Best Forex Broker With Cent Account in 2024 - eToro
Top Forex Broker With Cent Account in 2024:
eToro - Biggest copy trading community in the world (over 3,000 verified investors with copiers)
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
IG Markets - Favorable Forex trading conditions (0 fees, avg. EUR/USD spread - 0.8)
FOREX.com - Diverse range of tradable assets (80+ currency pairs)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Octa - Best for overnight trading (no swap fees)
Ever think about dipping your toes in the Forex market but were too nervous to risk more than pocket change? Micro Forex accounts are perfect for traders who want to learn the ropes without too much sweat on their palms.
With a micro account, sometimes called a "cent account", you can trade real currencies with real leverage, all while only risking a few bucks. It's like a practice test drive for the high-speed world of Forex. Sure, your potential profits won't be huge. But if Murphy's Law strikes and you hit rocky waters, at least you didn't sink the ship.
In this article, we'll walk through some of the top brokers that make micro trading a breeze. You'll learn how their mini-lot sized deals work, as well as tips for opening an account. Just remember - with tiny risk comes tiny reward. But it just might be enough to get your sea legs, without getting seasick.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Micro account | Minimum deposit | Spread | Regulation | |
|---|---|---|---|---|---|
|
|
$50, $100 (for UK clients) |
From 0.1 pips |
CySEC, FCA, ASIC |
||
|
|
No |
From 0 p for currency pairs |
FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
||
|
|
$1 |
From 0.165-0.4 pips on Forex, subject to the client's status |
FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA |
||
|
|
$1000 |
From 0.2 pips |
CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
||
|
|
$10 |
Floating from 0 pips |
FSC |
||
|
|
From USD 25 |
From 0,6 pips |
FSCA, MISA, CySEC |
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details
| ⚖️ Leverage: | 1:1-1:30 |
| 📈️ Min Order: | $1 (when copying transactions) |
| 💻 Trading platform: | Mobile Trading, WebTrader |
| 💰 Account currency: |
USD |
| ⭐ Trading features: |
Cryptocurrency trade; Structural investment portfolios; Copy Portfolios; Trading Central. |
The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.
| ⚖️ Leverage: | Up to 1:200 |
| 📈️ Min Order: | 0,01 lot |
| 💻 Trading platform: | WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
| 💰 Account currency: |
USD, EUR, HKD, SGD |
| ⭐ Trading features: |
Advisors; Availability of a demo account; A large number of training materials. |
IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.
| ⚖️ Leverage: | Up to 1:200 |
| 📈️ Min Order: | 0.01 |
| 💻 Trading platform: | MetaTrader4, API, ProRealTime, IG Trading Platform |
| 💰 Account currency: |
USD |
| ⭐ Trading features: |
Leverage depends on the instrument and the regulator; |
Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).
| ⚖️ Leverage: | Up to 1:400 |
| 📈️ Min Order: | 0.01 |
| 💻 Trading platform: | FOREX.com, MT4, MT5 |
| 💰 Account currency: |
USD, EUR, GBP |
| ⭐ Trading features: |
There is a cryptocurrency trading |
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
| ⚖️ Leverage: | 1:2000 |
| 📈️ Min Order: | 0.01-100 |
| 💻 Trading platform: | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
| 💰 Account currency: |
USD, EUR, GOLD |
| ⭐ Trading features: |
Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading. |
OctaFX is a reputable broker that offers competitive trading conditions on 300+ instruments, with spreads from 0.6 pips and zero non-trading commissions. The broker provides access to popular MT4/5 trading platforms and a proprietary OctaTrader platform with advanced features.
The company offers bonuses, contests, and a comprehensive education section to enhance traders' skills. With a strong focus on the Asia-Pacific region and a growing global presence, OctaFX has earned numerous awards for its services.
While passive investment options are limited to copy trading, OctaFX's overall trading environment and excellent customer support make it an attractive choice for traders seeking a reliable and user-friendly experience.
| ⚖️ Leverage: | Up to 1:500 |
| 📈️ Min Order: | 0.01 |
| 💻 Trading platform: | MetaTrader4, MetaTrader5 |
| 💰 Account currency: |
USD, EUR |
| ⭐ Trading features: |
All trading strategies are allowed; MT4 account with a floating or fixed spread. |
The trading volume of a Forex broker is a key indicator of high liquidity. Typically, such brokers offer tighter average spreads and allow trading major currency pairs without slippage at any volume. Traders Union has selected the top 3 Forex brokers that accept clients from your country based on their monthly trading volume.
| Broker | Average Daily trading volume ($, billion) |
|---|---|
18.6 |
|
12.84 |
|
8.16 |
A micro currency account allows traders to start trading with a smaller amount of capital. Traders might use micro accounts to learn forex trading with minimal risk. They might also use micro accounts to try out new brokers with a live account while minimizing risk.
With micro accounts, forex traders can open trades with contract sizes starting from 1,000 lots instead of the standard 100,000 lot. That way, traders can hone their trading strategy with smaller deposits before moving to larger account sizes.
A micro lot is a micro account’s smallest contract. It represents 1,000 units, or 1%, of the base currency in a forex trade.
To truly understand the value of a micro lot, it’s important to understand a mini lot and standard lot. A standard lot equals 10 mini account lots. And one mini account lots are equal to 10 micro account lots.
Let’s look at that more closely:
1 micro lot = 1,000 currency units
1 mini lot = 10 micro lots
10 micro lots = 10,000 currency units
1 standard lot = 10 mini lots
10 mini lots = 100 micro lots
100 micro lots = 100,000 currency units
So, in a nutshell, 10 micro lots make one mini lot (10,000 currency units). And 100 micro lots make one standard lot (100,000 currency units).
Beginner traders often use a micro lot. These accounts help them get a handle on trading and get used to market volatility. They can also learn the basics of risk management. However, micro lots aren’t just useful for beginners. More experienced traders might also use micro lots to test out strategies in real market settings.
Depending on the type of leverage an investor wants to use, they can achieve immense gains through a heavily leveraged micro account. With a micro account, traders can buy and sell forex pairs the exact same way as anyone who uses a standard account. The only difference is, there’s a much smaller equity stake.
A forex micro account allows you to learn how to trade without risking a lot of money. Forex micro accounts are also advantageous because they require a small amount of upfront capital to get started. The minimum depends on the forex broker you choose. And with some brokers, you can get started with as little as $1.
With any investment, there’s always risk involved. So, the risk associated with forex micro accounts is obviously a disadvantage. Also, because you’re investing a small amount of money, you might not see significant profits depending on the amount of leverage.
Choosing the right micro account broker requires careful consideration. Here are some key factors to keep in mind:
Prioritize brokers regulated by reputable financial authorities in your jurisdiction. This ensures adherence to essential investor protection standards. Also you can consider international brokers with regulation in EU, U.K, Australia or other tie-1 jurisdiction.
Confirm the micro account offers the instruments you intend to trade, such as forex, CFDs, or specific stock markets.
Compare the broker's spreads and commission fees, as these directly impact your trading profitability. Lower fees are generally preferable.
Assess the quality and accessibility of the broker's customer support, especially if you're a new trader. Reliable and responsive customer service is crucial.
Consider any platform functionalities or educational resources that might be valuable to your trading experience, such as trading tools, market analysis, or educational materials.
Here's a breakdown of how to open a micro currency (cent) account:
Choose a broker. Research and compare reputable forex brokers offering micro accounts.Consider factors like regulation, minimum deposit requirements, available instruments, spreads & commissions, and customer service.
Navigate to the account opening Page. Locate the "Open Account" section on the chosen broker's website.
Select the Micro Account Option. Look for options like "Cent Account," "Micro Account," or descriptions mentioning trading with cents.
Fill out the application. Povide personal details, contact information, and choose your account currency.
Verification. Most brokers require identity verification for regulatory compliance. This may involve submitting documents like ID and proof of address.
Deposit funds. Choose your preferred deposit method (e.g., bank transfer, credit card, e-wallet) and transfer your initial deposit (usually starting from $1 or even less).
Download Trading Platform. Install the broker's trading platform (e.g., MetaTrader 4/5) to access and manage your micro account.
If you’ve been doing your research on how to get started trading forex, then you’ve likely come across the term demo account.
A demo account is a type of account that allows you to experiment with a trading platform before putting in real money. So, a demo account is different from a micro account in that you won’t be dealing with actual money.
Although micro accounts involve small amounts of money, there’s still some degree of risk involved. On the other hand, with micro accounts, there’s no risk to forex trading because your actual money isn’t at stake.
Another difference between micro accounts and demo accounts is that micro accounts allow the potential to make profits. Because demo accounts don’t involve real money, you can’t make real gains when trading on them.
Also, micro accounts allow for a strong potential to make significant returns if you have higher leverage.
Now that you know the major differences between micro accounts and demo accounts, which option is best for you?
The answer will depend on your individual needs. If you’re just starting out as a forex trader, then a demo account may be more suitable to help you learn the ropes.
You may have no knowledge about the market and may have no experience with different trading strategies. In this case, it’s likely best to stick to a demo account. This is because if you go straight to a micro account, you could risk losing money, even at smaller amounts.
On the other hand, if you’re somewhat familiar with how the market works and have some knowledge of trading strategies, it may be a good idea to open a micro account.
This will give you the ability to practice trading and potentially gain profits in the process. And if you do end up losing money, you can avoid losing significant amounts.
Another factor to consider when choosing between a demo account and a micro account is the emotional element. When trading on a demo account, it can be easy to deplete your account and start over by opening up a new one, without feeling any real sense of loss.
So, when using a demo account, it’s important to treat it like a live account. But if you don’t think that’s feasible for you, consider trading forex with a micro account. That way, you’ll expose yourself right away to the emotional aspects of trading, which will be key to your success as a trader.
If you’ve been working with a micro account for a while, you might be wondering when is the best time to open a standard account.
With a standard forex account comes more financial risk, so it’s important to make sure you’re ready to make the transition. However, it can be difficult to gauge your readiness unless you actually do it.
One way to help yourself make a decision is to set a goal. When working on your micro account, set a certain number you’d like your account to reach before you decide to open a standard account. For example, if your account starts off with $10, your goal may be to increase the value of your account to $25. By more than doubling your account, this could indicate that you may be ready to move on to a standard account. But to ensure it isn’t just luck, you might choose to do this multiple times.
You have clear-cut risk management rules you consistently adhere to. When moving to a standard forex account, you’ll have a stronger chance of losing large amounts of money. Therefore, having a strong risk management plan can signal that it’s time to open a standard account.
Losses don’t impact your trading decisions. Unfortunately, losses in trading are bound to happen. So, at times, you might fail to minimize your losses in your micro account. But what matters is how you respond to those losses. The more experienced you are in dealing with a loss, the better off you’ll be with a standard account.
You’re 100% comfortable using your current broker and trading platform. Before opening a standard account and risking more money on your trades, it’s important to know the ins and outs of your trading platform. You should be familiar with various aspects of the forex trading platform you’re using, from your broker’s usual pip spreads to how to contact your broker in case anything goes wrong with your account.
You’ve extensively practiced your trading strategy. Once you’re comfortable with your trading strategy and have gained an understanding of the analysis tools and indicators, it might be time to make the transition to a standard account.
Cent accounts drastically cut down the risk compared to standard accounts, but market volatility remains a factor to consider. As a beginner, the key is to cultivate discipline, religiously follow your trading strategy, and prioritize risk management.
Going all-in with maximum leverage right off the bat is a recipe for quick losses and potential disillusionment with the market, even if the initial damage isn't too severe. However, by learning to trade responsibly with low leverage, controlled risks, and experimenting with different strategies, you can lay a solid foundation for a successful trading journey.
Minimum deposits vary by broker but are usually between $1-10.
Yes, most brokers don't limit how much you can deposit beyond the minimum required to open an account.
Yes, micro accounts provide the flexibility needed for day trading with small position sizes and leverage.
Leverage can be as high as 1:2000 but averages between 1:200-1:500.
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
