FYO broker Accounts

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

fyo Account Types Explained

FYO offers a variety of account types tailored to different trading needs and experience levels. Below is an overview of the available account types, including their minimum deposit requirements, spread structures, leverage options, key features, target user profiles, and available trading instruments.

1. Standard Account

• Minimum Deposit: $100
• Spread/Commission Structure: Variable spreads starting from 1.0 pips
• Leverage Options: Up to 1:500
• Key Features:
• Access to a wide range of trading instruments
• Suitable for beginners
• Target User Profile: Beginners and casual traders
• Trading Instruments Available: Forex, commodities, indices

2. ECN Account

• Minimum Deposit: $500
• Spread/Commission Structure: Raw spreads from 0.0 pips with a commission of $3 per lot
• Leverage Options: Up to 1:200
• Key Features:
• Direct market access
• Faster execution speeds
• Target User Profile: Intermediate to advanced traders
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

3. Pro Account

• Minimum Deposit: $1,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips with lower commission rates
• Leverage Options: Up to 1:300
• Key Features:
• Advanced trading tools and analytics
• Priority customer support
• Target User Profile: Professional traders and institutions
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

4. Islamic Account

• Minimum Deposit: $100
• Spread/Commission Structure: Similar to the Standard Account, but swap-free
• Leverage Options: Up to 1:500
• Key Features:
• Compliant with Sharia law
• No interest fees on overnight positions
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex, commodities, indices

5. Demo Account

• Minimum Deposit: Virtual balance (typically $10,000)
• Spread/Commission Structure: Same as the Standard Account
• Leverage Options: Up to 1:500
• Key Features:
• Risk-free trading environment
• Access to all trading instruments
• Target User Profile: Beginners and those wanting to test strategies
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Standard Account, Demo Account
• Intermediate: ECN Account
• Advanced: Pro Account
• Muslim Traders: Islamic Account

Detailed fyo Account Features

Feature Comparison Across Different Account Types

Advantages and Disadvantages of Each Account Type

Standard Account

• Advantages:
• Low minimum deposit
• User-friendly for beginners
• Access to various trading instruments
• Disadvantages:
• Higher spreads compared to ECN accounts
• Limited advanced features

ECN Account

• Advantages:
• Raw spreads and direct market access
• Suitable for scalpers and high-frequency traders
• Faster execution speeds
• Disadvantages:
• Higher minimum deposit
• Commission fees can add up

Pro Account

• Advantages:
• Lower commission rates
• Advanced trading tools
• Priority support
• Disadvantages:
• Higher minimum deposit
• More complex for beginners

Islamic Account

• Advantages:
• Compliant with Sharia law
• No overnight interest fees
• Disadvantages:
• Limited to specific trading instruments
• Similar features to Standard Account

Demo Account

• Advantages:
• Risk-free environment for practice
• Access to all trading instruments
• Disadvantages:
• Virtual balance does not reflect real market conditions
• Limited duration for practice

fyo Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; check specific restrictions on the FYO website.
• Prohibited Countries: Countries with strict trading regulations may be prohibited.
• Identity Verification Documents Needed:
• Government-issued ID (passport or drivers license)
• Proof of residence (utility bill or bank statement)
• Additional Documentation for Professional Accounts: May require additional financial documents.

KYC/AML Compliance Procedures

FYO adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Users must provide valid identification and proof of address during the registration process.

Verification Time Frames

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

Step-by-Step fyo Account Opening Guide

Registration Process

1. Visit Website: Go to the FYO official website.
2. Click Registration: Click on the “Open Account” button.
3. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
4. Choose Account Type: Select the desired account type (Standard, ECN, Pro, Islamic, or Demo).
5. Set Trading Preferences: Specify your trading preferences and leverage options.
6. Document Upload: Upload the required identity verification documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit funds into your account using the available payment methods.
9. Start Trading: Begin trading on your selected platform.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, but the mobile interface may have simplified navigation.

Common Registration Issues and Solutions

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

Average Account Approval Time

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

How to Upgrade/Downgrade Account Types

Users can request to upgrade or downgrade their account type through the customer support portal after logging into their account.

fyo Demo Account Guide

Demo Account Features and Benefits

• Features: Access to all trading instruments, same trading conditions as live accounts.
• Benefits: Practice trading strategies without financial risk.

How to Open a Demo Account

• Visit the FYO website and select the “Open Demo Account” option.
• Fill in the required information and create your demo account.

Demo Account Limitations

• Virtual balance may not reflect real market conditions.
• Limited duration for practice (typically 30 days).

Virtual Balance Amount

Demo accounts usually come with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts require real money deposits.
• Trading conditions may vary slightly based on market conditions.

Duration/Expiry of Demo Accounts

Demo accounts generally expire after 30 days of inactivity.

fyo Islamic Account Details

Swap-Free/Islamic Account Availability

FYO offers Islamic accounts that comply with Sharia law, allowing traders to operate without incurring interest fees.

Eligibility Requirements

To qualify for an Islamic account, traders must provide necessary documentation confirming their adherence to Islamic finance principles.

Differences from Standard Accounts

Islamic accounts have similar features to Standard Accounts but are swap-free.

How to Apply for Islamic Account

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

Restrictions or Special Conditions

Islamic accounts may have specific trading conditions, so its essential to review the terms before applying.

FAQs – fyo Account Types & Opening

1. What account types does fyo offer？

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

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

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

1. How long does fyo account verification take？

• Verification typically takes 1-3 business days.

1. Does fyo offer demo accounts？

• Yes, FYO offers demo accounts for practice trading.

1. Can I have multiple account types with fyo？

• Yes, users can open multiple account types.

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

• Yes, FYO provides Islamic accounts that are swap-free.

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

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

1. Can I change my account type after registration？

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