PROMINENT broker Accounts

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

prominent Account Types Explained

In the world of forex trading, selecting the right account type is crucial for achieving your financial goals. Heres a breakdown of the prominent account types available in 2025:

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: Basic trading features, access to all trading instruments
• Target User Profile: Beginners and casual traders
• Trading Instruments Available: Forex pairs, commodities, indices

2. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Low spreads starting from 0.0 pips, commission per trade
• Leverage Options: Up to 1:200
• Key Features: Direct market access, faster execution speeds
• Target User Profile: Advanced traders and scalpers
• Trading Instruments Available: Forex pairs, commodities, cryptocurrencies

3. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Tight spreads starting from 0.1 pips, lower commission rates
• 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 pairs, commodities, indices, stocks

4. Islamic Account

• Minimum Deposit Requirement: $100
• Spread/Commission Structure: Similar to standard accounts, no swap fees
• Leverage Options: Up to 1:500
• Key Features: Compliant with Sharia law, no interest charges
• Target User Profile: Muslim traders
• Trading Instruments Available: Forex pairs, commodities, indices

5. Demo Account

• Minimum Deposit Requirement: Virtual funds (typically $10,000)
• Spread/Commission Structure: Same as live accounts
• Leverage Options: Same as live accounts
• Key Features: Risk-free trading environment, practice strategies
• Target User Profile: Beginners and traders testing new strategies
• Trading Instruments Available: All instruments available in live accounts

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Detailed prominent Account Features

Comparison of Features Across Different Account Types

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: Virtual funds

• Maximum Leverage:

• Standard: 1:500

• ECN: 1:200

• Pro: 1:400

• Islamic: 1:500

• Demo: Same as live accounts

• Spreads (Typical/Minimum):

• Standard: 1.0 pips

• ECN: 0.0 pips

• Pro: 0.1 pips

• Islamic: Similar to Standard

• Demo: Same as live accounts

• Commission Fees:

• Standard: None

• ECN: Yes

• Pro: Lower rates

• Islamic: None

• Demo: 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, proprietary

• Islamic: MT4, MT5

• Demo: MT4, MT5

• Execution Type:

• Standard: Market

• ECN: ECN

• Pro: Instant

• Islamic: Market

• Demo: Market

• Islamic Account Availability:

• Standard: Yes

• ECN: Yes

• Pro: Yes

• Islamic: N/A

• Demo: N/A

• Swap-Free Options:

• Standard: Yes

• ECN: Yes

• Pro: Yes

• Islamic: N/A

• Demo: N/A

• Demo Account Features:

• All account types offer demo accounts with similar features to live accounts, allowing traders to practice without risk.

Advantages of Each Account Type

• Standard Account:

• Easy to open and manage

• No commission fees

• Suitable for beginners

• ECN Account:

• Low spreads

• Fast execution

• Ideal for scalping

• Pro Account:

• Advanced trading tools

• Lower commission rates

• Suitable for professional traders

• Islamic Account:

• Compliant 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 advanced features

• ECN Account:

• Requires a higher minimum deposit

• Commission fees may apply

• Pro Account:

• Higher minimum deposit

• More complex features may overwhelm beginners

• Islamic Account:

• Limited to Muslim traders

• May have fewer features than other accounts

• Demo Account:

• No real profits

• Limited duration before expiry

prominent Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available in most countries; check with the broker for specific restrictions.
• Prohibited Countries: Specific countries may be restricted based on regulatory compliance.

Identity Verification Documents Needed

• Personal Accounts: Government-issued ID (passport or drivers license), proof of residence (utility bill or bank statement).
• Business Accounts: Business registration documents, tax identification number, and proof of address.

Proof of Residence Requirements

• Recent utility bill, bank statement, or lease agreement showing name and address.

Additional Documentation for Professional Accounts

• Financial statements, proof of trading experience, and other relevant documentation may be required.

KYC/AML Compliance Procedures

• All applicants must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to verify identity and prevent fraud.

Verification Time Frames

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

Step-by-Step prominent Account Opening Guide

Registration Process

1. Visit Website and Click Registration: Navigate to the broker's website and select the account opening option.
2. Personal Information Entry: Fill out the registration form with personal details such as name, email, and phone number.
3. Choose Account Type: Select the desired account type (Standard, ECN, Pro, Islamic, or Demo).
4. Set Trading Preferences: Specify trading preferences and risk tolerance.
5. Document Upload: Upload required identity verification documents.
6. Account Verification: Wait for the broker to verify your information.
7. Fund Your Account: Deposit the minimum required amount to activate your account.
8. Start Trading: Once verified, access your trading platform and begin trading.

Desktop vs Mobile Registration Differences

• The registration process is generally similar on both platforms, but mobile apps may offer a more streamlined experience.

Common Registration Issues and Solutions

• Missing Documents: Ensure all required documents are submitted.
• Incorrect Information: Double-check personal details for accuracy.
• Verification Delays: Contact customer support for assistance.

Average Account Approval Time

• Typically 1-3 business days, but may vary based on the broker's workload.

How to Upgrade/Downgrade Account Types

• Contact customer support or access the account management section on the broker's website to request changes.

prominent Demo Account Guide

Demo Account Features and Benefits

• Allows traders to practice without financial risk.
• Access to all trading instruments available in live accounts.
• Ideal for testing strategies and familiarizing with the trading platform.

How to Open a Demo Account

• Follow the same registration steps as for a live account, selecting the demo option.

Demo Account Limitations

• Limited duration (typically 30-90 days) before requiring a transition to a live account.
• Virtual funds cannot be withdrawn.

Virtual Balance Amount

• Typically starts with a virtual balance of $10,000, but this may vary by broker.

Demo vs Live Account Differences

• Live accounts involve real money and profits, while demo accounts use virtual funds.

Duration/Expiry of Demo Accounts

• Most demo accounts expire after 30-90 days, depending on the broker's policy.

prominent Islamic Account Details

Swap-Free/Islamic Account Availability

• Islamic accounts are available for all account types, ensuring compliance with Sharia law.

Eligibility Requirements

• Must be a Muslim trader.

Differences from Standard Accounts

• No swap fees; otherwise similar features to standard accounts.

How to Apply for Islamic Account

• Select the Islamic account option during the registration process or contact customer support.

Restrictions or Special Conditions

• Must comply with Islamic finance principles, including no interest charges.

FAQs – prominent Account Types & Opening

1. What account types does prominent offer？

• Prominent 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 prominent account verification take？

• Verification typically takes 1-3 business days.

1. Does prominent offer demo accounts？

• Yes, prominent offers demo accounts for practice trading.

1. Can I have multiple account types with prominent？

• Yes, you can open multiple account types as needed.

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

• Yes, Islamic accounts are available for all account types.

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