What Account Types and Fees Does WK Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly interface, educational resources |
Ideal for those new to trading |
| Professional Account |
Experienced traders and institutions |
Higher leverage, reduced spreads, advanced trading tools |
Requires a minimum trading volume and documentation |
| Corporate Account |
Businesses and corporate clients |
Customized services, multi-user access, and higher transaction limits |
Requires corporate documentation and verification |
| Islamic Account |
Traders requiring a swap-free option |
No overnight interest, compliant with Sharia law |
Available upon request and verification of eligibility |
| Demo Account |
All trader types for practice |
Simulated trading environment, no risk of capital loss |
Accessible to anyone for practicing trading strategies |
Account Opening Process
To open an account with WK, prospective clients must follow a series of steps that involve submitting personal, employment, and financial information. Initially, applicants need to provide basic personal details, including their name, address, and contact information. Next, employment information is required to confirm the applicant’s financial background. Additionally, financial details such as income sources and trading experience may need to be disclosed.
Identity verification is a crucial part of the process, which typically involves providing a government-issued ID and proof of address, such as a recent utility bill. Once the application is submitted, it undergoes a review process. Applicants have the flexibility to upgrade their account type later, such as moving from a Retail to a Professional Account, depending on their trading experience and volume.
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 rates for popular pairs |
| CFDs (Stocks) |
0.1% |
$0.02 per share |
Varies by stock |
| CFDs (Indices) |
0.5% |
$0 |
Low fees on major indices |
| CFDs (Commodities) |
0.2% |
$0 |
Stable rates for popular commodities |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
When trading with WK, it is important to consider various additional fees that may apply. Deposit and withdrawal fees may vary based on the payment method chosen. An inactivity fee is charged if an account remains dormant for an extended period, typically six months. Users should also be aware of any platform usage fees that could apply, particularly for advanced trading tools or features.
Overnight interest, or swap rates, may be applicable for positions held overnight, depending on the account type. Additionally, currency conversion fees can apply when trading in currencies other than the account’s base currency, impacting overall trading costs.
