MFM broker Accounts

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

Part 1: mfm Account Types Explained

Available Account Types

1. Standard Account

• Minimum Deposit: $100
• Spread/Commission Structure: Variable spreads starting from 1.5 pips
• Leverage Options: Up to 1:500
• Key Features: User-friendly platform, suitable for beginners
• Target User Profile: Beginners
• Trading Instruments Available: Forex, commodities, indices

1. ECN Account

• Minimum Deposit: $500
• Spread/Commission Structure: Low spreads starting from 0.0 pips + commission
• Leverage Options: Up to 1:200
• Key Features: Direct market access, lower trading costs
• Target User Profile: Advanced traders
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

1. Pro Account

• Minimum Deposit: $1,000
• Spread/Commission Structure: Tight spreads with reduced commission
• Leverage Options: Up to 1:400
• Key Features: Advanced trading tools, priority customer support
• Target User Profile: Professional traders
• Trading Instruments Available: Forex, commodities, indices, cryptocurrencies

1. Islamic Account

• Minimum Deposit: $100
• Spread/Commission Structure: Similar to Standard Account
• Leverage Options: Up to 1:500
• Key Features: Swap-free trading in compliance with Islamic law
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex, commodities, indices

1. Demo Account

• Minimum Deposit: Virtual funds (usually $10,000)
• Spread/Commission Structure: Simulated market conditions
• Leverage Options: Up to 1:500
• Key Features: Risk-free environment for practice
• Target User Profile: Beginners and those testing strategies
• Trading Instruments Available: Forex, commodities, indices

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: Detailed mfm Account Features

Comparison of Features Across Different Account Types

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: Virtual funds

• Maximum Leverage:

• Standard: 1:500

• ECN: 1:200

• Pro: 1:400

• Islamic: 1:500

• Demo: 1:500

• Spreads (Typical/Minimum):

• Standard: 1.5 pips

• ECN: 0.0 pips + commission

• Pro: Tight spreads

• Islamic: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: Variable based on trade volume

• Pro: Reduced commission

• Islamic: None

• Lot Size:

• Standard: Micro/mini/standard

• ECN: Micro/mini/standard

• Pro: Standard

• Islamic: Micro/mini/standard

• Available Trading Platforms:

• Standard: MT4/MT5

• ECN: MT4/MT5

• Pro: MT4/MT5

• Islamic: MT4/MT5

• Demo: MT4/MT5

• Execution Type:

• Standard: Market

• ECN: Instant

• Pro: Market

• Islamic: Market

• Demo: Market

• Islamic Account Availability:

• Standard: Yes

• ECN: Yes

• Pro: Yes

• Islamic: Yes

• Swap-Free Options:

• All account types can be configured as swap-free.

• Demo Account Features:

• Virtual balance of $10,000, risk-free trading environment.

Advantages and Disadvantages of Each Account Type

• Standard Account:

• Advantages: Easy to use, low minimum deposit, good for beginners.

• Disadvantages: Higher spreads compared to ECN, limited features.

• ECN Account:

• Advantages: Low spreads, direct market access, suitable for scalping.

• Disadvantages: Higher minimum deposit, commission fees apply.

• Pro Account:

• Advantages: Advanced tools, lower trading costs, priority support.

• Disadvantages: Higher minimum deposit, more complex for beginners.

• Islamic Account:

• Advantages: Complies with Islamic law, no swap fees.

• Disadvantages: Limited to specific trading conditions.

• Demo Account:

• Advantages: Risk-free, practice trading strategies.

• Disadvantages: Limited to virtual funds, not suitable for real trading experience.

Part 3: mfm Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; however, specific regions may be restricted.
• Prohibited Countries: Countries under international sanctions or restrictions may not be eligible.
• Identity Verification Documents Needed:
• Government-issued ID (passport, national ID)
• Proof of address (utility bill, bank statement)
• Proof of Residence Requirements: Recent documents showing your name and address.
• Additional Documentation for Professional Accounts: May require proof of trading experience or financial status.

KYC/AML Compliance Procedures

• mfm adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to ensure the integrity of the trading environment.

Verification Time Frames

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

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

Registration Process

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

Desktop vs Mobile Registration Differences

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

Common Registration Issues and Solutions

• Issue: Document rejection due to poor quality.
• Solution: Ensure documents are clear and legible before uploading.
• Issue: Delays in verification.
• Solution: Contact customer support for updates.

Average Account Approval Time

• Typically, account approval takes between 1 to 3 business days, depending on the volume of applications.

How to Upgrade/Downgrade Account Types

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

Part 5: mfm Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading strategies with virtual funds.
• Access to the same trading platform and tools as live accounts.

How to Open a Demo Account

• Visit the mfm website and select the demo account option, then follow the registration steps similar to opening a live account.

Demo Account Limitations

• Limited to virtual funds and does not reflect real market conditions.

Virtual Balance Amount

• Typically set at $10,000 for practice purposes.

Demo vs Live Account Differences

• Demo accounts use virtual funds and do not involve real money, while live accounts require real deposits and involve actual trading risks.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a limited time, often around 30 days, but can be extended upon request.

Part 6: mfm Islamic Account Details

Swap-Free/Islamic Account Availability

• mfm offers Islamic accounts that comply with Sharia law, allowing for swap-free trading.

Eligibility Requirements

• Must meet the general account opening requirements and specify the need for an Islamic account during registration.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, making them suitable for Muslim traders.

How to Apply for Islamic Account

• Select the Islamic account option during the registration process or contact customer support for assistance.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions, such as limits on certain trading strategies.

FAQs – mfm Account Types & Opening

1. What account types does mfm offer？

• mfm 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 funds.

1. How long does mfm account verification take？

• Verification typically takes 1 to 3 business days.

1. Does mfm offer demo accounts？

• Yes, mfm offers demo accounts for practice trading.

1. Can I have multiple account types with mfm？

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

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

• Yes, mfm provides Islamic accounts that are swap-free.

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

• A government-issued ID and proof of address 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.