Initially, the Cent account is one of the most popular forex accounts and is commonly provided by most forex brokers. This type of trading accounts has the same trading advantages as other account types, except that all transactions are carried out in cents.
The forex cent account is considered to be the ideal choice for novice traders, offering the perfect start with minimum financial risks. Its a low-risk account that is particularly designed for forex beginners so they can explore the forex market.
Cent accounts allow micro lot trading with a minimum lot size of 0.01. Since the trading balance is displayed in cents, a $20 deposit will be shown as 2000 cents. This feature makes the cent account the cheapest trading account with the lowest risks. Also, the minimum to no deposit requirements makes it one of the most popular and accessible forex trading accounts. Initially, 1 USD = 100 cents. therefore, if the minimum lot required is 0.01 lot, which is equal to 10 USD.
What are the Advantages of CENT Account？
CENT Accounts offer several advantages that can be highly beneficial to novice forex traders offering:
Low Deposit Requirements: Cent accounts usually require low to no minimum deposit. With a minimum of $1, a trader can easily open a forex account and the trading balance will be displayed as 1000 cents.
Live Low-Risk Trading: With a cent account, forex newbies can start live trading with low financial risks.
Level-up in trading joureny: Major of traders at their early years of trading will use the cent account as the transitional stage from a forex demo account to the real one.
Lower spreads: In forex trading, the traders need to pay a spread which is the difference between the best available buy and sell prices. While the buyer needs to pay the best available sell, the price offered (Ask price), while the seller is required to take the best available buy price (Bid price). AximTrades cent account charges a low spread as low as 1 pip on all majors.
Fixed commission: It is highly beneficial for some of the trading strategies to execute trades with the commission at the lowest spread possible. Therefore, some of the traders prefer commission-based trades. In this case, it is important to choose the broker with the lowest commission per lot.
AximTrade Cent Account
A forex account is used to trade foreign currencies. Opening a forex trading account is a quite simple process these days given the growth of online forex trading. It requires some paperwork and a few security steps, such as identity verification, and all can be done online. Typically, you open a forex account, deposit money and then buy and sell currency pairs or other trading tools.
But first, youll have to choose your forex broker, select an account type, register then activate your account. Once you register your forex account, you will be automatically emailed with the login details and access information for the MT4 platform.
AximTrade provides one of the best Cent forex accounts in the market. The minimum deposit for this account is $1 while the maximum leverage of 1:2000. The minimum amount of lots that can be traded is 0.01 lots while 150 lots are the maximum. There is an average spread of 1.0 -1.6 pips on major forex pairs. There are no trading commissions and clients can open up to 200 orders at a time. As a cent account, the lot size is 1,000.
AximTrade offers a variety of options when it comes to forex accounts. Traders can choose the best account type based on their trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading account. All AximTrade accounts offer negative balance protection with a low spread from zero to 1 pip on all majors. Traders can also enjoy a variety of forex bonus on all account types with a minimum deposit starting from $1. Any trader can hold up to 14 active trading accounts. You are allowed up to 7 Standard Accounts, 2 Cent accounts, and 5 ECN accounts per Active Member Area.
ECN Account: The minimum deposit for the ECN account is $50 while the maximum leverage is 1:1000. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread is 0.2–0.7 pips on major forex pairs and a commission of $3 per lot is charged. Clients can open up to 200 orders at a time.
Standard Account: The minimum deposit required to open this account is $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0–1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders at a time.
Demo Account: AximTrade Demo accounts are also available with virtual funds for trading practice and learning. The forex demo account can always be a good way to trial the AximTrade platform and services before committing to a real live trading account. The company also offers several promotions and contests for demo accounts which can allow traders to earn prizes and gifts.
Islamic Account: Swap-free accounts of the AximTrade accounts are available for customers from certain regions including Ismalic and Arabic-speaking countries.
Infinite Leverage Account: The infinite leverage account takes traders to the next level by allowing them to borrow a limitless amount of trading capital from AximTrade, the leading best broker. The account exclusively offers the opportunity to trade more and maximize the potential for profitability. This one-of-a-kind forex account type helps you to fulfill your trading potential by trading larger positions using borrowing funds.
Features of Trading Accounts from AximTrade:
Variety of account types including Standard, Cent, ECN, and Islamic
Excellent customer service reachable through email, live chat, and more
Tight spreads and low minimum balances reduce financial commitment
Fast order execution with execution speed at 0.004s
Minimum deposit of $1 and no commission
Instant deposit and withdrawal, wide variety of payment methods
Cent account vs Standard account: How to Choose Your Forex Account？
As the forex market is a huge market with various types of investors and traders, there are different varieties of forex account types. Brokerage services usually provide a set of accounts that match the customers needs and investment portfolio. These types of accounts can have different levels of minimum deposits, margin, contract size, and even spread levels.
Typically, the brokers can provide different trading conditions and name the account using their own unique names or branded names such as micro account, zero spread account, fixed spread account, professional account, investor account, and more. However, all forex traders understand the main types of forex accounts based on the lot size.
The main question for traders usually is which is the best？ Cent account or Standard account？ If you are new to the world of day trading and still have limited experience with forex strategies and limited investment funds, then the cent account is the best account to manage and suitable for the risk management you can control.
With a limited amount of capital, you can practice your strategies and invest with lower risks. However, the gains and profit generated from this account wont be high, but it is definitely good from the demo account to a real trading account.
On the other hand, professional traders who already established their trading strategies and are confident of opening positions with the regular lot size, better trade using a Standard account. Initially, the standard account has float spread and effective trading conditions and as the risks are high, the gains can be rewarding.
How to Choose Your Forex Broker？
Search for a forex broker with a good reputation so your money and trades will be handled properly. An efficient broker typically includes real-time market execution, favourable trading conditions, providing a wide selection of account types based on the trading capacity of different traders, fast and secure money deposits and withdrawals, competitive spreads, and last but not least, offering multiple trading options with multiple currencies.
Its also crucial to check whether the broker complies with all regulatory requirements. Make sure you choose a regulated forex broker that protects you from scams and frauds. It is extremely important to remember that your money and personal information should be protected when opening a forex account since brokers can be hacked or go bankrupt.
AximTrade Regulation ensures high levels of accountability and transparency for the benefit of all traders. Aximtrade complies with the Financial Conduct Authority Scheme (BVIFSC), which ensures compliance with the highest international standards and best business practices. It means you wont have to worry about your funds or the confidentiality of your transactions.
To be regulated by the FSC Financial Conduct Authority means:
Protecting the interests of the general public and market participants.
Ensuring industry compliance with the highest international regulatory standards and best business practices.
Ensuring that the BVI plays its part in the fight against cross-border, white-collar crime while safeguarding the privacy and confidentiality of legitimate business transactions.
Aximtrade is licensed and regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC) of New Zealand. AximTrade adheres to a number of compliance initiatives, including handling client assets, safeguarding client funds, and providing regular financial reports.
Check the full Aximtrade Review for more insights about the brokers accountability and reliable services.
How to Open a Forex Account
Follow these steps to open a Cent forex Account with AximTrade
To open a forex account, log in to your member account from AximTrade login, and click on the “ + Open Extra Account” button on the top right.
Select the Cent account and press “Open”.
Name the Account and create both trading and investor passwords for your account. Note: the investor password should not be the same as the account password. Remember to use both uppercase and lowercase letters, and use a combination of numbers and letters. Then click “Done”.
Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.
Original Article: CENT Account: All You Need to Know About AximTrade Forex Account
Disclaimer: This post is from Aximdaily and it is considered a marketing publication and does not constitute investment advice or research. Its content represents the general views of our editors and does not consider individual readers' personal circumstances, investment experience, or current financial situation.
