HFM Cent Account Review and its Opening

HFM is a globally recognised and multi-regulated broker that offers its traders a diverse range of account types. The broker offers six different account types tailored to various trading styles and experience levels. Among these, the Cent Account stands out as one of the most popular accounts for investors. 

This account is an ideal option for investors who want to start with minimal risk while still accessing real market conditions. In this HFM Cent Account review, we will dissect the HFM Cent Account, highlighting its key features, advantages, potential drawbacks, and a step-by-step guide on how to open one.

What is the HFM Cent Account?

The HFM Cent account is a trading account offered by the broker where balances, profits, and losses are calculated in cents rather than dollars. As such, this account operates with much smaller units than a standard account. For example, if a trader deposits $10 into their HFM Cent Account, the account balance will show as 1,000 cents.

One of the main advantages of the HFM Cent account is that it offers market exposure with considerably reduced risk. This account uses a micro-lot system, with a minimum trade size of 0.01 lots (1,000 units of the base currency). Additionally, wth margin requirements starting from just 10 US cents, it’s an ideal choice for those new to the market. It also offers an ideal environment for traders who want to test out their trading strategies with considerably lower financial risk.

Furthermore, the account offers competitive spreads from 1.0 pips on major currency pairs, with no commission charges. Traders can access this account through a variety of platforms, including MetaTrader 4, MetaTrader 5, WebTrader, and mobile apps. The maximum permissible trade size is 200 cent lots per position, and the maximum number of concurrently open orders is 150. The execution model on this account is market execution.

A significant advantage of this account is the absence of a minimum deposit requirement, giving traders the freedom to start with any amount they’re comfortable with. However, it’s worth noting that this account only provides access to two key global markets: forex and gold.

Remember that Forex and CFDs available at HFM are leveraged products.
Their trading can result in the loss of your entire capital.

Advantages of the HFM Cent Account

• No Minimum Deposit - HFM does not have a minimum deposit requirement for the cent account. This means that traders can invest whatever amount they wish.

• Trading in Cents - Trading in cent lots allows investors to experience live trading with minimal risk, as the monetary value of each trade is significantly smaller.

• Competitive Spreads - The spreads offered on this account are fair, starting from 1.0 pips. This is very competitive considering the type of account, and there are no commissions.
• Advanced Trading Platforms - The Cent Account is available on popular platforms like MetaTrader 4 and MetaTrader 5, as well as HFM's own platform, providing a range of tools and features for trading.
• Swap-Free Option - A swap-free option is available for clients observing Sharia law, eliminating overnight interest charges.

Potential Drawbacks of the HFM Cent Account

• Limited Financial Instruments - On this account, traders cannot access all instruments available on other HFM accounts. This account only allows investors to trade Forex and Gold.
• Limited Profit Potential - Since trades are in cents, profits are also proportionally smaller.
• Limited Maximum Trade Size - The maximum total trade size is limited to 200 cent lots per position and 1000 cent lots in total for the account. This can restrict trading strategies, especially for large-scale traders.

Who is the HFM Cent Account For?

While the HFM Cent account is available for all traders on HFM, it may be best suited for specific trader profiles. Let’s explore some of the trader profiles that may be the most ideal users for this account:

• Trading Newcomers - The HFM Cent Account is ideal for aspiring traders looking to gain real-market experience with minimal financial risk. It allows newcomers to understand how the markets work while trading with small amounts.
• Strategy Testers - The HFM Cent Account is also valuable for seasoned traders who want to experiment with new strategies. It provides a live trading environment where methods can be tested effectively with considerably lower financial risk.
• Traders with Limited Funds - For traders working with a smaller budget, the HFM Cent Account offers a favourable entry point. By enabling trades in cents instead of dollars, it ensures that those with limited capital can still participate in the market and manage positions effectively.

This account type caters to a wide range of traders by providing a low-risk trading environment, access to competitive spreads, and support for advanced trading platforms. However, it's also important to factor in the limitations, such as lower profit potential.

How To Open an HFM Cent Account

Opening an HFM Cent Account is a simple process that takes just a few minutes. Here is a brief guideline to walk you through the process:

Step 1: Navigate to the HFM’s Website

You will begin by opening your preferred browser and navigating to HFM’s official website (HFM.com). On the homepage, click on the green button that says Register to open a myHFM account.

Step 2: Fill Out a Simple Form

Once you click on register, you will be redirected to a simple form where you will select your country of residence and provide your email. You will also create a password for your account, then click Register. You will receive an email asking you to verify your email. Click the verify button on the email you receive.

Step 3: Continue Registration

After confirming your email, you will be redirected to a page to continue with your registration. You will fill out a form with your personal details, including your name, country of birth, phone number, date of birth, gender, and default account currency. After that form, you will then fill out another form with your address details. 

Step 4: Take the Appropriateness Test

The next step is to take an appropriateness test that involves filling out a questionnaire with details about your income and other details. This will help HFM determine whether trading the products they offer aligns with your financial circumstances and level of expertise.

Step 5: Verify Identity and Address

As a regulated broker, HFM is legally required to verify the identities of its clients. This is part of Anti-Money Laundering (AML) requirements, making this verification mandatory. To verify your identity, you will need to upload your government-issued identification and proof of address documents.

Step 6: Log in to your myHFM Account

After successfully creating your myHFM account, you will log in to it and open the menu. On the menu, click on Trading Accounts and then click on Open Live Account.

Step 7: Open an HFM Cent Account

You will be redirected to a page with a list of all accounts available on HFM. Click on the Cent Account. You will be redirected to a page to configure your account. Here, you will pick your preferred trading platform, set your account currency and leverage, and then click on Open Account. 

With that, you have successfully opened an HFM Cent account. The broker will provide you with a trading account number, server, and password, which you will use to link your account with your trading platform of choice.

HFM’s Credibility

The most crucial consideration when choosing a broker is their credibility. No account they offer can outweigh the importance of a solid reputation. 

Fortunately, HFM is regulated by several financial authorities, including the FCA in the UK, the CySEC in Cyprus, the CMA in Kenya, the DFSA in Dubai, and the FSCA in South Africa, among others. This strong regulatory oversight has been instrumental in positioning HFM as one of the leading brokers in the world.

In addition to its regulatory framework, HFM enjoys a high user rating. It boasts a 4.7 out of 5-star rating on Trustpilot, with over 70% of users giving it a perfect five-star review. Such consistent positive feedback further emphasises this broker’s appeal.

Final Comments

The HFM Cent Account is an excellent choice for traders seeking a low-risk entry into the forex and gold markets. This account offers a unique cent-based trading structure, competitive spreads, and no minimum deposit requirement. As such, it provides an accessible and practical option for beginners, strategy testers, and those with limited capital.

While it does have some limitations, it remains an excellent choice for those prioritising risk management, affordability, and education. Further, opening an HFM Cent Account is a straightforward process. HFM’s strong regulatory oversight and positive user reviews further reinforce the account’s credibility.

Remember that Forex and CFDs available at HFM are leveraged products.
Their trading can result in the loss of your entire capital.