Overview of Fxview
Before delving into the specific Fxview account types, it's important to understand the broker's background. Fxview is an online trading broker that entered the market in 2018. The company operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa. These regulatory bodies ensure that Fxview adheres to strict financial standards, providing a level of security for its clients.
For Indonesian traders, Fxview operates through its global entity, offering a range of services tailored to meet the needs of both novice and experienced traders. The broker's presence in Indonesia is part of its broader strategy to expand its services in the Asia-Pacific region.
Fxview Account Types
Fxview offers two main types of trading accounts for Indonesian clients: the Raw ECN Account and the Islamic Account. Each account type is designed to cater to different trading styles and preferences. Let's explore these Fxview account types in detail:
1. Raw ECN Account
The Raw ECN (Electronic Communication Network) Account is Fxview's standard offering, designed for traders who prefer direct market access and tight spreads. Here are the key features of this account type:
- Minimum deposit: $50
- Spreads: Starting from 0 pips
- Commission: $1 per lot (round turn)
- Maximum leverage: Up to 1:500
- Available instruments: Forex, commodities, indices, stocks, cryptocurrencies
The Raw ECN Account is suitable for various trading styles, including scalping and algorithmic trading. It offers institutional-grade liquidity and fast execution speeds, making it a popular choice among both beginners and experienced traders.
2. Islamic Account
The Islamic Account, also known as a Swap-Free Account, is designed for Muslim traders who wish to comply with Sharia law. This account type eliminates overnight interest charges (swaps) on positions held open overnight. Here are the key features:
- Minimum deposit: $50
- Spreads: Starting from 0.6 pips
- Commission: $1 per lot (round turn)
- Maximum leverage: Up to 1:500
- Available instruments: Forex, commodities, indices, stocks, cryptocurrencies
- No swap charges
The Islamic Account ensures that Indonesian traders can participate in the forex market without conflicting with their religious beliefs. It offers the same trading conditions as the Raw ECN Account, with the exception of swap-free trading.
Comparison of Fxview Account Types
To help Indonesian traders better understand the differences between the Fxview account types, let's compare them side by side:
| Feature | Raw ECN Account | Islamic Account |
|---|---|---|
| Minimum Deposit | $50 | $50 |
| Spreads | From 0 pips | From 0.6 pips |
| Commission | $1 per lot (round turn) | $1 per lot (round turn) |
| Maximum Leverage | 1:500 | 1:500 |
| Swap Charges | Yes | No |
| Available Instruments | Forex, commodities, indices, stocks, cryptocurrencies | Forex, commodities, indices, stocks, cryptocurrencies |
As we can see, the main difference between the two Fxview account types lies in the swap charges and the starting spread. The Islamic Account has a slightly higher starting spread to compensate for the absence of swap charges.
Open AccountTrading Platforms for Fxview Account Types
Regardless of the account type chosen, Indonesian traders can access their Fxview accounts through several trading platforms:
- MetaTrader 4 (MT4): A widely used platform known for its user-friendly interface and extensive analytical tools
- ActTrader: Fxview's proprietary platform offering a modern trading experience
- ZuluTrade: A social trading platform allowing users to copy trades from successful traders
It's important to note that MetaTrader 5 (MT5) is not available for Indonesian traders. However, the available platforms offer a comprehensive set of features to support various trading strategies.
Additional Features of Fxview Account Types
Both Fxview account types come with several additional features that enhance the trading experience for Indonesian traders:
- Negative Balance Protection: This feature ensures that traders cannot lose more than their account balance, protecting them from potential debt
- Fast Execution: Fxview uses advanced technology to ensure quick order execution, reducing slippage
- Multi-Asset Trading: Traders can access a wide range of financial instruments from a single account
- Educational Resources: Fxview provides various educational materials, including webinars, video tutorials, and market analysis
- 24/5 Customer Support: Assistance is available throughout the trading week via live chat, email, and phone
How to Choose the Right Fxview Account Type
Selecting the appropriate Fxview account type depends on several factors. Here are some considerations for Indonesian traders:
| Factor | Raw ECN Account | Islamic Account |
|---|---|---|
| Religious Compliance | Not required | Suitable for Muslim traders |
| Trading Style | Suitable for all styles, including scalping | Suitable for all styles, with no overnight charges |
| Cost Preference | Lower spreads, with swap charges | Slightly higher spreads, no swap charges |
| Experience Level | Suitable for all levels | Suitable for all levels |
Indonesian traders should consider their individual needs, trading goals, and religious requirements when choosing between the Fxview account types.
Steps to Open a Fxview Account
Opening a Fxview account is a straightforward process for Indonesian traders. Here are the steps:
- Visit the Fxview website and click on the "Open Account" button
- Fill in the registration form with personal details
- Choose the preferred account type (Raw ECN or Islamic)
- Upload the required documents for verification (ID, proof of address)
- Wait for account approval (usually within 24 hours)
- Fund the account using one of the available payment methods
- Start trading
Indonesian traders should ensure they have the necessary documents ready to expedite the account opening process.
Try DemoConclusion
Understanding Fxview account types is crucial for Indonesian traders looking to engage in online trading. The Raw ECN Account offers tight spreads and direct market access, suitable for various trading styles. The Islamic Account caters to Muslim traders, providing swap-free trading in compliance with Sharia law.
Both account types offer competitive trading conditions, including low minimum deposits, high leverage, and access to a wide range of financial instruments. The choice between the two depends on individual preferences, trading goals, and religious considerations.
While Fxview provides a solid offering for Indonesian traders, it's important to note that the absence of MT5 platform might be a drawback for some. However, the available platforms (MT4, ActTrader, and ZuluTrade) offer comprehensive features to support various trading strategies.
Indonesian traders should carefully consider their needs and conduct thorough research before choosing an account type. It's advisable to start with a demo account to familiarize oneself with the platform and trading conditions before committing real funds.
Frequently Asked Questions (FAQ)
What is the main difference between the Raw ECN and Islamic Account types offered by Fxview?
The main difference lies in the swap charges and starting spreads. The Raw ECN Account has lower spreads starting from 0 pips but includes swap charges for positions held overnight. The Islamic Account, designed for Muslim traders, has no swap charges but slightly higher spreads starting from 0.6 pips. Both account types have the same minimum deposit of $50 and maximum leverage of 1:500.
Can Indonesian traders switch between Fxview account types after opening an account?
Yes, Indonesian traders can switch between account types after opening an account with Fxview. However, this process may require contacting customer support and possibly providing additional documentation, especially when switching to an Islamic Account. It's advisable to choose the most suitable account type from the start to avoid potential inconveniences.
Are there any restrictions on trading strategies for different Fxview account types?
Both the Raw ECN and Islamic Account types support various trading strategies, including scalping and algorithmic trading. However, it's important to note that certain strategies, particularly those involving holding positions overnight, may be affected by the presence or absence of swap charges. Traders using the Islamic Account should be aware that while there are no swap charges, there may be other fees for holding positions for extended periods to comply with Sharia law.
