MIDAS FOREX broker Accounts

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

midas forex Account Types Explained

Midas Forex offers a variety of account types tailored to different trading needs and preferences. Below is a detailed overview of the available account types, including their features and suitability for different trader profiles.

1. Standard Account (STD)

• Minimum Deposit Requirement: $1
• Spread/Commission Structure: Spreads from 0.7 pips; no commission on trades (except for indices).
• Leverage Options: Up to 1:1000.
• Key Features: Spread-only account, suitable for beginners and casual traders.
• Target User Profile: Beginners and intermediate traders.
• Trading Instruments Available: Forex, cryptocurrencies, indices, and commodities.

2. ECN Account

• Minimum Deposit Requirement: $1
• Spread/Commission Structure: Spreads from 0 pips; $5 commission per 100k traded.
• Leverage Options: Up to 1:1000.
• Key Features: Direct market access with lower spreads, ideal for high-frequency trading.
• Target User Profile: Advanced and professional traders.
• Trading Instruments Available: Forex, cryptocurrencies, indices, and commodities.

3. Islamic Account

• Minimum Deposit Requirement: $1
• Spread/Commission Structure: Similar to STD and ECN accounts but swap-free.
• Leverage Options: Up to 1:1000.
• Key Features: Complies with Islamic finance principles, no swap fees.
• Target User Profile: Muslim traders seeking compliance with Sharia law.
• Trading Instruments Available: Forex, cryptocurrencies, indices, and commodities.

4. Demo Account

• Minimum Deposit Requirement: Virtual balance (amount varies).
• Spread/Commission Structure: Similar to live accounts.
• Leverage Options: Up to 1:1000.
• Key Features: Allows traders to practice without risk; features all trading instruments.
• Target User Profile: Beginners and traders testing strategies.
• Trading Instruments Available: Forex, cryptocurrencies, indices, and commodities.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Standard Account
• Intermediate Traders: ECN Account
• Advanced Traders: ECN Account or Islamic Account
• Testing Strategies: Demo Account

Detailed midas forex Account Features

Feature Comparison Across Account Types

• Minimum Deposit:

• All accounts require a minimum deposit of $1.

• Maximum Leverage:

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

• Spreads:

• Standard Account: From 0.7 pips.

• ECN Account: From 0 pips.

• Commission Fees:

• Standard Account: None (except for indices).

• ECN Account: $5 per 100k traded.

• Lot Size:

• Minimum trade size is 0.01 standard lots across all accounts.

• Available Trading Platforms:

• MT4 and MT5 for all account types.

• Execution Type:

• Standard Account: Market execution.

• ECN Account: Direct market execution.

• Islamic Account Availability:

• Available for both Standard and ECN accounts.

• Swap-Free Options:

• Offered for Islamic accounts.

• Demo Account Features:

• Available for all traders to practice trading strategies.

Advantages of Each Account Type

• Standard Account:

• Easy to understand for beginners.

• No commission fees.

• Suitable for casual trading.

• ECN Account:

• Lower spreads enhance profitability.

• Ideal for scalping and high-frequency trading.

• Direct access to liquidity providers.

• Islamic Account:

• Complies with Islamic finance principles.

• No swap fees.

• Demo Account:

• Risk-free environment to practice trading.

• Access to all trading instruments.

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN accounts.

• ECN Account:

• Commission fees can reduce profitability for smaller trades.

• Islamic Account:

• Limited availability and may have specific conditions.

• Demo Account:

• No real financial gain; may not fully replicate live trading conditions.

midas forex Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Clients from certain countries may be restricted.
• Prohibited Countries: Not specified but typically includes regions with strict financial regulations.

Identity Verification Documents Needed

• Proof of Identity: Government-issued ID (passport, national ID).
• Proof of Residence: Utility bill or bank statement with your name and address.

Additional Documentation for Professional Accounts

• May require financial statements or proof of trading experience.

KYC/AML Compliance Procedures

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

Verification Time Frames

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

Step-by-Step midas forex Account Opening Guide

Detailed Registration Process

1. Visit Website: Go to the Midas Forex official website.
2. Click Registration: Locate and click the registration button.
3. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
4. Choose Account Type: Select the desired account type (Standard, ECN, etc.).
5. Set Trading Preferences: Indicate your trading preferences and leverage options.
6. Document Upload: Upload required identity verification documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit funds to activate your trading account.
9. Start Trading: Access the trading platform and begin trading.

Desktop vs Mobile Registration Differences

• Registration processes are similar on both desktop and mobile platforms, but mobile may offer a more streamlined experience.

Common Registration Issues and Solutions

• Issue: Not receiving verification email.

• Solution: Check spam/junk folders or ensure the correct email was entered.

• Issue: Document upload failures.

• Solution: Ensure documents are clear and in the correct format.

Average Account Approval Time

• Typically ranges from 1 to 3 business days.

How to Upgrade/Downgrade Account Types

• Contact customer support to request changes to your account type.

midas forex Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading strategies.
• Access to all trading instruments available in live accounts.

How to Open a Demo Account

• Follow the same registration steps as for a live account, selecting the demo option.

Demo Account Limitations

• Virtual balance may not reflect real market conditions.

Virtual Balance Amount

• Typically set at $10,000 or another specified amount.

Demo vs Live Account Differences

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

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a limited time, often 30 days, unless extended.

midas forex Islamic Account Details

Swap-Free/Islamic Account Availability

• Midas Forex offers Islamic accounts that comply with Sharia law.

Eligibility Requirements

• Must be a practicing Muslim.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees.

How to Apply for Islamic Account

• Select the Islamic account option during the registration process.

Restrictions or Special Conditions

• May have specific trading conditions or limitations compared to standard accounts.

FAQs – midas forex Account Types & Opening

1. What account types does midas forex offer？

• Midas Forex offers Standard, ECN, Islamic, and Demo accounts.

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

• The minimum deposit for all account types is $1.

1. How long does midas forex account verification take？

• Verification typically takes 1-3 business days.

1. Does midas forex offer demo accounts？

• Yes, Midas Forex offers demo accounts for practice trading.

1. Can I have multiple account types with midas forex？

• Yes, you can open multiple account types.

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

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

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

• You need a government-issued ID and proof of residence.

1. Can I change my account type after registration？

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