Wave broker Accounts

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

Part 1: wave Account Types Overview

wave Account Types Explained

Wave offers several account types tailored to meet the needs of different users, including freelancers, small businesses, and larger enterprises. Heres a breakdown of the available account types:

1. Starter Account

• Minimum Deposit Requirement: $0
• Spread/Commission Structure: Pay-per-use for online payments (2.9% + $0.60 per credit card transaction)
• Leverage Options: Not applicable
• Key Features: Unlimited invoices, bills, and bookkeeping records; mobile app access; basic financial reporting.
• Target User Profile: Beginners and small businesses just starting out.
• Trading Instruments Available: Invoicing and basic bookkeeping.

1. Pro Account

• Minimum Deposit Requirement: $0
• Spread/Commission Structure: Reduced payment processing fees (2.9% + $0 for credit card transactions)
• Leverage Options: Not applicable
• Key Features: All Starter features plus auto-import bank transactions, unlimited receipt tracking, and automated late payment reminders.
• Target User Profile: Growing businesses needing more advanced features.
• Trading Instruments Available: Invoicing, expense tracking, and payment processing.

1. Wave Advisors

• Minimum Deposit Requirement: $0
• Spread/Commission Structure: Same as Pro account for payment processing.
• Leverage Options: Not applicable
• Key Features: Dedicated bookkeeping support, monthly financial statements, and expert advice.
• Target User Profile: Small businesses looking for hands-off bookkeeping.
• Trading Instruments Available: Comprehensive financial management.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Starter Account
• Intermediate Users: Pro Account
• Advanced Users: Wave Advisors

Part 2: wave Account Features Comparison

Detailed wave Account Features

When comparing the features across different wave account types, the following aspects are essential:

• Minimum Deposit: All accounts have a minimum deposit of $0.
• Maximum Leverage: Not applicable for Wave accounts.
• Spreads: Payment processing fees apply based on the account type.
• Commission Fees:
• Starter: 2.9% + $0.60 per transaction
• Pro: 2.9% + $0 per transaction
• Lot Size: Not applicable as Wave is primarily an accounting software.
• Available Trading Platforms: Web-based and mobile applications.
• Execution Type: Not applicable.
• Islamic Account Availability: Not specifically mentioned.
• Swap-Free Options: Not applicable.
• Demo Account Features: Not applicable as Wave does not offer a traditional trading platform.

Advantages of Each Account Type

• Starter Account:

• Free to use with no monthly fees.

• Unlimited invoicing capabilities.

• User-friendly interface.

• Basic financial reporting tools.

• Pro Account:

• Enhanced features for growing businesses.

• Automatic transaction imports reduce manual entry.

• Unlimited receipt tracking for expense management.

• Automated reminders for late payments.

• Wave Advisors:

• Access to professional bookkeeping support.

• Monthly financial statements help maintain accurate records.

• Expert advice available for financial management.

• Ideal for businesses needing comprehensive support.

Disadvantages of Each Account Type

• Starter Account:

• Limited features compared to Pro.

• Pay-per-use for online payments can add up.

• Pro Account:

• Monthly fee for advanced features.

• Still lacks some industry-specific functionalities.

• Wave Advisors:

• Higher cost due to the inclusion of bookkeeping services.

• May not be necessary for all small businesses.

Part 3: wave Account Opening Requirements

wave Account Registration Requirements

To open a wave account, users must meet the following eligibility criteria:

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available for businesses located in the United States and Canada; US territories are not supported.
• Prohibited Countries: Specific countries may be restricted, but details are not provided.
• Identity Verification Documents Needed: Government-issued ID (e.g., drivers license, passport).
• Proof of Residence Requirements: Utility bill or bank statement showing the business address.
• Additional Documentation for Professional Accounts: May require business registration documents.

KYC/AML Compliance Procedures

Wave adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring users to verify their identity and provide necessary documentation.

Verification Time Frames

Verification typically takes a few business days, depending on the completeness of the submitted documents.

Part 4: wave Account Opening Process

Step-by-Step wave Account Opening Guide

1. Visit Website and Click Registration: Go to the Wave website and click on the "Get Started" button.
2. Personal Information Entry: Enter your email address and create a password.
3. Choose Account Type: Select the account type that best suits your needs (Starter or Pro).
4. Set Trading Preferences: Input any specific preferences related to invoicing or expense tracking.
5. Document Upload: Upload required identity verification documents.
6. Account Verification: Wait for verification, which may take a few business days.
7. Fund Your Account: Once verified, fund your account if necessary.
8. Start Trading: Begin using Wave for invoicing and bookkeeping.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile, but the mobile app may have a more streamlined interface.

Common Registration Issues and Solutions

• Issue: Email already in use.
• Solution: Use a different email or recover the existing account.
• Issue: Document upload fails.
• Solution: Ensure documents are clear and in the correct format.

Average Account Approval Time

Typically, account approval takes 1-3 business days.

How to Upgrade/Downgrade Account Types

Users can upgrade or downgrade their account types through the account settings in the Wave dashboard.

Part 5: wave Demo Account Information

wave Demo Account Guide

Wave does not specifically offer a traditional demo account as it is primarily an accounting software rather than a trading platform.

Demo Account Features and Benefits

• Not applicable as Wave focuses on accounting and invoicing.

How to Open a Demo Account

• Not applicable since Wave does not provide demo accounts.

Demo Account Limitations

• Not applicable.

Virtual Balance Amount

• Not applicable.

Demo vs Live Account Differences

• Not applicable.

Duration/Expiry of Demo Accounts

• Not applicable.

Part 6: wave Islamic Account (if available)

wave Islamic Account Details

• Wave does not specifically mention the availability of Islamic or swap-free accounts.

Eligibility Requirements

• Not applicable.

Differences from Standard Accounts

• Not applicable.

How to Apply for Islamic Account

• Not applicable.

Restrictions or Special Conditions

• Not applicable.

FAQs – wave Account Types & Opening

1. What account types does wave offer？

• Wave offers Starter, Pro, and Wave Advisors accounts.

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

• The minimum deposit for all account types is $0.

1. How long does wave account verification take？

• Verification typically takes 1-3 business days.

1. Does wave offer demo accounts？

• No, Wave does not offer traditional demo accounts.

1. Can I have multiple account types with wave？

• Yes, users can manage multiple account types under one profile.

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

• No specific Islamic or swap-free accounts are mentioned.

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

• Government-issued ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, users can upgrade or downgrade their account types through the settings.