A research stated that approximately more than 90% new traders fails miserably when they first started their trading career due to the complicating nature of forex market. This is the reason why most beginners are advised to begin trading with a forex demo account for a few months before investing their real money in the trading market. In my opinion, even though this method seems logic, I would not say it is the best practice. According to some prominent researches, traders who are successful with demo account seems to be easier to lose more when it comes to real accounts.
In fact, brokers purposely let beginners to win with demo account and attract them with tempting trading conditions such as lower spread, lower volatility, better execution and prices, etc. Certainly, newcomers who win with demo account tend to become over confident and believe that they will face no problems with the real account. Ironically, real accounts are way harder than demo ones and beginners would have to spend more time getting used to real accounts. In other words, traders who go through the demo account testing will waste more time practicing due to the wrong approaching method.
As I have mentioned, it is important to choose the right approaching method from the star and I would highly recommend you to use real trading accounts from the beginning. In this case, I believe Cent account will be the best for beginners because:
• Cent account is a real-life account that provides traders with real trading conditions consisting of real spread, real prices, real volatility, slippages, etc. In short, winning with Cent account also means that you can win with other account types.
• Trading by Cent account trains your disciplinary since you always have to follow risk management to prevent losing all of your fund almost instantly.
• Cent account is the most suitable account for beginners since they are able to trade with Cent Dollars. To explain, traders can deposit 10$ and receive 1000 USC in their account. With 1000 USC, they can open hundreds of orders for practicing purpose. Not to mention, traders can withdraw money and profit whenever they want since this is a real account. Even though they might lose all their money – which is 10$ only – it is still worth for a full month of practicing. This low-budget practicing style provide newcomers with an insight into the forex market and motivate them to study harder since it is real money they are trading with.
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Why Exness Cent account is the best for forex trading beginners?
Even though most large forex brokers do not offer Cent accounts, I would not advise you to trade with small brokers either since large brokers offer better trading conditions. But it is different when it comes to Exness. They are one of the biggest retail forex brokers in the field and remains popular for offering Cent account.
Keep in mind that Exness reports are audited by Deloitte, which is a well-known independent audit company. Therefore these reports are completely trustworthy.
Since Exness do not aim at beginners from the start, they limit the number of practicing orders down to 1 – 2 months with the best brokers and best trading conditions. These are the reasons why I believe Exness’ Cent account is the best for you:
• First of all, Exness is the biggest retail forex broker with good reputation in the field.
• Secondly, Exness Cent account does not demand a minimum deposit rate, which means that you can deposit as little as you want. This is a remarkable feature since most beginners do not want to deposit too much when they start.
• Thirdly, traders can open positions at relatively low rate at about 0.01 Cent or 0.0001$. This is apparently the lowest minimum position value in the market. Low value is beneficial for beginners since there is a 90% chance that they might lose during their first months of trading. The main purpose of this stage is still practicing only, therefore the lower the order’s value is, the more orders beginners can practice. With a low minimum of order value, a trader can practice for 1 – 3 months with only $10.
• Fourthly, Exness Cent account offers the highest leverage which results in lower margin. Therefore, traders will have more free margins to keep their orders open.
• Fifthly, by using local payment methods or banks, you can deposit or withdraw from Cent account instantly. This is a very easy and convenient feature for beginners.
• Finally, Exness provides support with local languages, which is very important for beginners. Forex trading is a complex market so most traders, even professional ones, might have a lot of questions at times that only local language speaking supporters can help them. Exness supports many countries in their local languages such as: China, Thailand, Vietnam, Malaysia, Saudi Arab, Iran, and English-speaking countries… which enhances their support service quality.
Read more about the best forex brokers for Asian traders.
How to open Exness Cent account?
To open Cent account, an email and a phone number is all you need. The registration process is simple and takes up to one minute to complete only.
If you are an experienced trader already. You will want to trade with ECN brokers.
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