MagKing broker Accounts

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

Part 1: magking Account Types Explained

Available Account Types

1. Standard Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Variable spreads starting from 1.5 pips; no commission.
• Leverage Options: Up to 1:500.
• Key Features: Basic trading tools, access to major currency pairs.
• Target User Profile: Beginners and casual traders.
• Trading Instruments Available: Forex, commodities, indices.

1. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Tight spreads from 0.1 pips; commission of $5 per lot.
• Leverage Options: Up to 1:200.
• Key Features: Direct market access, lower latency, advanced trading tools.
• Target User Profile: Intermediate to advanced traders.
• Trading Instruments Available: Forex, commodities, cryptocurrencies.

1. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Variable spreads from 0.0 pips; commission of $3 per lot.
• Leverage Options: Up to 1:100.
• Key Features: Enhanced trading conditions, priority support.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: Forex, commodities, indices, stocks.

1. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to Standard Account; no swap fees.
• Leverage Options: Up to 1:500.
• Key Features: Compliant with Sharia law, no interest charges.
• Target User Profile: Muslim traders seeking Sharia-compliant trading.
• Trading Instruments Available: Forex, commodities.

1. Demo Account

• Minimum Deposit Requirement: N/A (virtual funds).
• Spread/Commission Structure: Same as Standard Account.
• Leverage Options: Up to 1:500.
• Key Features: Practice trading with virtual funds, access to all trading tools.
• Target User Profile: Beginners and those wanting to test strategies.
• Trading Instruments Available: Forex, commodities, indices.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: magking Account Features Comparison

Detailed magking Account Features

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: N/A

• Maximum Leverage:

• Standard: 1:500

• ECN: 1:200

• Pro: 1:100

• Islamic: 1:500

• Demo: 1:500

• Spreads (Typical/Minimum):

• Standard: 1.5 pips

• ECN: 0.1 pips

• Pro: 0.0 pips

• Islamic: 1.5 pips

• Demo: 1.5 pips

• Commission Fees:

• Standard: None

• ECN: $5 per lot

• Pro: $3 per lot

• Islamic: None

• Demo: None

• Lot Size:

• Standard: Micro (0.01)

• ECN: Mini (0.1)

• Pro: Standard (1.0)

• Islamic: Micro (0.01)

• Demo: Micro (0.01)

• Available Trading Platforms:

• Standard: MT4, MT5

• ECN: MT4, MT5

• Pro: MT4, MT5, proprietary

• Islamic: MT4, MT5

• Demo: MT4, MT5

• Execution Type:

• Standard: Market

• ECN: ECN

• Pro: ECN

• Islamic: Market

• Demo: Market

• Islamic Account Availability: Yes for Islamic Account.

• Swap-free Options: Available for Islamic Account.

• Demo Account Features: Full access to trading tools with virtual funds.

Advantages of Each Account Type

• Standard Account:

• Low minimum deposit

• No commission fees

• Suitable for beginners

• ECN Account:

• Tight spreads

• Direct market access

• Suitable for scalping

• Pro Account:

• Lowest spreads

• Priority customer support

• Advanced trading tools

• Islamic Account:

• Compliant with Sharia law

• No interest charges

• Suitable for Muslim traders

• Demo Account:

• Risk-free trading

• Practice with virtual funds

• Access to all trading tools

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN and Pro

• Limited advanced features

• ECN Account:

• Higher minimum deposit

• Commission fees apply

• Pro Account:

• Higher minimum deposit

• Commission fees apply

• Islamic Account:

• Limited availability of certain instruments

• May have restrictions on trading strategies

• Demo Account:

• Virtual funds only

• Limited duration for practice

Part 3: magking Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; check specific restrictions.
• Prohibited Countries: Countries under international sanctions may be restricted.

Identity Verification Documents Needed

• Government-issued ID: Passport or drivers license.
• Proof of Residence: Utility bill or bank statement with current address.
• Social Security Number: Required for tax purposes.

KYC/AML Compliance Procedures

• Complete identity verification through document submission.
• Provide additional information as required by regulatory authorities.

Verification Time Frames

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

Part 4: magking Account Opening Process

Step-by-Step magking Account Opening Guide

1. Visit Website: Go to the official magking website.
2. Click Registration: Click on the "Open Account" button.
3. Personal Information Entry: Fill in your personal details (name, email, phone).
4. Choose Account Type: Select the account type that suits your trading needs.
5. Set Trading Preferences: Specify your trading preferences (leverage, trading instruments).
6. Document Upload: Upload required identification and proof of residence.
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

• Desktop: Full registration process with all features available.
• Mobile: Streamlined process; may have limited features compared to desktop.

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 between 1-3 business days, depending on document verification.

How to Upgrade/Downgrade Account Types

• Log in to your account and navigate to the account settings to request an upgrade or downgrade.

Part 5: magking Demo Account Information

Demo Account Features and Benefits

• Access to all trading tools without financial risk.
• Ability to practice trading strategies in real market conditions.

How to Open a Demo Account

• Follow the same registration process but select "Demo Account" during account type selection.

Demo Account Limitations

• Limited duration (usually 30 days).
• Virtual funds only; no real trading.

Virtual Balance Amount

• Typically starts with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds; live accounts involve real money.
• Demo accounts may have limited access to certain features.

Duration/Expiry of Demo Accounts

• Demo accounts usually expire after 30 days of inactivity.

Part 6: magking Islamic Account Details

Swap-free/Islamic Account Availability

• Yes, Islamic accounts are available for traders seeking Sharia-compliant options.

Eligibility Requirements

• Must be a practicing Muslim.
• Provide documentation to verify eligibility.

Differences from Standard Accounts

• No swap fees applied.
• May have different trading conditions.

How to Apply for Islamic Account

• Select "Islamic Account" during the registration process and provide necessary documentation.

Restrictions or Special Conditions

• May have limitations on certain trading strategies that involve interest.

FAQs – magking Account Types & Opening

1. What account types does magking offer？

• magking 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 magking account verification take？

• Verification typically takes 1-3 business days.

1. Does magking offer demo accounts？

• Yes, magking offers demo accounts with virtual funds.

1. Can I have multiple account types with magking？

• Yes, you can have multiple account types.

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

• Yes, Islamic accounts are available.

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

• Government-issued ID, proof of residence, and Social Security number.

1. Can I change my account type after registration？

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