Progressive broker Accounts

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

Part 1: progressive Account Types Overview

progressive Account Types Explained

Progressive offers a variety of account types designed to cater to different trading needs and preferences. Below are the main account types available:

1. Standard Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Variable spreads starting from 1.0 pips, no commission.
• Leverage Options: Up to 1:500.
• Key Features: User-friendly interface, suitable for beginners.
• Target User Profile: Beginners and casual traders.
• Trading Instruments Available: Forex, commodities, indices.

2. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Raw spreads starting from 0.0 pips, commission of $3 per lot.
• Leverage Options: Up to 1:200.
• Key Features: Direct market access, lower spreads, ideal for scalping.
• Target User Profile: Advanced and professional traders.
• Trading Instruments Available: Forex, commodities, cryptocurrencies.

3. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Variable spreads starting from 0.5 pips, commission of $2 per lot.
• Leverage Options: Up to 1:400.
• Key Features: Advanced trading tools, priority customer support.
• Target User Profile: Experienced traders and institutions.
• Trading Instruments Available: Forex, commodities, indices, stocks.

4. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to Standard Account, no swap fees.
• Leverage Options: Up to 1:500.
• Key Features: Swap-free trading in compliance with Islamic law.
• Target User Profile: Muslim traders seeking compliant trading options.
• Trading Instruments Available: Forex, commodities.

5. Demo Account

• Minimum Deposit Requirement: Virtual funds (typically $10,000).
• Spread/Commission Structure: Similar to Standard Account.
• Leverage Options: Up to 1:500.
• Key Features: Risk-free environment to practice trading strategies.
• Target User Profile: Beginners and traders testing new strategies.
• Trading Instruments Available: Forex, commodities, indices.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Part 2: progressive Account Features Comparison

Detailed progressive Account Features

When comparing the features across different progressive account types, the following aspects are considered:

• Minimum Deposit: Varies from $100 for Standard and Islamic accounts to $1,000 for Pro accounts.
• Maximum Leverage: Ranges from 1:200 for ECN accounts to 1:500 for Standard and Islamic accounts.
• Spreads:
• Standard: From 1.0 pips.
• ECN: From 0.0 pips.
• Pro: From 0.5 pips.
• Commission Fees:
• Standard: None.
• ECN: $3 per lot.
• Pro: $2 per lot.
• Lot Size:
• Standard: Micro and Mini lots available.
• ECN: Standard lots.
• Pro: Standard lots.
• Available Trading Platforms:
• All account types support MT4 and MT5.
• Execution Type:
• Standard: Market execution.
• ECN: ECN execution.
• Pro: Market execution.
• Islamic Account Availability: Yes, available for Standard and Islamic accounts.
• Swap-Free Options: Offered for Islamic accounts.
• Demo Account Features: Virtual funds, risk-free trading environment.

Advantages of Each Account Type

• Standard Account:

• User-friendly interface.

• No commission fees.

• Suitable for beginners.

• ECN Account:

• Lower spreads.

• Direct market access.

• Ideal for high-frequency trading.

• Pro Account:

• Advanced trading tools.

• Lower commission fees.

• Priority support.

• Islamic Account:

• Complies with Islamic law.

• No swap fees.

• Suitable for Muslim traders.

• Demo Account:

• Risk-free trading.

• Practice with virtual funds.

• Test strategies before going live.

Disadvantages of Each Account Type

• Standard Account:

• Higher spreads compared to ECN.

• Limited advanced features.

• ECN Account:

• Higher minimum deposit.

• Commission fees apply.

• Pro Account:

• Requires significant capital.

• More complex trading tools.

• Islamic Account:

• Limited to specific trading conditions.

• May have higher spreads.

• Demo Account:

• Virtual funds only.

• Limited to a specific duration.

Part 3: progressive Account Opening Requirements

progressive Account Registration Requirements

To open a progressive account, the following eligibility criteria must be met:

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; specific restrictions may apply based on local regulations.
• Prohibited Countries: Countries under international sanctions or restrictions may not be eligible.
• Identity Verification Documents Needed: A government-issued ID (passport or drivers license).
• Proof of Residence Requirements: Utility bill or bank statement showing your name and address.
• Additional Documentation for Professional Accounts: May require proof of trading experience or financial statements.

KYC/AML Compliance Procedures

Progressive adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring users to provide necessary documentation during the registration process.

Verification Time Frames

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

Part 4: progressive Account Opening Process

Step-by-Step progressive Account Opening Guide

1. Visit Website and Click Registration: Navigate to the progressive website and select the account type you wish to open.
2. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
3. Choose Account Type: Select the account type that best suits your trading needs.
4. Set Trading Preferences: Indicate your trading preferences, including leverage and trading instruments.
5. Document Upload: Upload the required identity verification and proof of residence documents.
6. Account Verification: Wait for the verification process to complete.
7. Fund Your Account: Once verified, deposit the minimum required amount to activate your account.
8. Start Trading: Access your account and begin trading.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, with mobile registration typically being more streamlined for quick access.

Common Registration Issues and Solutions

• Issue: Document upload failure.

• Solution: Ensure documents are clear and in the correct format (PDF, JPEG).

• Issue: Verification delays.

• Solution: Contact customer support for assistance.

Average Account Approval Time

The average account approval time is between 1 to 3 business days, depending on the verification process.

How to Upgrade/Downgrade Account Types

Users can request to upgrade or downgrade their account types through the customer support portal or by contacting their account manager.

Part 5: progressive Demo Account Information

progressive Demo Account Guide

Demo Account Features and Benefits

• Risk-Free Environment: Allows traders to practice without financial risk.
• Access to Trading Tools: Users can explore all trading features available in live accounts.
• Virtual Balance Amount: Typically starts with $10,000 in virtual funds.

How to Open a Demo Account

To open a demo account, visit the progressive website, select the demo account option, and complete the registration process.

Demo Account Limitations

Demo accounts may have time limits and may not offer all features available in live accounts.

Virtual Balance Amount

The demo account usually provides a virtual balance of $10,000, which can be used to simulate real trading conditions.

Demo vs Live Account Differences

• Demo Account: Uses virtual funds; no financial risk.
• Live Account: Involves real money; actual trading conditions.

Duration/Expiry of Demo Accounts

Demo accounts typically expire after 30 days of inactivity, but this may vary based on the broker's policies.

Part 6: progressive Islamic Account Details

progressive Islamic Account Details

• Swap-Free/Islamic Account Availability: Yes, progressive offers Islamic accounts for traders who require compliance with Islamic law.
• Eligibility Requirements: Must provide documentation confirming the need for a swap-free account.
• Differences from Standard Accounts: Islamic accounts do not incur swap fees, and other trading conditions may apply.
• How to Apply for Islamic Account: Select the Islamic account option during the registration process and provide necessary documentation.
• Restrictions or Special Conditions: May have specific trading conditions and limits on certain instruments.

FAQs – progressive Account Types & Opening

1. What account types does progressive offer？

• Progressive 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 funds.

1. How long does progressive account verification take？

• Verification typically takes 1 to 3 business days.

1. Does progressive offer demo accounts？

• Yes, progressive offers demo accounts for practice trading.

1. Can I have multiple account types with progressive？

• Yes, traders can open multiple account types.

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

• Yes, progressive offers Islamic accounts that are swap-free.

1. What documents do I need to open a progressive 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.