What Account Types and Fees Does Coinlocally Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Standard Account |
Beginner traders |
Low minimum deposit, floating spreads from 0.0 pips |
Suitable for small-capital practice |
| VIP Account |
Experienced traders |
Enhanced features, lower commission rates |
Requires higher initial investment |
| Crypto Pro Account |
Crypto enthusiasts |
Specialized for cryptocurrency trading |
Minimum deposit of $50 |
| ProCent Account |
New traders |
Micro trading options |
Temporarily unavailable |
| ZCA Account |
Corporate clients |
Custom services and enhanced features |
Requires corporate documentation, temporarily unavailable |
| Demo Account |
All traders |
Practice trading with virtual funds |
Ideal for testing strategies without risk |
Account Opening Process
To open an account with Coinlocally, prospective traders must follow a straightforward process. First, individuals need to provide personal information, including their name, email address, and phone number. Next, employment details and financial information will be required to assess the trader’s suitability. Identity verification is crucial; thus, users must submit a government-issued ID and proof of address. It’s also worth noting that Coinlocally allows flexibility in account management, where traders can upgrade their accounts from a standard to a professional level as their trading experience and volume increase.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0.0028 per lot |
Tight spreads for major pairs |
| Forex (GBP/USD) |
0.9 |
$0.0028 per lot |
Competitive rates for trading |
| CFDs (S&P 500) |
1.5 |
$0.01 per lot |
Standard commission structure |
| CFDs (Gold) |
0.5 |
$0.01 per lot |
Attractive for commodity traders |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market conditions |
Other Fees
It is essential for traders to be aware of additional fees that may apply. Coinlocally does not charge any deposit or withdrawal fees, making it accessible for traders. However, an inactivity fee may apply if an account remains dormant for an extended period. Traders should also be mindful of platform usage fees, if applicable, and overnight interest charges (swap rates) for holding positions overnight. Additionally, currency conversion fees may be incurred when trading in different currencies.
