent offering provided by certain brokers. Although it is possible that these accounts only generate low returns, cent accounts are preferred by many traders, especially beginners.

Advantages and Disadvantages of a Cent Account

Cent accounts are very useful for beginner traders because they allow the use of real deposits in very low amounts. With balances in cents, novice traders will become accustomed to seeing thousands in their accounts. In addition, the cent account is a transition between a demo account and a standard account and is the first step into a real trading situation.

Another advantage is that most brokers providing cent accounts set affordable minimum deposits with simple trading conditions. This account type also provides the opportunity to reduce the minimum position size to 0.0001 of the standard lot.

However, there are drawbacks. The downside to this type of account is that the majority of forex brokers with cent accounts tend to limit account maximums and position sizes.

List of Cent Account Brokers

Not all brokers provide cent accounts. Almost all brokers who provide cent accounts use MetaTrader 4 or MetaTrader 5 as trading platforms.  Exchanging the account currency from US Dollars or Euros to cents means the broker effectively reduces the minimum volume from 100 to 10 units. In other words, cent accounts offer the opportunity to trade with nano lots and smaller position sizes on MetaTrader.

The following is a list of brokers with cent accounts:

Exness

As one of the forex brokers providing cent accounts, Exness introduces various account traits that are ideal for beginners to hone their skills and strategies.

• Minimum deposit of $10
• Floating spread from 0.3 pips
• Maximum leverage to 1:2000
• No trading commission
• Available on MetaTrader 4 and 5

>>> Exness broker review

>>> Exness broker website

InstaForex

The next forex broker providing cent accounts is InstaForex which provides two types of cent accounts, namely Standard and Eurica. The difference between the two is mainly in the size of the spread and commission.

Standard Cent Account

• Minimum deposit of $1
• Spread around 3-7 points
• Maximum leverage to 1:1000
• No trading commission
• Available on MetaTrader 4 and 5

Eurica Cent Account

• Minimum deposit $1
• Spreads from 0 points
• Maximum leverage to 1:1000
• Trading commission of 0.03%-0.07%
• Available on MetaTrader 4 and 5

>>> InstaForex broker review

>>> InstaForex Site

RoboForex

RoboForex is a broker that has been established since 2008. The FSC-regulated broker provides several types of accounts, including a cent account with the following trading conditions:

• Minimum deposit of $10
• Spread from 1.3 pips
• 5-digit price quote
• Leverage up to 1:2000
• No commission
• Available on MetaTrader 4 and 5 platforms

>>> RoboForex broker review

>>> RoboForex Website

Forex4you

Forex4you provides cent accounts as a solution for new traders and traders who want to test trading strategies or Expert Advisors. There are 2 types of cent accounts at this broker, namely:

Cent Fixed Account

• Spread fixed from 2 pips
• Minimum deposit of $0
• Maximum leverage to 1:2000
• No trading commission
• Available on MetaTrader 4 and MetaTrader 5
• Swap Free allowed
• Hedging strategies allowed
• Execution speed of 1.23 seconds

Cent Pro Account

• Floating spread from 0.1 pips
• Minimum deposit of $0
• Maximum leverage to 1:2000
• Commission of $10 cents per lot
• Available on MetaTrader 4 and MetaTrader 5
• Swap Free allowed
• Hedging strategies allowed
• Execution speed of 0.80 seconds

>>> Forex4you broker review

>>> Forex4you Website

LiteFinance

LiteFinance is a broker that first introduced cent accounts in 2006. Until now, this broker still provides cent accounts for its clients.

• Minimum deposit of $10
• Floating spread from 0.3 pips
• Leverage up to 1:1000
• No commission
• Available on MetaTrader 4, 5, and cTrader

>>> LiteFinance broker review

>>> LiteFinance Website

AGEA

This forex broker was previously known as Marketiva. The trading specifications presented by AGEA in the cent account are as follows:

• Minimum deposit of $10
• Leverage up to 1:100
• No trading commission
• Available on MetaTrader 4

>>> AGEA website

Conclusion

Brokers generally provide cent accounts because they understand very well that new traders need another place to practice other than in demo accounts. Likewise for professional traders who want to test trading strategies and Expert Advisors. However, each cent account provider certainly offers different trading conditions. To find the right one, choose a forex broker that provides cent accounts with spreads, commissions, and leverage that suit your needs.