What Account Types and Fees Does MGM Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, user-friendly interface |
Great for small-capital practice |
| Professional Account |
Experienced traders |
Higher leverage, tighter spreads |
Requires trading volume qualifications |
| Corporate Account |
Corporate clients |
Custom solutions, multi-user access |
Requires corporate documentation |
| Islamic Account |
Traders seeking Sharia-compliant options |
Swap-free trading, no overnight interest |
Verification of religious compliance needed |
| Demo Account |
All traders |
Practice trading without risk |
Ideal for testing strategies and platforms |
Account Opening Process
To open an account with MGM, you will need to follow a straightforward process. First, submit your personal information, including your name, contact details, and date of birth. Next, provide employment information, such as your occupation and employer details. Following this, you will need to disclose your financial situation, including your income and trading experience. Identity verification is essential; therefore, you must provide a valid form of ID and proof of address, such as a utility bill or bank statement. Additionally, you have the flexibility to upgrade to a professional account later if your trading volume increases or if you meet the required criteria.
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 for minor pairs |
| CFDs (Stocks) |
0.2 |
$5 per lot |
Varies by stock |
| CFDs (Indices) |
1.5 |
$2 per lot |
Popular indices available |
| CFDs (Commodities) |
2.0 |
$3 per lot |
Includes gold and oil |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
In addition to trading fees, traders should be aware of other potential costs associated with their accounts. Deposit and withdrawal fees may apply depending on the payment method chosen. Inactivity fees could be charged if the account remains dormant for an extended period. There may also be platform usage fees, particularly for advanced trading tools. Additionally, overnight interest charges (swap rates) can affect positions held past the trading day. Currency conversion fees may apply when trading in different currencies.
