Our partner, XM, lets you access a free demo account to apply your knowledge.
No hidden costs, no tricks.
GMI Market is a global CFD (Contract For Difference) and Forex broker established in 2009. The broker provides financial services to more than a million traders. GMI Markets offers various account types in order to meet the needs of different clients with the available account types being:
The main reason why CENT accounts are popular is that the account type helps traders transition from demo accounts to live accounts and test their trading strategies in a live trading environment with the added pressure of dealing with real money.
On ENC and Standard account types a contract size is 100,000 units, while a contract size on a CENT account is only 1,000 units. This means that CENT account holders require 100 times less capital to test trading strategies live.
Testing a strategy before going live is crucial for several reasons. Here are a few of them:
The minimum initial deposit required to open this account type is as little as 15 USD. Available leverage is 1000:1. There are no commissions on this account, on the other hand, trading fees are included in spreads.
The CENT account type is very helpful for traders that test their strategies both manually and automatically. The trading algorithms of MetaTrader platforms are called Expert Advisors EAs and the account type supports the use of EAs. The maximum available number of orders that can be opened simultaneously is 200, and the maximum lot per trade is 150. In addition, swap-free accounts, better known as Islamic accounts, are also available.
While many people think that the demo account and the CENT account are very similar, this is not the case. The CENT account gives traders a better feel of live markets. When creating a strategy from scratch, it is logical to use a demo trading account. However, a CENT account is a better option for improving a trading system. The CENT account offers real spreads and live market conditions.
Overall, we can safely say that the CENT account offered by GMI Markets is a great way to prepare for trading professionally. And to answer the question, yes, the CENT account lives up to its purpose.