RICOM-TRUST broker Accounts

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

ricom Account Types Explained

Ricom offers several account types tailored to meet the needs of different traders, from beginners to experienced professionals. Below is an overview of the available account types:

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: Access to a wide range of trading instruments, including forex, commodities, and indices.
• Target User Profile: Beginners and intermediate traders.
• Trading Instruments Available: Forex pairs, commodities, indices.

2. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Spreads from 0.1 pips; commission of $5 per lot.
• Leverage Options: Up to 1:200.
• Key Features: Direct market access, lower spreads, and faster execution.
• 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: Spreads from 0.0 pips; commission of $3 per lot.
• Leverage Options: Up to 1:100.
• Key Features: Enhanced trading conditions and priority support.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: Forex pairs, commodities, indices, and cryptocurrencies.

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: Complies with Sharia law; no interest on overnight positions.
• Target User Profile: Muslim traders.
• Trading Instruments Available: Forex pairs, commodities, indices.

5. Demo Account

• Minimum Deposit Requirement: N/A (virtual funds).
• Spread/Commission Structure: Similar to Standard Account.
• Leverage Options: Up to 1:500.
• Key Features: Practice trading with virtual funds; risk-free environment.
• Target User Profile: Beginners and traders testing strategies.
• Trading Instruments Available: All instruments available in live accounts.

Account Type Comparison Table

Recommended Account Types by Trader Level

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

Detailed ricom Account Features

Feature Comparison Across Different Account Types

Advantages and Disadvantages of Each Account Type

Standard Account

• Advantages:
• Low minimum deposit.
• No commission fees.
• Wide range of instruments.
• Disadvantages:
• Higher spreads compared to ECN accounts.

ECN Account

• Advantages:
• Lower spreads.
• Direct market access.
• Suitable for scalping.
• Disadvantages:
• Higher minimum deposit.
• Commission fees apply.

Pro Account

• Advantages:
• Best trading conditions.
• Priority support.
• Disadvantages:
• High minimum deposit.
• Commission fees apply.

Islamic Account

• Advantages:
• Complies with Sharia law.
• No swap fees.
• Disadvantages:
• Limited availability for non-Muslim traders.

Demo Account

• Advantages:
• Risk-free trading environment.
• Practice with virtual funds.
• Disadvantages:
• No real market experience.

ricom Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available to traders worldwide, but may be restricted in certain jurisdictions.
• Prohibited Countries: Specific countries may be restricted; check with ricom for details.
• Identity Verification Documents Needed: 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 financial statements or proof of trading experience.

KYC/AML Compliance Procedures

• Ricom adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. All traders must provide valid identification and proof of residence during the registration process.

Verification Time Frames

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

Step-by-Step ricom Account Opening Guide

Detailed Registration Process

1. Visit Website: Go to the ricom website and click on the registration link.
2. Personal Information Entry: Fill in personal details including name, email, and phone number.
3. Choose Account Type: Select the desired account type from the options provided.
4. Set Trading Preferences: Indicate your trading preferences and strategies.
5. Document Upload: Upload the required identification and proof of residence documents.
6. Account Verification: Wait for the verification process to be completed.
7. Fund Your Account: Deposit the minimum required funds to activate your account.
8. Start Trading: Access the trading platform and begin trading.

Desktop vs Mobile Registration Differences

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

Common Registration Issues and Solutions

• Issue: Document upload errors.
• Solution: Ensure documents are clear and in the required format (PDF/JPG).
• Issue: Verification delays.
• Solution: Contact customer support for assistance.

Average Account Approval Time

• Generally, account approval takes between 1-3 business days, depending on document verification.

How to Upgrade/Downgrade Account Types

• Traders can contact customer support to request an upgrade or downgrade of their account type, subject to the new account type's requirements.

ricom Demo Account Guide

Demo Account Features and Benefits

• The demo account allows traders to practice trading strategies without financial risk, using virtual funds.

How to Open a Demo Account

• Visit the ricom website and select the option to open a demo account. Follow the registration steps similar to a live account.

Demo Account Limitations

• The demo account may have limited features compared to live accounts, such as access to certain trading instruments.

Virtual Balance Amount

• Typically, demo accounts are funded with a virtual balance of $10,000 or more, depending on the broker's policy.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts involve real money trading. Market conditions may also differ slightly.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a limited time, often 30-90 days, after which they may expire unless extended.

ricom Islamic Account Details

Swap-Free/Islamic Account Availability

• Ricom offers Islamic accounts that comply with Sharia law, allowing traders to avoid interest on overnight positions.

Eligibility Requirements

• Traders must declare their need for an Islamic account during registration and provide relevant documentation if required.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, making them suitable for Muslim traders.

How to Apply for Islamic Account

• During the account registration process, select the Islamic account option and provide any necessary documentation.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions, such as limitations on certain trading strategies.

FAQs – ricom Account Types & Opening

1. What account types does ricom offer？

• Ricom 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 ricom account verification take？

• Verification typically takes 1-3 business days.

1. Does ricom offer demo accounts？

• Yes, ricom provides demo accounts for practice trading.

1. Can I have multiple account types with ricom？

• Yes, traders can open multiple accounts as per their trading needs.

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

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

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