HFM Cent Account Review and its Opening

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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, with 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.

HFM broker Cent Account overview with features

Furthermore, the HFM cent account offers competitive spreads from 1.4 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 1000 cent lots per position, with a maximum of 6000 cent lots open across the account in total. 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.

Open HFM Cent Account

Your capital is at risk. Leveraged products may not be suitable for everyone.

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 1.4 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 1000 cent lots per position and 6000 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 HFM Cent Account - Step-by-step Guide

Go to HFM.com and click the green Register button. Select your country of residence, enter your email and create a password, then confirm the verification email HFM sends you.

Complete your profile Step 2

Fill in your personal details (name, date of birth, country of birth, phone number and default account currency), followed by your address details.

Take the appropriateness test Step 3

Answer a short questionnaire about your income and trading experience. This lets HFM confirm that the products it offers suit your financial circumstances.

Verify your identity and address Step 4

Upload a valid proof of identity (such as a passport or national ID) along with a proof of address. As a regulated broker, HFM is required to carry out this check under anti money laundering (AML) rules.

Open the Cent account Step 5

Log in to your myHFM area, go to Trading Accounts and click Open Live Account. Select the Cent account, choose your preferred platform, account currency and leverage, then click Open Account.

HFM will then issue your trading account number, server and password, which you use to link the account to your chosen platform.

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 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.

HFM homepage showing its main features

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 newcomers, 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.

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Your capital is at risk. Leveraged products may not be suitable for everyone.