What Account Types and Fees Does Myrtle Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly platform, access to educational resources |
Suitable for small-capital practice |
| Professional Account |
Experienced traders and institutions |
Higher leverage, advanced trading tools, reduced spreads |
Requires trading volume qualifications |
| Corporate Account |
Corporate clients and entities |
Customizable services, dedicated account management |
Requires corporate documentation |
| Islamic Account |
Traders seeking swap-free options |
Compliance with Sharia law, no overnight interest |
Available upon request |
| Demo Account |
All traders for practice |
Risk-free environment, access to all features |
Unlimited duration for practice |
Account Opening Process
To open an account with Myrtle, potential traders need to follow a straightforward process. First, submit personal details such as name, date of birth, and contact information. Next, provide employment information, including job title and employer details. Financial information, including trading experience and income, is also required.
Identity verification is crucial; applicants must upload a government-issued ID and proof of address, such as a recent utility bill or bank statement. Myrtle allows for account flexibility; traders can upgrade to a professional account later if they meet the necessary qualifications.
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 for majors |
| CFDs (Stocks) |
1.5 |
$10 per lot |
Varies by stock |
| CFDs (Indices) |
2.0 |
$8 per lot |
Standard for index trading |
| CFDs (Commodities) |
3.0 |
$5 per lot |
Standard for commodities |
| Cryptocurrencies (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
Myrtle may charge various fees that traders should be aware of. These include potential deposit and withdrawal fees, which can vary by funding method. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, traders should consider platform usage fees, if applicable. Overnight interest, also known as swap rates, may apply to positions held overnight, while currency conversion fees could be incurred for deposits or withdrawals in different currencies.
