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

Part 1: modity Account Types Explained

Available Account Types

1. Standard Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Variable spreads starting from 1.0 pips
• Leverage Options: Up to 1:500
• Key Features: Access to all trading instruments, educational resources, and customer support.
• Target User Profile: Beginners and intermediate traders.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

1. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Low spreads from 0.0 pips with a commission of $3 per lot.
• Leverage Options: Up to 1:200
• Key Features: Direct market access, faster execution speeds, and no dealing desk intervention.
• Target User Profile: Advanced traders and scalpers.
• Trading Instruments Available: Forex, commodities, and indices.

1. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips with lower commissions.
• Leverage Options: Up to 1:400
• Key Features: Professional trading tools, advanced charting, and dedicated account manager.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

1. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to Standard Account but swap-free.
• Leverage Options: Up to 1:500
• Key Features: Compliance with Sharia law, no interest on overnight positions.
• Target User Profile: Muslim traders seeking compliant trading options.
• Trading Instruments Available: Forex, commodities, indices.

1. Demo Account

• Minimum Deposit Requirement: N/A (virtual funds provided)
• Spread/Commission Structure: Similar to Standard Account.
• Leverage Options: Up to 1:500
• Key Features: Risk-free trading environment, practice trading strategies, and access to educational resources.
• Target User Profile: Beginners and traders testing strategies.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: modity Account Features Comparison

Detailed modity Account Features

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: N/A

• Maximum Leverage:

• Standard: 1:500

• ECN: 1:200

• Pro: 1:400

• Islamic: 1:500

• Demo: 1:500

• Spreads (Typical/Minimum):

• Standard: From 1.0 pips

• ECN: From 0.0 pips

• Pro: From 0.5 pips

• Islamic: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: $3 per lot

• Pro: Lower commissions

• Islamic: None

• Lot Size:

• Standard: Micro, Mini, Standard

• ECN: Micro, Mini, Standard

• Pro: Micro, Mini, Standard

• Islamic: Micro, Mini, Standard

• Demo: 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: ECN

• Pro: Market

• Islamic: Market

• Demo: Market

• Islamic Account Availability: Yes for Islamic Account

• Swap-Free Options: Available for Islamic Account

• Demo Account Features: Virtual funds, practice trading strategies, access to educational resources.

Advantages of Each Account Type

• Standard Account:

• Low minimum deposit

• User-friendly for beginners

• Access to a wide range of instruments

• ECN Account:

• Tight spreads

• Fast execution speeds

• Direct market access

• Pro Account:

• Advanced trading tools

• Lower commission fees

• Dedicated account management

• Islamic Account:

• Compliance with Sharia law

• No interest fees

• Suitable for Muslim traders

• Demo Account:

• Risk-free trading

• Practice without financial commitment

• Access to educational resources

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN

• Limited advanced features

• ECN Account:

• Higher minimum deposit

• Commission fees may add up

• Pro Account:

• Higher minimum deposit

• May not be suitable for casual traders

• Islamic Account:

• Limited to Muslim traders

• May have fewer features than standard accounts

• Demo Account:

• No real money involved

• Limited trading experience compared to live accounts

Part 3: modity Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; check specific restrictions.
• Prohibited Countries: Countries under international sanctions may be restricted.
• Identity Verification Documents Needed:
• Government-issued ID (passport or driver's license)
• Proof of residence (utility bill or bank statement)
• Proof of Residence Requirements: Recent documents showing name and address.
• Additional Documentation for Professional Accounts: May include financial statements or proof of trading experience.

KYC/AML Compliance Procedures

• All applicants must complete Know Your Customer (KYC) procedures.
• Anti-Money Laundering (AML) checks are mandatory.

Verification Time Frames

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

Part 4: modity Account Opening Process

Step-by-Step modity Account Opening Guide

1. Visit Website and Click Registration: Navigate to the modity website and select the registration option.
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 available options.
4. Set Trading Preferences: Specify trading preferences and leverage options.
5. Document Upload: Upload required identity verification documents.
6. Account Verification: Wait for the account to be verified by modity.
7. Fund Your Account: Deposit the minimum required amount to start trading.
8. Start Trading: Access your account and begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but mobile users may have a more streamlined experience.

Common Registration Issues and Solutions

• Issue: Document upload failure.
• 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 between 1-3 business days.

How to Upgrade/Downgrade Account Types

• Users can request account type changes through customer support or their account management portal.

Part 5: modity Demo Account Information

modity Demo Account Features and Benefits

• Provides a risk-free environment to practice trading.
• Access to all trading instruments available in live accounts.
• Educational resources to enhance trading skills.

How to Open a Demo Account

• Visit the modity website and select the demo account option.
• Fill in the required personal information and create an account.

Demo Account Limitations

• Limited to virtual funds; cannot be used for real trading.
• May have a time limit for usage.

Virtual Balance Amount

• Typically, demo accounts come with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts require real money deposits.
• Live accounts may have additional features and benefits.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for 30 days but can be extended upon request.

Part 6: modity Islamic Account Details

Swap-Free/Islamic Account Availability

• modity offers Islamic accounts that comply with Sharia law.

Eligibility Requirements

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

Differences from Standard Accounts

• Islamic accounts do not incur overnight interest fees.

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 conditions and limitations.

FAQs – modity Account Types & Opening

1. What account types does modity offer？

• modity 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: N/A.

1. How long does modity account verification take？

• Verification typically takes 1-3 business days.

1. Does modity offer demo accounts？

• Yes, modity offers demo accounts for practice trading.

1. Can I have multiple account types with modity？

• Yes, traders can open multiple account types.

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

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

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

• A government-issued ID and proof of residence are required.

1. Can I change my account type after registration？

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