What Account Types and Fees Does SIB Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and intermediate traders |
Low spreads, user-friendly platform, educational resources |
Suitable for small-capital practice |
| Professional Account |
Experienced traders |
High leverage, tighter spreads, advanced trading tools |
Requires trading volume qualifications |
| Corporate Account |
Corporate clients |
Customizable trading solutions, dedicated account manager |
Requires corporate documentation |
| Islamic Account |
Traders adhering to Sharia law |
Swap-free trading, compliant with Islamic finance principles |
Available upon request |
| Demo Account |
All traders for practice |
Risk-free environment, access to virtual funds |
Ideal for testing strategies without financial risk |
Account Opening Process
To open an account with SIB, prospective clients need to follow a straightforward process. This involves submitting personal information, including identity verification documents such as a government-issued ID and proof of address. Additionally, employment and financial information will be required to assess eligibility and risk profile. Once an initial account is opened, there is flexibility to upgrade to a professional account later, should the trader meet the necessary criteria.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for majors |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive for popular currency pairs |
| CFDs (Stocks) |
0.1% |
$8 per lot |
Variety of stocks available |
| CFDs (Indices) |
0.5% |
$5 per lot |
Includes major global indices |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
In addition to trading fees, clients should be aware of other potential costs associated with their accounts at SIB. These include:
– Deposit and withdrawal fees, which may vary depending on the method used.
– Inactivity fees for accounts that remain dormant for an extended period.
– Platform usage fees, if applicable, based on the trading platform utilized.
– Overnight interest or swap rates for positions held overnight.
– Currency conversion fees for transactions involving different currencies.
