In this article we are going to look into the account types, features, as well as opening an account on the Darwinex trading platform.
Before going on, if you’re interested in finding more about Darwinex, please read our Darwinex review, in which we have covered pretty much everything you need to know about the broker.
Table of contents
Darwinex Account Types
One of the main benefits to demo trading is the fact that you aren’t risking a penny. There is literally no risk at all. You are only trading with virtual money. Demo accounts need to make things as close to the real thing as possible, which is why it replicates real world markets but instead of real money, it is only virtual. With a lot of platforms out there, you will be required to open a live account once your demo account trial has ended, but that is not the case with Darwinex. In fact there is no commitment whatsoever. The only caveat is that if there is 30 days of inactivity on your demo account then it will expire.
With a standard account on the Darwinex platform, there are certain criteria that you need to meet in order for you to open an account. One of those criteria is a minimum deposit of $500. Unless you deposit the minimum amount you will not be able to join the Darwinex platform and open a Standard Account. Due to the popularity of both MT4 and MT5 platforms, they are available on the Darwinex platform for you to trade on. There are over 300 assets available to trade, giving you a large variety of choice instead of just a small select few. One of the great things about the Standard Account is the low spreads that start at 0 pips, as well as the ability to copy trade.
The Joint Account has the same features that you will find on the Standard Account, except this type of account is more tailored towards corporate traders. Corporate traders will have more experience in professional capacity when it comes to trading. Which is why the minimum deposit for the Joint Account is $10,000.
Darwinex Account Opening
Live Account Opening
Some platforms have a really drawn out and long winded approach when it comes to opening an account, and they really make it hard for traders to join. However, with Darwinex they really make the process incredibly easy. Obviously there will be some mandatory steps in place where you must confirm your identity, but apart from that they really strip away all the unnecessary junk.
Firstly, if you are a beginner, it is advisable for you to open a Darwinex demo account first. If you have experience in trading then you can start the process of opening your account by verifying your identity with the broker. Then you can deposit the amount of funds that feel is appropriate enough to satisfy the Darwinex Minimum Deposit.
The response rate for account verification is usually pretty fast with Darwinex, as they are keen to get traders joined as easily and as quickly as possible. In order to proceed through the account verification, you first need to provide proof of identity, such as an ID or passport. You will also need to show your proof of residence with a bank statement or utility bill. For traders who reside in Spain, you must provide the CNMV declaration duly signed. British citizens must provide a document that verifies their U.K. National Insurance number.
The Darwinex platform offers a number of different deposit methods, such as Bank Transfers, Major Credit and Debit Cards: Visa and Mastercard. They also offer the chance to deposit via eWallets like Skrill and Neteller. The accepted currencies on the Darwinex platform includes the U.S. Dollar, Euro and the British Pound. It also accepts all the currencies that are available on Trustly.
The Darwinex Minimum Deposit threshold is generally $500. Although it can vary between $500 to $10,000 depending on the account type. With the Standard Account the minimum deposit is $500, but with the Joint Account, you need to deposit a minimum of $10,000.
Darwinex offers the following base currencies allowing you to deposit your funds with these currencies. The U.S. Dollar, the Euro, and the British Pound. It must be stated that if your currency is not featured then you will need to look into converting your funds into one of the base currencies.
Darwinex Account Deposit & Withdrawal
Darwinex deposits and withdrawals are typically void of fees, but there are some fees that may be required depending on the currency and method you use to withdraw your funds.
- If you use an eWallet to deposit funds into your account, then you will incur a 0.2% commission fee.
- You will also incur a fee if you deposit currency into your account that doesn’t match one of Darwinex’s base currencies. This is called a conversion fee.
When it comes to payment methods, the wait time can vary depending on the method in which you use:
- Bank transfers can take between 1-3 business days
- eWallets and credit/debit cards are pretty much instantaneous.
Darwinex Account Management
Darwinex Account Inactivity
As mentioned earlier on, if the demo account experiences 30 days of inactivity then it will expire. However, the Darwinex demo account does not have an expiration date, so you could continue trading for as long as you wanted using that account. A lot of people ask the question “do we get charged an inactivity fee on live accounts?” and the answer to that question is no.
How to close a Darwinex Account
In order to successfully close your Darwinex account, you first must withdraw any funds that you have in your live account. Once you have done that, you must contact the broker support team and they will go through the process of closing down your Darwinex account.
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.