A forex account is a trading account held by a trader with a company like SAMTRADE FX. It authorizes the trader with a principal motive of trading through its platforms.
Generally, the type and number of accounts that can be licensed to a trader by the brokerage company vary depending upon the country in which the brokerage administers their operations, the homeland of a trader, and the concerned officials under whose administration they function.
Accounts typically vary in the way spreads or commissions are applied, what minimum deposit is needed to open that sort of account, and specific services or privileges that account holders may get access to.
Special Islamic accounts that function in compliance with Shariah law are offered to Muslim clients. These are swap-free accounts and impersonate the other account types.
Types of Accounts and their Features
SAMTRADE FX offers the following account types:
A minimum installment of 10 USD is required to open a Standard Account. Leverage ratios of up to 1:200 can be used and spreads are fixed or floating, with the commission of 5%.
The minimum lot size is 0.01.
An Islamic or swap-free account can also be opened with the least investment amount of 10 USD. A leverage ratio of up to 1:200 may be used. Spread is floating, and the minimum lot size is 0.01.
Profit STP Account
To open this class of account, a trader needs to deposit the lowest total of 100 USD. Spread is floating, no percentage is imposed, and the minimum lot size is 0.01. A leverage ratio of up to 1:200 may be used in trading.
The VIP account necessitates a least deposit of at least 100 USD at the opening and a leverage ratio of up to 1:200 can be used. Floating spread and 5% commission are applicable, while the minimum lot size is 0.01.
The ECN Account can only be issued when it is financed with a minimum deposit of 100 000 USD. The highest leverage ratio of up to 1:200 can be used, floating spread, and a 5 % commission is applicable. The minimum lot size is also 0.01.
Deposits and Withdrawals
SAMTRADE FX requires the following minimum deposit amounts to open the respective accounts:
For the Standard Account and the Islamic Account 10 USD is required; 100 USD is necessary for the Profit STP Account and the VIP Account, and 100 000 USD is obligatory to open the ECN Account.
Although, a minimum deposit of 20 USD is encouraged to open the Standard and Islamic Accounts by experts.
Financing of accounts and withdrawals can be carried out through the medium of Bank Transfer, Visa or MasterCard, and Union Pay.
Globe offer SAMTRADE FX. If you want to know Does GlobeX360 offer Mt4 then follow the link. Deposit processing times differ between a few hours and one to four weekday days, while withdrawal processing times also take between one and four business days. The lowest amount that a trader can withdraw from his account is also $20 per transaction.
SAMTRADE FX is regulated by the FCA in the United Kingdom. SAMTRADE FX does charge commission, have floating spreads and charge deposit and withdrawal fees.