World Credit Accounts

Account Type

Description

There are five account types in CES. These are similar to the account types offered by regular banks.

Individual Brokerage Accounts

An Individual Account is for a single individual, much like a personal account with a regular bank. The account details apply to one person only and no one may share the account details for trading.

Shared Brokerage Accounts

A Shared Account is one that is shared by a couple or a family, much like a joint account with a regular bank. It is also called a ‘family’ account because all members of a family may use the account number for trading. A Shared Account requires one named contact person who will be held responsible and accountable for all trading with the account.

Company Brokerage Accounts

A Company Account is for companies. What actually constitutes a company is not defined but it includes normal registered companies and any other entity that operates like a commercial company. This could be an individual offering a professional service but who wants to be registered under a name other than that of an individual. The name displayed on the site will be the name of the company. A Company Account requires one named contact person.

As many company names are quite long, a shorter version of the name is required so that it is not truncated on drop-down menus. Often an acronym of the company name is suitable.

Organisation Brokerage Accounts

An Organisation Account is for organisations. What actually constitutes an organisation is not defined but it includes normal registered organisations or any other entity that operates as an organisation. An Organisation Account requires one named contact person.

As many organisation names are quite long, a shorter version of the name is required so that it is not truncated on drop-down menus. Often an acronym of the organisation name is suitable.

Public Brokerage Accounts

Public Accounts are accounts for entities offering special services for the exchange or for its users. Public Accounts are similar to Company and Organisation Accounts but differ in that they are ‘open’, in the sense that everyone can see the full statement of account. This feature is provided for entities that are offering a ‘public service’, where users would have an interest in the honest running of the entity’s affairs.

Public Accounts also require one named contact person.

Other account types

CES uses two other account types, but these are system accounts so no other accounts may be created with these account designations and they cannot be deleted. They are:

The Administrator’s Account (this is always the ‘0000’ account e.g. NTCE0000) and the Virtual Account (e.g. NTCEVIRT) that is used for remote trading.

The Virtual Account represents a user who also has accounts in every other exchange. A remote sale actually takes place between the local seller and the virtual buyer (the Virtual Account), who is like an agent that ‘sells it on’ to the actual remote buyer in the remote exchange. This mechanism is used because each exchange is a closed accounting entity from which no ‘currency’ can leave.

Create your website with WordPress.com
Get started
%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close