coinlocally broker Accounts

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

Part 1: coinlocally Account Types Explained

coinlocally offers several account types tailored to meet the diverse needs of traders, from beginners to advanced users. Below is an overview of the available account types, their features, and target user profiles.

1. Standard Clients' Choice Account

• Minimum Deposit Requirement: $50
• Spread/Commission Structure: Floating spreads starting from 0 points; managed commissions.
• Leverage Options: Up to 1:1000.
• Key Features: Designed for traders looking for a balance of low deposit and managed commissions.
• Target User Profile: Beginner to intermediate traders.
• Trading Instruments Available: More than 400 instruments.

2. ZCA Zero Commission Account

• Minimum Deposit Requirement: $50
• Spread/Commission Structure: No commission fees; profits made through bid-ask spread markups.
• Leverage Options: Up to 1:1000.
• Key Features: Ideal for traders who prefer no commission trading.
• Target User Profile: Intermediate to advanced traders.
• Trading Instruments Available: More than 100 instruments.

3. ProCent Swap Free Account

• Minimum Deposit Requirement: $1
• Spread/Commission Structure: Floating spreads starting from 0 points; no interest charged on overnight positions.
• Leverage Options: Up to 1:1000.
• Key Features: Compliant with Islamic Shariah law; suitable for traders who cannot pay interest.
• Target User Profile: Muslim traders and those seeking a swap-free option.
• Trading Instruments Available: More than 100 instruments.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginner: Standard Clients' Choice Account
• Intermediate: ZCA Zero Commission Account
• Advanced: ProCent Swap Free Account

Part 2: Detailed coinlocally Account Features

Account Features Comparison

Advantages of Each Account Type

• Standard Clients' Choice Account:

• Low minimum deposit.

• Access to a wide range of instruments.

• Managed commissions for easier budgeting.

• ZCA Zero Commission Account:

• No commission fees enhance profitability.

• Competitive spreads.

• Suitable for active traders.

• ProCent Swap Free Account:

• Ideal for traders adhering to Islamic finance principles.

• Very low minimum deposit.

• Flexible trading options without overnight interest.

Disadvantages of Each Account Type

• Standard Clients' Choice Account:

• Commission fees may affect profitability.

• Higher minimum deposit compared to ProCent.

• ZCA Zero Commission Account:

• Limited to fewer instruments compared to Standard.

• May have wider spreads during volatile market conditions.

• ProCent Swap Free Account:

• Limited to micro lot sizes, which may not suit all traders.

• Not suitable for those who do not require a swap-free option.

Part 3: coinlocally Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Availability may vary by country; check local regulations.
• Prohibited Countries: Specific countries may be restricted; refer to coinlocallys terms for details.
• Identity Verification Documents Needed:
• Government-issued ID (passport or national ID).
• Proof of residence (utility bill or bank statement).
• Additional Documentation for Professional Accounts: May require financial statements or proof of trading experience.

KYC/AML Compliance Procedures

• Users must complete a Know Your Customer (KYC) process, which includes submitting identification and proof of residence.
• Anti-Money Laundering (AML) checks are conducted as part of the registration process.

Verification Time Frames

• Account verification can take anywhere from a few hours to several days, depending on the volume of applications and the completeness of submitted documents.

Part 4: Step-by-Step coinlocally Account Opening Guide

Detailed Step-by-Step Registration Process

1. Visit Website and Click Registration: Go to the coinlocally website and click on the registration button.
2. Personal Information Entry: Fill out the required personal information, including name, email, and phone number.
3. Choose Account Type: Select the account type that best suits your trading needs.
4. Set Trading Preferences: Indicate your trading preferences and risk tolerance.
5. Document Upload: Upload the necessary identification and proof of residence documents.
6. Account Verification: Wait for the verification process to be completed.
7. Fund Your Account: Once verified, deposit funds into your account to start trading.
8. Start Trading: Access the trading platform and begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, but mobile users may have a more streamlined experience.

Common Registration Issues and Solutions

• Document Rejection: Ensure documents are clear and legible.
• Email Verification Issues: Check spam folders for the verification email.
• Account Approval Delays: Contact customer support for assistance.

Average Account Approval Time

• Typically ranges from a few hours to 3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

• Users can contact customer support to request changes to their account type, subject to the terms and conditions of coinlocally.

Part 5: coinlocally Demo Account Guide

Demo Account Features and Benefits

• The demo account allows users to practice trading without financial risk.
• Users can access virtual funds to simulate real trading conditions.

How to Open a Demo Account

• Visit the coinlocally website and select the demo account option during registration.

Demo Account Limitations

• The demo account may have limited features compared to live accounts.
• Virtual funds are not transferable to live accounts.

Virtual Balance Amount

• Typically, demo accounts come with a virtual balance of $10,000 or similar.

Demo vs Live Account Differences

• Demo accounts do not involve real money, while live accounts require actual funds for trading.

Duration/Expiry of Demo Accounts

• Demo accounts may remain active for a limited time, often 30 days, after which they may expire.

Part 6: coinlocally Islamic Account Details

Swap-Free/Islamic Account Availability

• The ProCent Swap Free Account is available for traders seeking a swap-free option.

Eligibility Requirements

• Traders must declare their need for a swap-free account during registration.

Differences from Standard Accounts

• The Islamic account does not charge interest on overnight positions, adhering to Islamic finance principles.

How to Apply for Islamic Account

• Select the ProCent Swap Free Account during the registration process.

Restrictions or Special Conditions

• Traders must comply with the terms specific to swap-free accounts, including limitations on trading strategies that involve interest.

FAQs – coinlocally Account Types & Opening

1. What account types does coinlocally offer？

• coinlocally offers Standard Clients' Choice, ZCA Zero Commission, and ProCent Swap Free accounts.

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

• Standard Clients' Choice: $50, ZCA Zero Commission: $50, ProCent Swap Free: $1.

1. How long does coinlocally account verification take？

• Verification can take from a few hours to several days.

1. Does coinlocally offer demo accounts？

• Yes, coinlocally provides demo accounts for practice trading.

1. Can I have multiple account types with coinlocally？

• Yes, users can request multiple account types.

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

• Yes, the ProCent Swap Free Account is available for Islamic finance compliance.

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

• A government-issued ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, users can contact customer support to request changes to their account type.