Myforexeye broker Accounts

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

myforexeye Account Types Explained

Myforexeye 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, minimum deposit requirements, and target user profiles.

1. Standard Account

• Minimum Deposit: ₹10,000
• Spread/Commission Structure: Fixed spreads starting from 2 pips
• Leverage Options: Up to 1:100
• Key Features:
• User-friendly interface
• Access to all trading instruments
• Suitable for beginners
• Target User Profile: Beginners and casual traders
• Trading Instruments Available: Forex, commodities, and indices

2. ECN Account

• Minimum Deposit: ₹25,000
• Spread/Commission Structure: Variable spreads starting from 0.1 pips, with a commission of ₹20 per lot
• Leverage Options: Up to 1:200
• Key Features:
• Direct market access
• Low latency execution
• Ideal for high-frequency traders
• Target User Profile: Advanced and professional traders
• Trading Instruments Available: Forex, commodities, and cryptocurrencies

3. Pro Account

• Minimum Deposit: ₹50,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips, with a commission of ₹10 per lot
• Leverage Options: Up to 1:200
• Key Features:
• Enhanced trading conditions
• Priority customer support
• Advanced trading tools
• Target User Profile: Experienced traders and institutions
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies

4. Islamic Account

• Minimum Deposit: ₹10,000
• Spread/Commission Structure: Similar to the Standard account, but swap-free
• Leverage Options: Up to 1:100
• Key Features:
• Complies with Sharia law
• No overnight swaps
• Target User Profile: Muslim traders seeking compliance with Islamic finance principles
• Trading Instruments Available: Forex and commodities

5. Demo Account

• Minimum Deposit: N/A (virtual funds)
• Spread/Commission Structure: Similar to the Standard account
• Leverage Options: Up to 1:100
• Key Features:
• Practice trading without risk
• Access to all trading instruments
• Ideal for beginners to test strategies
• Target User Profile: Beginners and traders testing new strategies
• Trading Instruments Available: Forex, commodities, and indices

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Detailed myforexeye Account Features

Comparison of Features Across Different Account Types

• Minimum Deposit:

• Standard: ₹10,000

• ECN: ₹25,000

• Pro: ₹50,000

• Islamic: ₹10,000

• Demo: N/A

• Maximum Leverage:

• Standard: 1:100

• ECN: 1:200

• Pro: 1:200

• Islamic: 1:100

• Demo: 1:100

• Spreads (Typical/Minimum):

• Standard: 2 pips

• ECN: 0.1 pips

• Pro: 0.5 pips

• Islamic: Similar to Standard

• Demo: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: ₹20 per lot

• Pro: ₹10 per lot

• Islamic: None

• Demo: None

• Lot Size:

• Standard: Micro and Mini

• ECN: Standard

• Pro: Standard

• Islamic: Micro and Mini

• Demo: Micro and Mini

• Available Trading Platforms:

• All accounts: MT4, MT5, and proprietary platform

• Execution Type:

• Standard: Market

• ECN: ECN

• Pro: Market

• Islamic: Market

• Demo: Market

• Islamic Account Availability: Yes for Islamic Account

• Swap-Free Options: Yes for Islamic Account

• Demo Account Features: Available for all account types

Advantages of Each Account Type

• Standard Account:

• Easy to use for beginners

• No commission fees

• Access to all trading instruments

• ECN Account:

• Low spreads and commissions

• Fast execution speeds

• Direct market access

• Pro Account:

• Enhanced trading conditions

• Priority support

• Advanced tools for analysis

• Islamic Account:

• Complies with Islamic finance principles

• No overnight interest charges

• Demo Account:

• Risk-free trading environment

• Ideal for practice and strategy testing

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN

• Limited advanced features

• ECN Account:

• Requires higher minimum deposit

• Commission fees can add up

• Pro Account:

• Higher minimum deposit requirement

• Not suitable for beginners

• Islamic Account:

• Limited to specific trading conditions

• May have fewer features compared to other accounts

• Demo Account:

• Virtual funds may not reflect real trading conditions

• Limited duration for practice

myforexeye Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old
• Geographic Restrictions: Available to residents of India and select countries
• Prohibited Countries: Specific countries may be restricted due to regulatory compliance (details not specified)

Identity Verification Documents Needed

• Proof of Identity:

• Passport

• Drivers License

• National ID card

• Proof of Residence:

• Utility bill (not older than 3 months)

• Bank statement

• Government-issued document with address

Additional Documentation for Professional Accounts

• Financial statements or proof of income may be required for high-value accounts.

KYC/AML Compliance Procedures

• All users must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks as part of the registration process.

Verification Time Frames

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

Step-by-Step myforexeye Account Opening Guide

Detailed Registration Process

1. Visit Website: Go to the myforexeye website.
2. Click Registration: 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: Specify trading preferences, including leverage and trading instruments.
6. Document Upload: Upload required identity verification documents.
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 the trading platform and begin trading.

Desktop vs Mobile Registration Differences

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

Common Registration Issues and Solutions

• Issue: Document upload errors

• Solution: Ensure documents are clear and meet the required specifications.

• 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 changes to their account type through the customer support portal or account management section.

myforexeye Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment for practice trading.
• 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 but select the demo option.

Demo Account Limitations

• Virtual balance may not reflect real market conditions.
• Limited duration for usage (specific time frame not mentioned).

Virtual Balance Amount

• Typically, demo accounts come with a virtual balance of ₹1,000,000.

Demo vs Live Account Differences

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

Duration/Expiry of Demo Accounts

• Demo accounts may expire after a certain period of inactivity (specific duration not mentioned).

myforexeye Islamic Account Details

Swap-Free/Islamic Account Availability

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

Eligibility Requirements

• Must provide proof of Muslim faith or intent to trade in accordance with Islamic principles.

Differences from Standard Accounts

• Islamic accounts do not incur overnight swap fees.

How to Apply for Islamic Account

• Select the Islamic account option during the registration process.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions or limitations on certain instruments.

FAQs – myforexeye Account Types & Opening

1. What account types does myforexeye offer？

• Myforexeye offers Standard, ECN, Pro, Islamic, and Demo accounts.

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

• Standard: ₹10,000, ECN: ₹25,000, Pro: ₹50,000, Islamic: ₹10,000, Demo: N/A.

1. How long does myforexeye account verification take？

• Verification typically takes 1-3 business days.

1. Does myforexeye offer demo accounts？

• Yes, myforexeye provides demo accounts for practice trading.

1. Can I have multiple account types with myforexeye？

• Yes, users can open multiple account types.

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

• Yes, Islamic accounts are available that comply with Sharia law.

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

• Proof of identity and proof of residence are required.

1. Can I change my account type after registration？

• Yes, users can request changes to their account type through customer support.