Page Summary
There is a growing number of local and international brokers available in the UAE offering different trading conditions and services. Although the UAE forex market is highly regulated by the SCA, it can be difficult for traders to find a reliable provider and select the ideal forex broker for their needs.
To guide users successfully through the selection process, we have researched, compared and evaluated the different providers and their services to create a list of top choices. To satisfy the needs of new traders looking to trade with smaller currency units or professionals searching for options to test their trading strategies on smaller positions, our analysis considers availability of cent accounts, minimum deposits, micro-lot trading, leverage, spreads, and commission rates.
This guide assesses 45 online brokers available in UAE to help users evaluate and find the top options for their needs. A list of the best cent account forex brokers in UAE is shared below for users to get started.
Top 5 Forex Brokers in UAE With Cent Accounts
- RoboForex – Best Cent Account Forex Broker Overall
- XM – Best Cent Account Forex Broker for Educational Resources
- FXTM – Best Broker For Low Minimum Deposit
- HF Markets – Top Cent Account Broker For Diversity of Platforms
- FP Markets – Lowest Spread Broker With Cent Account
Best Forex Brokers in UAE With Cent Accounts Reviewed
The top 5 forex brokers in UAE with cent accounts are reviewed below.
1. RoboForex – Best Cent Account Forex Broker Overall
Min Deposit: $10.00
Fees: 4.6
Assets available: 3.8
Total Fees:
RoboForex is an international forex broker, founded in 2009. It offers access to a wide range of assets including 36 currency pairs and precious metals. The minimum deposit for RoboForex’s ProCent accounts is low ($10). Quotes on this account can be extended to 5 digits after the comma. Users can also trade on micro-lots(0,1 lots).
RoboForex charges low spreads of 1,4 pips (EUR/USD) on the ProCent account. There is no additional commission charged.
Forex trading platforms on RoboForex are listed below.
- R WebTrader
- R MobileTrader
- R StockTrader
- MetaTrader 4
- MetaTrader 5
RoboForex is regulated by the FSC. The broker has additionally implemented a Civil Liability Insurance program that covers users up to €2,500,000 in the case of omissions, fraud, errors, negligence, and other risks.
RoboForex customer support is via email, phone, and live chat 24/7.
RoboForex Key Features for Forex Traders With Cent Accounts:
- Wide Range of Available Assets – access to over 5,000 different financial instruments, including 36 forex pairs, stocks, ETFs, indices, commodities, metals, energy commodities, and cryptocurrencies.
- Multiple Trading Platforms– users can trade with RoboForex’s proprietary trading platforms and apps or connect their cent account to MetaTrader 4 or MetaTrader 5.
- Extended Quotes – quotes on forex pairs are extended to 5 digits after the comma to allow for smooth micro-lot trading.
- Stop-Out Levels – a stop-out level is set at 10% to prevent cent accounts from blowing up due to one bad trade.
- High Maximum Number of Open Positions -users can have 200 positions open simultaneously with MT4, 1,000 with MT5, and 500 open, active orders.
- Extensive Trading Features – users have access to bonus programs, one-click trading, and swap-free accounts. Additionally, account trading history is stored for 1 month.
79.43% of retail investor accounts lose money when trading CFDs
2. XM – Best Broker for Educational Resources
Min Deposit: $5
Fees: 4.1
Assets available: 2.8
Total Fees:
XM is an online brokerage, founded in 2009. It offers access to a wide range of financial instruments, including 57 forex pairs and over 1,350 CFDs. XM’s cent account (XM Ultra Low Micro) has a low minimum deposit requirement ($5). It allows users to have 300 positions open simultaneously.
XM charges low spreads of 0,6 pips EUR/USD.
The minimum trade volume at XM is 0,1 lot. The maximum lot restriction per ticket is 100 lots, and the standard contract size is 1,000.
Forex trading platforms available on XM are listed below.
- WebTrader
- Mobile app
- MetaTrader 4
- MetaTrader 5.
XM is regulated by top-tier financial regulators including the FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, FI, and CySEC. The broker is a member of the Investor Compensation Fund and keeps its client’s funds segregated from its company funds.
XM’s customer support is available through email, phone, and live chat in English, Arabic, and 10 other languages.
XM Key Features for Forex Traders With Cent Accounts:
- Wide Range of Available Assets – access to over 1,300 different financial instruments, including 57 forex pairs, shares, ETFs, precious metals, energies, commodities, equity indices, and cryptocurrencies.
- Multiple Forex Trading Platforms – proprietary WebTrader, iOS and Android app, MetaTrader 4, and MetaTrader 5.
- Proprietary Copy Trading Features – XM allows beginner forex traders to copy the trades of experienced forex traders through its MQL5 Automated Trading platform.
- No Re-Quotes and Rejections – traders don’t face any re-quotes or price rejections at XM. Additionally, the broker offers a free VPS service to eliminate downtime and increase the overall trading speed. This is ideal for Expert Advisor users and algorithmic traders.
- Broad Selection of Educational Material – access to webinars, podcasts, tutorial videos, XMN TV, and guides.
- Vast Market Research and Analysis Tools – access to valuable insights through technical summaries, an economic calendar, and market overviews. Additionally, XM offers exclusive technical indicators compatible with both MT4 and MT5 that enhance algorithmic technical analysis.
75.59% of retail CFD accounts lose money
3. FXTM – Best Broker For Low Minimum Deposit
Min Deposit: $200
Fees: 3.5
Assets available: 2.7
Total Fees:
FXTM is an offshore forex broker, founded in 2012. It offers access to 250 financial instruments including 50 currency pairs. Their cent account (Micro account) requires a low minimum deposit of $10. Users have access to MetaTrader 4 and MetaTrader 5.
FXTM charges low spreads of 1,5 pips EUR/USD. The minimum order size is 0,01 lots per trade. FXTM allows users to have 300 open orders and 100 pending orders open simultaneously.
FXTM is regulated in multiple tier one regulators ncluding the FSCA, CySEC, FCA, and ASIC.
FXTM’s customer support is available via email, live chat, Telegram, and Facebook Messenger.
FXTM Key Features for Forex Traders With Cent Accounts:
- Wide Range of Available Assets – access to over 250 different financial instruments, including 50+ forex pairs, spot metals, share CFDs, commodities, and indices.
- Multiple Forex Trading Platforms– proprietary trading platform, mobile app and MetaTrader 4, MetaTrader 5.
- Micro-Lot Trading – The minimum volume size per order is 0,01 lot on FXTM’s Cent accounts.
- Competitive Spreads – spreads on FXTM’s Cent accounts are competitive(1,5 pips EUR/USD).
- High Maximum Number of Open Positions -users can have 300 positions open simultaneously with MT4, 1,000 with MT5, and 100 open, pending orders.
- Extensive Trading Features – users have access to market update podcasts, an economic calendar, a forex news timeline, market analysis videos, and recommendations from the in-house market analysis team.
80% of retail CFD accounts lose money
4. HF Markets – Top Cent Account Broker For Diversity of Platforms
HF Markets is a global forex and commodity broker based in Cyprus. It offers access to 3,500 tradable symbols, including 47 forex pairs, metals, energies, indices, stock CFDs, commodities, bonds, ETFs, and physical stocks. Their Cent account allows users to trade with cent lots equaling 0,01 of a Standard lot (or 1,000 units). HF Markets margin requirements are $0,10, making it a beginner-friendly option for traders transitioning from demo accounts to real trading.
The minimum deposit required to open an HF Markets Cent account is $5. The maximum leverage offered at HF Markets is 1:1000.
HF Markets charge low spreads of 1,0 pips (EUR/USD). Users can have 300 open orders simultaneously.
Forex trading platforms available on HF Markets are listed below.
- HF Markets’ proprietary HFM Platform
- MetaTrader 4
- MetaTrader 5
HF Markets allows users to create their own technical indicators using MQL5. They can also test their (automated) trading strategies on the Cent Account using Strategy Tester.
HF Markets is regulated by top tier financial regulators including the CySEC, FCA and ASIC.
HF Markets customer support is available via email, phone, and live chat in English and Arabic.
HF Markets Key Features for Forex Traders With Cent Accounts:
- Wide Range of Available Assets – access to over 3,500 different financial instruments, including 47 forex pairs, precious metals, energy markets, indices, stock CFDs, commodities, bonds, ETFs, and physical stocks.
- Multiple Trading Platforms– HF Markets’ proprietary trading platform, app MetaTrader 4 or MetaTrader 5.
- Micro-Lot Trading – The minimum volume size per order is 0,01 lot. Quotes are displayed 5 decimals behind the comma.
- Low Spreads – from 1,0 pips on EUR/USD.
- Low Margin Requirements – the margin requirements on HF Markets Cent accounts are $0,10, making them beginner-friendly and suitable to backtest (automated) trading strategies.
- Extensive Trading Features – access to a free VPS hosting service, premium trader tools, AutoChartist, trading calculators, advanced insights, HF Markets Exclusive analysis, the Trader’s Board, and an economic calendar.
- Vast Libary of Educational Material – forex e-courses, training course videos, and webinars.
5. FP Markets – Lowest Spread Broker With Cent Account
Min Deposit: 0
Fees: 5.0
Assets available: 3.1
Total Fees:
FP Markets is an forex and CFD broker, founded in 2005. They offer access over 10,000 financial instruments, including 60+ forex pairs, shares, metals, commodities, indices, digital currencies, bonds, and ETFs. Cent Accounts at FP Markets are available at a low minimum deposit of $1.
FP Markets Cent accounts charge low spreads from 1,0 pips. FP Markets does not charge any additional commissions.
Forex trading platforms available on FP Markets cent accounts are listed below.
- FP Markets’ WebTrader
- Mobile Trading App
- MetaTrader 4
- MetaTrader 5
- cTrader.
All trading platforms allow micro-lot trading. The maximum amount of open positions is 200 on MT4 and 1,000 on MT5.
FP Markets is regulated by the CySEC, ASIC, and FCA . The broker is also MiFID-compliant.
FP Markets customer support is available via email, phone, and live chat in English, Arabic, and over 15 other languages.
FP Markets Key Features for Forex Traders With Cent Accounts:
- Wide Range of Available Assets – access to over 10,000 different financial instruments, including more than 60 forex pairs, shares, metals, commodities, indices, digital currencies, bonds, and ETFs.
- Multiple Trading Platforms– proprietary trading platforms, apps, MetaTrader 4, MetaTrader 5 or cTrader.
- Micro-lot Trading – micro-lot trading is available, and prices are quoted 5 digits behind the comma on Cent accounts.
- Decent Stop-Out Levels – a stop-out level is set at 10% to prevent cent accounts from blowing up due to one bad trade.
- High Maximum Number of Open Positions -users can have 200 positions open simultaneously with MT4, 1,000 with MT5, and up to 300 open, active orders.
- Many Additional Trading Features – Cent account users have access to forex calculators, and economic calendar, in-depth technical and fundamental analysis tools, and the trading knowledge hub.
- Vast Library of Educational Material – FP Markets provides users with trading courses, videos, webinars, podcasts, eBooks, and a forex glossary and regularly hosts live-events.
75.31% of retail CFD accounts lose money
Tips To Select The Right Forex Broker in UAE With a Cent Account
Criteria that help users select the right cent account forex broker in UAE are listed below.
- Forex Cent Account Features – the following forex cent account features should be considered: leverage, spreads, and commission rates. Brokers with high leverage and low spreads and commission should be preferred.
- Low Minimum Deposit – forex cen account brokers with low minimum deposits should be preferred.
- Range of Forex Trading Instruments – a wide range of forex trading instruments allows flexibility and increases chances of profit. The following instruments should be considered: forex pairs, forex CFDs, and micro-lot trading.
- Fees and Spreads – brokers charge fees in the form of spreads and commissions. Broker with lover overall fees should be preferred.
- Trading Platforms and Features – forex cent accounts offering the same platforms and features as regular live forex trading accounts should be preferred.
- Customer Support – a reliable customer support increases the chance of profit. Support should be available through multiple channels includinglive chat, email, and phone.
Top Cent Account Forex Broker Compared
Key features of the top rated cent account forex brokers in UAE are compared in the table below.
| Broker | Minimum Deposits | Micro-lot Trading | Leverage | Spreads on EUR/USD + Commissions |
|---|---|---|---|---|
| RoboForex | $10 | Yes | 2000:1 | From 0 pips + commissions from $20 per million USD traded |
| XM | $5 | Yes | 500:1 | From 0.1 pips + no commissions |
| FXTM (ForexTime) | $10 | Yes | 2000:1 | From 0.1 pips + commissions from $2 per lot |
| HF Markets (HotForex) | $5 | Yes | 1000:1 | From 1 pip + no commissions |
| FP Markets | $100 | Yes | 500:1 | From 0 pips + commissions from $3 per lot |
What Are Forex Cent Accounts?
Forex cent accounts are types of trading accounts that allow users to trade in smaller currency units compared to a standard forex account. In other words, cent accounts use cents instead of dollars as the standard lot sizes.
Typically, cent accounts have low minimum deposit requirements, and pips are measured in cents.
What Is The Difference Between Cent Accounts and Micro Lot Accounts?
Both micro-lot accounts and cent accounts allow traders to trade in smaller sizes. The differences between cent and micro-lot accounts are listed below.
- Account Currency Denomination: With forex cent accounts, the account balance is denominated in cents. With micro-lot accounts, the account balance is denominated in whole units of the base currency of the account.
- Lot Size: cent accounts have smaller trading units than micro-lot accounts. For example, a standard lot in a cent account is usually 100 units of the base currency, whereas a standard lot in a micro lot account is 1,000 units of the base currency.
- Leverage: leverage offered on a cent account is usually lower than on micro-lot accounts.
- Margin Requirement: The margin requirement for a cent account is usually lower compared to micro-lot accounts. This is because the lot sizes in a cent account are smaller.
When Should a Cent Account Be Prefered For Forex Trading?
Situations when a cent account should be preferred compared to a regular account are listed below.
- Beginner knowledge: cent accounts are a great options for beginners to get started. Cent accounts allow them to test their trading strategy and skills using without risk (using virtual money).
- Testing trading strategies: Cent accounts are a good option for traders to test their trading strategies as it allows them to experiment with different trading approaches without risking capital.
- Limited capital: cent account are great for traders who don’t have enough capital to trade with a real trading account. Accent account allows them to familiarise themselves with the financial markets and decide to trade with more capital in the future.
What Are The Disadvantages of Using a Cent Account?
The disadvantages of using a cent account are listed below.
- Limited profitability: the smaller trade sizes of a cent account lowers the chances of profit.
- Lower Leverage: Cent accounts usually have lower leverage ratios compared to regular trading accounts.
- Limited exposure to real market conditions: Trading with smaller position sizes does not expose traders to real market conditions.
- Potentially limited account features: Most brokers offer fewer account features and trading tools on cent accounts. This can limit the trader’s profit potential.
What is the maximum position size for forex brokers with cent accounts?
The maximum position size for forex brokers with cent accounts varies, depending on the broker used. Overall, the maximum position size on cent accounts is smaller compared to standard accounts. This is because cent accounts are designed for traders that want to trade with less capital.
Brokers usually limit the maximum position size of cent accounts in order to manage their risk exposure.
Conclusion
With the numerous online brokers, it requires time investment to compare and evaluate different service to find the ideal option. To make the right choice for their needs, traders need to collect relevant data and evaluate them considering important factors.
In this guide we have done the hard work for you comparing and evaluating the top choices for different types of traders and trading goals. The results of our assessment of the best cent account forex brokers in UAE are wrapped up in the table below.
| RANK | BROKER | PLATFORM SCORE | BEST FOR | WEBSITE |
|---|---|---|---|---|
| #1 | RoboForex | 4,6/5 | Overall | Official website |
| #2 | XM | 4,1/5 | Educational Resources | Official website |
| #3 | FXTM | 3,8/5 | Low Minimum Deposit | Official website |
| #4 | HF Markets | 4,2/5 | Diversity of Platforms | Official website |
| #5 | FP Markets | 4,3/5 | Lowest Spreads | Official website |
FAQ
Can you trade with $1 on cent accounts?
Users can trade with $1 on forex cent accounts if the broker’s minimum deposit requirement is $1, or there is no minimum deposit.
Are forex cent accounts only for beginners?
Cent accounts are commonly used by beginners to lower their risk of losing money. However, these account are also used by advanced traders to test their trading strategies in real market conditions.
Can users switch from cent to standard account within the same broker?
Most brokers allow users to switch between cent and standard trading accounts.
What is the maximum leverage on cent account for UAE users?
The maximum leverage allowed for UAE users on cent accounts is the same as on regular accounts; 1:50 for retail traders and 1:222 for institutional traders.
What is the minimum trade position on cent accounts?
The minimum size of a trade position on cent account is 0.01 cent lots.
What is the maximum trade volume on forex cent accounts?
The maximum trade size on forex cent accounts is 0.99 cent lots.
Do cent accounts have higher spreads and commissions?
It depends on the broker of choice, but commonly spreads on cent accounts are higher compared to regular accounts.
Disclaimer
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Stefan Grasic is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level.