Exness Cent Account Review
Cent accounts have revolutionised forex trading, allowing beginners and experienced traders alike to dip their toes into the market with minimal risk. These accounts operate with a smaller unit of currency, the cent. This makes them ideal for testing strategies, practising risk management, and building confidence without significant financial commitment. One of the best cent account forex brokers in the world is Exness. In this Exness cent account review, we will assess this account’s key features, advantages, and other considerations for traders. Let’s begin.
Exness Cent Account Review
The Exness Standard Cent Account is a unique account type offered by Exness, one of the most reputable brokers in the forex industry. This account operates using cents instead of full currency units, allowing traders to deposit and trade smaller amounts. Moreover, it employs a micro-lot system, where the minimum trade size is 0.01 of a standard lot (1,000 units of the base currency). This unique feature allows traders to engage with the market in smaller positions which helps in minimising risk.
Further, Exness provides this account to traders with some of the lowest spreads in the industry. The Exness standard cent account comes with spreads from as low as 0.3 pips on major currency pairs with no commission charged. While swap fees are charged on this account, a swap-free version of the account is available.
The trading platforms available to use include MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App. Meanwhile, the order execution style on this account is market execution. While Exness provides a deep collection of market products, the Exness Standard Cent account only allows users to trade CFDs on forex and metals. The maximum lot size available for the cent account is 200, and the maximum number of positions is 1,000.
On a good note, the minimum deposit for this account is a low $10 (approximately 16,678 NGN). Even better for Nigerian traders, Exness supports the Nigerian Naira as a base account currency. For traders from other countries, Exness also offers a wide variety of currencies to choose from as the base account currency.
Risk warning: Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
Key Features of The Exness Cent Account
Micro-Lot Trading
With this account, investors can trade micro-lots (0.01 lots), equivalent to 1,000 units of the base currency. This allows traders to execute trades with minimal risk.
Competitive Spreads
The Exness Standard Cent Account provides competitive spreads, starting from 0.3 pips. These spreads are suitable for cost-conscious traders aiming to minimize trading expenses.
High Leverage
Exness offers flexible leverage on the Cent Account, going up to 1:unlimited (depending on your region and regulations). This enables traders to amplify their positions with a smaller capital outlay.
Low Minimum Deposit
The Exness Cent Account has a minimum deposit requirement of just $10 (approximately 16,678 NGN), making it accessible to almost everyone. This low barrier to entry is perfect for beginners or traders who wish to trade on a tight budget.
Islamic Account Option
For traders adhering to Islamic principles, Exness offers a swap-free option on the Cent Account, ensuring compliance with Sharia law.
Benefits of Using the Exness Cent Account
Potential Drawbacks of the Exness Cent Account
Who is The Exness Cent Account For?
Below is a breakdown of the group of traders that may be best suited for the Exness Cent account:
Exness’ Credibility
When selecting a broker, it’s crucial to prioritise their reliability before entrusting them with your hard-earned money. To evaluate a broker's credibility, we often review their regulatory credentials and feedback from traders who have used their platform. Exness excels in this area, thanks to its strong regulatory compliance and positive online reputation.
Exness has regulations from several financial authorities. These include the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus, among others. This extensive regulatory oversight ensures the broker upholds industry standards and safeguards traders' interests.
Additionally, Exness has received widespread praise from traders. It boasts an impressive Trustpilot rating of 4.5 out of 5 stars based on over 5,600 reviews. This highlights a high level of customer satisfaction with the broker’s services.
Final Verdict
The Exness Cent Account is a fantastic option for beginners and small-scale traders seeking to enter the forex market without significant financial commitment. It offers all the tools and features needed to gain real-market experience, develop trading skills, and test strategies in a low-risk environment. However, for traders looking for advanced features or access to a broader range of instruments, the Cent Account may feel limiting.
In such cases, upgrading to the Standard or Professional accounts such as the raw spread account offered by Exness could be more suitable. The Cent Account provides a risk-controlled environment for trading. However, it's crucial to trade with discipline and follow a well-defined plan. Trading financial markets involve significant risks even when trading on cent accounts.