ForexPrivate Company, trading as FXPrivate, said on Monday it has introduced a new account type for live cent forex trading, called Micro. Traders can open a Micro account with just $1 deposit and trade with a high leverage of 1,000:1.
Trades are implemented at market execution, which means they will be processed at the current market price. This makes them faster as it takes a fraction of a second to complete, free of slippage and re-quotes, and enables traders to have direct access to the market and a better control over the trading process.
In addition to the newly-added account, FXPrivate also offers FXCent, FXStandard, ECN-NDD, and FXPremium account types. All accounts can be opened in US dollars (USD), Euro (EUR), Russian ruble (RUB), or Ukrainian Hryvnia (UAH). Their minimum deposit requirements vary from $10 for FXCent to $10,000 for FXPremium.
Micro accounts, aka cent accounts, are handled the same way as any other account type with the exception that all their financial parameters, including deposits, profits and losses, are measured in cents. Cent accounts are good for beginner investors as they allow transactions with small amounts of money and lower losses. They are the next logical step after demo accounts which use virtual money.
Many forex brokers offer such accounts. Some of them are Weltrade, RoboForex, FXTM, FXOpen, Forex4you, and others.
FXPrivate is based in Ukraine. The broker does not provide any information regarding regulation. Earlier this year, the Financial Services Commission of Belize (IFSC) issued a warning against FXPrivate Company regarding the broker’s removal from the country’s International Business Companies (IBC) Register. The broker is not authorized to operate in the country and to target local citizens.