Modex broker Accounts

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

modex Account Types Explained

Modex offers a variety of account types tailored to different trading needs and preferences. Below is a comprehensive overview of the available account types, including their features, requirements, and target user profiles.

1. Standard Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Variable spreads starting from 1.5 pips
• Leverage Options: Up to 1:500
• Key Features:
• Access to all trading instruments
• Standard trading conditions
• 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: Raw spreads from 0.1 pips + $5 commission per lot
• Leverage Options: Up to 1:200
• Key Features:
• Direct market access
• Faster execution speeds
• Target User Profile: Experienced traders and scalpers
• Trading Instruments Available: Forex, commodities, indices

3. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips + $3 commission per lot
• Leverage Options: Up to 1:400
• Key Features:
• Advanced trading tools
• Priority customer support
• Target User Profile: Professional traders and institutions
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies

4. Islamic Account

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

5. Demo Account

• Minimum Deposit Requirement: Virtual balance (typically $10,000)
• Spread/Commission Structure: Same as Standard Account
• Leverage Options: Same as Standard Account
• Key Features:
• Practice trading without risk
• Access to all trading instruments
• Target User Profile: Beginners and traders looking to test strategies
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies

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

Detailed modex Account Features

Feature Comparison Across Account Types

Advantages of Each Account Type

• Standard Account:
• Low minimum deposit
• Suitable for beginners
• Access to a wide range of instruments
• ECN Account:
• Tight spreads
• Fast execution speeds
• Ideal for scalping
• Pro Account:
• Advanced trading tools
• Lower commission fees
• Priority support
• Islamic Account:
• Complies with Sharia law
• No swap fees
• Suitable for Muslim traders
• Demo Account:
• Risk-free trading
• Practice strategies
• Familiarize with the platform

Disadvantages of Each Account Type

• Standard Account:
• Higher spreads compared to ECN
• Limited features for advanced trading
• ECN Account:
• Higher minimum deposit
• Commission fees can add up
• Pro Account:
• High minimum deposit
• Not suitable for beginners
• Islamic Account:
• Limited to Muslim traders
• May have fewer features than Standard
• Demo Account:
• Virtual funds only
• Limited duration for practice

modex Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old
• Geographic Restrictions: Available in most countries, but specific restrictions may apply
• Prohibited Countries: Countries under international sanctions may not be eligible
• Identity Verification Documents Needed:
• Government-issued ID (passport or national ID)
• Proof of address (utility bill or bank statement)
• Proof of Residence Requirements: Must provide a document showing current residential address
• Additional Documentation for Professional Accounts: May require proof of trading experience or financial status

KYC/AML Compliance Procedures

Modex adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring users to verify their identity and source of funds.

Verification Time Frames

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

Step-by-Step modex Account Opening Guide

Registration Process

1. Visit the Website: Go to the Modex homepage.
2. Click Registration: Locate and click on the "Register" button.
3. Personal Information Entry: Fill in personal details such as name, email, and phone number.
4. Choose Account Type: Select the desired account type from the options available.
5. Set Trading Preferences: Customize your trading settings according to your preferences.
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 start trading.
9. Start Trading: Access the trading platform and begin your trading journey.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, but the mobile interface may be streamlined for ease of use.

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 updates.

Average Account Approval Time

Most accounts are approved within 1-3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

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

modex Demo Account Guide

Demo Account Features and Benefits

• Features: Access to all trading instruments, same trading conditions as live accounts.
• Benefits: Allows traders to practice strategies and familiarize themselves with the platform without financial risk.

How to Open a Demo Account

1. Visit the Modex website.
2. Click on the "Open Demo Account" option.
3. Fill in the required information.
4. Start trading with virtual funds.

Demo Account Limitations

• Limited to virtual funds and cannot be used for real trading.
• May have a set expiration period.

Virtual Balance Amount

Typically, demo accounts are funded with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo Account: Virtual funds, practice environment.
• Live Account: Real funds, actual trading environment.

Duration/Expiry of Demo Accounts

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

modex Islamic Account Details

Swap-Free/Islamic Account Availability

Modex offers Islamic accounts that comply with Sharia law, allowing traders to engage in trading without incurring swap fees.

Eligibility Requirements

To qualify for an Islamic account, traders must declare their adherence to Islamic finance principles.

Differences from Standard Accounts

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

How to Apply for Islamic Account

Traders can select the Islamic account option during the registration process or request it through customer support after account creation.

Restrictions or Special Conditions

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

FAQs – modex Account Types & Opening

1. What account types does modex offer？

• Modex 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 $10,000.

1. How long does modex account verification take？

• Verification typically takes 1-3 business days.

1. Does modex offer demo accounts？

• Yes, modex provides demo accounts for practice trading.

1. Can I have multiple account types with modex？

• Yes, users can open multiple account types as per their trading needs.

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

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

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

• A 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.