What Account Types and Fees Does Spectrum Forex Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly platform |
Ideal for small-scale trading and practice |
| Professional Account |
Experienced traders |
Higher leverage, advanced trading tools |
Requires proof of trading experience and volume |
| Corporate Account |
Corporate clients and institutions |
Custom trading solutions, dedicated account manager |
Requires corporate documentation and verification |
| Islamic Account |
Traders seeking swap-free options |
No overnight interest fees, adheres to Sharia law |
Must provide documentation proving eligibility |
| Demo Account |
All traders for practice |
Access to virtual funds, risk-free trading |
No initial deposit required, suitable for testing strategies |
Account Opening Process
The account opening process at Spectrum Forex is straightforward and involves several essential steps. First, prospective clients must submit their personal information, which includes name, email address, and contact details. Following this, employment and financial information must be provided, ensuring that the broker can assess the client’s trading experience and financial situation.
Identity verification is crucial and requires clients to submit a form of identification, such as a passport or driver’s license, along with a recent proof of address, like a utility bill or bank statement.
Additionally, Spectrum Forex offers account flexibility, allowing traders to upgrade from a Retail to a Professional Account as their trading skills and experience grow.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive rates on GBP pairs |
| CFDs (Stocks) |
1.5 |
$5 per lot |
Standard spreads for equities |
| CFDs (Indices) |
1.2 |
$4 per lot |
Includes major global indices |
| CFDs (Commodities) |
2.0 |
$3 per lot |
Variety of commodity options |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market volatility |
Other Fees
In addition to the trading fees, Spectrum Forex imposes several other costs that traders should be aware of. Deposit and withdrawal fees may apply depending on the payment method used. An inactivity fee is charged if the account remains dormant for an extended period.
Furthermore, platform usage fees may apply for certain trading platforms, and overnight interest, also known as swap rates, will be charged for positions held open overnight. Lastly, currency conversion fees may apply for accounts operating in different currencies.
