Cent and Standard Accounts: Key Differences and Similarities
Information is not investment advice.
Trading on the Forex market always starts with creating a trading account. At FBS, this process is simple: you choose an account to your liking, register, and verify it. But the question is, what account type is the best option for you?
FBS offers traders Standard, Cent, Demo and Professional accounts. Many novice Forex traders don't fully understand the main differences and similarities between all of these accounts, which is why we decided to make a small guide to help traders make the correct choice.
Standard account is ideal for traders looking for a traditional Forex trading experience. The Standard account offers ultra-competitive floating spreads from 1 pip and leverage up to 1:30. To open the Standard account, you need to make an initial deposit of €100 or this sum's equivalent in USD. The maximum number of open positions and pending orders on the Standard account is 400, meaning you can have up to 400 orders opened simultaneously.
Cent account is a perfect option for beginners who only start their trading journey. To open the Cent account, you need a deposit of €10 or this sum's equivalent in USD. As in the Standard account, the Cent account's spread is floating and starts from 1 pip. The main feature of the Cent account is the use of 100 times denominated monetary units of the base currency in calculations. For example, if you deposit $20 to your account, you get 2000 US Cent.
This type of account is perfect not only for novice traders but also for professionals to test new strategies with less financial expenses.
Demo accounts are the most secure option for non-experienced traders. On Demo accounts, you can train without any financial risks, learn all the Forex basics, and after that, go real. It also helps traders who are unsure whether they want to open the Standard of Cent account – open the Demo Standard or Demo Cent one and learn which one suits you best.
FBS also has an option for traders with a proficient level of market knowledge. If you consider yourself as an experienced trader, you can upgrade your account to a Professional. To become a Professional on FBS, you need to pass an advanced survey and provide us with legal documents that prove your trading proficiency.
After this, you will be able to trade with increased leverage: up to 1:500 at major and non-major currencies, 1:100 on silver, and 1:200 on gold.
At FBS, we know that one size never fits all. This is why we offer a variety of account types to meet the needs of individual traders. Join FBS, open an account, and enjoy the beautiful world of trading!