ZAK broker Accounts

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

zak Account Types Explained

Zak, a digital banking solution from Bank Cler, offers a range of account types designed to meet the needs of various users. Below are the primary account types available:

1. Standard Account

• Minimum Deposit Requirement: CHF 0
• Spread/Commission Structure: No monthly fees; CHF 2 for cash withdrawals at non-Cler ATMs.
• Leverage Options: Up to 1:30.
• Key Features: Free Visa debit card, mobile banking, budgeting tools, and savings pots.
• Target User Profile: Suitable for beginners and everyday users.
• Trading Instruments Available: Primarily CHF transactions, with limited international options.

2. Savings Account

• Minimum Deposit Requirement: CHF 0
• Spread/Commission Structure: No fees for account maintenance; interest rates apply.
• Leverage Options: Not applicable.
• Key Features: Allows users to create savings pots for specific goals.
• Target User Profile: Individuals looking to save for specific purposes.
• Trading Instruments Available: Savings in CHF.

3. Business Account

• Minimum Deposit Requirement: CHF 0
• Spread/Commission Structure: No monthly fees; transaction fees may apply.
• Leverage Options: Not applicable.
• Key Features: Tailored for small businesses with features like invoicing and expense tracking.
• Target User Profile: Small business owners.
• Trading Instruments Available: Business transactions primarily in CHF.

4. Islamic Account

• Minimum Deposit Requirement: CHF 0
• Spread/Commission Structure: No interest or swap fees.
• Leverage Options: Up to 1:30.
• Key Features: Complies with Sharia law, offering swap-free trading.
• Target User Profile: Muslim traders seeking compliant trading options.
• Trading Instruments Available: Various instruments as permitted under Islamic finance.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Standard Account
• Intermediate Users: Business Account
• Advanced Users: Islamic Account

Detailed zak Account Features

Account Features Comparison

Advantages and Disadvantages of Each Account Type

Standard Account

• Advantages:
• No monthly fees.
• User-friendly mobile app.
• Budgeting tools available.
• Free debit card.
• Disadvantages:
• Limited international transaction options.
• Fees for cash withdrawals at non-Cler ATMs.

Savings Account

• Advantages:
• Encourages saving with pots.
• No maintenance fees.
• Flexible savings options.
• Disadvantages:
• Limited to CHF transactions.
• No interest on savings.

Business Account

• Advantages:
• Tailored for small businesses.
• Invoicing and expense tracking features.
• No monthly fees.
• Disadvantages:
• Transaction fees may apply.
• Limited international options.

Islamic Account

• Advantages:
• Compliant with Sharia law.
• No swap fees.
• Up to 1:30 leverage.
• Disadvantages:
• Limited to specific trading instruments.
• Not available for all users.

zak Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 15 years old.
• Geographic Restrictions: Must be a resident of Switzerland or hold a B or C permit.
• Prohibited Countries: Specific countries may be restricted based on regulatory requirements.
• Identity Verification Documents Needed:
• Valid passport or national ID.
• Proof of residence (utility bill, rental agreement).
• Additional Documentation for Professional Accounts: May require business registration documents.

KYC/AML Compliance Procedures

• Zak adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring users to 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 submitted documents.

Step-by-Step zak Account Opening Guide

Registration Process

1. Visit Website and Click Registration: Navigate to the Zak website or download the mobile app.
2. Personal Information Entry: Fill in personal details such as name, address, and date of birth.
3. Choose Account Type: Select the desired account type (Standard, Savings, Business, or Islamic).
4. Set Trading Preferences: Indicate any specific trading preferences or features desired.
5. Document Upload: Upload required identification and proof of residence.
6. Account Verification: Wait for the bank to verify submitted documents.
7. Fund Your Account: Once verified, fund your account through bank transfer or other accepted methods.
8. Start Trading: Access the app to begin trading.

Desktop vs Mobile Registration Differences

• The registration process is streamlined on mobile, allowing users to complete the entire process via the app, including document uploads.

Common Registration Issues and Solutions

• Issue: Document upload errors.
• Solution: Ensure documents are clear and legible; check file size limits.
• Issue: Delays in verification.
• Solution: Contact customer support for updates.

Average Account Approval Time

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

How to Upgrade/Downgrade Account Types

• Users can request changes to their account type through the app or customer support, subject to eligibility criteria.

zak Demo Account Guide

Demo Account Features and Benefits

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

How to Open a Demo Account

• Users can open a demo account directly through the Zak app or website during the registration process.

Demo Account Limitations

• The demo account may have a limited duration or virtual balance compared to live accounts.

Virtual Balance Amount

• Typically, demo accounts offer a virtual balance of CHF 10,000 or similar, depending on the platform.

Demo vs Live Account Differences

• Demo accounts simulate trading conditions but do not involve real money transactions.

Duration/Expiry of Demo Accounts

• Demo accounts may remain active for a limited time, often 30 days, after which they may expire unless converted to a live account.

zak Islamic Account Details

Swap-Free/Islamic Account Availability

• Zak offers an Islamic account that is compliant with Sharia law, allowing for trading without interest or swap fees.

Eligibility Requirements

• Users must indicate 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 and are tailored for users seeking Sharia-compliant trading options.

How to Apply for Islamic Account

• Users can select the Islamic account option during the initial registration process or request it through customer support.

Restrictions or Special Conditions

• Islamic accounts may have specific trading conditions or limitations on certain instruments.

FAQs – zak Account Types & Opening

1. What account types does zak offer？

• Zak offers Standard, Savings, Business, and Islamic accounts.

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

• All account types have a minimum deposit requirement of CHF 0.

1. How long does zak account verification take？

• Verification typically takes 1-3 business days.

1. Does zak offer demo accounts？

• Yes, zak provides demo accounts for practice trading.

1. Can I have multiple account types with zak？

• Yes, users can hold multiple account types, subject to eligibility.

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

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

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

• A valid passport or national ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, users can request to change their account type through the app or customer support.