Mackay broker Accounts

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

Part 1: mackay Account Types Explained

Available Account Types

1. Standard Account

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

1. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Raw spreads from 0.0 pips, commission of $3 per lot
• Leverage Options: Up to 1:200
• Key Features: Direct market access, lower spreads, suitable for high-frequency traders.
• Target User Profile: Advanced traders
• Trading Instruments Available: Forex, commodities, indices.

1. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips, commission of $2 per lot
• Leverage Options: Up to 1:300
• Key Features: Enhanced trading conditions for professional traders.
• Target User Profile: Professional traders
• Trading Instruments Available: Forex, commodities, indices, and CFDs.

1. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to Standard Account
• Leverage Options: Up to 1:500
• Key Features: Swap-free account compliant with Islamic finance principles.
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex, commodities, indices.

1. Demo Account

• Minimum Deposit Requirement: N/A (virtual funds)
• Spread/Commission Structure: Similar to Standard Account
• Leverage Options: Up to 1:500
• Key Features: Practice trading without risk, access to all trading instruments.
• Target User Profile: Beginners and experienced traders looking to test strategies.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: Detailed mackay Account Features

Comparison of Features Across Different Account Types

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: N/A

• Maximum Leverage:

• Standard: 1:500

• ECN: 1:200

• Pro: 1:300

• Islamic: 1:500

• Demo: 1:500

• Spreads (Typical/Minimum):

• Standard: From 1.0 pips

• ECN: From 0.0 pips

• Pro: From 0.5 pips

• Islamic: Similar to Standard

• Demo: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: $3 per lot

• Pro: $2 per lot

• Islamic: None

• Demo: None

• Lot Size:

• Standard: Micro, Mini, Standard

• ECN: Micro, Mini, Standard

• Pro: Mini, Standard

• Islamic: Micro, Mini, Standard

• Demo: Micro, Mini, Standard

• 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: Market

• Islamic: Market

• Demo: Market

• Islamic Account Availability:

• Standard: Yes

• ECN: Yes

• Pro: Yes

• Islamic: N/A

• Demo: N/A

• Swap-Free Options:

• Standard: Yes

• ECN: Yes

• Pro: Yes

• Islamic: N/A

• Demo: N/A

• Demo Account Features:

• Virtual balance for practice trading

• Access to all trading instruments

• No time limit on usage

Advantages of Each Account Type

• Standard Account:

• Low minimum deposit

• Suitable for beginners

• Access to a variety of instruments

• ECN Account:

• Tight spreads

• Direct market access

• Ideal for high-frequency trading

• Pro Account:

• Enhanced trading conditions

• Lower commission fees

• Suitable for professional traders

• Islamic Account:

• Compliant with Islamic finance principles

• No swap fees

• Suitable for Muslim traders

• Demo Account:

• Risk-free trading environment

• Ideal for testing strategies

• Access to all trading instruments

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN

• Limited features for advanced trading

• ECN Account:

• Higher minimum deposit

• Commission fees apply

• Pro Account:

• Higher minimum deposit

• Limited to professional traders

• Islamic Account:

• Limited availability for some instruments

• May have restrictions on trading strategies

• Demo Account:

• No real profits

• Limited to virtual trading experience

Part 3: mackay Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available to residents in most countries, but specific restrictions may apply.
• Prohibited Countries: Countries under international sanctions may be restricted.
• Identity Verification Documents Needed: Government-issued ID (passport or driver's license).
• Proof of Residence Requirements: Utility bill or bank statement showing the applicant's name and address.
• Additional Documentation for Professional Accounts: Proof of trading experience or financial background may be required.

KYC/AML Compliance Procedures

• All applicants must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
• Verification of identity and address is mandatory before account activation.

Verification Time Frames

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

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

Detailed Step-by-Step Registration Process

1. Visit Website and Click Registration: Navigate to the mackay website and select the account registration option.
2. Personal Information Entry: Fill out the required personal information form including name, email, and phone number.
3. Choose Account Type: Select the desired account type from the available options.
4. Set Trading Preferences: Specify trading preferences, including leverage and trading instruments.
5. Document Upload: Upload the necessary identification and proof of residence documents.
6. Account Verification: Wait for the verification process to complete, which may take 1-3 business days.
7. Fund Your Account: Once verified, deposit funds into your account to begin trading.
8. Start Trading: Access the trading platform and start executing trades.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, but the mobile interface may have simplified forms for ease of use.

Common Registration Issues and Solutions

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

Average Account Approval Time

• The average account approval time is between 1-3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

• Account type changes can be requested through the customer support portal or directly through the trading platform.

Part 5: mackay Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading.
• Access to all trading instruments available in live accounts.
• Allows traders to test strategies without financial risk.

How to Open a Demo Account

• Visit the mackay website and select the demo account option.
• Fill out the registration form and submit.

Demo Account Limitations

• Virtual funds are limited to a specific amount (e.g., $10,000).
• No real profits can be made.

Virtual Balance Amount

• Typically, demo accounts are funded 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 differ slightly in terms of execution speed and slippage.

Duration/Expiry of Demo Accounts

• Demo accounts may remain active for a limited time, typically 30-90 days, after which they may expire unless extended.

Part 6: mackay Islamic Account Details

Swap-Free/Islamic Account Availability

• Islamic accounts are available for all account types (Standard, ECN, Pro).

Eligibility Requirements

• Must be a practicing Muslim and provide a declaration of compliance with Islamic finance principles.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, making them compliant with Sharia law.

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 specific trading conditions, such as restrictions on certain instruments or strategies.

FAQs – mackay Account Types & Opening

1. What account types does mackay offer？

• mackay 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: N/A.

1. How long does mackay account verification take？

• Verification typically takes 1-3 business days.

1. Does mackay offer demo accounts？

• Yes, mackay offers demo accounts for practice trading.

1. Can I have multiple account types with mackay？

• Yes, you can open multiple account types.

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

• Yes, Islamic accounts are available.

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

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

1. Can I change my account type after registration？

• Yes, account type changes can be requested through customer support.