IIFL Wealth broker Accounts

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

iifl wealth Account Types Explained

IIFL Wealth offers a variety of account types tailored to different trading needs and investor profiles. Below are the primary account types available:

1. Standard Account

• Minimum Deposit Requirement: ₹10,000
• Spread/Commission Structure: Competitive spreads starting from 0.5 pips; commission varies based on trading volume.
• Leverage Options: Up to 1:50
• Key Features: Access to a wide range of trading instruments, including stocks, commodities, and currencies.
• Target User Profile: Suitable for beginners and intermediate traders.
• Trading Instruments Available: Equities, commodities, forex, and mutual funds.

2. ECN Account

• Minimum Deposit Requirement: ₹25,000
• Spread/Commission Structure: Variable spreads starting from 0 pips; commission of ₹20 per lot.
• Leverage Options: Up to 1:100
• Key Features: Direct market access, faster execution, and lower spreads.
• Target User Profile: Advanced traders and professionals.
• Trading Instruments Available: Forex, commodities, and indices.

3. Pro Account

• Minimum Deposit Requirement: ₹50,000
• Spread/Commission Structure: Tight spreads starting from 0.1 pips; commission of ₹15 per lot.
• Leverage Options: Up to 1:200
• Key Features: Enhanced trading conditions, priority support, and advanced trading tools.
• Target User Profile: Professional traders and institutional clients.
• Trading Instruments Available: Forex, commodities, and indices.

4. Islamic Account

• Minimum Deposit Requirement: ₹10,000
• Spread/Commission Structure: Similar to Standard Account; no swap fees.
• Leverage Options: Up to 1:50
• Key Features: Compliant with Islamic finance principles, no interest charges.
• Target User Profile: Muslim traders seeking Sharia-compliant trading options.
• Trading Instruments Available: Equities, commodities, forex, and mutual funds.

5. Demo Account

• Minimum Deposit Requirement: Virtual balance of ₹1,000,000
• Spread/Commission Structure: Same as Standard Account.
• Leverage Options: Up to 1:50
• Key Features: Risk-free trading environment to practice strategies.
• Target User Profile: Beginners and those looking to test trading strategies.
• Trading Instruments Available: Full range of instruments available in live accounts.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Standard Account, Demo Account
• Intermediate: Standard Account, ECN Account
• Advanced: ECN Account, Pro Account
• Professional: Pro Account

Detailed iifl wealth Account Features

Feature Comparison Across Different Account Types

Advantages of Each Account Type

• Standard Account: Easy to open, suitable for beginners, diverse trading instruments.
• ECN Account: Low spreads, direct market access, ideal for scalpers.
• Pro Account: Best trading conditions, priority support, advanced tools.
• Islamic Account: Sharia-compliant, no interest charges, same features as Standard.
• Demo Account: Risk-free trading, practice strategies, virtual funds.

Disadvantages of Each Account Type

• Standard Account: Higher spreads compared to ECN.
• ECN Account: Higher minimum deposit, commission fees may apply.
• Pro Account: Requires significant capital, complex for beginners.
• Islamic Account: Limited to specific trading instruments.
• Demo Account: No real profit, limited to virtual trading.

iifl wealth Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Open to residents of India and select international locations.
• Prohibited Countries: Specific countries may be restricted based on regulatory compliance.
• Identity Verification Documents Needed: PAN card, Aadhaar card, or any government-issued ID.
• Proof of Residence Requirements: Utility bill, bank statement, or rental agreement.
• Additional Documentation for Professional Accounts: Business registration documents for corporate accounts.

KYC/AML Compliance Procedures

• Complete KYC (Know Your Customer) verification is mandatory.
• Submit necessary documents for identity and address verification.
• Compliance with AML (Anti-Money Laundering) regulations is enforced.

Verification Time Frames

• Account verification typically takes 1-3 business days, depending on document submission and processing speed.

Step-by-Step iifl wealth Account Opening Guide

Detailed Registration Process

1. Visit Website and Click Registration: Navigate to the IIFL website and select "Open Your Account."
2. Personal Information Entry: Fill in your name, mobile number, and email address.
3. Choose Account Type: Select the type of account you wish to open.
4. Set Trading Preferences: Specify your trading preferences and risk appetite.
5. Document Upload: Upload required identity and address proof documents.
6. Account Verification: Wait for the verification process to complete.
7. Fund Your Account: Deposit the minimum required amount to activate your account.
8. Start Trading: Once verified and funded, you can begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, but mobile registration may offer a more streamlined experience with fewer steps.

Common Registration Issues and Solutions

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

Average Account Approval Time

• Typically, account approval takes 1-3 business days, depending on the completeness of the submitted documents.

How to Upgrade/Downgrade Account Types

• Contact customer support or use the account management section on the IIFL platform to request changes to your account type.

iifl wealth Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading strategies.
• Access to all trading instruments available in live accounts.
• Ideal for beginners to familiarize themselves with the trading platform.

How to Open a Demo Account

• Visit the IIFL website and select "Open Demo Account."
• Fill in the required personal information and submit.

Demo Account Limitations

• Limited to virtual trading with no real profits.
• May have a time limit on usage (typically 30-90 days).

Virtual Balance Amount

• The demo account typically comes with a virtual balance of ₹1,000,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts involve real money trading.
• Demo accounts may have limited features compared to live accounts.

Duration/Expiry of Demo Accounts

• Demo accounts usually expire after 30-90 days of inactivity.

iifl wealth Islamic Account Details

Swap-Free/Islamic Account Availability

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

Eligibility Requirements

• Must be a Muslim trader seeking Sharia-compliant trading options.

Differences from Standard Accounts

• Islamic accounts do not incur interest charges, making them suitable for compliance with Islamic finance principles.

How to Apply for Islamic Account

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

Restrictions or Special Conditions

• Islamic accounts may have limitations on specific trading instruments that involve interest.

FAQs – iifl wealth Account Types & Opening

1. What account types does iifl wealth offer？

• IIFL Wealth offers Standard, ECN, Pro, Islamic, and Demo accounts.

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

• Standard: ₹10,000; ECN: ₹25,000; Pro: ₹50,000; Islamic: ₹10,000; Demo: Virtual balance.

1. How long does iifl wealth account verification take？

• Verification typically takes 1-3 business days.

1. Does iifl wealth offer demo accounts？

• Yes, IIFL Wealth provides a demo account for practice trading.

1. Can I have multiple account types with iifl wealth？

• Yes, clients can open different types of accounts based on their trading needs.

1. Does iifl wealth offer Islamic/swap-free accounts？

• Yes, Islamic accounts are available that comply with Sharia law.

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

• PAN card, Aadhaar card or government-issued ID, and proof of residence.

1. Can I change my account type after registration？

• Yes, you can contact customer support to request changes to your account type.