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?

Happy pippin, 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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Best Brokers for Cent Accounts

Postby musketeer » Fri Aug 07, 2020 3:29 am

I am eager to hear more about any cent's broker around. Especially the ones with lowest spreads (and at least some credibility about money safety). Can not trust much on some review's sites, so any first person's opinions are very welcome. :good:

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