Top 8 Locally Based Brokers
7 Best Cent Account Forex Brokers in Kenya
The 7 Best Cent Account Fore Brokers for Kenyans revealed. We tested the best forex trading platforms for Kenyan Traders.
This is a complete guide to cent account brokers in Kenya.
In this in-depth guide you’ll learn:
- What is a Cent Account?
- Which forex brokers offer cent accounts to Kenyan traders?
- What is the difference between a cent account and a micro account?
- How to compare the best cent accounts against each other.
- Which Cent Accounts are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders on Cent accounts?
- What is an ECN Cent account?
- Which brokers offer a low minimum deposit of $1 (415 KES) to start trading?
- What is the minimum withdrawal on Cent Accounts?
- What do lot sizes have to do with Cent Accounts?
And lots more…
So if you’re ready to go “all in” with the best cent account forex brokers…
Let’s dive right in…
- Louis Schoeman
Best Cent Account Forex Brokers in Kenya (Updated 2023)
| 🥇 Broker | ✔️ Offers Cent Account? | 💰 Minimum Deposit | 💸 Bonuses for Kenyan traders? | 👉 Open Account |
| 1. Exness | Yes | 100 USD (11635,00 KES) | No | 👉 Open Account |
| 2. FBS | Yes | 1 USD (116 KES) | No | 👉 Open Account |
| 3. HF Markets | Yes | 5 USD (580 KES) | Yes | 👉 Open Account |
| 4. XM | Yes | 5 USD (580 KES) | Yes | 👉 Open Account |
| 5. FP Markets | Yes | 80 USD (8700 KES) | No | 👉 Open Account |
| 6. AvaTrade | Yes | 100 USD (11635,00 KES) | No | 👉 Open Account |
| 7. Oanda | Yes | None | Yes | 👉 Open Account |
7 Best Cent Account Forex Brokers in Kenya (Updated 2023)
- Exness – Overall, Best Cent Account Broker in Kenya
- FBS – Lowest Spread Cent Account Broker
- HF Markets – Top Minimum Deposit Forex Broker
- XM – Verified NAS100 Broker for Kenyan Traders
- FP Markets – User-Friendly NDD Cent Account Broker
- AvaTrade – Best VIX75/Votality75 Forex Broker in Kenya
- Oanda – Top Cent Account Sign-Up Broker in Kenya
What are Cent Account forex brokers?
👉 Cent Account forex brokers offer a type of account that can be used for trading on the smallest denomination of a currency. This is about 0.001% of a standard lot. A person can start trading in this type of account with a very small deposit.
1. Exness
Overall Rating
- 4.9/5
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness is a low-risk CFD and Forex broker that is licenced and regulated by a number of authorities. Exness offers a variety of retail account types including a cent account, as well as some of the best trading conditions in the market.
👉 Exness, which was founded in 2008 and has grown to now offer over 200 financial products to millions of traders. Valuable information is available for traders on a website available in 18 languages. Customer service is offered in 13 languages 24 hours a day, seven days a week.
👉 Exness is one of Kenya’s most popular brokers, despite the fact that it is not yet regulated by the Capital Markets Authority (CMA).
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness only offers a limited portfolio of financial instruments to traders |
| Exness offers an Islamic account conversion with no additional fees charged | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
Trust Score
🥇 Exness has a trust score of 97%.
2. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 / 116 KES
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (16 373 KESFind out More)
Account Activation Time
24 Hours
Overview
👉 FBS has been operating as an international CFD broker since 2009 and is a top broker for Kenyans. It provides a wide range of trading accounts, including a cent account, as well as an innovative and powerful proprietary trading app.
👉 FBS is regulated in over 150 countries by CySEC, ASIC, FSCA, and IFSC, and processes data using a combination of Straight Through Processing and an Electronic Communications Network. FBS charges competitive fees and traders can be confident that their funds are securely and separately kept.
👉 While FBS is not regulated by Kenya’s Capital Markets Authority (CMA), the broker is still an excellent choice for Kenyan traders regardless of trading experience or style.
👉 Aside from the low minimum deposit requirements, FBS traders have access to a library of educational videos, webinars, and articles.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, IFSC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| ✅ Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💸 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| Traders can choose between a range of FBS trading accounts | FBS only supports a few methods for deposits and withdrawals |
| Both a demo and an Islamic account are offered to traders | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | Inactivity fees apply |
| FBS offers a range of bonuses and promotions to new and existing clients |
Trust Score
🥇 FBS has a trust score of 75%.
3. HF Markets
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HF Markets, formerly known as HotForex, is a low-risk CFD and forex broker for Kenyan traders, with an overall rating of 9/10 for trading conditions, retail investor accounts, client fund security, and customer support.
👉 HF Markets is well-regulated by several reputable entities, and the Capital Markets Authority (CMA) in Kenya recently granted a licence to HFM Investments Limited, a subsidiary of the brokerage company.
👉 HF Markets is a proud MetaTrader broker, providing trading platforms for MetaTrader 4 and MetaTrader 5. HF Markets’ retail investor accounts are appropriate for both novice, expert, as well as professional traders seeking a competitive edge in their trading.
👉 Each retail trading account has its own set of features and trading conditions to accommodate traders with varying trading styles, trading abilities, and investment objectives.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| 💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 💸 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF Markets only offers a few deposit and withdrawal methods to Kenyans |
| Kenyan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms | |
| A demo account is available for beginners who are learning to trade and professional traders who are testing strategies | |
| Kenyan traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HF Markets |
Trust Score
🥇 HF Markets has a trust score of 83%.
4. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 584 KES
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 XM builds on its reputation by providing a balanced mix of the features that users value the most: security, support, ease of account funding and withdrawal, and low fees.
👉 XM offers a high level of dependability while remaining highly compatible with MetaTrader 4 and 5. This advantageous combination makes XM an excellent place to start a trading career or advance one’s existing trading career.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD |
| ✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
| XM has more than 5 million active clients from around the world | Inactivity fees apply for dormant accounts |
| Client fund safety is guaranteed | |
| XM offers investor protection to Kenyan traders | |
| There are no commissions charged on deposits or withdrawals | |
| XM has won several industry awards since its establishment in 2009 |
Trust Score and Kenyan Market Share
🥇 XM has a trust score of 84% and a market share of <5% in Kenya.
5. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
👉 New traders will be drawn to the commission-free, low spread trading accounts, which provide access to over 10,000 instruments via an extremely user-friendly mobile trading app, as will experienced traders.
👉 Advanced traders will appreciate the commission-free ECN account, which provides access to raw spreads, as well as the Direct Market Access option for its share CFDs, which is available through professional trading platforms MetaTrader 5 and IRESS.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📊 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💰 Minimum Deposit | 8700 KES or 80 USD |
| ✅ Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| ✔️ Kenyan Shilling-Based Account | No |
| 💵 KES Deposits Allowed? | No |
| 💳 Bonuses for Kenyan traders? | No |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker | Administration fees charged on the Islamic Account |
| A dedicated Islamic account option are offered to Muslim traders | No fixed spread accounts offered |
| A wide range of markets can be traded across asset classes | Withdrawal fees charged |
| Powerful trading platforms for several devices are provided | |
| Kenyan traders receive an ECN pricing model with raw and tight spreads | |
| Fast trade execution through Equinix servers is guaranteed | |
| Copy-trading and automatic trading is offered | |
| Commission-free trading is possible | |
| No inactivity fees charged on dormant accounts |
Trust Score and Kenyan Market Share
🥇 FP Markets has a high trust score of 81% and a market share of <5% in Kenya.
6. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade was started in 2006 as a global broker for CFDs and FX. The company’s administrative headquarters are in Dublin, but it also has sales centres in Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Kenya, Santiago, and Johannesburg.
👉 Financial regulators in Europe, the British Virgin Islands, Australia, Japan, and South Africa oversee AvaTrade. To meet their own standards, the company’s AvaTradeGO app is available anytime, anywhere, with an easy-to-use interface and new tools for traders.
👉 AvaTrade’s customer-centric approach and solid financial backing distinguish it as a standout service in the perilous world of online trading. The company’s extensive platform and service offerings, as well as its 24-hour, multilingual support desks, enable every level of trader to work to their full potential. Forex, stocks, commodities, indices, and other trading options are available through AvaTrade.
👉 AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to trade on the global financial markets, despite the fact that the Capital Markets Authority (CMA) in Kenya has not licenced or regulated the broker and the broker does not have a local office in Nairobi.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Trust Score and Kenyan Market Share
🥇 The trust score for AvaTrade is 93%.
7. Oanda
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Oanda provides its customers with access to a wide range of financial products, but it is particularly effective as a desktop trading platform for seasoned investors looking for a better trading experience.
👉 The product’s availability varies depending on the region. The broker has many strengths, including quick and reliable transaction execution, industry-standard research resources, user interfaces that are simple to use, and a track record of regulatory oversight.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 📊 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Oanda has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
| Negative balance protection is automatically applied to the retail accounts | No fixed spreads are offered on accounts. |
| The broker offers a dedicated account for Muslim traders | |
| No deposit fees are charged when accounts are funded | |
| There is a large selection of educational materials |
Trust Score and Kenyan Market Share
🥇 OANDA has a trust score of 91% and a market share of <5%.
How to choose the best trading platform in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Cent Account Forex Brokers in Kenya
👉 In this article we have listed the best Forex brokers which offer Cent Accounts to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best Cent Account MetaTrader 4 / MT4 Forex Brokers in Kenya
👉 Overall, Exness is the best Cent Account MT4 forex broker in Kenya. Exness provides dynamic and adaptable account types and some of the most advantageous trading conditions in the industry. Exness gives access to over 200 financial products, a variety of retail account types, and a wealth of resources.
Best Cent Account MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, BD Swiss is the best Cent Account MT5 forex broker in Kenya. BDSwiss is also a well-regulated broker with a large international clientele. It has a wide range of instruments available for trading, including forex, commodities, stocks, indices, and many cryptocurrencies.
Best Cent Account Forex Broker for beginners in Kenya
👉 Overall, Tickmill is the best Cent Account forex broker for beginners in Kenya. Tickmill’s VIP and Pro accounts also provide highly attractive commission-based pricing. In addition to low spreads, huge leverage, and fast execution speeds, Tickmill offers a wide range of CFD currency, stock, commodity, and index CFDs.
Best Cent Account Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best Cent Account minimum deposit forex broker in Kenya. HF Markets, formerly known as HotForex, also is a low-risk CFD and forex broker that offers fair trading conditions, retail investor accounts, client fund security, and customer support.
Best Cent Account ECN Forex Broker in Kenya
👉 Overall, Pepperstone is the best Cent Account ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.
Best Cent Account Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best Cent Account Islamic/swap-free forex broker in Kenya. CM Trading is also a trading services broker that accepts Kenyan traders even though the Capital Markets Authority (CMA) does not regulate the broker.
Best Cent Account Forex Trading App in Kenya
👉 Overall, Trade Nation is the best Cent Account forex trading app broker in Kenya. Trade Nation is also a platform with minimal risk and an effective trading app. Trade Nation further has competitive costs, a secure trading environment, and cutting-edge solutions.
Best Cent Account Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best Cent Account lowest spread forex broker in Kenya. FBS is also a top forex and CFD broker for Kenyans that provides a wide range of trading accounts as well as an innovative and powerful proprietary trading app. FBS charges low, competitive fees, and traders can be confident that their clients’ funds are secure.
Best Cent Account Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best Cent Account Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best Cent Account Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best Cent Account Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker. It offers an optimal trading environment for every level of a trader with 24-hour multilingual support desks.
Best Cent Account NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best Cent Account NDD forex broker in Kenya. FP Markets also offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
Best Cent Account STP Forex Broker in Kenya
👉 Overall, OctaFX is the best Cent Account STP forex broker in Kenya. OctaFX is also a dependable broker because of its low required minimum deposit, commission-free trading, and the availability of an unlimited practice account.
Best Cent Account sign up bonus Broker in Kenya
👉 Overall, Oanda is the best Cent Account sign-up bonus broker in Kenya. Oanda also offers competitive trading conditions, an award-winning proprietary platform, and high-quality trading solutions. On OANDA’s platform, both professionals and novices can access a wide range of indicators and charting tools.
Understanding how Cent Account forex brokers work
👉 A cent account is similar to a regular Forex trading account in some ways, but there are some key differences. For beginners, a cent account could be a great way to get started in Forex trading. Cent accounts are measured in cents rather than dollars.
👉 The number of nominal funds associated with a cent account is the main feature that distinguishes it from others. It was first introduced in 2006 with the intention of assisting novice traders in improving their Forex trading skills without putting too much money at risk.
👉 You can trade with cents instead of dollars or euros if you open a Forex cent account. This means that any funds you deposit into your trading account will be displayed in cents.
👉 If you deposit $5, you will be able to trade with a value of $500. This account is typically available in major currencies such as USD, EUR, and GBP.
👉 In most cases, Forex cent account brokers are using trading platforms such as MetaTrader 4 and MetaTrader 5. The major reason for this is that these trading platforms allow cent-account traders to keep cents in USD or EUR.
👉 Doing so makes sure that order volumes are not limited because both MT4 and MT5 only allow trade sizes that are no less than 0.01 standard lot.
Advantages of Cent Account forex brokers
👉 Cent Account forex brokers have several advantages. These advantages include:
➡️ It is most beneficial for those who are just getting started in the market.
➡️ A cent account can be an opportunity to transition from a demo account to a real, live trading account.
➡️ A trader can get the skills needed to grow as a trader without having to risk losing a lot of money.
➡️ You can test out the offerings of the broker on your own with minimum risks involved.
➡️ Opening a cent account is easy and possible with a very small deposit.
➡️ You can test different trading strategies with the best cent account Forex broker.
Disadvantages of Cent Account forex brokers
👉 Cent Account forex brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ You cannot expect a lucrative profit while using a cent trading account.
➡️ This type of account is merely intended for those who want to obtain knowledge and skill in Forex, and not for huge returns.
➡️ A majority of Forex brokers offering cent accounts usually put a cap on the maximum position and account size.
➡️ The spreads associated with this account are usually higher than with other accounts.
➡️ Not many Forex brokers offer this account type.
Conclusion
👉 Overall, a cent account is an excellent way to begin trading Forex. This account will allow you to gain confidence without risking a large sum of money. Even experienced traders can benefit from a cent account. It can be used to practise more and evaluate the quality of a broker.
FAQ
Can I trade forex with cents?
Yes, with a cent account from a broker, one can start trading with very small amounts.
What is a cent account in forex?
A cent account is categorised for trading on the smallest denomination of a currency, about 0.001% of a standard lot. You can start trading in this type of account with a very small deposit.
What is the difference between cent and standard accounts?
Standard accounts present a minimum volume of trade as a standard 0.01 lot. Standard Cent uses an entirely unique measure of volume, namely cent lots; the minimum volume of trade for Standard Cent accounts is 0.01 cent lots which is 100 times smaller than 0.01 standard lots.
What is the difference between a Cent account and a micro account?
A Cent account is characterized by its ability to allow trading on the smallest denomination of a currency, about 0.001% of a standard lot. A micro account trades a one-hundredth smaller lot than that of a standard account.
Why do brokers offer a cent account?
Many forex brokers offer cent and micro-accounts to new traders because they are the best place to start. Cent and micro-accounts are the two most common next stops after trading with a demo account.
Conclusion
👉 Now it is your turn to participate:
➡️ What inspired you to start trading forex?
➡️ What have your experiences been in trading forex?
➡️ Which risk management strategy can you share with other traders?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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