Cent account in Forex is a trading account provided by Cent Account Forex Broker that measures balance in cents instead of dollars. Trading for beginners with Cent Account Type is easier, so it is widely used, as well as for the traders who practice or test the particular trading strategy on real trading without big investments.
A Cent account is similar to other account types except that all transactions are executed in cents, instead of US dollars. To be clear, 1 US dollar = 100 cents. So, if the minimum lot size required is 0.01 lot, it is equivalent to 1.000 cents (10 US dollars). Hence, you can enter the forex market and start trading with just a small amount of money deposited.
Cent accounts are ideal for testing and developing forex trading strategies. By taking advantage of the low-risk advantage, you can experiment with different trading strategies while simultaneously sharpening your skills and gaining experience.
Happy Trading!