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Account types, in plain terms

Brokers name their accounts differently, but a few of those names describe real differences our desk records per broker. Here is what each one means, and where the record stops.

The traderpublic newsroom

Key points

  • Several account types exist

    Standard, Raw, Cent, Swap-free and Demo are common

  • Terms differ by type

    Each type changes costs, position sizes or conditions

  • Consider the whole cost

    Spread, commission, swap and other fees

  • Read the terms carefully

    Each broker sets its own conditions

Five common account types

Each type has different terms. None is best for everyone.

Account types compared (general guide)

A general guide only. Terms differ between brokers and jurisdictions.

Account typePosition sizeHow costs are chargedSuitable forExample brokers
Standard accountContract size set by the brokerCosts are usually built into the spread; some brokers add commissionNot specifiedNot specified
Raw-spread accountContract size set by the brokerA spread plus a commission per trade; the total depends on bothNot specifiedNot specified
Cent accountBalance and lots counted in cents; what a lot means differs by brokerSet by the broker, often the same pricing model in smaller unitsNot specifiedNot specified
Swap-free accountContract size set by the brokerOvernight swap is not charged; the broker may use another arrangementNot specifiedNot specified
Demo accountVirtualVirtual funds, so nothing real is chargedNot specifiedNot specified

Not specified means our records do not carry that fact. It does not mean the broker lacks it.

This guide does not assess which traders an account type fits, so the Suitable for column reads Not specified. Read each account type's terms yourself.

What to verify for each account type

  • Standard accountSpread, commission and overnight schedule
  • Raw-spread accountHow commission is charged, and on which legs of a trade
  • Cent accountThe contract size and the smallest position
  • Swap-free accountOther fees, limits on holding time and who is eligible
  • Demo accountLive terms and execution can differ; check them separately

Each account type in more detail

  • Standard account

    The standard account is the default offer at many brokers. Costs are commonly built into the spread, though some brokers charge commission on it too.

  • Raw-spread account

    A raw-spread account quotes a spread plus a commission per trade. The total depends on both, so compare the whole schedule.

  • Cent account

    In a cent account the balance and position sizes are denominated in cents. What one lot means differs between brokers, so read the contract size.

  • Swap-free account

    A swap-free account does not charge overnight swap, but a broker may charge other fees or restrict how long a position is held. Terms differ.

  • Demo account

    A demo account uses virtual funds to try a platform. It does not replicate live trading conditions such as execution and slippage.

Swap-free and Islamic accounts

An Islamic, or swap-free, account replaces overnight interest with a structure that complies with Sharia. Whether a broker offers one is a fact in its account terms, and our desk records it per broker with the page it was read from.

Is a swap-free account free of all charges?
Often not. Many brokers replace the overnight swap with a fixed administration fee after a grace period, and some apply the exemption only to certain instruments. We do not publish either figure yet, so read the account terms before you open one.
Why are brokers without a swap-free account still listed?
Because our list is the published record set, and a broker we have not checked is not a broker that refuses. Each row states what the desk found, including "not checked".

Cent accounts

A cent account denominates your balance in cents rather than dollars, so a position size that would be unaffordable on a standard account becomes tradable. Whether a broker offers one is a term our desk records per broker.

Is a cent account a demo account?
No. The money is real; only the unit of account is smaller, which makes small positions practical. The risk of loss is exactly as real as on any other live account.
Why is there no minimum deposit column?
Because our research hub does not publish that field yet. We render what the hub sends and name what it does not, rather than copying a figure off a broker's marketing page.

What to check in your situation

  • New to trading

    Check whether a demo account is offered and how long it can be used

  • Trading frequently

    Check how commission and spread combine across a whole trade

  • Holding positions for longer

    Check overnight swap, or the fee that replaces it

  • Starting with a small balance

    Check the minimum deposit, the smallest position and how cents are defined

What a trading cost is made of

Trading cost

  • Spread The gap between buy and sell prices
  • Commission A fee charged per trade
  • Swap Overnight financing on held positions
  • Other fees Such as account or conversion fees

Illustrative parts, not proportions.

Check before you open

  • Trading conditions and fees
  • Instruments available
  • Deposit and withdrawal rules
  • Terms for swap-free accounts
  • Limits on demo accounts
  • Support and language

Platform or account: what is the difference?

Trading platform

Software such as MetaTrader or cTrader used to place trades.

versus

Account type

The terms, such as spread, commission and position size, that apply to your trading.

One broker can offer several account types, and an account type can run on more than one platform.

Terms to know

Spread
The gap between the buy and sell price
Commission
A fee charged on each trade
Swap (overnight)
The cost or credit for holding a position overnight
Lot (trade size)
The standard unit of trade size
Margin
The funds set aside to hold a position
Leverage
Using borrowed exposure to control a larger position

Find a broker that fits you

Compare account types and services across the records published on traderpublic, then pick the terms that suit you.

Go to all brokers

What our records do not settle

We record whether an account type is offered, read from the broker's own terms on a stated date. We do not publish the minimum deposit, the smallest position, the leverage cap, or the fee that replaces a swap. A term nobody has checked is never published as a term the broker does not offer.

Frequently asked questions

Which account type suits a beginner?

No account type suits everyone. A demo account uses virtual funds and a cent account uses smaller units, but terms differ by broker, so read them first.

How long can I use a demo account?

It depends on the broker. Some limit the period; check the account terms.

Are there limits on swap-free accounts?

Often. Brokers may charge other fees or restrict holding periods, so read the terms.

Is raw-spread better than standard?

Neither is better in general. The total cost depends on how you trade.

Can I change account type later?

Some brokers allow it and some require a new account; check with the broker.

How much do I need to open an account?

It varies by broker and account type, so check the account terms.