Trading Accounts
Zero Markets offers two simple account options, the Standard Account, which is commission-free, and the Super Zero Account, which has tighter spreads but carries a commission charge. Both accounts are suitable for beginners and more experienced traders.
We were pleased to note that Zero Markets offers market execution accounts, with pricing sourced from 6 leading financial institutions, including Goldman Sachs, Barclays, and Citibank, among others. This means that there is no dealing desk intervention on the accounts and that traders will receive the best pricing possible.
We opened and tested a variety of Zero Markets’ trading accounts:
Standard Account
The Standard Account is the best option if you are looking for commission-free trading. Spreads are wider than on the Super Zero Account, usually starting at 1.00 pip, although they can come down to 0 pips with high trade volumes, however, we noted that spreads were usually around 1.2 – 1.3 pips (EUR/USD).
The minimum deposit is 100 AUD, and 45+ Forex pairs, metals, commodities, and indices are available for trading. As is customary, you will see that equities are only available on the MT5 trading platform.
Super Zero Account
This account has tighter spreads – 0.1 pips on the EUR/USD- although we found spreads were usually around 0,2 – 0.4 pips (see the screenshot below). In addition, a commission of 5 USD round turn per standard lot is charged for Forex trading, one of the lowest commissions in the industry.
The minimum deposit is also set at is 100 AUD, so the only real difference between this account and the Standard Account is whether the broker’s fee is charged on the commission or in the spread, although the costs on the Super Zero Account are substantially lower. Super Zero accounts are generally more suited to scalpers and day traders.
Islamic Swap-free Accounts
Also known as swap-free accounts, Islamic accounts are ideally suited to Muslim clients, and in line with Islamic law, they incur no swaps or interest charges on overnight positions. Instead, the account holder is charged an administration fee that is deducted from the account’s balance. Islamic Accounts are available on both the Standard and Super Zero Account options:
How to open an Islamic swap-free account at Zero Markets:
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Open a MetaTrader 4 or MetaTrader 5 account.
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Send a request to customer service to convert your account to an Islamic swap-free option.
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Include an official document showing confirmation of your faith (e.g., a Proof of Faith document from your local mosque) if the evidence is not already included in your ID document.
An admin fee of 5 USD per lot on major currency pairs is charged per night. However, fees are not charged for the first ten nights of trading, and will only be applicable from the eleventh night.
Demo Account
We opened a demo account at Zero Markets and found that it comes loaded with 100,000 in virtual funds. Demo accounts simulate the conditions one would find on a live account, and you can choose between both the Standard and the Super Zero Accounts on MT4 and MT5. We highly recommend opening a demo account, as they are a great way to practice trading before risking real money. We liked the fact that Zero Markets’ demo accounts are unlimited and won’t expire unless they remain inactive for over 30 days.
Overall, Zero Markets offers a limited number of accounts compared to most other brokers, but its trading costs are reasonable and accounts are suited to both beginners and more experienced traders.
