Midas broker Accounts

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

midas Account Types Explained

Midas offers a range of account types tailored to different trading needs and experience levels. Below is a detailed overview of the available account types, including their features, requirements, and target user profiles.

Available Account Types

1. ECN Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: From 0 pips; $5 per 100k traded
• Leverage Options: Up to 1:1000
• Key Features: Direct market access, low spreads, suitable for scalping
• Target User Profile: Beginner to advanced traders
• Trading Instruments Available: Forex, Cryptos, Indices, Metals

1. Standard (STD) Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: From 0.7 pips; no commission
• Leverage Options: Up to 1:1000
• Key Features: No commission fees, user-friendly for beginners
• Target User Profile: Beginner traders
• Trading Instruments Available: Forex, Cryptos, Indices, Metals

1. Demo Account

• Minimum Deposit Requirement: Not applicable (virtual funds)
• Spread/Commission Structure: Similar to live accounts
• Leverage Options: Up to 1:1000
• Key Features: Risk-free environment to practice trading
• Target User Profile: All traders, especially beginners
• Trading Instruments Available: Forex, Cryptos, Indices, Metals

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Standard (STD) Account
• Intermediate: ECN Account
• Advanced: ECN Account
• Practice: Demo Account

Detailed midas Account Features

Feature Comparison Across Account Types

• Minimum Deposit:

• ECN and STD accounts require a minimum deposit of $100.

• Demo accounts do not require a deposit.

• Maximum Leverage:

• All account types offer leverage up to 1:1000.

• Spreads:

• ECN accounts offer spreads from 0 pips.

• STD accounts have spreads starting from 0.7 pips.

• Commission Fees:

• ECN accounts incur a commission of $5 per 100k traded.

• STD accounts have no commission fees.

• Lot Size:

• Both ECN and STD accounts allow trading from 0.01 standard lots.

• Available Trading Platforms:

• Both account types support MT4 and MT5 trading platforms.

• Execution Type:

• ECN accounts utilize market execution.

• STD accounts also use market execution.

• Islamic Account Availability:

• Islamic accounts are available upon request for both ECN and STD accounts.

• Swap-Free Options:

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

• Demo Account Features:

• Virtual balance available for practice.

• Duration typically lasts for 30 days.

Advantages and Disadvantages of Each Account Type

ECN Account:

• Advantages:
• Low spreads and direct market access.
• Suitable for scalping and high-frequency trading.
• Transparent pricing model.
• Disadvantages:
• Commission fees may deter some traders.
• May be complex for absolute beginners.

STD Account:

• Advantages:
• No commission fees make it cost-effective.
• User-friendly interface for beginners.
• Simple trading experience.
• Disadvantages:
• Higher spreads compared to ECN accounts.
• Limited features for advanced trading strategies.

Demo Account:

• Advantages:
• Risk-free environment to practice trading.
• Access to the same trading conditions as live accounts.
• Ideal for testing strategies before going live.
• Disadvantages:
• Virtual trading may not replicate emotional pressures of live trading.
• Limited duration may restrict practice time.

midas Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available to traders worldwide, but may be subject to local regulations.
• Prohibited Countries: Specific countries may be restricted based on regulatory compliance.
• Identity Verification Documents Needed:
• Government-issued ID (passport or national ID).
• Proof of residence (utility bill or bank statement).
• Additional Documentation for Professional Accounts: May require financial statements or proof of trading experience.

KYC/AML Compliance Procedures

• Midas adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring verification of identity and address.

Verification Time Frames

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

Step-by-Step midas Account Opening Guide

Registration Process

1. Visit the Website: Go to the Midas trading platform.
2. Click Registration: Locate and click the "Register" button.
3. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
4. Choose Account Type: Select the account type you wish to open (ECN or STD).
5. Set Trading Preferences: Indicate your trading preferences and leverage settings.
6. Document Upload: Upload the required verification documents (ID 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

• The registration process is similar on both desktop and mobile platforms, with mobile interfaces optimized for ease of use.

Common Registration Issues and Solutions

• Issue: Document upload fails.
• Solution: Ensure documents are clear and in the correct format (JPEG, PNG, PDF).
• Issue: Verification delays.
• Solution: Contact customer support for assistance.

Average Account Approval Time

• Account approval generally takes 1 to 3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

• Account type changes can typically be requested through customer support or within the account management section of the platform.

midas Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading strategies.
• Access to the same trading conditions as live accounts.
• Ideal for beginners to familiarize themselves with the trading platform.

How to Open a Demo Account

• Visit the Midas website and select the option to open a demo account.
• Fill in the required information and start trading with virtual funds.

Demo Account Limitations

• Limited duration of 30 days.
• Virtual funds may not reflect real market conditions.

Virtual Balance Amount

• The demo account typically comes with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts require real money deposits.
• Emotional pressures and market conditions differ significantly between demo and live trading.

Duration/Expiry of Demo Accounts

• Demo accounts generally expire after 30 days of inactivity.

midas Islamic Account Details

Swap-Free/Islamic Account Availability

• Midas offers swap-free accounts for traders who comply with Islamic finance principles.

Eligibility Requirements

• Traders must request the Islamic account option during the registration process.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, adhering to Sharia law.

How to Apply for Islamic Account

• Indicate the request for an Islamic account during the account registration process or contact customer support.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions, including limitations on certain trading strategies.

FAQs – midas Account Types & Opening

1. What account types does midas offer？

• Midas offers ECN and Standard (STD) accounts, as well as demo accounts.

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

• The minimum deposit for both ECN and STD accounts is $100.

1. How long does midas account verification take？

• Account verification typically takes 1 to 3 business days.

1. Does midas offer demo accounts？

• Yes, Midas offers demo accounts for practice trading.

1. Can I have multiple account types with midas？

• Yes, traders can open multiple account types.

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

• Yes, Midas provides Islamic accounts upon request.

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

• Required documents include a government-issued ID and proof of residence.

1. Can I change my account type after registration？

• Yes, account type changes can be requested through customer support.