Trading robot on a cent account
InstaForex boasts more than 2 million traders from around the world with close to 1, clients opening new trading accounts every day. Accounts The accounts at InstaForex are divided up into different categories. Standard accounts work for all types of traders and allow a trade to be settled with classical spread and with no fees.
However since some years creative forex brokers came up with a new idea; the cent account. A cent account allows traders to trade in cents instead of US dollars. Is it really that interesting?
Here we go. For whom is a cent account created? Therefore a cent account is considered a kind of a transitional stage between demo and dollar accounts being a first step into a real trading. For example, you just created a manual trading strategy and now you want to know if the strategy is successful or not. What better than trading this with absolute minimum lot sizes.
After all, increasing lot sizes does not increase the profit factor. Or what if you developed an expert advisor and you want to test drive it.
Also here, a cent account is a perfect solution for forward testing your strategy. First of all the spreads are fixed and In some cases widened to 3 pips or even more. Now before blaming your broker of being scammed, first consider trading robot on a cent account cost that brokers have.
A cent account is by default not interesting for brokers, also considering that newbie traders require more attention. Thats why most brokers will try to get you to open a regular account.
So for scalping strategies, a cent account is not the best option.
Consider this before you start to run your EA on a cent account. How much is the purchase price for an EA.
Have a look at the Centurion EA that runs in cent accounts.
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Conclusion If you are not an experienced forex trader or you just finished developing an expert advisor, i highly recommend to start with a cent account. This will reduce your financial risk drastically and allows you to learn the ropes of trading in the fascinating forex markets.
Why do I regard them as hazardous? Can anyone earn consistent profits in the Forex market on these Expert Advisors?