What Account Types and Fees Does Monstrade Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Demo Account |
Beginners |
Practice trading without financial risk |
No minimum deposit required |
| Cent Account |
Novice traders |
Low minimum deposit, suitable for entry-level trading |
Requires a minimum deposit of $100 |
| Classic Account |
General traders |
Standard features for a broad range of traders |
Minimum deposit of $100 |
| Prime Account |
Experienced traders |
Lower spreads, priority support |
Minimum deposit of $2500 |
| ECN Account |
Professional traders |
Exclusive conditions and higher leverage |
Minimum deposit of $10000 |
| Islamic Account |
Traders adhering to Islamic finance principles |
Swap-free, fixed commissions |
Minimum deposit of $15000 |
Account Opening Process
To open an account with Monstrade, interested traders must follow a straightforward process. First, they will need to submit personal information, including full name, date of birth, and contact details. Next, employment and financial information will be required, detailing the trader’s occupation and income sources. Identity verification is crucial; therefore, applicants must provide a valid ID and proof of address, such as a utility bill or bank statement. The process is designed to be flexible, allowing users to upgrade from a regular account to a professional account later if desired.
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 |
Standard spreads |
| CFDs (Stocks) |
1.5 |
$0 |
Varies by stock |
| CFDs (Indices) |
1.2 |
$0 |
Standard indices fee |
| CFDs (Commodities) |
2.0 |
$0 |
Standard commodities fee |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
Traders should also be aware of additional costs associated with their accounts. Monstrade charges fees for deposits and withdrawals, which vary based on the method chosen. There may be inactivity fees if an account remains dormant for an extended period. While there are no platform usage fees, traders should consider overnight interest or swap rates for positions held overnight. Additionally, currency conversion fees may apply when trading with different currencies.
