SETRADE broker Accounts

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

Part 1: setrade Account Types Explained

Available Account Types

1. Standard Account

• Minimum Deposit: $100
• Spread/Commission Structure: Variable spreads starting from 1.5 pips
• Leverage Options: Up to 1:100
• Key Features: Suitable for retail traders, access to all trading instruments.
• Target User Profile: Beginners to intermediate traders.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

1. ECN Account

• Minimum Deposit: $500
• Spread/Commission Structure: Raw spreads from 0.0 pips with a commission of $3 per lot
• Leverage Options: Up to 1:200
• Key Features: Direct market access, lower spreads, suitable for high-frequency trading.
• Target User Profile: Advanced traders and scalpers.
• Trading Instruments Available: Forex, commodities, indices.

1. Pro Account

• Minimum Deposit: $1,000
• Spread/Commission Structure: Competitive spreads with lower commission rates.
• Leverage Options: Up to 1:500
• Key Features: Enhanced trading conditions, priority execution.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: Forex, commodities, indices, and futures.

1. Islamic Account

• Minimum Deposit: $100
• Spread/Commission Structure: Similar to Standard Account but swap-free.
• Leverage Options: Up to 1:100
• Key Features: Complies with Sharia law, no interest on overnight positions.
• Target User Profile: Muslim traders.
• Trading Instruments Available: Forex and commodities.

1. Demo Account

• Minimum Deposit: Virtual funds (typically $10,000)
• Spread/Commission Structure: Same as live accounts.
• Leverage Options: Same as live accounts.
• Key Features: Practice trading without risk, access to all trading instruments.
• Target User Profile: Beginners and traders testing strategies.
• Trading Instruments Available: Forex, commodities, indices, and cryptocurrencies.

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
• Practice: Demo Account

Part 2: setrade Account Features Comparison

Detailed setrade Account Features

• Minimum Deposit:

• Standard: $100

• ECN: $500

• Pro: $1,000

• Islamic: $100

• Demo: Virtual funds

• Maximum Leverage:

• Standard: 1:100

• ECN: 1:200

• Pro: 1:500

• Islamic: 1:100

• Spreads (Typical/Minimum):

• Standard: From 1.5 pips

• ECN: From 0.0 pips

• Pro: Competitive spreads

• Islamic: Similar to Standard

• Commission Fees:

• Standard: None

• ECN: $3 per lot

• Pro: Lower rates

• Islamic: None

• Lot Size:

• Standard: 1 lot

• ECN: 0.1 lot

• Pro: 1 lot

• Islamic: 1 lot

• Demo: 1 lot

• Available Trading Platforms:

• All accounts: MT4, MT5, and proprietary platform.

• Execution Type:

• Standard: Market

• ECN: ECN

• Pro: Market

• Islamic: Market

• Islamic Account Availability:

• Yes for Islamic Account.

• Swap-Free Options:

• Available for Islamic Account.

• Demo Account Features:

• Virtual trading environment, access to all instruments, same conditions as live accounts.

Advantages of Each Account Type

• Standard Account:
• Low minimum deposit, easy to use for beginners.
• ECN Account:
• Tight spreads, suitable for scalping.
• Pro Account:
• Best conditions for professional trading.
• Islamic Account:
• Complies with Islamic finance principles.
• Demo Account:
• Risk-free environment for practice.

Disadvantages of Each Account Type

• Standard Account:
• Higher spreads compared to ECN.
• ECN Account:
• Higher minimum deposit and commission.
• Pro Account:
• Requires substantial capital to start.
• Islamic Account:
• Limited to specific trading instruments.
• Demo Account:
• No real profit, limited duration.

Part 3: setrade Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available globally, but may have restrictions in certain countries.
• Prohibited Countries: Specific countries may be restricted based on local regulations.

Identity Verification Documents Needed

• Government-issued ID (passport, national ID).
• Proof of residence (utility bill, bank statement).

Additional Documentation for Professional Accounts

• Financial statements or proof of trading experience may be required.

KYC/AML Compliance Procedures

• All applicants must complete KYC (Know Your Customer) and AML (Anti-Money Laundering) checks.

Verification Time Frames

• Typically, account verification takes 1-3 business days.

Part 4: setrade Account Opening Process

Step-by-Step setrade Account Opening Guide

1. Visit Website: Go to the setrade website.
2. Click Registration: Click on the "Get Started" or "Open Account" button.
3. Personal Information Entry: Fill in your personal details including name, email, and phone number.
4. Choose Account Type: Select the type of account you wish to open.
5. Set Trading Preferences: Indicate your trading preferences and risk tolerance.
6. Document Upload: Upload the required identity verification documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit funds into your account to start trading.
9. Start Trading: Once funded and verified, you can begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but mobile may have additional security features like biometric verification.

Common Registration Issues and Solutions

• Issue: Document upload failures.
• Solution: Ensure documents are clear and meet the required formats.
• Issue: Delayed verification.
• Solution: Contact customer support for status updates.

Average Account Approval Time

• Typically 1-3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

• Contact customer support or use the account settings in your profile to request changes.

Part 5: setrade Demo Account Information

Demo Account Features and Benefits

• Practice trading without financial risk.
• Access to all trading instruments and conditions similar to live accounts.

How to Open a Demo Account

• Follow the same registration process, selecting the demo account option.

Demo Account Limitations

• Limited duration (usually 30 days) and virtual funds only.

Virtual Balance Amount

• Typically $10,000 in virtual funds.

Demo vs Live Account Differences

• Demo accounts do not involve real money, while live accounts require actual funds.

Duration/Expiry of Demo Accounts

• Demo accounts usually expire after 30 days but can be extended upon request.

Part 6: setrade Islamic Account Details

Swap-Free/Islamic Account Availability

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

Eligibility Requirements

• Must be a practicing Muslim and provide relevant documentation if required.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees for overnight positions.

How to Apply for Islamic Account

• Select the Islamic account option during the registration process.

Restrictions or Special Conditions

• Must comply with Sharia law, and trading conditions may vary.

FAQs – setrade Account Types & Opening

1. What account types does setrade offer？

• 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 setrade account verification take？

• Typically 1-3 business days.

1. Does setrade offer demo accounts？

• Yes, setrade provides demo accounts for practice trading.

1. Can I have multiple account types with setrade？

• Yes, you can open multiple account types.

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

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

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

• Government-issued ID and proof of residence.

1. Can I change my account type after registration？

• Yes, you can request to upgrade or downgrade your account type through customer support.