Cents account for U.S clients

[PTForex]

Hi Everyone,
I live in the U.S and I'm new to Forex. Many people recommend me to open a Cents account. I went through many brokers and most well-known are not eligible for United States clients. If anybody knows any brokers that have Cents account for U.S clients, please enlighten me. Thank you.

 

[hayseed]

Hi Everyone, I live in the U.S
. If anybody knows any brokers that have Cents account for U.S clients,

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Hey Pt..... you might try Oanda’s fx platform..... its not what is commonly known as a cents account which is fractional micro lots....

It is a true cents account meaning it does not use lots but instead uses notational value down to pennies....

Look at it to better understand.....h

 

[PTForex]

//—

Hey Pt..... you might try Oanda’s fx platform..... its not what is commonly known as a cents account which is fractional micro lots....

It is a true cents account meaning it does not use lots but instead uses notational value down to pennies....

Look at it to better understand.....h

Hi Hayseed,

Thanks for responding. Does that mean Oanda has the option for me to open Cents account like in FXTM broker? If not, do you have any recommended broker that allows U.S clients fora cent broker? Thanks!

 

[Enivid]

What Oanda has is somewhat different from FXTM.

As I understand, at FXTM, your account is just denominated in cents rather than dollars, so a profit of $50.00 is not equal 50 USD, but rather 0.50 USD. And buying 0.01 lot of EUR/USD is buying 1000 euro cents rather than 1000 EUR. This is how traditional MT4 cent accounts work.

At Oanda, your account is denominated in USD, but you can trade currency units instead of lots, which means that you can buy 1 unit of EUR/USD, which would be 1 EUR, which is even smaller than the smallest size you can get on a traditional cent account (10 EUR).

I hope this helps.

 

[hayseed]

If not, do you have any recommended broker that allows U.S clients fora cent broker? Thanks!

hey pt..... enivid explained oandas deal far better than me....like he said, the key difference is units vs lots....

oandas lowest lot size in mt4 accounts is 0.01....... as example that equates to 10 cents per eurusd pip.....

most of the penny a pip brokers are offshore...... oanda is the only broker i use in live accounts.....

i have called nfa many times and they have called me..... i asked them point blank about states residents having offshore accounts once..... they were clear.... there is no law forbiding it but they strongly advise against using brokers that don’t adhere to nfa’s policies.....h