Magic Markets broker Accounts

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

magic markets Account Types Explained

Magic Markets offers a variety of account types designed to cater to different trading needs and experience levels. Below is an overview of the available account types, including their features and requirements.

Account Types Overview

Recommended Account Types by Trader Level

• Beginners: Silver Account
• Intermediate Traders: Gold Account
• Advanced Traders: Raw Spread Account

Detailed magic markets Account Features

Comparison of Features Across Account Types

• Minimum Deposit:

• Silver Account: $100

• Gold Account: $2,500

• Raw Spread Account: $5,000

• Maximum Leverage:

• Silver Account: Up to 1:20

• Gold Account: Up to 1:20

• Raw Spread Account: Up to 1:20

• Spreads:

• Silver Account: Floating spreads

• Gold Account: Floating spreads

• Raw Spread Account: Low spreads with commission

• Commission Fees:

• Silver Account: No commission

• Gold Account: No commission

• Raw Spread Account: Yes, commission applies

• Lot Size:

• All accounts allow trading in micro, mini, and standard lots depending on the instrument.

• Available Trading Platforms:

• All accounts support MetaTrader 4 (MT4) and mobile trading on iOS and Android.

• Execution Type:

• All accounts utilize market execution.

• Islamic Account Availability:

• Islamic accounts may be available upon request for all account types.

• Swap-Free Options:

• Available for Islamic accounts.

• Demo Account Features:

• All account types offer demo accounts for practice.

Advantages of Each Account Type

• Silver Account:

• Low minimum deposit

• Suitable for beginners

• Access to a wide range of trading instruments

• Gold Account:

• More advanced trading features

• Suitable for intermediate traders

• No commission on trades

• Raw Spread Account:

• Tight spreads for experienced traders

• Commission-based structure for better pricing

• Ideal for high-frequency trading

Disadvantages of Each Account Type

• Silver Account:

• Limited features compared to higher-tier accounts

• Higher spreads than Raw Spread Account

• Gold Account:

• Higher minimum deposit

• May not be suitable for absolute beginners

• Raw Spread Account:

• Requires a higher initial deposit

• Commission fees can add up for frequent traders

magic markets Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available globally, but specific countries may have restrictions.
• Prohibited Countries: Countries under international sanctions may be restricted from opening accounts.

Identity Verification Documents Needed

• Valid government-issued ID (passport or drivers license)
• Proof of residence (utility bill or bank statement)

Additional Documentation for Professional Accounts

• Financial statements or proof of trading experience may be required.

KYC/AML Compliance Procedures

• All applicants must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.

Verification Time Frames

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

Step-by-Step magic markets Account Opening Guide

Detailed Registration Process

1. Visit Website: Go to the magic markets website.
2. Click Registration: Find and click the registration button.
3. Personal Information Entry: Fill out the required personal information form.
4. Choose Account Type: Select the desired account type from the options available.
5. Set Trading Preferences: Specify your trading preferences and risk tolerance.
6. Document Upload: Upload the necessary identification and proof of residence documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit the minimum required amount to start trading.
9. Start Trading: Access your account and begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, although the mobile interface may have streamlined steps for ease of use.

Common Registration Issues and Solutions

• Issue: Document rejection due to poor quality.

• Solution: Ensure all documents are clear and legible before uploading.

• Issue: Delays in verification.

• Solution: Contact customer support for assistance.

Average Account Approval Time

• Typically, account approval takes between 1 to 3 business days.

How to Upgrade/Downgrade Account Types

• Users can request an upgrade or downgrade through the account management section on the magic markets platform.

magic markets Demo Account Guide

Demo Account Features and Benefits

• Access to all trading instruments available in live accounts.
• Practice trading without financial risk.
• Ideal for beginners to learn trading strategies.

How to Open a Demo Account

• Follow the same registration process as for live accounts, selecting the demo account option.

Demo Account Limitations

• Limited to virtual funds (usually $10,000).
• May have an expiry date after a certain period of inactivity.

Virtual Balance Amount

• Typically, demo accounts start with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts do not involve real money, while live accounts require actual funds and carry real risks.

Duration/Expiry of Demo Accounts

• Demo accounts may expire after 30 days of inactivity, but this can vary by provider.

magic markets Islamic Account Details

Swap-Free/Islamic Account Availability

• Islamic accounts are available upon request for traders who require compliance with Sharia law.

Eligibility Requirements

• Must provide documentation to confirm eligibility for an Islamic account.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, aligning with Islamic finance principles.

How to Apply for Islamic Account

• Request an Islamic account during the registration process or through customer support after opening a standard account.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions, such as limits on certain types of trades.

FAQs – magic markets Account Types & Opening

1. What account types does magic markets offer？

• Magic markets offers Silver, Gold, and Raw Spread accounts.

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

• Silver Account: $100, Gold Account: $2,500, Raw Spread Account: $5,000.

1. How long does magic markets account verification take？

• Verification typically takes 1-3 business days.

1. Does magic markets offer demo accounts？

• Yes, demo accounts are available for practice trading.

1. Can I have multiple account types with magic markets？

• Yes, users can open multiple account types.

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

• Yes, Islamic accounts are available upon request.

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

• A valid ID and proof of residence are required.

1. Can I change my account type after registration？

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