Everyone who is willing to make money in financial markets, including Forex, has to come a long way from a beginner to a professional trader. However, today’s trading environment can be hostile to those who are just making their first steps in it. Therefore, beginners need to secure themselves against major losses, being able to train in real market conditions. A decade ago this seemed impossible. However, today there is a solution for those who want to become professional traders but cannot or do not want to risk a lot of money. This solution is called micro accounts or cent accounts.
Why beginners should choose cent account until they improve as traders? Let’s ask Masterforex-V Academy.
Cent Accounts: Advantages for Beginners
According to Masterforex-V Academy, cent accounts differ from standard live accounts since in cent accounts your capital is show in cents instead of dollars. For example, if you have $10 on your account it will be show as 10 000 cents. It is done to help you get used to working with big numbers. Still, you don’t need to deposit $10 000 and risk them until you become a winning professional trader. As you can see, deposit requirements are extremely low and sometimes vary between $10 and $100. These are the major benefits of cent accounts for beginning Forex traders.
Still, there are many so-called micro brokers - broking companies that offer cent accounts. More often than not, beginners have difficulty choosing a reliable broker with licenses, awards, optimal trading conditions and other benefits necessary for convenient and profitable trading. Luckily, Masterforex-V Academy has solved this problem. How? Well, it introduced a monthly rating of micro brokers so that anyone could get all the essential information and hand to make the right choice.
Masterforex-V Academy’s Rating of Micro Brokers
First of all, this is some of the most unbiased and transparent ratings in the industry since it is based on multiple (20+) independent objective/quantitative criteria. It is updated on a monthly basis and includes only the best broking companies in the Forex industry. The latest update took place in July 2013. Let’s have a look at the current rating:
