9 minute read
What is Standard Cent Account in Exness? A Comprehensive Guide
from Exness
by Exness_Blog
Forex trading can be an exciting yet daunting venture, especially for beginners with limited capital or those testing new strategies. Choosing the right trading account is a crucial step in ensuring a successful trading journey. Among the various account types offered by Exness, a globally recognized forex and CFD broker, the Standard Cent Account stands out as a beginner-friendly option designed to minimize risk while offering real-market trading experience.
In this article, we’ll dive deep into what the Exness Standard Cent Account is, its key features, benefits, drawbacks, and how it compares to other account types. Whether you’re new to forex or an experienced trader looking to refine your strategies, this guide will help you decide if the Standard Cent Account is right for you.
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What is the Exness Standard Cent Account?
The Exness Standard Cent Account is a specialized trading account tailored for novice traders or those who want to experiment with strategies in a live market environment without risking significant capital. Unlike standard accounts that measure balances and trades in dollars or other major currencies, the Standard Cent Account operates in cent lots, where the account balance is displayed in cents. For example, if you deposit $10, your account balance will show as 1,000 USC (United States Cents). This micro-trading approach allows traders to open smaller positions, making it an excellent choice for those with limited budgets or those looking to practice trading with minimal financial exposure.
The Standard Cent Account is unique to Exness, as it’s the only account type offered by the broker that uses cent lots (1 cent lot = 100,000 cents or 1,000 USD). It bridges the gap between demo accounts, which use virtual funds, and standard accounts, which require larger capital commitments. By offering real-market conditions with reduced risk, it’s an ideal stepping stone for traders transitioning from practice to live trading.
Key Features of the Standard Cent Account
To understand why the Standard Cent Account is so popular, let’s explore its core features:
· Low Minimum Deposit: The account requires a minimum deposit of just $10 (or equivalent in other currencies like EUR, GBP, or INR), making it accessible to traders with limited funds. Some payment methods may allow deposits as low as $1, depending on the region and payment provider.
· Cent Lots: Trades are executed in cent lots, where 1 cent lot equals 1,000 units of the base currency. This allows for micro-trading, significantly reducing financial risk.
· No Commissions: The account is commission-free, with trading costs covered by spreads starting from 0.3 pips on major currency pairs.
· High Leverage: Traders can access leverage up to 1:2000 (1:400 for clients registered with Exness’s Kenyan entity), enabling control of larger positions with minimal capital.
· Market Execution: Orders are executed with market execution, ensuring no requotes, though slippage may occur during volatile market conditions.
· Limited Instruments: The account supports trading in 36 instruments, primarily forex pairs and metals (e.g., XAU/USD). Other markets like indices, stocks, and cryptocurrencies are not available.
· Trading Platforms: Available exclusively on MetaTrader 4 (MT4), with access to advanced charting tools and automated trading via Expert Advisors (EAs).
· Swap-Free Option: A swap-free (Islamic) account option is available for traders who require it, eliminating overnight interest charges.
· Maximum Orders: Supports up to 1,000 open orders on MT4 and unlimited orders on MT5, with a maximum lot size of 200 cent lots.
These features make the Standard Cent Account an excellent choice for beginners and those testing new trading strategies in a low-risk environment.
Why Choose the Exness Standard Cent Account?
The Standard Cent Account is designed to cater to specific types of traders. Here’s why it might be the perfect fit for you:
1. Ideal for Beginners
For new traders, the forex market can feel overwhelming due to its volatility and complexity. The Standard Cent Account offers a safe way to gain real-market experience without risking significant capital. With a $10 minimum deposit, traders can open multiple micro-positions and practice strategies in live conditions. For example, a 10-pip loss on a 1-cent lot costs just $0.10, compared to $10 on a standard lot, making losses far more manageable.
2. Perfect for Strategy Testing
Experienced traders often use the Standard Cent Account to test new strategies or automated systems like Expert Advisors (EAs). Since trades are executed in a live market environment, the account provides realistic feedback on strategy performance without requiring substantial capital. This makes it a cost-effective way to refine trading approaches before scaling up to a standard or professional account.
3. Low Financial Risk
The cent-based structure ensures that profits and losses are scaled down proportionally. For instance, a $10 deposit translates to 1,000 cents, allowing traders to execute multiple small trades without depleting their accounts. This low-risk environment helps traders build confidence and develop skills without the pressure of significant financial losses.
4. Accessible to Traders with Limited Capital
The low minimum deposit and micro-trading capabilities make the Standard Cent Account accessible to traders in emerging markets or those with limited budgets. For example, an Indian trader depositing ₹800 ($10) can trade multiple cent lots, making forex trading inclusive for a global audience.
5. Real Market Exposure
Unlike demo accounts, which use virtual funds and may not fully replicate live market conditions, the Standard Cent Account exposes traders to real price fluctuations, slippage, and market dynamics. This hands-on experience is invaluable for understanding how markets work and preparing for larger accounts.
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Drawbacks of the Standard Cent Account
While the Standard Cent Account offers numerous benefits, it’s not without limitations. Here are some drawbacks to consider:
1. Limited Trading Instruments
The account is restricted to forex pairs and metals, with no access to indices, stocks, or cryptocurrencies. This limitation may not suit traders looking to diversify their portfolios across multiple asset classes.
2. Wider Spreads
While spreads start at 0.3 pips, they can be slightly wider compared to professional accounts like Raw Spread or Zero accounts, which offer spreads as low as 0.0 pips. This can impact profitability for high-frequency traders.
3. Limited Profit Potential
Due to the cent-based structure, profits are proportionally smaller. For example, a 20-pip gain on a 1-cent lot yields $0.20, compared to $20 on a standard lot. Traders aiming for significant returns may find the account restrictive.
4. Not Suitable for High-Volume Trading
The Standard Cent Account is designed for micro-trading, with a maximum lot size of 200 cent lots. High-volume traders or those with larger capital may find professional accounts like Pro or Zero more cost-effective due to tighter spreads and broader instrument access.
5. Limited Platform Availability
The account is only available on MetaTrader 4, which may be a drawback for traders who prefer MetaTrader 5 or the Exness Terminal for their advanced features.
How Does the Standard Cent Account Compare to Other Exness Accounts?
Exness offers five main account types: Standard, Standard Cent, Pro, Raw Spread, and Zero. Here’s how the Standard Cent Account stacks up against the others:
· Standard Account: Similar to the Standard Cent Account but uses standard lots (1 lot = 100,000 units). It offers a broader range of instruments (forex, metals, cryptocurrencies, stocks, and indices) and is suitable for traders with more capital or experience. Minimum deposit is $1, with spreads starting at 0.2 pips.
· Pro Account: Designed for experienced traders, it offers instant execution, tighter spreads, and no commissions. It requires a $200 minimum deposit and supports a wide range of instruments.
· Raw Spread Account: Offers ultra-low spreads (from 0.0 pips) with a small commission per lot. It requires a $200 minimum deposit and is ideal for scalpers and high-frequency traders.
· Zero Account: Features zero spreads on major instruments with a commission-based structure. It also requires a $200 minimum deposit and suits traders prioritizing low trading costs.
The Standard Cent Account is the most beginner-friendly due to its low deposit and micro-trading capabilities, but it lacks the advanced features and broader instrument access of professional accounts.
How to Open a Standard Cent Account with Exness
Opening a Standard Cent Account is straightforward and can be done in a few simple steps:
· Visit the Exness Website: Go to exness.com and click the “Sign Up” button to create an account. Provide your email, phone number, and a secure password.
· Verify Your Identity: Complete the verification process by submitting a government-issued ID (e.g., passport) and proof of address (e.g., utility bill) to comply with regulatory requirements.
· Log in to Your Personal Area: Once verified, access your Exness Personal Area and select “Open New Account.” Choose Standard Cent Account from the list.
· Configure Account Settings: Select your preferred account currency (e.g., USC, EUC) and leverage (beginners should start with moderate leverage like 1:100 to manage risk).
· Deposit Funds: Navigate to the “Deposit” section, choose a payment method (e.g., bank card, e-wallet, or cryptocurrency), and deposit at least $10. Funds are typically credited instantly.
· Download MetaTrader 4: Install the MT4 platform, log in with your account credentials, and start trading.
Tips for Success with the Standard Cent Account
To make the most of your Standard Cent Account, consider these tips:
· Start Small: Use 1–2 cent lots to test strategies and minimize risk.
· Manage Leverage: High leverage (e.g., 1:2000) can amplify profits but also losses. Stick to conservative leverage (1:100–1:500) as a beginner.
· Trade During Peak Hours: Trade when spreads are tighter, such as during major market sessions (e.g., London or New York sessions).
· Track Costs: Monitor spread impact on small gains, as wider spreads can erode profits.
· Transition to Other Accounts: Once confident, consider upgrading to a Standard or Pro account for broader instrument access and tighter spreads.
Is the Standard Cent Account Right for You?
The Exness Standard Cent Account is an excellent choice for:
· Beginners: Those new to forex who want to trade with real money but minimal risk.
· Traders with Limited Capital: Individuals with small budgets who want to participate in the forex market.
· Strategy Testers: Experienced traders testing new strategies or automated systems in a live environment.
However, it may not suit high-volume traders, those seeking diverse asset classes, or advanced traders prioritizing ultra-low spreads and instant execution. For these traders, professional accounts like Pro, Raw Spread, or Zero may be more appropriate.
Conclusion
The Exness Standard Cent Account is a game-changer for beginners and cautious traders looking to dip their toes into forex trading. With its low minimum deposit, cent-based trading, and real-market exposure, it offers a safe and accessible way to learn the ropes or test strategies without risking significant capital. While it has limitations, such as restricted instruments and wider spreads compared to professional accounts, its affordability and low-risk structure make it a standout option for new traders.
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