What is Cent Forex Account? - How to Open Cent Account

There are many different types of forex accounts available to anyone who wants to invest in the currency market. Forex market is a highly leveraged market for speculating on currency valuations. Traders can purchase large amounts of currency units using little capital. However, trading on leverage is very risky and there are different types of Forex trading accounts available to help investors better manage their risk.

It is therefore important that the FX trader consider what they want to get out of their trading account, before deciding on the forex account type to open.

Cent Forex Trading Account

Forex cent account use lot sizes of only 100 currency units. These forex trading accounts are often appropriate for a beginner trader. The risks for this trade size are low and these cent accounts can sometimes be opened with only a $10 minimum balance.

A Forex cent account is generally used by novice traders who wish to experience a live forex trading environment without risking a large amount of money. Cent accounts allow the trader to trade in cent lots. 1 cent lot is one - tenth of a micro lot and one-hundredth of a mini lot.

If an exchange rate for EURUSD is quoted at 1.400, then the smallest trade available in a cent Forex trading account is worth $140 of currency to buy 100 EUR. Cent accounts are generally best suited for account balances which are between $100 & $1,000.

Cent account 1 pip = $0.01

What is Cent Forex Account? - How to Open Cent Account