What Account Types and Fees Does BOOM Offer?
| Account Type |
Target User Group |
Key Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Access to a wide range of trading instruments |
Suitable for small-capital practice |
| Professional Account |
Experienced traders |
Enhanced features including lower spreads and higher leverage |
Requires proof of trading experience |
| Corporate Account |
Corporate clients and institutions |
Custom services and higher trading limits |
Requires corporate documentation |
| Islamic Account |
Traders requiring Sharia-compliant options |
Swap-free trading |
Must comply with Islamic finance principles |
| Demo Account |
New traders and those testing strategies |
Practice trading without risk |
Limited time access |
Account Opening Process
To open an account with BOOM, traders must complete several steps. First, they will need to submit personal information, including name, contact details, and employment information. Following this, financial information will also be required to assess the trader’s financial status. An important part of the process is identity verification, which involves providing an ID and proof of address. Traders should also be aware that they have the flexibility to upgrade their account to a professional status in the future, should their trading experience and volume meet the necessary criteria.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
Varies |
$0 |
Tight spreads for major pairs |
| CFDs (Stocks) |
Varies |
$0 |
Varies by stock |
| CFDs (Indices) |
Varies |
$0 |
Varies by index |
| CFDs (Commodities) |
Varies |
$0 |
Varies by commodity |
| Cryptos (BTC/USD) |
Varies |
$0 |
Variable depending on market conditions |
Other Fees
In addition to trading fees, traders should consider other potential costs associated with their account. These may include deposit and withdrawal fees, which can vary based on the payment method used. Additionally, there might be inactivity fees for accounts that remain dormant for an extended period. Platform usage fees are typically not applicable, as BOOM provides access to its trading platforms without additional charges. Traders should also be aware of overnight interest rates (swap rates) that may apply to positions held overnight, as well as currency conversion fees that could be incurred when trading in different currencies.
