What Account Types and Fees Does Onyx Markets Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, access to educational resources |
Suitable for small-capital practice |
| Professional Account |
Experienced traders |
Higher leverage, reduced spreads, advanced trading tools |
Requires proof of trading experience and volume |
| Corporate Account |
Corporate entities |
Customizable trading solutions, multi-user access |
Requires corporate documentation and verification |
| Islamic Account |
Traders seeking swap-free options |
No overnight interest fees, compliance with Islamic finance principles |
Requires declaration of eligibility |
| Demo Account |
All traders |
Practice trading without real money, access to full platform features |
Unlimited time usage for practice |
Account Opening Process
To open an account with Onyx Markets, you must follow a straightforward process that includes several steps. Initially, you will be required to submit your personal information, which typically includes your name, address, and contact details. Following this, you will need to provide employment and financial information to ensure that you meet the eligibility requirements for the account type you are selecting. Additionally, identity verification is a crucial part of the process, requiring you to submit a valid ID and proof of address documentation. Once your identity is verified, you can start trading. Onyx Markets offers flexibility in account management, allowing you to upgrade to a professional account later on if your trading needs evolve.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major currency pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive rates for popular pairs |
| CFDs (Stock Index) |
1.5 |
$7 per lot |
Includes major indices like S&P 500 |
| CFDs (Commodities) |
2.0 |
$5 per lot |
Applicable to gold and oil |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable spreads based on market conditions |
Other Fees
In addition to trading fees, traders should be aware of other potential costs. Onyx Markets may impose deposit and withdrawal fees that vary based on the payment method chosen. Additionally, an inactivity fee may apply if no trading activity occurs within a specified period. While there are no platform usage fees associated with Onyx Markets, overnight interest charges, also known as swap rates, will be applied for positions held overnight. Lastly, currency conversion fees may apply when trading in different currencies.
