Looking for a Cent account, low spreads, micro lots broker | Forex Factory

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Looking for a Cent account, low spreads, micro lots broker

  • #1
  • First Post: Feb 12, 2016 3:58am Feb 12, 2016 3:58am
Hi,

I've been with RoboForex and was very pleased with them, however, they've upped the minimum order size to 0.1 and all the advantage of having a cent account is now gone so I'm looking for a good broker, providing cent accounts with low spreads (and commission) that allow for small lot sizes (say 0.01, if not better).


Thanks.
  • #2
  • Feb 12, 2016 6:51pm Feb 12, 2016 6:51pm
Quoting Reamasesa
Hi, I've been with RoboForex and was very pleased with them, however, they've upped the minimum order size to 0.1 and all the advantage of having a cent account is now gone so I'm looking for a good broker, providing cent accounts with low spreads (and commission) that allow for small lot sizes (say 0.01, if not better). Thanks.

HI Ream,

Perhaps you can try XM.
  • #4
  • Feb 13, 2016 10:59pm Feb 13, 2016 10:59pm
Quoting kcchan555
{quote} HI Ream, Perhaps you can try XM.
Hi,

Thanks, but I didn't read good reviews on them on the net. Do you have some experience with them?


Regards.
  • #5
  • Feb 13, 2016 11:01pm Feb 13, 2016 11:01pm
Quoting SmoothTrader
Hidden
Hi,

Thanks. I took a look and they don't seem to have a micro account available, do you have some experience with them? Do you know if I can treat the Var or ECN account(s) as micro or does the minimal lot size (0.01) is treated just like on a regular account?


Regards.
  • #7
  • Feb 14, 2016 4:55pm Feb 14, 2016 4:55pm
fuck some people can't read for shit.

fxtm
fxopen
instaforex
forex4you
XM- they have a thread somewhere in this brokers section with an active support member)
exness- they just started a cent account I think and they also have a thread on here with an active support member


Also oanda(probably the only good broker on this list) lets you trade any lot size down to 1 unit. The only down side is that their mt4 accounts can only trade micro lots
and their fx platform doesn't allow automatic trading. The other option is to use multicharts with oanda for any trade size and the ability to trade strategies.
  • #8
  • Feb 14, 2016 8:51pm Feb 14, 2016 8:51pm
I
Quoting Reamasesa
Hi, I've been with RoboForex and was very pleased with them, however, they've upped the minimum order size to 0.1 and all the advantage of having a cent account is now gone so I'm looking for a good broker, providing cent accounts with low spreads (and commission) that allow for small lot sizes (say 0.01, if not better). Thanks.
Greedy bucketshop is tired to rip-off by 5-10$ from a trade and wants more? This step doesn't make anything good for them...
Thankfully it won't be a problem to find alternative for them. Hotforex, FXCM should suit you as their spreads can be even tighter and platform faster.
Good luck
  • #9
  • Feb 14, 2016 9:53pm Feb 14, 2016 9:53pm
Quoting leebsurag
I{quote} Greedy bucketshop is tired to rip-off by 5-10$ from a trade and wants more? This step doesn't make anything good for them... Thankfully it won't be a problem to find alternative for them. Hotforex, FXCM should suit you as their spreads can be even tighter and platform faster. Good luck
i didn't knew fxcm offer nano account...
anyone tried fxfair.com? they also offering nano account/cent account
  • #10
  • Feb 14, 2016 11:06pm Feb 14, 2016 11:06pm
How much is a cent account?
  • #11
  • Feb 14, 2016 11:54pm Feb 14, 2016 11:54pm
Quoting jnfer
{quote} i didn't knew fxcm offer nano account... anyone tried fxfair.com? they also offering nano account/cent account
are they regulated? location? powered by who? thanks

usually its a tough market for new brokers, it will take tons of time to actually prove them selves, if you are into new brokers, here is one I have tested and its been giving really good results lmfx.com and my main fund is at hotforex.com. if you decide to start with any broker just make sure to start small to test everything thoroughly. best of luck
  • #12
  • Feb 15, 2016 1:07am Feb 15, 2016 1:07am
Thanks for the replies.

XM - didn't read good reviews on this broker.
TradersWay - Doesn't have a cent account.
FreshForex - didn't read good reviews on this broker.
FXTM (ForexTime?) - while they have a nice low spread table starting at 0.1, the fine print says spread starts at 1.3, so not sure I like it.
FXOpen - minimum lot size is 0.1
InstaForex - minimum lot size is 0.1
Forex4You - NDD cent account has 10$ commission per lot, on another comparison table it says 0.1$ commission per lot. The spreads on the NDD Cent account looks nice, though. Reading some reviews over the net, doesn't look very promising, though.
Exness - I'll go over the thread here but the reviews out there on the net are not good.
Oanda - Read mixed reviews on it, from a quick glimpse at their spreads it's average at best if not high.
HotForex - I have an account with them but they do not provide Cent account.
LMFX - Doesn't look like they're offering Cent accounts.


Thanks for all the replies. I'm still on the hunt for a good Cent broker, if there are other pointers to threads here at FF on such brokers, it would be great, as well as personal experience.


Regards.
  • #13
  • Feb 16, 2016 12:44am Feb 16, 2016 12:44am
Did you really trade wwith all those broker above?
  • #14
  • Feb 16, 2016 1:09am Feb 16, 2016 1:09am
I really wonder myself sometimes, if people think about their requests. U are asking for the jack of all trades device, but most likely want to invest a nearly not mentionable amount of money. It is not working - u get what u pay for!

Did u ask yourself, why many brokers quit offering microlots? They simply don't earn on these small numbers. So u either have to live with a market maker or a broker with average rating leading to risks for stophunting (or otherwise strange beavior) or a higher spread if u want a cent account. Matter of fact. Don't take me wrong, it is of course possible to trade with these types of account, but there is a need of agreement.

Low spreads + good execution + top notch reviews caused by fair execution are only available for trading higher volumes.
  • #15
  • Feb 16, 2016 10:07am Feb 16, 2016 10:07am
Quoting hoangforex
Did you really trade wwith all those broker above?
Nope, just reviewed them from their sites and reviews on the net.
I trade Cent with RoboForex and I used HotForex on a mini account, to which I'll return once my tests are done and my learning curve will become better and more profitable than it is now.
  • #16
  • Feb 16, 2016 10:15am Feb 16, 2016 10:15am
Quoting Drolph
I really wonder myself sometimes, if people think about their requests. U are asking for the jack of all trades device, but most likely want to invest a nearly not mentionable amount of money. It is not working - u get what u pay for! Did u ask yourself, why many brokers quit offering microlots? They simply don't earn on these small numbers. So u either have to live with a market maker or a broker with average rating leading to risks for stophunting (or otherwise strange beavior) or a higher spread if u want a cent account. Matter of fact. Don't...
Hi,

Thank you for your answer.
On my current Cent account broker, RoboForex, the results on a demo account and live account are very, very, different, if you think an EA or strategy works on demo, you might be surprised when you go live with it, but that's only one thing.
For testing and learning, of course I'd like to have the best options available for me. I was and still am quite pleased with HotForex and their mini account but lack the funds for the time being to sport a large/medium account for the time being. I accept the fact that spreads might not be all that low on Cent accounts but I don't think they should be too high, as well (I can live with 2 pips on average on EU but I'm sure you are aware that spreads on such accounts can start at 3++ pips even on EU), especially if I'm learning to take close TP trades (not necessarily scalping, just not that high TP).

So yes, I am searching for the best I can get for my money, and yes, it's not too much right now but I am learning and the general idea is to move up the account ladder.
  • #17
  • Feb 16, 2016 10:30pm Feb 16, 2016 10:30pm
Quoting Reamasesa
{quote} Hi, Thank you for your answer. On my current Cent account broker, RoboForex, the results on a demo account and live account are very, very, different, if you think an EA or strategy works on demo, you might be surprised when you go live with it, but that's only one thing. For testing and learning, of course I'd like to have the best options available for me. I was and still am quite pleased with HotForex and their mini account but lack the funds for the time being to sport a large/medium account for the time being. I accept the fact that...
Spreads are generally the same on Hotforex micro, premium accounts, and they don't depend on lot size, cut its obvious that in case of low trading volume broker acts as a counterparty for you (there are no 1000$ size orders on interbank market ). But if you're newbie you'll blow your deposit sooner or later, because of improper MM and high leverage.
  • #18
  • Feb 17, 2016 12:10am Feb 17, 2016 12:10am
Quoting Reamasesa
{quote} Nope, just reviewed them from their sites and reviews on the net. I trade Cent with RoboForex and I used HotForex on a mini account, to which I'll return once my tests are done and my learning curve will become better and more profitable than it is now.
How much deposit for Cent account in RoboForex?
  • #19
  • Feb 17, 2016 2:02am Feb 17, 2016 2:02am
Quoting leebsurag
{quote} Spreads are generally the same on Hotforex micro, premium accounts, and they don't depend on lot size, cut its obvious that in case of low trading volume broker acts as a counterparty for you (there are no 1000$ size orders on interbank market ). But if you're newbie you'll blow your deposit sooner or later, because of improper MM and high leverage.
Hi,

Mind you, HF doesn't offer Cent accounts, and unless I'm gravely mistaken, Micro account doesn't function as a Cent account in terms of balance, you deposit 10$ you trade with 10$ (with leverage). This, in my opinion, is not the same as depositing 10$ and trading a 1000$ (cents).
When I learn, I want to be able to mimic a "normal" account when I move into using one, that's why I want to get a descent (not best, as I, too, doesn't think such a thing exists) Cent account that I can trade and test and even practice withdrawals (if I'm lucky ).
I don't mind blowing my account(s), that's what they are for, for learning and making me better. I can stand losing 10X10$ on real Cent accounts I can't allow myself to lose 10X1000$ on real accounts.

And yes, MM is crucial. Learning the basics always is.
  • #20
  • Feb 17, 2016 2:04am Feb 17, 2016 2:04am
Quoting hoangforex
{quote} How much deposit for Cent account in RoboForex?
There is no minimal deposit.
Mind you, their web page hasn't been updated with the recent changes to the Cent accounts they offer.
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