CENT Account
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. It’s a low-risk account that is particularly designed for forex beginners so they can explore the forex market.
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). AximTrade’s 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, you’ll 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.
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, 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.
