Forex trading is an activity that asks the investor to estimate the strength of one currency against another. Investors generate forex profits by valuing their investments more strongly based on the investment volume. Some major currencies include the Japanese Yen, the Australian Dollar, and the Canadian Dollar.
MT5 and Cent Accounts have emerged as two of the preferred ways to bag profits in forex trading. MT5 is an acronym for MetaTrader 5, and Cent Account is often referred to as a beginner’s step. They are significant in their own separate ways, with the common objective of fetching better results for traders.
Understanding MT5 and Cent Accounts
While both of them work similarly to yield rich returns in the foreign exchange segment, MT5 and Cent Accounts have their differences. These make them ideal choices for traders accordingly.
Algorithmic trading applications, trading robots, and fundamental analysis drive MT5. It is mostly chosen by traders who have experience reading the trading room better. Some of the key features of MT5 are:
- Mobile trading
- Web trading
In addition to the previously mentioned features, MT5 strongly supports other offerings like cryptocurrencies, stocks, and futures. Also, being a cloud-based trading platform gives it a competitive edge.
As the name suggests, cent accounts are those that deal in funds that are measured in cents, not the US Dollar. Cent accounts are ideal for beginners as the risk involved is minimal. Many novice traders have also called using it the best forex strategy for consistent profits. There is a restriction on the maximum volume, but the minimal risk factor makes up for it. Features of Cent Accounts are:
- Leverage of up to 500:1
- Availability on MT4 and MT5
- Maximum order of 500-cent lots
The actual list varies, and their usage must be done in consultation with a professional. Real trading with Cent Accounts comes with low-margin requirements.
Best Forex strategies for consistent profits
It is only obvious for traders to explore both options of Forex Trading. Traders should also consider how they can leverage these options during implementation.
Traders have identified MT5 as a trading-friendly platform for making decisions based on technical analysis. Here’s how one can leverage it to its best capacity.
- The analytical capabilities of MT5 allow traders to make more informed decisions. Tracking how currencies pitch against each other is comparatively better. Importantly, historical movements in trading help book better forex profits.
- Charts and indicators support speculation. While it may change the course eventually due to n number of micro and macro factors, traders retain the competitive edge of taking supportive steps.
Overall, MT5 takes forex trading to a more professional level when compared to other options.
Beginners take their time learning about the FX market. That is, there is a possibility that they will lose more money than they will make. It goes without saying that the features of Cent Accounts come in handy in instances like these.
- Risk is at its lowest since the trading amount involved is in cents and of lesser value. The fundamentals of forex trading, or any other trading for that matter, is that the lower the investment, the lower the risk of losing funds.
- Profits are better when losses go down. Every transaction helps to understand how forex works. Thereby, it helps traders make more profits without losing a lot of their funds.
Cent Accounts majorly sport a single feature that suffices the purpose of the market: to bring down risk or help manage it better for novice forex traders.
Choosing the right forex brokers with MT5 and Cent Accounts
While it is okay to trade in forex directly, most users prefer to get the work done through a forex broker with MT5 and Cent Accounts.
Criteria for Selecting Brokers
A broker is a person who has to help traders balance their forex portfolio with higher forex profits. Therefore, choosing a forex broker who works the best is imperative.
- They must have experience in forex trading. This is hard to verify, considering many traders seeking help from brokers are beginners themselves. They may, however, review their feedback on forums and similar platforms.
- Traders can select forex brokers based on their offerings. This includes support for residents of a specific country (say, the US), the minimum deposit required on their platform, the average spread, and the tools available.
- Traders should consider the time offered to withdraw funds. Many brokers take time to process the transactions, denying their customers access to instant liquidity. This largely affects beginners, for they are willing to move ahead only if they have forex profits on their hands to proceed with.
- Number of forex trading pairs is an important factor. Traders may, unknowingly, be letting go opportunities to deal in, for example, USD/JPY. It is a hard knock if the pair is more profitable than the one broker is dealing with on the platform.
- Finally and most importantly, look for a forex broker with reliable customer support. The 24*7 availability is a heart stealer since it makes it convenient for traders to get their issues resolved at their convenience and not at the ease of the platform.
One must look into government approvals or recognition before creating an account with a forex broker.
List of top forex brokers supporting MT5 and Cent Accounts
Some of the forex brokers who support both MT5 and Cent accounts are:
- FP Markets, known for low fees
- IC Markets, known for their low-spread
- Exness is renowned for its expertise in cryptocurrencies
- Swissquote, offering best trading tools
- MultiBank, ideal for traders who are professionals
Their offerings are identified by the availability of tools not only for experienced traders but also for beginners. Exness stands out by making the facility available to participate in copy trading.
At the end of the day, traders, irrespective of their experience level, are recommended to do their own research before picking up a forex strategy. If traders choose the best forex broker with MT5 and Cent Accounts, they can leverage the individual uniqueness of MT5 and Cent Accounts.