MEFI broker Accounts

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

Part 1: mefi Account Types Explained

Mefi offers various account types tailored to different trading needs and levels of experience. Below is an overview of the 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: Ideal for beginners; access to all trading instruments.
• Target User Profile: Beginners and casual traders.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

2. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Low spreads starting from 0.1 pips; commission of $5 per lot.
• Leverage Options: Up to 1:200.
• Key Features: Direct market access; suitable for scalping.
• Target User Profile: Experienced traders and scalpers.
• Trading Instruments Available: Forex, commodities, and indices.

3. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Spreads starting from 0.5 pips; commission of $3 per lot.
• Leverage Options: Up to 1:100.
• Key Features: Advanced trading tools and analytics; priority customer support.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: All available instruments.

4. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to Standard Account but swap-free.
• Leverage Options: Up to 1:500.
• Key Features: Complies with Sharia law; no interest fees.
• Target User Profile: Muslim traders.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

5. Demo Account

• Minimum Deposit Requirement: Virtual balance (typically $10,000).
• Spread/Commission Structure: Same as Standard Account.
• Leverage Options: Up to 1:500.
• Key Features: Risk-free trading environment; practice strategies.
• Target User Profile: Beginners and traders testing strategies.
• Trading Instruments Available: All available instruments.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: Detailed mefi Account Features

Account Features Comparison

Advantages of Each Account Type

• Standard Account:

• Low minimum deposit.

• No commission fees.

• Suitable for beginners.

• ECN Account:

• Tight spreads.

• Direct market access.

• Ideal for scalping strategies.

• Pro Account:

• Advanced trading tools.

• Lower commission fees.

• Priority support.

• Islamic Account:

• Complies with Sharia law.

• No interest fees.

• Available for all instruments.

• Demo Account:

• Risk-free trading environment.

• Practice with virtual funds.

• Test strategies before live trading.

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN.

• ECN Account:

• Higher minimum deposit.

• Commission fees apply.

• Pro Account:

• Requires a significant initial investment.

• Not suitable for casual traders.

• Islamic Account:

• Limited to Muslim traders.

• Demo Account:

• No real market conditions.

• Limited duration for practice.

Part 3: mefi Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Not available in certain countries (specific list not provided).
• Prohibited Countries: Specific countries may be restricted based on regulatory compliance.
• Identity Verification Documents Needed: Government-issued ID, proof of residence.
• Proof of Residence Requirements: Utility bill or bank statement with the applicant's name and address.
• Additional Documentation for Professional Accounts: Business registration documents may be required.

KYC/AML Compliance Procedures

Mefi adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring users to provide identification and proof of residence.

Verification Time Frames

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

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

Detailed Step-by-Step Registration Process

1. Visit Website: Go to the mefi official website.
2. Click Registration: Locate and click the registration button.
3. Personal Information Entry: Fill in required personal details such as name, email, and phone number.
4. Choose Account Type: Select the desired account type from the available options.
5. Set Trading Preferences: Specify trading preferences and leverage options.
6. Document Upload: Upload required 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 the trading platform and begin trading.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, but the mobile interface may have simplified navigation.

Common Registration Issues and Solutions

• Issue: Document upload errors.

• Solution: Ensure documents are clear and meet the size requirements.

• Issue: Payment processing issues.

• Solution: Check payment method and ensure sufficient funds.

Average Account Approval Time

Typically, account approval takes between 1-3 business days.

How to Upgrade/Downgrade Account Types

Account type changes can be requested through the user dashboard or by contacting customer support.

Part 5: mefi Demo Account Guide

Demo Account Features and Benefits

• Risk-Free Trading: Allows users to practice trading without financial risk.
• Virtual Balance: Typically offers a virtual balance of $10,000.
• Access to All Instruments: Users can trade all available instruments in a simulated environment.

How to Open a Demo Account

1. Navigate to the demo account section on the mefi website.
2. Fill out the registration form for the demo account.
3. Receive login credentials for the demo account.

Demo Account Limitations

• Limited duration (typically 30 days).
• No access to real market conditions.

Virtual Balance Amount

Demo accounts usually come with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds; live accounts use real money.
• Demo accounts do not reflect real market conditions, while live accounts do.

Duration/Expiry of Demo Accounts

Demo accounts typically expire after 30 days unless extended by the broker.

Part 6: mefi Islamic Account Details

Swap-Free/Islamic Account Availability

Mefi offers Islamic accounts that comply with Sharia law, allowing trading without interest fees.

Eligibility Requirements

• Must be a Muslim trader.
• Verification of religious beliefs may be required.

Differences from Standard Accounts

Islamic accounts are swap-free, meaning they do not incur interest charges.

How to Apply for Islamic Account

1. Select the Islamic account option during the registration process.
2. Provide necessary documentation to verify eligibility.

Restrictions or Special Conditions

Islamic accounts may have specific trading conditions that differ from standard accounts, such as limited leverage options.

FAQs – mefi Account Types & Opening

1. What account types does mefi offer？

• mefi 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: Virtual balance.

1. How long does mefi account verification take？

• Verification typically takes 1-3 business days.

1. Does mefi offer demo accounts？

• Yes, mefi offers demo accounts for practice trading.

1. Can I have multiple account types with mefi？

• Yes, users can have multiple account types.

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

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

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

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

1. Can I change my account type after registration？

• Yes, account types can be changed through the user dashboard or customer support.