Account
Related Questions
What are
the hours of operation?
The currency
trading desk operates 24 hours a day, from 5:00 PM EST on Sundays
through 4:30 PM EST on Fridays.
What's the
difference between the demo and the live trading platform?
The demo
to trade currencies is the same as the live
trading platform, with the only difference that the in the currency
demo there is no capital at risk when trading currencies. The trading
simulator is fully functional, so the bid and ask prices available
are the same as the ones in a live account. Consequently, a day
trader or swing trader that wants to practice online forex trading
will be gaining experience in real life market conditions.
How do I
open a real account to trade currencies?
Opening a trading
account is easy. Simply complete our online account application.
Once your account is processed and we receive your initial deposit
(US$2,500 for a regular account or $250 or more for mini
accounts), you will be emailed your account number, user id
and password to log into your live account. Please note that as
of this moment, you need to open a regular account with at least
US$50,000 to received free,
live trading course from us (you can open an account with $250 or more and receive our free
trading e-book).
How much
money do I need to open a currency trading account?
Only US$2,500
is required to open a standard fx
trading account. A mini trading
account requires a deposit of at least US$250. The minimum transaction
size for a regular account is 100,000 units of the base currency,
with a minimum margin requirement of 1,000 (which corresponds to
a leverage of 100 to 1). For mini accounts,
the contract (lot) sizes are in 10,000 units of the base currency,
with a 50 unit per lot minimum margin deposit (200 to 1 leverage). Please note that increasing leverage increases risk.
What are
the margin requirements for currency trading?
US$1,000 is
the initial margin requirement on our minimum trade size of US$100,000
(regular accounts); in other words, 100 to 1. For mini
accounts, the initial requirement is $50 per US$10,000 trade
size; that is, 200 to 1.
At the end
of the day, what happens to my open forex positions?
All open currency
positions will automatically be rolled forward to the next day's
value date at 4:30 PM EST (end of business day), unless the customer
provides specific settlement instructions. Depending on the currency
pairs involved, trades will either earn or pay a small premium,
depending on the interest rate differential between the two currencies.
Will I be
able to earn interest on the funds in my account?
Depending on
the account balance, customers will earn interest on all deposited
funds, as long as the funds are not used as margin. For more information,
see the FX Trading Handbook.
Are there
any other services that are offered?
Yes. Because
we are committed to the education of our customers, our clients
are offered free training
sessions. Furthermore, the free online trading software includes
a wide variety of useful trading tools, such as charting and technical
analysis studies, analysis of profit and loss in real time, real-time
news, and full back office capabilities. The platform also provides
daily professional commentary on the foreign currency market. At
the beginning of each moth, traders are also sent account statements
which provide detailed information about a trader's transactions
for the previous month, the open positions and the account balance
at the end of the month. Our mini forex
account customers receive our extremely practical trading e-book.
Can I trade
my foreign currency account from any computer?
Yes. All you
need is to install our online trading software. You may trade your
account from any computer with an active Internet connection. It
is very easy. Just log in to the forex trading system using your
username and password. During the times that you don't have access
to the Internet, simply place your trade over the phone with a currency
dealer.
Can I place
orders over the phone?
Yes. Phone trading
is available 24 hours a day (from 5:00 PM EST on Sunday to 4:30
PM EST on Friday). The prices that you have access to over the phone
are the same as the prices you see on the trading platform.
How can I
withdraw money from my trading account?
Via a withdrawal
request form (Adobe Acrobat Required),
you can easily withdraw money from your account. Simply print, fill
out and sign the form and fax it to: 1-908-731-0747. Your withdrawal
requests will be processed within two (2) business days of receipt.
US Dollar
Accounts
If you funded your trading account with U.S. Dollars, there is
no fee for withdrawal requests via check. Withdrawal requests
via wire will incur a $25 U.S. Dollar fee if the wire is sent
within the United States, and a $40 fee for international wires
(including Canada).
Non-US
Dollar Accounts
If you funded
your FX account with Euros, Yen or Hong Kong Dollars, your U.S.
Dollar account balance will be converted back to the desired foreign
currency and your funds will be wired back to the originating
bank account. A fee of 40 U.S. Dollars will be incurred.
To expedite
the processing of your request, please indicate your name and account
number on all wires, checks, withdrawal request forms and all other
account-related correspondence. On all international wire transfers,
please include intermediary bank information.
If I open
a mini account will still be entitled
to free training?
Yes, but it
won't be live. You will be entitled to an extremely practical trading
e-book that was designed by our trading team. Go to the mini
fx account section for more information. If you open an account
with $50,000 or more, you can request our free live currency
trading course.
To
sign up for a live 30-day free trading simulator, click here...
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