BNM broker Accounts

bnm Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

bnm Account Types Explained

Bank Negara Malaysia (BNM) offers various account types tailored to meet the diverse needs of traders. Below is a comprehensive overview of the available account types, including their features, minimum deposit requirements, and target user profiles.

1. Standard Account

• Minimum Deposit Requirement: MYR 100
• Spread/Commission Structure: Fixed spread starting from 1.5 pips
• Leverage Options: Up to 1:100
• Key Features:
• Access to a wide range of trading instruments
• Suitable for beginners
• Target User Profile: Beginner traders
• Trading Instruments Available: Forex, commodities, indices

2. ECN Account

• Minimum Deposit Requirement: MYR 500
• Spread/Commission Structure: Variable spread with a commission of MYR 10 per lot
• Leverage Options: Up to 1:200
• Key Features:
• Direct market access
• Lower spreads
• Target User Profile: Intermediate to advanced traders
• Trading Instruments Available: Forex, commodities, cryptocurrencies

3. Pro Account

• Minimum Deposit Requirement: MYR 1,000
• Spread/Commission Structure: Variable spread starting from 0.5 pips with a commission of MYR 5 per lot
• Leverage Options: Up to 1:500
• Key Features:
• Enhanced trading conditions
• Suitable for professional traders
• Target User Profile: Advanced and institutional traders
• Trading Instruments Available: Forex, commodities, indices, stocks

4. Islamic Account

• Minimum Deposit Requirement: MYR 500
• Spread/Commission Structure: Similar to Standard or ECN accounts but swap-free
• Leverage Options: Up to 1:100
• Key Features:
• Compliant with Sharia law
• No swap fees
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex, commodities, indices

5. Demo Account

• Minimum Deposit Requirement: Virtual balance (typically MYR 100,000)
• Spread/Commission Structure: Similar to Standard account
• Leverage Options: Up to 1:100
• Key Features:
• Risk-free trading environment
• Access to all trading instruments
• Target User Profile: Beginners and those testing strategies
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginner: Standard Account
• Intermediate: ECN Account
• Advanced: Pro Account
• Muslim Traders: Islamic Account
• Testing Strategies: Demo Account

Detailed bnm Account Features

Feature Comparison Across Different Account Types

• Minimum Deposit:

• Standard: MYR 100

• ECN: MYR 500

• Pro: MYR 1,000

• Islamic: MYR 500

• Demo: Virtual balance

• Maximum Leverage:

• Standard: Up to 1:100

• ECN: Up to 1:200

• Pro: Up to 1:500

• Islamic: Up to 1:100

• Demo: Up to 1:100

• Spreads (Typical/Minimum):

• Standard: From 1.5 pips

• ECN: Variable

• Pro: From 0.5 pips

• Islamic: Similar to Standard

• Demo: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: MYR 10 per lot

• Pro: MYR 5 per lot

• Islamic: None

• Demo: None

• Lot Size:

• Standard: Micro

• ECN: Mini

• Pro: Standard

• Islamic: Micro

• Demo: Micro

• Available Trading Platforms:

• Standard: MT4, MT5

• ECN: MT4, MT5

• Pro: MT4, MT5

• Islamic: MT4, MT5

• Demo: MT4, MT5

• Execution Type:

• Standard: Market

• ECN: ECN

• Pro: Instant

• Islamic: Market

• Demo: Market

• Islamic Account Availability:

• Standard: No

• ECN: No

• Pro: No

• Islamic: Yes

• Demo: No

• Swap-Free Options:

• Standard: No

• ECN: No

• Pro: No

• Islamic: Yes

• Demo: No

• Demo Account Features:

• Virtual balance of MYR 100,000

• Access to all trading instruments

• Risk-free trading environment

Advantages and Disadvantages of Each Account Type

Standard Account

• Advantages:
• Low minimum deposit
• Suitable for beginners
• Access to various instruments
• Disadvantages:
• Higher spreads compared to ECN and Pro accounts

ECN Account

• Advantages:
• Lower spreads
• Direct market access
• Suitable for active traders
• Disadvantages:
• Higher minimum deposit
• Commission fees apply

Pro Account

• Advantages:
• Best trading conditions
• High leverage options
• Suitable for professional traders
• Disadvantages:
• High minimum deposit required
• Commission fees apply

Islamic Account

• Advantages:
• Compliant with Sharia law
• No swap fees
• Disadvantages:
• Limited to Muslim traders

Demo Account

• Advantages:
• Risk-free environment
• Practice trading strategies
• Disadvantages:
• No real money involved
• Limited to virtual balance

bnm Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Open to Malaysian citizens and residents; some restrictions may apply to foreign nationals.
• Prohibited Countries: Specific countries may be restricted based on regulatory requirements.
• Identity Verification Documents Needed:
• National ID or passport
• Proof of address (utility bill or bank statement)
• Proof of Residence Requirements: Must provide a document showing current address.
• Additional Documentation for Professional Accounts: Business registration documents may be required for corporate accounts.

KYC/AML Compliance Procedures

• All applicants must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
• Verification may include background checks and document validation.

Verification Time Frames

• Account verification typically takes 1-3 business days, depending on the completeness of the submitted documents.

Step-by-Step bnm Account Opening Guide

Registration Process

1. Visit Website: Go to the BNM trading platform website.
2. Click Registration: Find and click the registration button.
3. Personal Information Entry: Fill in personal details such as name, email, and phone number.
4. Choose Account Type: Select the desired account type from the options available.
5. Set Trading Preferences: Specify trading preferences like leverage and trading instruments.
6. Document Upload: Upload required identification and proof of residence documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit the minimum required amount to activate the account.
9. Start Trading: Begin trading once the account is funded and verified.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, but mobile registration may have additional security features such as biometric authentication.

Common Registration Issues and Solutions

• Issue: Document upload failure
• Solution: Ensure documents are in the correct format and size.
• Issue: Verification delays
• Solution: Contact customer support for assistance.

Average Account Approval Time

• Typically, account approval takes 1-3 business days, depending on the verification process.

How to Upgrade/Downgrade Account Types

• Users can request an upgrade or downgrade through the customer support portal, subject to the new account type's requirements.

bnm Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment for practicing trading strategies.
• Offers access to all trading instruments available in live accounts.

How to Open a Demo Account

• Follow the same registration steps as for live accounts, selecting the demo account option.

Demo Account Limitations

• Virtual balance may be limited, and trading conditions may differ from live accounts.

Virtual Balance Amount

• Typically set at MYR 100,000 for practice purposes.

Demo vs Live Account Differences

• Demo accounts do not involve real money and are used for practice, while live accounts involve actual trading with real funds.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a limited time, often 30-90 days, after which they may expire unless converted to a live account.

bnm Islamic Account Details

Swap-Free/Islamic Account Availability

• BNM offers Islamic accounts that comply with Sharia law, ensuring no swap fees are charged.

Eligibility Requirements

• Only available to Muslim traders.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees and may have different trading conditions.

How to Apply for Islamic Account

• Apply through the standard registration process, selecting the Islamic account option.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions and limitations compared to standard accounts.

FAQs – bnm Account Types & Opening

1. What account types does bnm offer？

• BNM offers Standard, ECN, Pro, Islamic, and Demo accounts.

1. What is the minimum deposit for each account type？

• Standard: MYR 100, ECN: MYR 500, Pro: MYR 1,000, Islamic: MYR 500, Demo: Virtual balance.

1. How long does bnm account verification take？

• Verification typically takes 1-3 business days.

1. Does bnm offer demo accounts？

• Yes, BNM offers demo accounts for practice trading.

1. Can I have multiple account types with bnm？

• Yes, users can open multiple account types as per their needs.

1. Does bnm offer Islamic/swap-free accounts？

• Yes, BNM offers Islamic accounts that are compliant with Sharia law.

1. What documents do I need to open a bnm account？

• National ID or passport, proof of address, and any additional documents for professional accounts.

1. Can I change my account type after registration？

• Yes, users can request to upgrade or downgrade their account type through customer support.