For scalpers, brokers with 5-digit cent accounts might be a recommended choice due to their specialties in low-risk trading with high accuracy pricing. Here is a list of top brokers for scalpers with the exact advantages.
Choosing which broker to use is a crucial step for any forex trader. Among the many factors that need to be considered when choosing a broker, it is crucial to make sure that the broker can support the trading strategies applied by the traders.
Forex has a very dynamic market and can be approached in many different ways. That is why each trader must have their own strategy and preference, which then determines the most suitable broker for them. Remember that not all brokers can fulfill any trader's needs because each broker offers different conditions adheres to different regulations.
One of the trading strategies that are quite popular among traders is scalping strategy. Like any other strategy, scalping has specific needs to make the trade goes smoothly.
In this case, scalpers typically prefer a broker that provides 5-digit Cent Accounts, such as:
So, what exactly is scalping, and why is it preferable to combine it with 5-digit Cent Accounts? Read the answer below.
Top Brokers with 5-digit Cent Account
If we look closely, the 5-digit feature is commonly offered by forex brokers nowadays. It is predicted to keep expanding in the next couple of years because it reflects the development of global transactions that will indeed become the benchmark for all market players. In contrast, there are not many brokers that provide Cent Account even though it is useful for beginners and small-risk takers. Thus, it's quite hard to find a broker that offers both the 5-digit feature and a Cent Account.
In some cases, there are brokers like InstaForex and Alpari that support both Cent Account and 5-digit features. Yet, due to their respective policies, they don't allow traders to activate the 5-digit feature in their Cent Accounts. The following list of brokers will not include brokers with such restrictions. In fact, the 7 forex brokers below are well-known for their commitment to enhancing their traders' success with any kind of strategy, including scalping.
Exness
Exness is a top forex broker that offers both 5-digit features and Cent Account for its traders. In this broker, the 5-digit part is available for Cent Accounts and other types of trading accounts. With only $1, you can open a Cent Account and choose maximum leverage of 1 to infinity. As for the spreads in the Cent Account, it has a minimum range of 0.3 pips. On top of that, the smallest lot size is 0.01 cent lot which translates to 0.0001 standard lots. Unfortunately, this broker does not provide cryptocurrency and indices trading on Cent Accounts.
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
FBS
FBS is widely known to be a broker that suits many types of traders, including scalpers. Apart from the 5-digit feature, the broker also offers Cent Accounts explicitly for newcomers. With deposits starting at $1, you can use the 5-digit service at FBS. This is also followed by maximum leverage of 1:1000, order volume as low as 0.01 cent lot, and STP market execution.
However, because the features are designed for beginners, the broker limits some conditions to prevent traders from overtrading. That is why there is a maximum limit to the number of orders that can be opened simultaneously. So, if you are an active scalper who needs to open multiple positions at the same time, this restriction might be worth considering before you register in FBS.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
RoboForex
RoboForex is a broker that offers 5-digit Cent Accounts with many impressive trading facilities such as trading platforms other than MetaTrader, copy trading, free VPS, automated trading signals from MetaTrader, and many more. There are no minimum deposit requirements, and leverage is available from 1:1 to 1:1000.
RoboForex offers 5-digit feature in the Cent Account, so scalpers can make use of this service to optimize their trades. The account also has other features such as floating spread and market execution which are very useful for scalpers.
Well-known as one of the most committed brokers in trading technology advancements, RoboForex reaches out to a wide range of traders, from beginners to the more experienced ones who seek sophisticated trading environments with ECN-like spread and execution. The company is established in 2009 and holds a head office in Belize. Registered under the IFSC Belize, RoboForex manages to attract clients with fantastic leverage as high as 1:2000.
Following its commitment to be the forefront in terms of a high technology forex broker, RoboForex provides various trading platform choices including MetaTrader 4, MetaTrader 5, Social Platform, and its proprietary platform.
Trading instruments range from Currencies to Metals, Indices, Energies, Stocks, and ETFs. Aside from basic service, trading in RoboForex also presents a collection of distinctive features such as the PAMM system and Social Trading network developed with their own brand of CopyFX, ETFs, and stocks that reaches up to thousands as the available trading assets, and tight spreads.
RoboForex also accepts payment through a surprising online gateway besides wire transfer and credit card. The alternative methods are Skrill, Neteller, UnionPay, Perfect Money, and other similar online payments.
After opening an account, traders can start with a minimum deposit as low as $10 in Pro Accounts. To specify, here is a short description of each type of accounts that traders can choose from in RoboForex:
Pro-Standard
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.01
- Leverage: up to 1:2000
ECN-Pro
- Minimum Deposit: $10
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:300
Prime
- Minimum Deposit: $5,000
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:100
Pro-Cent
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.1
- Leverage: up to 1:2000
R Trader
- Minimum Deposit: $100
- Spread: from $0.01
- Minimum order volume: 1 stock
- Leverage: up to 1:200 (during the trading session) and up to 1:4 (after the trading session)
The R Trader account signifies RoboForex's attempt to distinguish forex and stock trading condition. It appears that the platform used in that particular account is RoboForex's in-house product that is specifically designed for stock online trading.
The overall description above depicts RoboForex as a distinguished broker despite its status as an offshore-regulated entity. Not only successful in providing various trading technology, but RoboForex also focuses on stock trading for more conservative traders. However, it is also important to note that RoboForex is one of the few brokers that boldly offer an extremely high perimeter of leverage at 1:2000.
FXTM
The advantage of using FXTM is that the base currency range supported by the 5-digit Cent Accounts is not limited to US Cent and EUR Cent only, but also GBP Pence and NGN Kobo (Nigerian currency). It has floating spreads starting from 1.5 pips, and the minimum deposit is $10.
With an instant execution, the account offers a choice of trading instruments consisting of 25 major and minor pairs, as well as Spot Metal assets. You can open positions with lots as low as 0.01, which is worth $1000 on a Cent Account.
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
AGEA
Compared to the previously mentioned brokers, the accounts offered by AGEA are not highly variable. One of them being the 5-digit Cent Account. To register, traders are required to deposit at least $10. The maximum leverage is 1:500, and the smallest lot size is 0.01. This account also has a unique feature of Swap-Free for Muslim traders.
However, before trading with AGEA, traders must be careful with the maximum limit of $5000 for the accumulated balance in the account. So if you have traded and managed to earn profits, make sure that it doesn't reach above $5000. You can consistently withdraw your funds to make space for the upcoming profits.
There is no more reason for traders to consider deposit conditions as an obstacle when opening a trading account, at least in AGEA. This broker provides a No Deposit program for new traders, so they no longer need to prepare any money as a deposit. The amount of free funds is $5 and is specifically given to Streamster clients. Besides, AGEA also provides $10,000 as virtual money. The purpose of these funds is to practice trading.
Another advantage traders can receive from AGEA is low spreads. The lower the spreads set by the broker, the higher the chance for traders to earn more profits. AGEA also provides a trading facility in the form of swap-free. All trading accounts registered with AGEA are free from swap fees. This facility is certainly very suitable for beginners and professional traders.
Facilities offered by AGEA to help clients make the company one of the most trusted brokers among traders from all over the world. This broker is registered with the company name of AGEA International AD. Since founded in 2005, AGEA has its headquarters in Montenegro, Southeast Europe.
The head office's position in Montenegro helps AGEA to be regulated by the Market in Financial Instruments Directive (MiFID). To ensure its service quality, AGEA is working continuously with legal and compliance experts so that they are fully compliant with relevant local and international laws and regulations.
Traders' convenience also increases with the security of funds AGEA. Clients' funds held by AGEA are maintained in separate bank accounts at local and international banks, in line with relevant laws and regulations.
AGEA provides its services through several trading platforms. One example is AGEA's proprietary platform, Streamster. In this platform, traders will get a comfortable and simple trading experience. Streamster is also a powerful platform that has its API for algorithmic trading. The interface of Streamster is considered as user-friendly and easy to use. On a Streamster account, traders can trade with a leverage of 1:100.
Besides the Streamster platform, AGEA also provides MetaTrader 4. It is a programmable trading platform intended for use by traders who understands how to code. It provides the necessary tools and resources to analyze the price dynamics of financial instruments and is integrated into Expert Advisors. Besides currency pairs, traders can trade with other instruments, such as CFDs, Gold, and Silver.
The process of opening an account at AGEA is easy and fast. Traders only need to fill out a registration form online. It takes 5 minutes to fill out the form, then provides due diligence documents before trading.
Processing speed can be found when depositing and withdrawing. AGEA is known as the broker that has the most smooth system in the payment process. They provide various methods of deposit and withdrawal, including Credit Cards, Skrill, Neteller, FasaPay, WebMoney, Wire Transfers, and many more.
When joining AGEA, traders can also find unique partnership programs while receiving additional benefits. The program is called the Affiliate Program. AGEA's partners can refer clients to AGEA via the website or by sending them coupons in an e-mail. For each live position client closes on the Streamster trading platform, partners will receive a commission in value of 15 points.
For instance, if partners have clients who sometimes close about 15-20 positions per day, they can earn hundreds or even thousands for each month by simply referring clients to AGEA. Besides, there is no charge for participation in the program.
There is also the Assistant program. It provides an opportunity for current members of their affiliate program to work more closely with AGEA. To apply for the AGEA assistant program, partners need to have a regular client account. If traders still feel confused, traders can contact AGEA team support by e-mail and Live Chat.
Based on the review above, it can be concluded that AGEA provides so many special programs for their clients. Both beginners and professional traders have a big chance to optimize their earnings. For novice traders, they can benefit immensely from AGEA's no deposit bonus.
JustMarkets
Like AGEA, JustMarkets also prioritizes simplicity by offering the 5-digit Cent Account for new traders. The broker provides the account with a maximum leverage of 1:1000, spreads starting from 0.3 pips, and a minimum trade size of 0.01 cent lots. However, because the program is essentially aimed at beginners, some limitations must be considered by scalpers.
LiteFinance
If we are talking about brokers with Cent Accounts, LiteFinance probably shows up the most. The reason is that this broker has essentially pioneered in providing Cent Accounts before other brokers. Although it's not clearly stated on the main website, the broker claims that the Cent Account supports the 5-digit feature.
The maximum leverage is 1:500, and the minimum deposit starts from $10. The execution model used is market execution, and the base currencies used are USD Cent, EUR Cent, CHF Rappen, and RUB Kopeck. Bear in mind that LiteFinance also imposes limits on the maximum lots and the number of position orders to prevent the risk of overtrading for beginners.
Combining 5-digit and Cent Account
In forex, the ideal broker for a scalper needs tight spreads, accurate execution, and scalping allowance. Scalpers trade frequently, so high spreads or commissions can impact their profits. Accurate execution is crucial to avoid slippage and missed orders, which can lead to significant losses.
For example, a 5-digit broker with smaller spreads can make a difference for scalpers targeting small but frequent profits. Cent Accounts, using a base currency 100 times smaller than the standard, can also benefit scalpers by reducing transaction values. Combining 5-digit quotes and cent accounts reduces scalping risk and aligns with the goal of small yet frequent profits.
Conclusion
Like any other trading methods, scalping also needs some specific features that can make the strategy more successful and profitable; one of them is the 5-digit Cent Account. This type of account can help scalpers to smoothly trade in high frequencies with higher accuracy in pricing.
However, since Cent Accounts are initially designed to support novice traders, some brokers might impose limitations on the account, so scalpers need to be aware of this aspect before choosing a broker.
2 Comments
Mar 19 2024
So, here's the deal. I've got a pretty good grasp of cent accounts. Essentially, we're trading with cent currency, where all USD amounts are converted to cents, which helps dial down the risk when you're trading for real. But here's where I hit a snag: this article starts talking about 5 digit accounts, and honestly, I'm lost. I don't get what a 5 digit account is all about, and how it ties into scalping. Like, what's the deal? What's the advantage for scalpers using a 5 digit account? Can someone break it down for me? Thanks a bunch.
Mar 22 2024
Hey @Alan, let's tackle your question. A 5-digit account is essentially a type of trading account where prices are quoted with five digits after the decimal point, as opposed to the standard four digits. For example, in 5-digit account, the price that showed like this : 1.01234 and the price that showed in 4-digit account like this : 1.0123.
Now, when it comes to scalping, which is a strategy where traders aim to make small profits from frequent trades, having a 5-digit account can be pretty handy. The extra digit allows for more precise pricing, which means scalpers can potentially enter and exit trades with greater accuracy, grabbing those tiny price movements for profit. So, in a nutshell, the usefulness of a 5-digit account for scalpers lies in its ability to offer finer pricing precision, helping them execute their strategies more effectively. Hope that clears things up for you!