What Account Types and Fees Does Daman Markets Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| DM CLASSIC Account |
Beginners, retail traders |
Low minimum deposit, spreads from 1.2 pips, no commission |
Suitable for small-capital traders, swap-free available on request |
| DM PRO Account |
Experienced traders, institutional clients |
Tighter spreads from 0 pips, commissions apply |
Requires higher minimum deposit of $20,000, swap-free not available |
Account Opening Process
To open an account with Daman Markets, follow these steps: first, submit your personal information including name, contact details, and date of birth. Next, provide your employment details and financial information to assess your trading experience and financial standing. Afterward, you will need to verify your identity by submitting a government-issued ID and proof of address, such as a utility bill or bank statement. Once your documents are verified, your account will be activated. Daman Markets also allows flexibility in account management, enabling you to upgrade from a retail to a professional account as your trading experience and volume increase.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
1.2 |
$0 (DM CLASSIC), $35 per million (DM PRO) |
Low spreads for retail traders, commissions apply for professionals |
| CFDs (Stock Indices) |
0.5 |
$10 per lot |
Competitive pricing for major indices |
| CFDs (Commodities) |
1.5 |
$15 per lot |
Standard spreads for commodities |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market volatility |
Other Fees
Daman Markets has several additional fees that traders should consider. Deposit and withdrawal fees may apply based on the chosen payment method. Inactivity fees can be charged if there are no trades for a certain period. While there are no platform usage fees for the MetaTrader 5 platform, overnight interest, also known as swap rates, may be applicable on leveraged positions. Furthermore, currency conversion fees could apply for transactions made in different currencies.
