What Account Types and Fees Does TrueFriend Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low initial deposit, user-friendly interface |
Suitable for individuals starting their trading journey |
| Professional Account |
Experienced traders |
Higher leverage, advanced trading tools |
Requires proven trading experience and account validation |
| Corporate Account |
Corporate clients |
Customizable services, dedicated support |
Requires corporate documentation and higher capital |
| Islamic Account |
Clients seeking Sharia-compliant trading |
Swap-free features, tailored for Islamic finance |
Available upon request, requires verification |
| Demo Account |
New traders |
No risk trading environment, practice tools |
Useful for testing strategies without financial commitment |
Account Opening Process
To open an account with TrueFriend, users need to follow a straightforward process. First, they must submit personal information, including their name, address, and contact details. Next, employment and financial information will be required to assess suitability for trading activities. Additionally, identity verification is a crucial step, requiring proof of identity and proof of address, such as a government-issued ID and a utility bill. It’s noteworthy that TrueFriend offers account flexibility, allowing users to upgrade to a professional account in the future if they meet the necessary criteria and trading experience.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major currency pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive pricing for popular pairs |
| CFDs (Stocks) |
1.5 |
$5 per lot |
Standard fees on stock CFDs |
| CFDs (Indices) |
1.0 |
$3 per lot |
Low commissions on index trading |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable fees based on market conditions |
Other Fees
In addition to trading fees, users should be aware of other potential costs associated with their accounts. These include deposit and withdrawal fees, which may vary depending on the payment method used. TrueFriend may impose inactivity fees if an account remains dormant for an extended period. Additionally, there could be platform usage fees if applicable, along with overnight interest charges (swap rates) for positions held overnight. Lastly, currency conversion fees may be incurred when trading in different currencies.
