Account Category Types
The account category types represent the individual account types that TradrAPI offers and makes available for users to take advantage of.
Each account category type may have different leverages, demo balances, and overall configuration which makes them behave in varying ways.
Supported Account Category Types
ECN
ECN (also known as GEN) Forex is a type of forex trading that uses an Electronic Communication Network (ECN) to connect traders and liquidity providers. ECN Forex brokers offer direct access to the interbank market, where traders can see the best available bid and ask prices from multiple liquidity sources, such as banks, exchanges, and other traders.
ECN Forex brokers charge a fixed commission per transaction, but they usually offer lower spreads and faster execution than traditional brokers. ECN Forex trading is suitable for traders who want more transparency, liquidity, and flexibility in the forex market.
Demo
Demo is an account type that exist only on demo servers, demo users are able to use virtual money in order to trade.
Islamic
Islamic Forex is a type of forex trading that follows the principles of Islamic finance and Sharia law. Islamic Forex accounts are also known as swap-free accounts, because they do not charge or pay interest or rollover fees on overnight positions, which is considered as Riba (usury) in Islam. Islamic Forex accounts also avoid trading in products that are prohibited by Islam, such as alcohol, pork, gambling, etc. Islamic Forex accounts are offered by some forex brokers to clients who respect the Quran and wish to invest in the Islamic stock market.
To open an Islamic Forex account, you need to find a broker that offers this option and verify your account by providing the required documents. Then, you can apply for an Islamic account and start trading according to the Sharia law.
Fixed
A Fix account is a type of forex trading account that offers fixed spreads for currency pairs and metals.
A fixed spread is the difference between the bid and ask prices of a currency pair, which remains constant regardless of market conditions. A Fix account is suitable for traders who use hedging or scalping strategies, as they can benefit from predictable trading costs and avoid slippage. A Fix account may also offer instant execution, automated trading, and a high leverage ratio. However, a Fix account may charge higher spreads than a floating spread account, and may not reflect the true market prices.
Variable
A Variable account is a type of forex trading account that offers variable spreads for currency pairs and other instruments. A variable spread is the difference between the bid and ask prices of a currency pair, which changes according to market conditions. A Variable account is suitable for traders who want to benefit from low spreads when the market is calm and liquid, and who can handle the risk of wider spreads when the market is volatile.
A Variable account may also offer market execution, automated trading, and a high leverage ratio. However, a Variable account may charge commissions or fees on top of the spreads, and may not guarantee the execution price.
ELT
ELT stands for Elite Trader Account. It is a type of forex trading account that offers low spreads, fast execution, and high leverage.
ELT accounts are suitable for experienced and professional traders who want to trade large volumes and access premium services. ELT accounts may also offer access to exclusive market analysis, trading signals, and personal account managers.
VIP
VIP stands for Very Important Person Account. It is a type of forex trading account that offers special benefits and privileges to loyal and high-net-worth clients. VIP accounts may offer lower spreads, higher leverage, free VPS, cash rebates, and other rewards. VIP accounts may also provide access to dedicated customer support, personal account managers, and invitations to exclusive events and webinars.
LAY
Lay stands for Layered Account. It is a type of forex trading account that allows traders to create multiple sub-accounts under one main account. Lay accounts are useful for traders who want to diversify their trading strategies, manage different portfolios, or allocate funds to different traders.
Lay accounts may also offer the option to transfer funds between sub-accounts, view consolidated reports, and apply different settings and preferences to each sub-account.
NO
NO stands for No Dealing Desk Account. It is a type of forex trading account that offers direct access to the interbank market, without passing through a dealing desk or a market maker. NO accounts are suitable for traders who want to trade with the best available prices, without any interference or manipulation from the broker.
NO accounts may also offer fast execution, low spreads, and high leverage.
DIS
DIS stands for Discount Account. It is a type of forex trading account that offers lower spreads and commissions than standard accounts, in exchange for a reduced level of service and support.
DIS accounts are suitable for traders who are confident and independent, and who do not need much assistance or guidance from the broker. DIS accounts may also offer access to various trading platforms and tools, but with limited features and functionality.
SIB
SIB stands for Social Investment Broker Account. It is a type of forex trading account that allows traders to copy the trades of other successful traders, or to share their own trades with others. SIB accounts are suitable for traders who want to learn from the experience and strategies of others, or who want to earn extra income by letting others copy their trades.
SIB accounts may also offer access to social trading platforms and networks, where traders can interact and communicate with each other.
SCP
SCP stands for Scalping Account. It is a type of forex trading account that allows traders to open and close positions within a very short time frame, usually seconds or minutes. SCP accounts are suitable for traders who use scalping strategies, which involve taking small profits from frequent trades. SCP accounts may also offer tight spreads, fast execution, and high leverage.
Rebate
Rebate stands for Rebate Account. It is a type of forex trading account that offers cashback or rebates on every trade, regardless of profit or loss. Rebate accounts are attractive for traders who want to reduce their trading costs and increase their profits. Rebate accounts may also offer competitive spreads, fast execution, and flexible leverage.
Rebate accounts may require a minimum deposit or trading volume to qualify for the rebates.
LOWCOM
An accounts with low commissions. Commissions are fees that some brokers charge for every trade you make, and they can vary depending on the broker, the currency pair, and the account type. Some brokers offer zero-commission accounts, but they may have higher spreads or other charges.