There is a growing number of local and international brokers available in the UAE offering different trading conditions and services. Although the UAE forex market is highly regulated by the SCA, it can be difficult for traders to find a reliable provider and select the ideal forex broker for their needs.
To guide users successfully through the selection process, we have researched, compared and evaluated the different providers and their services to create a list of top choices. To satisfy the needs of new traders looking to trade with smaller currency units or professionals searching for options to test their trading strategies on smaller positions, our analysis considers availability of cent accounts, minimum deposits, micro-lot trading, leverage, spreads, and commission rates.
This guide assesses 45 online brokers available in UAE to help users evaluate and find the top options for their needs. A list of the best cent account forex brokers in UAE is shared below for users to get started.
Top 5 Forex Brokers in UAE With Cent Accounts
- RoboForex – Best Cent Account Forex Broker Overall
- XM – Best Cent Account Forex Broker for Educational Resources
- FXTM – Best Broker For Low Minimum Deposit
- HF Markets – Top Cent Account Broker For Diversity of Platforms
- FP Markets – Lowest Spread Broker With Cent Account
Best Forex Brokers in UAE With Cent Accounts Reviewed
The top 5 forex brokers in UAE with cent accounts are reviewed below.
1. RoboForex – Best Cent Account Forex Broker Overall
Assets available: 3.8
79.43% of retail investor accounts lose money when trading CFDs
2. XM – Best Broker for Educational Resources
Min Deposit: $5
Assets available: 2.8
75.59% of retail CFD accounts lose money
3. FXTM – Best Broker For Low Minimum Deposit
Min Deposit: $200
Assets available: 2.7
80% of retail CFD accounts lose money
4. HF Markets – Top Cent Account Broker For Diversity of Platforms
5. FP Markets – Lowest Spread Broker With Cent Account
Tips To Select The Right Forex Broker in UAE With a Cent Account
Criteria that help users select the right cent account forex broker in UAE are listed below.
- Forex Cent Account Features – the following forex cent account features should be considered: leverage, spreads, and commission rates. Brokers with high leverage and low spreads and commission should be preferred.
- Low Minimum Deposit – forex cen account brokers with low minimum deposits should be preferred.
- Range of Forex Trading Instruments – a wide range of forex trading instruments allows flexibility and increases chances of profit. The following instruments should be considered: forex pairs, forex CFDs, and micro-lot trading.
- Fees and Spreads – brokers charge fees in the form of spreads and commissions. Broker with lover overall fees should be preferred.
- Trading Platforms and Features – forex cent accounts offering the same platforms and features as regular live forex trading accounts should be preferred.
- Customer Support – a reliable customer support increases the chance of profit. Support should be available through multiple channels includinglive chat, email, and phone.
Top Cent Account Forex Broker Compared
Key features of the top rated cent account forex brokers in UAE are compared in the table below.
|Broker||Minimum Deposits||Micro-lot Trading||Leverage||Spreads on EUR/USD + Commissions|
|RoboForex||$10||Yes||2000:1||From 0 pips + commissions from $20 per million USD traded|
|XM||$5||Yes||500:1||From 0.1 pips + no commissions|
|FXTM (ForexTime)||$10||Yes||2000:1||From 0.1 pips + commissions from $2 per lot|
|HF Markets (HotForex)||$5||Yes||1000:1||From 1 pip + no commissions|
|FP Markets||$100||Yes||500:1||From 0 pips + commissions from $3 per lot|
What Are Forex Cent Accounts?
Forex cent accounts are types of trading accounts that allow users to trade in smaller currency units compared to a standard forex account. In other words, cent accounts use cents instead of dollars as the standard lot sizes.
Typically, cent accounts have low minimum deposit requirements, and pips are measured in cents.
What Is The Difference Between Cent Accounts and Micro Lot Accounts?
Both micro-lot accounts and cent accounts allow traders to trade in smaller sizes. The differences between cent and micro-lot accounts are listed below.
- Account Currency Denomination: With forex cent accounts, the account balance is denominated in cents. With micro-lot accounts, the account balance is denominated in whole units of the base currency of the account.
- Lot Size: cent accounts have smaller trading units than micro-lot accounts. For example, a standard lot in a cent account is usually 100 units of the base currency, whereas a standard lot in a micro lot account is 1,000 units of the base currency.
- Leverage: leverage offered on a cent account is usually lower than on micro-lot accounts.
- Margin Requirement: The margin requirement for a cent account is usually lower compared to micro-lot accounts. This is because the lot sizes in a cent account are smaller.
When Should a Cent Account Be Prefered For Forex Trading?
Situations when a cent account should be preferred compared to a regular account are listed below.
- Beginner knowledge: cent accounts are a great options for beginners to get started. Cent accounts allow them to test their trading strategy and skills using without risk (using virtual money).
- Testing trading strategies: Cent accounts are a good option for traders to test their trading strategies as it allows them to experiment with different trading approaches without risking capital.
- Limited capital: cent account are great for traders who don’t have enough capital to trade with a real trading account. Accent account allows them to familiarise themselves with the financial markets and decide to trade with more capital in the future.
What Are The Disadvantages of Using a Cent Account?
The disadvantages of using a cent account are listed below.
- Limited profitability: the smaller trade sizes of a cent account lowers the chances of profit.
- Lower Leverage: Cent accounts usually have lower leverage ratios compared to regular trading accounts.
- Limited exposure to real market conditions: Trading with smaller position sizes does not expose traders to real market conditions.
- Potentially limited account features: Most brokers offer fewer account features and trading tools on cent accounts. This can limit the trader’s profit potential.
What is the maximum position size for forex brokers with cent accounts?
The maximum position size for forex brokers with cent accounts varies, depending on the broker used. Overall, the maximum position size on cent accounts is smaller compared to standard accounts. This is because cent accounts are designed for traders that want to trade with less capital.
Brokers usually limit the maximum position size of cent accounts in order to manage their risk exposure.
With the numerous online brokers, it requires time investment to compare and evaluate different service to find the ideal option. To make the right choice for their needs, traders need to collect relevant data and evaluate them considering important factors.
In this guide we have done the hard work for you comparing and evaluating the top choices for different types of traders and trading goals. The results of our assessment of the best cent account forex brokers in UAE are wrapped up in the table below.
|RANK||BROKER||PLATFORM SCORE||BEST FOR||WEBSITE|
|#2||XM||4,1/5||Educational Resources||Official website|
|#3||FXTM||3,8/5||Low Minimum Deposit||Official website|
|#4||HF Markets||4,2/5||Diversity of Platforms||Official website|
|#5||FP Markets||4,3/5||Lowest Spreads||Official website|
Can you trade with $1 on cent accounts?
Users can trade with $1 on forex cent accounts if the broker’s minimum deposit requirement is $1, or there is no minimum deposit.
Are forex cent accounts only for beginners?
Cent accounts are commonly used by beginners to lower their risk of losing money. However, these account are also used by advanced traders to test their trading strategies in real market conditions.
Can users switch from cent to standard account within the same broker?
Most brokers allow users to switch between cent and standard trading accounts.
What is the maximum leverage on cent account for UAE users?
The maximum leverage allowed for UAE users on cent accounts is the same as on regular accounts; 1:50 for retail traders and 1:222 for institutional traders.
What is the minimum trade position on cent accounts?
The minimum size of a trade position on cent account is 0.01 cent lots.
What is the maximum trade volume on forex cent accounts?
The maximum trade size on forex cent accounts is 0.99 cent lots.
Do cent accounts have higher spreads and commissions?
It depends on the broker of choice, but commonly spreads on cent accounts are higher compared to regular accounts.
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