For beginners, forex trading is so complex that 90% of them fail right from the start. Therefore, forex demo account are highly recommended for forex trading beginners. Before investing real money, the beginners should practice with demo account some months. However, is forex demo account the best solution for the inexperienced traders? Some research has revealed that even though you succeed with demo account, you are still highly likely to fail with real accounts. In fact, brokers can make you win with demo account by providing better trading conditions for demo account such as: lower spread, lower volatility, better execution etc. After easily winning a lot of money from demo account, most forex trading beginners will let success go to their head and overlook problems that can arise in the future. They will think that they are good at forex trading and can win with real account. However, there are many differences between real account and demo one. As a result, practicing with demo account brings no benefit for them and they have to learn forex trading from scratch. Of course, the forex trading beginners will continue to invest time and real money to trade again. A large number of beginners will have to spend a lot of time studying real trading account because of this first wrong approach.
If you are an experienced traders, check here for the top 5 ECN brokers.
For reasons mentioned above, it is essential that forex trading beginners have right trading approach. I will strongly advise you to open a real account in the beginning. You should only trade with the best forex brokers such as Exness, which have offer various kind of accounts suitable for both beginners and experienced traders. In addition, Cent account is considered the best trading account for beginners. Here are some reasons why beginners should open a Cent account:
- Cent account is a real account. This type of account can allow you to gain more experience in real trading conditions: real spread, real prices, real volatility, slippage etc. Once you succeed in making money with Cent account, you can also win with other real account types.
- Trading Cent account will definitely make you self-discipline. Unless you follow risk management, you will lose all your money instantly.
- Another advantage of opening a Cent account is that you can trade with Cent Dollars. You can deposit 10$ in order to get 1000 USC in your account. You can make use of this 1000 USC to open hundreds of orders to practice trading. In addition, all your money and profit can be withdrawn whenever you want because this is a real account. If you are unsuccessful, you just lose all your 10$ deposit which is enough for you to practicing for a month. In this case, you should learn from failure to trade in real trading conditions. Furthermore, you must enhance your trading ability as soon as possible because you are trading with your real money.
Reasons for forex trading beginners to choose Exness cent account
As usual, large forex brokers do not provide Cent accounts. Beginners usually find Cent account only at small brokers. Of course, I do not encourage you to trade with small brokers. As I said before, big brokers can offer better trading conditions and they are more trustworthy. However, Exness is an exceptional. Although Exness is one of the largest retail forex brokers in the world, they still offer Cent account. (You should know that Deloitte, the most famous and independent audit company, audited report of Exness. Therefore, this report is highly reliable.)
Exness limits the number of orders because beginners are not their target audiences, but 1 – 2 month is enough for you to practice with the best broker and trading conditions. I would like to explain to you the advantages of Cent account of Exness.
- Firstly, being one of the biggest retail forex brokers, Exness get immense prestige. They are famous for high- quality services and trading conditions.
- Secondly, minimum deposit is not acquired when you open a Cent account at Exness. You can deposit as low as $1 or whatever you want. This condition will attract a lot of beginners because they are not willing to deposit too much.
- Thirdly, positions can be opened at as low as 0.01 Cent or 0.0001$ which is the lowest minimum position value in trading market. If the order’s value is low, you can practice with more orders. With low position offered by Exness, you only have to spend $10 on trading in 1-3 months. For beginners, this is the opportunity to practice orders with low value, especially when your failure rate is up to 90%.
- Fourthly, you will be supported by Exness with local languages. Forex trading is sophisticated, so it is important to be backed up by your mother tongue. Local language speaking supporters can help you understand more about forex trading market. Traders, who come from China, Thailand, Vietnam, Malaysia, Saudi Arabia, Iran, and English-speaking countries etc., will have chance to be supported with local languages.
Check here for more reliable brokers for Asian traders.
- Fifthly, leverage of Exness Cent account is the highest in the trading market. The higher the leverage, the lower the margin. As a result, you will have more chance to get more free margins in order to keep you orders open.
- Finally, it is very convenient for you to deposit and withdraw from Cent account by local payment methods or banks instantly. For the beginners, the more simple, the better.
How to open an Exness Cent account?
You are required to provide your email and phone number in order to open Cent account. It takes you just one minute to complete registration.