Fibo Group, an offshore forex broker, has launched a trading account, MT4 Cent. The account’s base currency is US cents and there is no minimum required deposit.
Holders of MT4 Cent accounts gain access to forex and contracts for difference (CFDs) on precious metals (XAG/USD and XAU/USD). They can trade with a maximum leverage rate of 500:1, which for cent accounts is rather typical. Order size ranges from 0.01 lots to 100 lots.
The new type of account uses No Dealing Desk (NDD) order execution, which means traders will get direct access to the interbank forex markets with no re-quotes, competitive spreads and faster speed.
MT4 Cent account holders can also benefit from automatic fund withdrawal and no commissions.
Cent accounts, aka micro 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 step after demo accounts which use virtual money. Many forex brokers offer such accounts. Some of them are FxPrivate, Weltrade, RoboForex, FXTM, FXOpen, Forex4you, and others.
Fibo Group offers several different types of trading accounts for forex, spot metals, and CFDs– the newly-added MT4 Cent, as well as MT4 Fixed Spread, MT4 Floating Spread, MT4 NDD, MT5 NDD, and cTrader NDD. In addition, traders can also choose PAMM accounts (for copy trading) and Islamic accounts (swap-free). Following is a comparison of the conditions of the main accounts available with Fibo Group:
Fibo Group Ltd. was incorporated in the British Virgin Islands (BVI) and holds a license by the Financial Services Commission (FSC) of the BVI. It is part of International Financial Holding FIBO Group, which also includes Fibo Group Holdings, an entityregistered with and regulated by the Cyprus Securities and Exchange Commission (CySEC).
The broker operates through offices in Austria’s Vienna, Cyprus’ Limassol, Germany’s Munich, Russia’s Moscow, China’s Shanghai, and in Singapore.