HERE IS A LIST OF FOREX BROKERS THAT OFFER CENT ACCOUNTS
Best Cent Account Forex Brokers in South Africa
Cent account is a perfect account type for traders who are new to the financial market or traders who want to trade with small investments. This account type allows a trader to invest in cents with small lots, making it low risk. In South Africa, where the appetite for trading is growing, cent accounts play a pivotal role. In this article, we will look at some of the best cent accounts in South Africa. We will explore their features including the regulations, spreads, tradable assets available, and the trading platform offered.
What is a Cent Account?
A cent account is a type of forex trading account that allows traders to trade in cents and have their account balances in cents. Notably, these accounts offer a low-entry deposit and can be used by both experienced and novice traders due to their low risk. Traders can execute trades with smaller lot sizes, enabling them to control their risk more effectively. Below are some of the advantages and disadvantages of cent accounts.
Pros of Cent Accounts
- Cent accounts are associated with considerably manageable risk because of the low investment amounts they support.
- Advanced traders can test out strategies on the cent account without risking too much money.
- The cent account is the perfect account for traders who do not have large sums of money to spare.
- The cent account has a low entry point for new and existing traders.
Cons of Cent Accounts
- Most forex brokers that offer cent accounts limit the maximum lot sizes and number of positions held to keep the usage to a minimum.
- The cent accounts are often associated with slightly higher spreads.
Best Cent Account Forex Brokers
Exness
Exness has a significant presence in the world of forex trading and is prominent in many African countries. Notably, Exness is one of the brokers that offers South African traders a Cent Account. The cent account on this broker site features spreads from 0.3 pips for major currency pairs with no commission. The maximum lot size the broker offers on the cent account is 200, and the maximum number of positions is set at 1000 positions. Exness also has other account types, including the standard and three different professional accounts for South African traders.
Exness stands out from its competitors with regulations from reputable organizations in the market. The broker is regulated in South Africa by the FSCA. The other regulations include the CMA in Kenya, the CySEC in Cyprus, and the FCA in the UK.
Further, Exness allows diversification of trading portfolios due to its variety of trading instruments. The range of markets the broker offers includes forex, commodities, stocks, indices, crypto, and energies. Traders can invest in various markets on the world-class trading platform the broker offers. The platform includes MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App. The variety enables clients to find the platform that better suits their needs.
HFM
Trading Forex and CFDs entail risk.
Your capital is at risk.
HFM is another well-known broker that offers cent accounts to South African traders. It is one of the brokers that offer traders a cent account when trading. Apart from the cent account that the HFM offers clients can access other account types including the zero, pro, pro plus, and premium. The cent and the premium account feature spreads from as low as 1.0 pips and 1.2 pips for major currency pairs with no commission respectively. The pro account features a spread from as low as 0.5 pips for major currency pairs with no commission. Lastly, the zero account features a low spread of 0.0 pips with a commission.
HFM is regulated in South Africa by the FSCA. What's more, the broker has other regulations from renowned organizations including the FCA in the UK and the CMA in Kenya. Further, HFM offers a variety of trading instruments for its traders to choose from. The broker gives clients access to over 500 market products including forex, metals, shares, bonds, indices, and crypto. Additionally, the market can be accessed on an advanced trading platform the broker offers. The platform includes MetaTrader 4 and MetaTrader 5.
RoboForex
Trading Forex and CFDs entail risk.
Your capital is at risk.
RoboForex traders can choose a variety of trading instruments including stocks, ETFs, commodities, metals, and energies. The variety of markets is an attractive feature to traders who want to diversify their trading portfolio. The various markets can be accessed on several account types including the ProCent account. The ProCent account offered by the broker has a minimum deposit of $10 and a floating spread of 1.3 pips.
RoboForex offers various trading platforms for trading the financial markets. South African traders can choose between RStocksTrader, RWebTrader MetaTrader 4, and MetaTrader 5. The available trading platforms allow a trader to choose depending on their preferences.
While RoboForex is not regulated in South Africa it has regulations from the FSC in Belize. Moreover, the parent company has other notable regulations from other jurisdictions. The list of regulators includes the FCA in the UK, the CySEC in Cyprus, and BaFin in Germany.
Forex4you
Trading Forex and CFDs entail risk.
Your capital is at risk.
Forex4you is another broker that fits in this review as it offers cent accounts to South African traders. There are two different cent accounts that traders can use. These include the Cent Fixed account and the Cent Pro account. The spreads on the Cent Fixed account start from 2.0 pips for major currency pairs with no commission required. On the other hand, the Cent Pro account has a spread that starts from 0.1 pips plus a commission of $10 cents per lot.
Forex4you allows a trader to trade many market products on the same account simultaneously. The various global markets a trader can invest in on Forex4you include forex, indices, commodities, and stocks. The trading platforms available on Forex4you include MetaTrader 4 and WebTrader. The MetaTrader 4 that the broker offers is one of the popular professional platforms in the market that has outstanding tools and includes the ability to create and use bots.
The regulatory status of Forex4you is not the most impressive. The broker has regulations from the BVIFSC in the British Virgin Islands and the FSC. The downside to such regulators is that they are not strict and can not be compared to the reputable ones in the market.
InstaForex
Trading Forex and CFDs entail risk.
Your capital is at risk.
InstaForex is yet another broker that offers cent accounts to South Africans. InstaForex clients can choose between two-cent accounts that feature an initial deposit of 1 USD. They include the cent.standard and the cent.Eurica. The cent.standard account features spread from as low as 3-7 pips for major currency pairs with no commission and a maximum trade lot of 10000. On the other hand, the cent. Eurica account features spreads from as low as 0 pips with a small commission of 0.03%-0.07%.
Further, InstaForex offers a wide range of markets for its traders to choose from which include forex, shares, indices, metal, cryptocurrencies, and instaFurures. The variety of markets enables a client to diversify their training portfolio. Moreover, the wide range of markets offered by InsatForex can be accessed through various trading platforms. The platforms include MetaTrader 4, MetaTrader 5, Multiterminal, and WebTrader. The platforms feature extensive toolkits and are suitable for both advanced and new traders.
lastly, While the broker is not regulated in South Africa, it has licenses and regulations from several reputable organizations in the market. The CySEC in Cyprus, the FSC in Belize, and the BVIFSC in the British Virgin Islands regulate the company. While the broker has regulations in various jurisdictions, we have to mention that it has some bad reviews online. On Forex Peace Army, it has a rating of only 1.3 stars out of 5.
Cent accounts allow traders to invest in small amounts hence reducing the overall risk. The cent account can be used by both new and advanced traders because of its flexibility. The brokers on this list that offer cent accounts have some of the lowest spreads in the market, have regulations from well-known regulators, have a variety of trading instruments, and offer world-class trading platforms.
While the cent account is important to look at, it is crucial to consider the overall reputation and service quality offered by a broker before investing. Eventually, the choice of the broker to invest with comes down to an individual's preference and choice.