Markets.com is one of the best CFD brokers in the world, so it’s not a surprise that it offers a good amount of account types for you to make a choice. Every Markets.com account type has specific features, and that’s why we’re here to disclose them one by one.
Before diving into the article, if you’re interested about the products and services of this broker, check out our in-depth Markets.com review.
Table of contents
Markets.com Account Types
Just like we’ve explained before, here is the full list of Markets.com account Types.
Markets.com Demo Account
As the name suggests, this account is a training ground for traders, especially inexperienced ones to practice and find their feet but at the same time, it is also the kind of account that experienced traders and seasoned investors can utilize to test out novel trading strategies and techniques which they can then use on a live account.
The MarketsX account is the first of five live trading accounts offered by Markets.com which will be discussed.
The minimum deposit is $100 which is relatively low, but enough to operate in a real environment.
MT4 and MT5 are available, and with these two platforms the trader enjoys excellent order execution thanks to the high functionality of the software, plus over 2,000 cfd assets from 0,6 pips of spread.
Markets.com MarketsI Account
The MarketsI account type is tailored for stock traders.
Similar to the MarketsX account, the minimum deposit is $100. When it comes to the case of commissions, you don’t pay any for the first 3 months of operating the account. After that, said commission can vary starting from $15 on US equities.
Markets.com Spread Betting Account
This account type is exclusive to traders located in the United Kingdom and Ireland.
There are more than 2,000 assets offered by the broker on this account that traders can invest in. Also, the minimum deposit needed to open this kind of account is $100.
With an average spread of 1 pip on all markets, Markets.com does not charge other fees other than that, indicating that the trader will not have to worry about additional costs.
This account type is similar to other live trading accounts in terms of minimum deposit, assets or instruments available for trade as well as the possibility of profit or loss. However, where it differs from other live trading accounts is that no swap or rollover charges are incurred as a result of holding certain positions overnight.
To be a client of this broker, you will have to show the intention to open an account. And once you make the necessary information available, you will have access to the account opening steps. Once you have completed the steps, you become a trader on the platforms offered by Markets.com.
Step 1: Visit the Markets.com website
Of course the first step would be to open a Markets.com Demo Account. But if you’re already experienced and you want to open a live account with Markets.com, the process is quite simple and straightforward, as you will have to only verify your account and deposit the amount of money needed (which is at least $100 as we’ve already discussed).
79% of retail CFD accounts lose money
Step 2: Account Verification
The Account verification for a live account is quite easy to follow, and may require a couple of days to complete it.
What you need to provide to the broker are 2 things only:
Proof of Identity (ID, Passport, Driving Licence)
Proof of residence (Bank statement, Utility bill)
Step 3: Account Funding
Once the process of account verification has been completed and the necessary information and documents have been provided, the next thing is for the trader to deposit funds into their trading account. This is done by simply logging into your Markets.com account, and then click on the option for deposit. There are four major ways by which funds can be transferred from the bank account of the trader to his or her Markets.com account namely:
Major Credit and Debit Cards
eWallets: PayPal, Skrill, Neteller
Additional payment methods include: Fast Bank Transfers, Sofort, iDeal
The Account Base Currencies accepted for Account Funding are: EUR, GBP, USD, AUD, ZAR, CHF, DKK, NOK, PLN and SEK.
Markets.com Minimum Deposit
For this broker, the Markets.com minimum deposit is generally $100 but then sometimes there can be a little variation depending on your location and country of residence.
Markets.com Account Currency
Forex brokers do not all offer the same currencies because they tend to choose the specific currencies which they offer as base currencies. Here are some of the ones offered by Markets.com:
Markets.com Account Bonus
There is no bonus when you open a Markets.com account. However, if you’re not an EU/UK citizen residing in these areas, and you’re interested in getting a no deposit bonus, we suggest checking our choice for the best forex brokers with no deposit bonus.
Markets.com Account Deposit & Withdrawal
There are no fees charged when you deposit funds in an account opened with this broker either through bank transfer, credit/debit cards, or e-Wallets. You can also avoid a conversion fee by making your deposits in the same currency selected as the base currency otherwise you will be charged a conversion fee.
The period for a deposit to reflect takes up to 1-2 business days and the same amount of days too for a withdrawal to be executed. Markets.com does not charge you any fee for withdrawalseither just like when you make deposits.
Markets.com Account Management
When a trader opens an account with Markets.com, it is imperative that the trader learns some intricacies especially when it comes to managing the account in terms of reactivation, inactivity, or even closing the account.
Markets.com Account Inactivity
For the Demo account which is generally unlimited, a 90-day period of inactivity will invalidate that as the Demo expires if you’re not active during that period which equates to 3 months.
For the live account, almost the same principle applies in that after 3 months of inactivity, an action is taken by the broker. Instead of the account expiring like with the Demo account, the broker charges the trader’s account an inactivity fee of $10 per month.
If the equity of your account goes below $100, the broker reserves the right to possibly close your account. This means if the money in your account that can be used for trade or investment consistently keeps dropping below $100, then the broker has the prerogative to close the account.
Markets.com Account reactivation
Due to extended account inactivity or loss of account details, you might need to reactivate the account which is quite easy to do. As long as the documents you provided during the account verification are still valid, the broker instantly reactivates the account. However, if during the time of reactivation the documents are no more valid, then you will have to provide new ones for the account to be reactivated.
How to delete and close a Markets.com account
Sometimes, traders might feel they want to try a different broker or simply want to take a break from trading entirely, and as such might decide to close their account with Markets.com. The process for achieving this is not complicated as you just need to initiate a withdrawal of your funds first and then contact the broker support team to finalize the process. After that, your money is yours and you are free to do whatever you want with it.
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.
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