What is a Cent Account? Forex cent account in Malaysia have been getting more popular than ever. The most prime example is eToro, that you might see in Youtube or Facebook ads. It’s the same as a normal trading account but your balance is being shown in the form of cents instead of dollars. It’s suitable for someone who is a beginner in trading. All calculations in cent account feature will be able to engage in real trade without large funds.
What does this mean?
In simple terms, if you deposit RM50 into the account, it will be shown as 5,000.
The minimum deposit for a cent account is small compared to professional accounts which can start from as low as $10.
How To Open A Forex Cent Account In Malaysia?
Starting up on forex trading is simple but the process can be daunting for some. Here we explain a step-by-step guide on how to open a cent account in Malaysia. Before anything make sure you check out the list of forex cent accounts below to help you make decisions.
#1. Go to the selected broker’s website and check the forex account type. If the account only requires a small sum of deposit and typically smaller scale for newer traders. Look for a micro account or simply an account that allows you to deposit a small amount (USD5 – 200).
#2. Fill up the registration form. Some of the common details required to sign up are:
- Full Name
- Address
- Phone Number
- Password for your trading account
- Country of citizenship
- ID/Passport Number (Government-issued)
- Address verification (utility bill, banking statement)
#3. Log in to the broker’s client portal and complete the registration. This is the part where you have to upload proof of identity and address verification. Upload the copies of the document.
#4. Deposit funds into your account. You can do so by various ways either by wiring the money, transfer via Malaysian bank, using credit card or simply using online payment systems.
#5. After the deposit is accepted, you’re free to begin trading! Acquire proper knowledge and experience to become a better trader each day.
What Are The Recommended Cent Accounts in Malaysia?
Cent account brokers listed below are all recognised under international brokerage regulation such as CySEC, FCA, FSCA or FSC. These brokerages accept Malaysian clients and most importantly, support API for programmed trading needs. If you are not sure what it means, it simply allows you to get the relevant data from your brokerage to be put in your apps, website or even your Excel spreadsheet.
- Available as a conventional or Islamic account
- Supported by MT4 and MT5 platform
- Minimum deposit is USD10 (about RM42)
- Available as a conventional or Islamic account
- Supported by MT4 and MT5 platform
- Minimum deposit is USD5 (about RM21)
- Available as a conventional or Islamic account
- Supported by MT4 platform
- Minimum deposit is USD5 (about RM21)
- Available as a conventional or Islamic account
- Supported by MT4 and MT5 platform
- Minimum deposit is USD5 (about RM21)
- Available as a conventional or Islamic account
- Supported by MT4 and MT5 platform
- Minimum deposit is USD1 (about RM4)
Forex cent account with a trusted brokerage is important to ensure your deposit is secure. So, make sure you do your due diligence and ensure that the selected brokerage is certified. As for the list, we can guarantee they are certified based on our current knowledge.
Why Is It Important To Have A Forex Cent Account?
Most important reason is that a forex account is cheap and requires only a small deposit. You do not need to worry about the registration and putting deposits in. Besides, you can have a few different cent accounts to test out which one do you like the most.
However, one thing that traders often overlook is how forex cent accounts can be integrated with Expert Advisors (EA) technology. What is EA and how can it help automate trading?
Imagine an algorithm or robot that is pre-coded and programmed to trade for you. These softwares will amplify your trading volume and make better decisions. There are different risk settings for these EA’s and it is important to choose one that is suitable to your needs.
Here is the list of forex Expert Advisors rating in 2021.
Integration with EA software can only be done using broker that uses MT4 or MT5 platform.
That being said, forex cent accounts can serve as a platform to learn for beginners besides having an option to automate your trading. However, the risk can also be amplified as there are more trading that will be executed by the EA. Get one that is suited to your needs and risk appetite.
Summary
For new traders, it is recommended to start with a forex cent account. In Malaysia, this type of account is popular among retail traders and even professionals alike. Finance is becoming more accessible to the general public and not just professional or hedge funds.
Similar to Singapore, forex trading is highly popular in Malaysia too. This improvement in finance can help propel Malaysia forward to becoming a financial centre in Asia.
What are your thoughts on forex cent account? Is it a good idea to involve the general public in forex trading?
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