MX Account Types

MX offers various types of accounts to cater to different financial needs. The available account types include:

• Checking Account: A standard account for daily transactions.
• Savings Account: Designed for saving money with interest.
• Loan Account: For borrowing purposes, which includes personal loans.
• Credit Card Account: Allows users to make purchases on credit.
• Investment Account: For managing investments in stocks, bonds, and other securities.
• Line of Credit: A flexible loan option that allows borrowing up to a certain limit.
• Mortgage Account: For home loans.
• Property Account: Related to real estate holdings.
• Cash Account: For holding cash and cash equivalents.
• Insurance Account: For managing insurance policies.
• Prepaid Account: For prepaid cards and services.
• Checking Line of Credit: A hybrid account combining features of checking and credit.

For more detailed information on account types, please visit MX Docs.

MX Broker Account Opening Process

To open an account with MX, follow these steps:

• Access the Accounts Section: Click on the "Accounts" option in the left navigation pane.
• Create a New Account: Click "+ New Account" at the top of the accounts screen.
• Enter Account Information: Fill in the required fields in the account information section, including:
• Account Name/Number: Enter a user-defined name (up to 12 characters) for the routing account.
• Select Account Type: Choose the appropriate account type from the list.
• Define Routing Behavior: If applicable, specify if the account is a routing (external clearing), routing (internal sub-account), non-routing, audit trail only, or error routing account.
• Configure Additional Settings: Set up order cross prevention rules, trading capabilities, and any other relevant configurations.
• Save the Account: Click "Create" to finalize the account setup. The new account will appear in the accounts list.

For a comprehensive guide on the account opening process, refer to MX Help and Tutorials.