New traders may feel that forex trading is complicated when they just started trading and research even shows that the majority of new traders lost their money in the first days of trading. That is why many experienced traders would suggest new ones to practice with a demo account for a couple of months first before putting their money on the broker. I personally think it is an ok advice but not the best one also. Because it has shown in some research that the more you gain from demo trading, the more you may lose when start trading with a real account. The main reason for that is because best forex brokers let you win in demo trading. Brokers will offer better trading conditions when you use demo accounts such as better price, better execution, lower volatility, and spread. With those good trading conditions, traders are likely to win a lot of profit and that may make them be overconfident when transitioning to trading with real money. They may think that they are ready to move to real trading and deposit real money into brokers. But they did not realize thatest real trading is very different from demo trading and it is often harder. So, because of that misunderstanding, they must start learning again with a real account this time and that could be so much harder than learning with no idea what is forex trading because they are already familiar with demo trading. They have to get rid of whatever they learn from demo trading for several months and start over with a real account. And that may cost many new traders a lot more time to start over because they approach forex trading with a wrong method.
So you may wonder what approaches should beginners take? I would personally advise beginners to start their trading career with a real account right away. And choosing Cent account should be the following step as it is the top trading account for beginners due to reasons as follow:
– Trading with Cent account is really real, from real trading conditions like real spread, real price to most importantly real profit and money.
– By trading with a real account like Cent account, you can also be more disciplined because you can lose your money if you can not keep yourself disciplined and manage risks when trading.
– It is the best for beginners to trade with Cent account due to its Cent Dollars. You can deposit a low amount of money like 10$ in exchange for 1,000 Cent Dollars (USC). You can get a lot from this 1,000 USC by open a lot of orders and start trading. As you are trading with a real account so withdrawing profit at any time is possible. The worst thing can happen to you is losing 10$ you deposited. But from just that 10$, you have already practiced trading for like a month and gaining a lot of knowledge and experience at a very low cost. Moreover, because it is involving money from your wallet, you will have to try harder to learn and improve yourself.
Small brokers are generally the one offer Cent accounts, not large brokers. Of course, trading with those small brokers is not what I would recommend. As mentioned in many of my articles, larger brokers are generally the one offer higher reliability and better trading conditions. There is one exception which is Exness as it not only offers Cent accounts but also is on the list of the world biggest retail brokers. You can verify that via Exness financial report. This is a reliable report as it is prepared by the top 4 audit firms in the world – Deloitte.
However, Exness is limiting the number of orders beginners can make because Exness is not targeting beginners. But even with that limit, you can probably get trading practice for up to 2 months with one of the largest brokers under probably the best trading conditions as well. I will make it clear why I consider Exness’ Cent account is the best account below:
– Exness is on the top of biggest traders in the world so you can trust them.
– Cent account of Exness does not have any minimum level for depositing so you can deposit as low as $1 or something like that. That is still important as not all new traders want to put a lot of money at the early stage of their career.
– Exness sets a limit of opening positions to 0.0001 Lot USD or 0.01 Lot Cent and it is one of the lowest minimum position value in the forex trading market. You would hope for the value of the orders to be as low as possible because, for new traders, they are likely to fail so you should aim for practicing. And you can practice more if the value of the orders gets lower. You only need to deposit $10 and get chances to practice from 1 to 3 months.
– Leverage Exness Cent account is currently offering is one of the highest. So you can get more free margins to keep your orders stay open as when the leverage get higher, the margin will be lowered.
– It is very easy, fast and convenient to deposit and withdraw profit from Exness’ Cent account with many local payment methods of Exness and also from local banks.
– Exness also offers support in various languages like Malaysia, China, Thailand, Saudi Arab, Vietnam, Iran, and English-speaking countries as well. So beginners that cannot speak English can also seek help from Exness to answer a long list of complex matters of forex trading.
– Visiting this link to open a Cent account of Exness.
– An email account and a phone number are what it will require you to open an account. The whole thing may only cost you like one minute only.
*
Be the first to comment.