What Account Types and Fees Does SCB Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners |
Designed for new traders with basic features. |
Ideal for small-capital practice. |
| Professional Account |
Experienced Traders |
Offers advanced trading tools and lower spreads. |
Requires verification of trading experience. |
| Corporate Account |
Corporate Clients |
Custom services for business trading needs. |
Requires corporate documentation. |
| Islamic Account |
Islamic Traders |
Swap-free trading options. |
Must comply with Islamic finance principles. |
| Demo Account |
All Traders |
Practice trading without risk. |
Available for all user levels to test strategies. |
Account Opening Process
To open an account with SCB, prospective clients need to follow several steps. Initially, individuals must submit personal information, which includes full name, contact details, and date of birth. Employment information and financial background are also required to assess suitability for trading. Additionally, identity verification is necessary, which typically involves providing a government-issued ID and proof of address. The account setup is designed to be user-friendly, and there is flexibility to upgrade to a professional account as trading experience and volume increase over time.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
Variable |
$0 |
Competitive spreads for major pairs. |
| Forex (Minor Pairs) |
Variable |
$0 |
Wider spreads compared to major pairs. |
| CFDs (Stocks) |
Variable |
$0 |
Transparent pricing for stock CFDs. |
| CFDs (Indices) |
Variable |
$0 |
Accessible indices for trading. |
| CFDs (Commodities) |
Variable |
$0 |
Includes popular commodities like gold and oil. |
| Cryptos |
Variable |
0.1% |
Fees vary depending on market conditions. |
Other Fees
SCB may impose various fees related to account management. These can include deposit and withdrawal fees, which depend on the payment method used. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, there could be platform usage fees, which are generally waived for active traders. Overnight interest, known as swap rates, may be charged on positions held overnight, and currency conversion fees might apply when trading in different currencies.
