What Account Types and Fees Does Mashreq Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginner to intermediate traders |
Access to a variety of trading instruments, user-friendly platform |
Suitable for traders starting with low capital |
| Professional Account |
Experienced traders |
Higher leverage options, lower spreads |
Requires proof of trading experience and volume |
| Corporate Account |
Corporate clients |
Customized services, multi-user access |
Documentation required for company registration |
| Islamic Account |
Traders seeking swap-free accounts |
No overnight swap fees, compliant with Islamic law |
Verification of religious requirements necessary |
| Demo Account |
All levels of traders |
Practice trading without financial risk, virtual funds |
Ideal for testing strategies and the platform |
Account Opening Process
To open an account with Mashreq, prospective clients must follow several steps. First, they need to provide personal information, including full name, contact details, and date of birth. Next, employment details should be submitted, such as occupation and employer information. Following this, applicants must disclose their financial information, including income and net worth. Identity verification is crucial; this involves submitting a government-issued ID and proof of address, like a utility bill or bank statement. Once the account is set up, clients may have the flexibility to upgrade to a professional account later if they meet the required trading volume and experience criteria.
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 spreads for GBP pairs |
| CFDs (Stocks) |
1.5 |
$5 per lot |
Varied spreads based on market conditions |
| CFDs (Indices) |
0.9 |
$3 per contract |
Spreads reflect market volatility |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Fees may vary with market conditions |
Other Fees
Additional fees associated with Mashreq accounts include deposit and withdrawal fees, which may vary by payment method. Inactivity fees may apply if the account remains dormant for an extended period. There could also be platform usage fees if applicable. Overnight interest, or swap rates, are charged on positions held overnight, depending on market conditions. Additionally, currency conversion fees may apply when trading in different currencies, affecting overall trading costs.
