MAGIC broker Accounts

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

Part 1: magic Account Types Overview

magic Account Types Explained

When it comes to trading with magic, understanding the various account types is crucial for optimizing your trading experience. Below are the primary account types available:

Recommended Account Types by Trader Level

• Beginners: Standard, Islamic
• Intermediate: ECN
• Advanced/Institutional: Pro

Part 2: magic Account Features Comparison

Detailed magic Account Features

When comparing the features of different magic account types, consider the following:

Advantages and Disadvantages of Each Account Type

Standard Account

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

ECN Account

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

Pro Account

• Advantages:
• Fixed spreads for better predictability
• Advanced trading tools available
• Lower trading costs for high-volume traders
• Disadvantages:
• High minimum deposit
• Not suitable for beginners

Islamic Account

• Advantages:
• Compliant with Sharia law
• No swap fees
• Suitable for long-term trading
• Disadvantages:
• Limited features compared to other accounts
• Not available for all trading instruments

Part 3: magic Account Opening Requirements

magic Account Registration Requirements

To open a magic account, you must meet the following eligibility criteria:

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Availability may vary by country.
• Prohibited Countries: Specific countries may be restricted from opening accounts (details not available).
• Identity Verification Documents Needed:
• Government-issued ID (passport, driver's license)
• Proof of residence (utility bill, bank statement)
• Additional Documentation for Professional Accounts: May require financial statements or proof of trading experience.

KYC/AML Compliance Procedures

magic adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring all users to verify their identity and residence before account approval.

Verification Time Frames

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

Part 4: magic Account Opening Process

Step-by-Step magic Account Opening Guide

1. Visit Website and Click Registration: Go to the magic trading platform website.
2. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
3. Choose Account Type: Select the type of account you wish to open (Standard, ECN, Pro, Islamic).
4. Set Trading Preferences: Indicate your trading preferences and risk tolerance.
5. Document Upload: Upload required identity verification documents.
6. Account Verification: Wait for your documents to be reviewed and verified.
7. Fund Your Account: Deposit the minimum required amount to activate your account.
8. Start Trading: Once your account is funded, you can begin trading.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, though mobile users may have a simplified interface.

Common Registration Issues and Solutions

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

Average Account Approval Time

Typically, account approval takes 1-3 business days, depending on document verification.

How to Upgrade/Downgrade Account Types

To change your account type, contact customer support for guidance on the process and any additional requirements.

Part 5: magic Demo Account Information

magic Demo Account Guide

The magic demo account allows traders to practice without financial risk.

Demo Account Features and Benefits

• Access to all trading instruments available in live accounts.
• Practice trading strategies with virtual funds.
• No time limit for usage, but may have a virtual balance cap.

How to Open a Demo Account

1. Visit the magic website.
2. Click on the demo account registration link.
3. Fill in the required personal information.
4. Start trading with virtual funds.

Demo Account Limitations

• Virtual balance may be limited (e.g., $100,000).
• No access to real-time market data.

Demo vs Live Account Differences

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

Duration/Expiry of Demo Accounts

Demo accounts typically remain active until the virtual balance is depleted or the account is inactive for an extended period.

Part 6: magic Islamic Account (if available)

magic Islamic Account Details

The magic Islamic account is designed for traders who require a swap-free trading environment.

Swap-Free/Islamic Account Availability

• Eligibility Requirements: Must declare the need for an Islamic account during registration.
• Differences from Standard Accounts: No swap fees applied to overnight positions.
• How to Apply for Islamic Account: Indicate your preference during the account registration process.
• Restrictions or Special Conditions: May be limited to specific trading instruments.

FAQs – magic Account Types & Opening

1. What account types does magic offer？

• magic 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.

1. How long does magic account verification take？

• Verification typically takes 1-3 business days.

1. Does magic offer demo accounts？

• Yes, magic offers demo accounts for practice trading.

1. Can I have multiple account types with magic？

• Yes, you can have multiple account types, but you may need to contact support for specific setups.

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

• Yes, magic offers Islamic accounts that are swap-free.

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

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

1. Can I change my account type after registration？

• Yes, you can change your account type by contacting customer support.