Best Brokers for Cent Accounts

Best Brokers for Cent Accounts

Postby tomele » Sun May 12, 2019 11:23 pm

Hi @all.

GP doesn't offer them, so let us discuss our experiences with cent accouns here ...

Here are mine.

I opened three micro (cent) accounts some weeks ago. Here are my impressions:

1) FortFS
They honestly say they are a market maker. This means their back office will make the prices for your. But their prices don't differ from those of ECN brokers as far as I could track it yet. They offer low spreads, 1:200 leverage and you don't pay any commisions or fees. You can even avoid swaps and don't have to be a mullah to do so - just ask for a swap-free account. I am quite happy with their service. Opening an account is easy with low bureaucracy.

2) Trading Point - The Australian Branch
XM Australia also offers low spreads, 1:200 leverage and you don't pay any commisions or fees. The price charts look ok. They don't offer swap-free accounts to non-islamic individuals, but seem to charge no swaps on my account after I had talked to their customer service and got the answer I would have to prove my islamic belief. I am also quite happy with their service. Opening an account requires some bureaucracy.

3 ForexTime
Extremely terrible. An annoying process to deliver all your documents. Unbelievable high spreads, commisions and swaps. A maximum leverage of 1:30. A total rip-off. Avoid them. At least withdrawing my money worked flawlessly.


This is in no way a recommendation. They all may be criminals and rip off your money. I will keep you updated when it comes to severe market situations or withdrawals. I am only talking about cent accounts and small money at risk. Got It?


Cheers
Thomas
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Best Brokers for Cent Accounts

Postby Gertje » Tue Jul 23, 2019 10:10 am

I agree with you on FortFS.

I trade with them for years now, first to test systems, and now with a proven system I continue trading with them because they offer 1:500 leverage up untill $5.000 balance.

This allows me to take a little more risk and still avoid a MC.
A few additional benefits I found out;
- Their swap rate is way better than others.
- They give interest on the balance that is not stuck in margin. On a cent-account this equals 3% yearly, paid on the 1st of every month. This is only available on accounts that get swap calculated.

The downside is that you cannot withdraw through a regular bankaccount. In Europe, one needs Skrill to receive money from them.

I intend to let my currect account grow untill 4K, and then freeze the settings and withdraw every profit after that on a monthly basis.

To make it more visual;
28-09-2018 I deposited $500 [approx. €440]
29-01-2019 I transfered the totall balance of $1.002 to a EURO-account [€901]
23-07-2019 The current balance is €2.092

I transfered from a USD to a EURO account, since I'm in the EU, and will therefore spend my cash mainly in EURO.
It makes no sence to have the profit changed to another currency upon withdraw [and paying costs] when there is no need for it.

As a thought; FortFS shows on a lot of 'scam' lists, I haven't got problems with them in all these years.
Offering cent-accounts means by default that the trades are kept in-house, as the real lotsize is 0.0001 and there will be no liquidity provider that accepts these small orders. Maybe they bundle a bunch of orders, and send them together to the A-tier banks, who knows.
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Best Brokers for Cent Accounts

Postby Gertje » Mon Nov 11, 2019 10:37 am

To add to my review above, I have discovered a 'minor' downside with FortFS.

Withdrawing cash takes forever;
- You can only withdraw using the way you deposited. Did you deposit using multiple way's, you need to balance the withdraws between these ways. I used 2 creditcards to deposit, and need to alter between these 2 when wtihdrawing.

- They take now 5 business days [a whole week] to process the withdraw. Only after this week you get a confirmation that the withdraw was approved, and they will send the funds to their paymentprovider that will forward the funds to your account.

- They take over a week to send funds to the paymentprovider.

- The paymentprovider sends the funds overnight to your account.

- My account being a creditcard, my bank takes another day for showing me the deposit on the creditcard.

- In case of an positive balance on the creditcard, I need to send my bank a note to send the funds to my private account, taking another 1-2 days.

All in all, it takes about 3 weeks before I actually can spend the cash I withdrew.
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Best Brokers for Cent Accounts

Postby SteveHopwood » Mon Nov 11, 2019 9:32 pm

Gertje » Mon Nov 11, 2019 10:37 am wrote:All in all, it takes about 3 weeks before I actually can spend the cash I withdrew.

Here is looking on the bright side. At least you can withdraw your funds. This is not something we would expect from your run of the mill cent account cowboy. :lol:

Mind, you had better not cut up you credit cards. :lol:


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