Meristem broker Accounts

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

Part 1: meristem Account Types Overview

meristem Account Types Explained

Meristem offers a variety of account types tailored to meet the needs of different traders. Below is a detailed overview of each account type available:

1. Standard Account

• Minimum Deposit Requirement: ₦10,000
• Spread/Commission Structure: Variable spreads starting from 1.0 pips
• Leverage Options: Up to 1:100
• Key Features: Ideal for beginners; access to all trading instruments
• Target User Profile: Beginners and casual traders
• Trading Instruments Available: Forex, commodities, indices

1. ECN Account

• Minimum Deposit Requirement: ₦50,000
• Spread/Commission Structure: Tight spreads from 0.0 pips with a commission of ₦1,000 per lot
• Leverage Options: Up to 1:200
• Key Features: Direct market access, suitable for high-frequency trading
• Target User Profile: Advanced traders and scalpers
• Trading Instruments Available: Forex, commodities, cryptocurrencies

1. Pro Account

• Minimum Deposit Requirement: ₦100,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips with a lower commission
• Leverage Options: Up to 1:500
• Key Features: Enhanced trading conditions for professional traders
• Target User Profile: Professional and institutional traders
• Trading Instruments Available: All instruments including stocks and ETFs

1. Islamic Account

• Minimum Deposit Requirement: ₦10,000
• Spread/Commission Structure: Similar to the Standard Account but swap-free
• Leverage Options: Up to 1:100
• Key Features: Complies with Sharia law; no swap fees
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex, commodities, indices

1. Demo Account

• Minimum Deposit Requirement: Virtual funds (typically ₦1,000,000)
• Spread/Commission Structure: Same as the Standard Account
• Leverage Options: Same as the Standard Account
• Key Features: Practice trading without risk; access to all trading features
• Target User Profile: Beginners and traders testing strategies
• Trading Instruments Available: All instruments available in live accounts

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: meristem Account Features Comparison

Detailed meristem Account Features

When comparing the features of meristem account types, consider the following aspects:

• Minimum Deposit: Ranges from ₦10,000 for Standard and Islamic accounts to ₦100,000 for Pro accounts.
• Maximum Leverage: Varies from 1:100 for Standard and Islamic accounts to 1:500 for Pro accounts.
• Spreads:
• Standard: Variable from 1.0 pips
• ECN: From 0.0 pips
• Pro: From 0.5 pips
• Islamic: Similar to Standard
• Commission Fees:
• Standard: None
• ECN: ₦1,000 per lot
• Pro: Lower than ECN
• Islamic: None
• Lot Size:
• Standard: Micro and Mini
• ECN: Standard
• Pro: Standard
• Islamic: Micro and Mini
• Available Trading Platforms: MT4 and MT5 for all account types; proprietary platform for Pro accounts.
• Execution Type:
• Standard: Market execution
• ECN: ECN execution
• Pro: Market execution
• Islamic: Market execution
• Islamic Account Availability: Yes, for Standard and Islamic accounts.
• Swap-Free Options: Available for Islamic accounts.
• Demo Account Features: Full access to trading instruments with virtual funds.

Advantages of Each Account Type

• Standard Account:
• Easy to open and manage
• No commission fees
• Suitable for beginners
• ECN Account:
• Low spreads
• Direct market access
• Ideal for scalping
• Pro Account:
• High leverage
• Lower commission fees
• Advanced trading tools
• Islamic Account:
• Complies with Sharia law
• No swap fees
• Suitable for Muslim traders
• Demo Account:
• Risk-free trading
• Practice strategies
• Access to all features

Disadvantages of Each Account Type

• Standard Account:
• Higher spreads compared to ECN
• Limited features for advanced trading
• ECN Account:
• Requires higher minimum deposit
• Commission fees can add up
• Pro Account:
• High minimum deposit
• Complex for beginners
• Islamic Account:
• Limited to specific trading conditions
• May have fewer features than other accounts
• Demo Account:
• No real profits
• Limited to virtual funds

Part 3: meristem Account Opening Requirements

meristem Account Registration Requirements

To open a meristem account, applicants must meet the following eligibility criteria:

• Age Requirements: Minimum age of 18 years.
• Geographic Restrictions: Open to residents of Nigeria and certain other countries.
• Prohibited Countries: Specific countries may be restricted due to regulatory compliance.
• Identity Verification Documents Needed:
• Government-issued ID (e.g., National ID, Passport)
• Proof of address (e.g., utility bill, bank statement)
• Proof of Residence Requirements: Recent utility bill or bank statement showing the applicant's name and address.
• Additional Documentation for Professional Accounts: Business registration documents for corporate accounts.

KYC/AML Compliance Procedures

• All applicants must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as part of the registration process.

Verification Time Frames

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

Part 4: meristem Account Opening Process

Step-by-Step meristem Account Opening Guide

1. Visit Website and Click Registration: Go to the official meristem website.
2. Personal Information Entry: Fill in personal details such as name, email, and phone number.
3. Choose Account Type: Select the desired account type from the options available.
4. Set Trading Preferences: Indicate your trading preferences and risk appetite.
5. Document Upload: Upload required identification and proof of residence documents.
6. Account Verification: Wait for the verification process to be completed by meristem.
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 may have a more streamlined interface.

Common Registration Issues and Solutions

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

Average Account Approval Time

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

How to Upgrade/Downgrade Account Types

• Users can request to upgrade or downgrade their account type through customer support or the account management portal.

Part 5: meristem Demo Account Information

meristem Demo Account Guide

• Demo Account Features and Benefits:

• Access to all trading instruments with virtual funds.

• Ideal for practicing trading strategies without financial risk.

• How to Open a Demo Account:

• Registration is done through the meristem website by selecting the demo account option.

• Demo Account Limitations:

• Limited to virtual funds; cannot withdraw profits.

• Virtual Balance Amount:

• Typically set at ₦1,000,000 in virtual funds.

• Demo vs Live Account Differences:

• Demo accounts use virtual funds, while live accounts involve real money.

• Duration/Expiry of Demo Accounts:

• Demo accounts may remain active for a limited period, usually 30 days, but can be renewed.

Part 6: meristem Islamic Account (if available)

meristem Islamic Account Details

• Swap-Free/Islamic Account Availability:

• Yes, meristem offers Islamic accounts that comply with Sharia law.

• Eligibility Requirements:

• Must be a Muslim trader seeking a swap-free trading environment.

• Differences from Standard Accounts:

• Islamic accounts do not incur swap fees and may have different trading conditions.

• 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 instruments available and may not allow certain types of trades that involve interest.

FAQs – meristem Account Types & Opening

1. What account types does meristem offer？

• Meristem offers Standard, ECN, Pro, Islamic, and Demo accounts.

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

• Standard: ₦10,000; ECN: ₦50,000; Pro: ₦100,000; Islamic: ₦10,000; Demo: Virtual funds.

1. How long does meristem account verification take？

• Verification typically takes 1-3 business days.

1. Does meristem offer demo accounts？

• Yes, meristem provides demo accounts for practice trading.

1. Can I have multiple account types with meristem？

• Yes, users can open multiple account types as needed.

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

• Yes, Islamic accounts are available for Muslim traders.

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

• Government-issued 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 through customer support.