egm broker Accounts

Egm Account Types Overview

egm Account Types Explained

EGM Securities offers several account types tailored to different trading needs and experience levels. Below is a detailed overview of the available account types:

1. Executive Account

• Minimum Deposit: $15
• Spread/Commission Structure: Commission of $7 per lot
• Leverage Options: Up to 1:400
• Key Features: Access to a variety of trading instruments including stocks, CFDs, metals, and forex.
• Target User Profile: Suitable for beginner to intermediate traders.
• Trading Instruments Available: Forex, CFDs, stocks, and commodities.

1. Premiere Account

• Minimum Deposit: $100
• Spread/Commission Structure: Variable spreads, commission structure not specified.
• Leverage Options: Up to 1:400
• Key Features: Enhanced trading conditions with lower spreads.
• Target User Profile: Ideal for intermediate to advanced traders.
• Trading Instruments Available: Forex, CFDs, stocks, and commodities.

1. Islamic Account

• Minimum Deposit: $15
• Spread/Commission Structure: Similar to Executive Account, with no swap fees.
• Leverage Options: Up to 1:400
• Key Features: Designed for traders who adhere to Islamic finance principles.
• Target User Profile: Muslim traders seeking compliance with Sharia law.
• Trading Instruments Available: Forex, CFDs, stocks, and commodities.

1. Demo Account

• Minimum Deposit: Virtual balance (amount varies, typically $10,000).
• Spread/Commission Structure: Similar to live accounts.
• Leverage Options: Up to 1:400
• Key Features: Allows traders to practice without financial risk.
• Target User Profile: Beginners and experienced traders testing strategies.
• Trading Instruments Available: Forex, CFDs, stocks, and commodities.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Executive Account, Demo Account
• Intermediate Traders: Premiere Account
• Advanced Traders: Premiere Account, Islamic Account

Part 2: egm Account Features Comparison

Detailed egm Account Features

When comparing the features of the different account types offered by EGM, the following aspects are crucial:

• Minimum Deposit:

• Executive Account: $15

• Premiere Account: $100

• Islamic Account: $15

• Demo Account: Virtual balance

• Maximum Leverage:

• All account types: Up to 1:400

• Spreads (Typical/Minimum):

• Executive Account: Variable spreads

• Premiere Account: Lower variable spreads

• Islamic Account: Similar to Executive Account

• Commission Fees:

• Executive Account: $7 per lot

• Premiere Account: Variable

• Islamic Account: $7 per lot

• Demo Account: None

• Lot Size:

• Executive Account: Minimum 0.01 lots

• Premiere Account: Minimum 0.01 lots

• Islamic Account: Minimum 0.01 lots

• Demo Account: Minimum 0.01 lots

• Available Trading Platforms:

• All account types: MT4, MT5, and proprietary platforms.

• Execution Type:

• All account types: Market execution.

• Islamic Account Availability:

• Yes, available for all account types.

• Swap-Free Options:

• Available for Islamic Account.

• Demo Account Features:

• Virtual trading environment with access to all instruments.

Advantages of Each Account Type

• Executive Account:

• Low minimum deposit

• Access to various trading instruments

• Ideal for beginners

• Premiere Account:

• Lower spreads enhance profitability

• Suitable for more experienced traders

• Access to advanced trading features

• Islamic Account:

• Compliance with Sharia law

• No swap fees

• Suitable for Muslim traders

• Demo Account:

• Risk-free environment

• Ideal for practice and strategy testing

• Full access to trading features

Disadvantages of Each Account Type

• Executive Account:

• Higher commission per lot compared to some other brokers

• Limited advanced features

• Premiere Account:

• Higher minimum deposit compared to Executive Account

• Variable commissions may be less predictable

• Islamic Account:

• Limited to traders who can prove eligibility

• May have fewer promotional offers

• Demo Account:

• Virtual funds do not reflect real trading conditions

• Limited duration may lead to pressure to transition to live trading

Part 3: egm Account Opening Requirements

egm Account Registration Requirements

To open an account with EGM Securities, the following eligibility criteria and documentation are required:

• Eligibility Criteria:

• Age Requirements: Must be at least 18 years old.

• Geographic Restrictions: Available to residents of most countries, but certain jurisdictions may be prohibited.

• Prohibited Countries: Specific countries may be restricted based on regulatory compliance (details not specified).

• Identity Verification Documents Needed:

• Passport or ID: A valid government-issued photo ID (front and back).

• Address Verification Document: A recent bank statement or utility bill showing the full name and residential address.

• Proof of Residence Requirements:

• Documents must be issued within the last 12 months.

• Additional Documentation for Professional Accounts:

• May require additional financial documentation or proof of trading experience.

• KYC/AML Compliance Procedures:

• EGM adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring verification of identity and residence.

• Verification Time Frames:

• Account verification typically takes 1-3 business days after document submission.

Part 4: egm Account Opening Process

Step-by-Step egm Account Opening Guide

To open an account with EGM Securities, follow these steps:

1. Visit Website and Click Registration:

• Go to the EGM Securities website and select the account type you wish to open.

1. Personal Information Entry:

• Fill in your contact details, including full name, email, and phone number.

1. Choose Account Type:

• Select the account type that best suits your trading needs.

1. Set Trading Preferences:

• Indicate your trading preferences and risk tolerance.

1. Document Upload:

• Upload the required identity verification and address verification documents.

1. Account Verification:

• Wait for EGM to verify your documents and account information.

1. Fund Your Account:

• Once approved, deposit funds into your trading account using your preferred payment method.

1. Start Trading:

• Download 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

• Issue: Document upload errors.

• Solution: Ensure documents are clear and meet the specified requirements.

• Issue: Delays in verification.

• Solution: Contact customer support for updates on the verification status.

Average Account Approval Time

• Typically, account approval takes 1-3 business days.

How to Upgrade/Downgrade Account Types

• Contact customer support to request an upgrade or downgrade of your account type.

Part 5: egm Demo Account Information

egm Demo Account Guide

• Demo Account Features and Benefits:

• Provides a risk-free environment for practicing trading strategies.

• Access to all trading instruments available in live accounts.

• How to Open a Demo Account:

• Visit the EGM Securities website and select the demo account option to register.

• Demo Account Limitations:

• Limited duration, typically expiring after 30 days unless extended.

• Virtual Balance Amount:

• Usually set at $10,000 for practice purposes.

• Demo vs Live Account Differences:

• Demo accounts use virtual funds and do not reflect real market conditions.

• Duration/Expiry of Demo Accounts:

• Generally valid for 30 days, with potential for extension upon request.

Part 6: egm Islamic Account Details

egm Islamic Account Details

• Swap-Free/Islamic Account Availability:

• EGM offers Islamic accounts that comply with Sharia law, free from swap fees.

• Eligibility Requirements:

• Traders must provide proof of their eligibility for an Islamic account.

• Differences from Standard Accounts:

• Islamic accounts do not incur swap fees, making them suitable for Muslim traders.

• How to Apply for Islamic Account:

• Select the Islamic account option during the registration process and provide necessary documentation.

• Restrictions or Special Conditions:

• Must adhere to Islamic finance principles, including no interest-based transactions.

FAQs – egm Account Types & Opening

1. What account types does egm offer？

• EGM offers Executive, Premiere, Islamic, and Demo accounts.

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

• Executive Account: $15, Premiere Account: $100, Islamic Account: $15, Demo Account: Virtual balance.

1. How long does egm account verification take？

• Account verification typically takes 1-3 business days.

1. Does egm offer demo accounts？

• Yes, EGM offers demo accounts for practice trading.

1. Can I have multiple account types with egm？

• Yes, you can open multiple account types with EGM.

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

• Yes, EGM offers Islamic accounts that comply with Sharia law.

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

• A valid passport or ID and a recent address verification document.

1. Can I change my account type after registration？

• Yes, you can request to upgrade or downgrade your account type through customer support.