10000$ or 10000 cents: standard and cent accounts in your terminal

Many beginning traders are lost in a choice of accounts provided by a broker. They stare into the monitor with glazed eyes, trying to understand all the subtleties of opening a mini, micro, super, duper and so on accounts...

Let's make it easier for beginners and clarify the difference between a classic or standard account and a cent account.

Classic or standard account

Account parameters:

• The balance of the deposit is displayed in dollars
• Minimum lot is 0.01 of the standard
• The value of one pip at a minimum lot of 0.01 is 10 cents for a four-digit quote and 1 cent for a five-digit quote

Cents account

Account parameters:

• Balance Deposits is displayed in cents. That is, a deposit of $100 would look like 10000c.
• The minimum lot is 0.01 of the standard lot
• Due to the fact that the deposit is displayed in cents, the value of one pip at a minimum lot of 0.01 will be 1 cent for a four-digit quote and 0.1 cent for a five-digit quote.

Accordingly, using a lot of the same size on different types of accounts carries different levels of risk.

Important: four- and five-digit quotes

Note that the price of one pip, indicating the minimum price change, is not the same when opening an account with four- and five-digit quotes. There is no difficulty in this, as a four-digit quote of 1.2895 corresponds to a five-digit quote of 1.28950.

In order to avoid misunderstandings, books, recommendations, tutorials, and other literature, it is customary to indicate all values for four-digit quotes.