What Account Types and Fees Does Royal Forex Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Designed for easy access to trading with a user-friendly interface |
Suitable for traders with small capital looking to practice |
| Professional Account |
Experienced traders |
Offers more advanced trading tools and features |
Eligibility may require proof of trading experience |
| Corporate Account |
Corporate clients |
Custom services tailored to business needs |
Requires corporate documentation for setup |
| Islamic Account |
Traders requiring swap-free accounts |
Compliance with Sharia law, no overnight swap fees |
Available upon request for eligible traders |
| Demo Account |
All traders |
Allows practice trading without risk |
Perfect for testing strategies before live trading |
Account Opening Process
To open an account with Royal Forex, traders must go through several steps. Initially, they will be required to submit personal information, including their name, contact details, and date of birth. Following this, employment and financial information must be provided to assess the applicant’s trading experience and financial background. Identity verification is crucial, necessitating the submission of an ID and proof of address. Once the account is opened, there may be opportunities for upgrading to a professional account based on trading activity and qualifications.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
Varies |
$0 |
Spreads can vary based on market conditions |
| CFDs (Stocks, Indices, Commodities) |
Varies |
Varies |
Dependent on specific assets and market volatility |
| Cryptocurrencies |
Varies |
Varies |
Fees may fluctuate with market conditions |
Other Fees
Traders should be aware of various additional costs associated with their accounts at Royal Forex. These may include deposit and withdrawal fees, which can vary depending on the payment method. Inactivity fees may apply if an account remains dormant for an extended period. There may also be platform usage fees and overnight interest, known as swap rates, applicable to positions held overnight. Lastly, currency conversion fees could apply when trading in different currencies.
