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Frequently Asked Questions

FAQ

1. What is the minimum initial deposit required to open a new account?

There is no minimum deposit to open an account.

2. Do trading conditions for demo account differ from the ones for live trading account?

Quotes on demo accounts are the same as on real trading accounts.

3. How many accounts can I open?

Clients can create up to 3 Live and Demo accounts for each currency.

4. What is verification email?

As a part of account creation process we require your email address to be verified.

Payments

1. How long does it take to withdraw my money?

Wire transfer withdrawals can take 3-5 working days. Withdrawals via electronic payment systems, bank cards and crypto-currencies are processed within 24 hours. Note that withdrawal requests made during weekends will be processed on Monday.

2. Can I trade after making a withdrawal request?

Yes, money are debited from your trading account immediately. You are able to trade with the rest of your funds.\n

3. I used several electronic payment systems to fund my account and earned a profit/made a loss. How can I withdraw the money?

If you deposited using several payment systems and earned a profit/made a loss, you can withdraw funds with the payment system used for the largest deposit. Funds deposited via a wire transfer or a local deposit must be withdrawn using the bank account.

4. Can I transfer money between my trading accounts?

Yes, you may use the Internal Transfer option. The money will be transferred immediately. There is no fee for transfers between accounts with same currency.

5. Is it possible to charge back deposit to credit card?

Yes, it is the only way to withdraw funds which were deposited via credit card.

6. What happens if I do not deliver copy of credit card to SimpleFX?

In this case you will not be able to deposit or withdraw any funds using this credit card.

7. What happens if I use someone else`s credit card?

Payments using third party`s credit card are forbidden! In a case of this kind of payment amount transferred will be reduced by charge back fees and will be returned to credit card holder. Additionally there will be no possibility to make subsequent payments using this card in a future.

8. How much time do I have to deliver required documents?

There is no time limitation for delivering required documents. However if we do not receive these documents we may block the possibility to deposit using this credit card in a future.

Meta Trader 4

1. How can I open a trading position?

Choose a financial instrument from the Market Watch (at the top-right corner of the screen) and double-click on it.

2. How can I open a new chart?

Open File menu and click New Chart, then choose a financial instrument from the list.

3. What is Balance, Equity, Margin and Free Margin?

Balance is the amount of money on your account after the last closed trade. Equity is the sum of Balance and current Profit/Loss of open positions and SWAP. Margin is the amount of money necessary to cover your possible losses during margin trading. Free margin is the amount availabe to open next trades. Free margin equals equity minus margin.\n

4. I have downloaded Metatrader 4 from another broker. Can I trade with SimpleFX?

Yes, you can. The only thing you will have to do is change the Server name in Metatrader settings: just open Menu Tools → Options → Server and enter Server DNS:
\nSimpleFX Demo: demo-mt4.simplefx.io
\nSimpleFX Live: live-mt4.simplefx.io

5. I have installed MetaTrader, but it can not connect to your server. Why?

If you use your MetaTrader e.g at your job, most likely , your computer is connected to the Internet via firewall or a proxy-server.

6. Where can I find SWAP values?

Right-click in the Market Watch field and choose Symbols in the context menu. Select a currency pair and click Properties.

7. Can I change the time zone in MetaTrader?

No, the time zone of our trading servers is always UTC.

8. How can I view my trading history?

Open the terminal window by pressing Ctrl+T on your keyboard, and select the Account History tab. Right click to enable the context menu, which will allow you to save your trading history as an .html file so that you can view it later when you are logged off.

9. Can I use robot/auto traders or expert advisers?

Yes, all our trading platforms support the use of EAs.

10. How do I know that a trade is closed?

List of opened positions is displayed in the Terminal tab at the bottom of MetaTrader window.

11. Why is my value of balance in BTC so high?

MetaTrader platform is set to show account balance with two spots after the comma (1 BIT = 100 satoshis or 0.01 BIT = 1 satoshi). This is why we use BIT instead of BTC (1 BTC=1 000 000 BIT).

Forex Terms

1. What is take profit?

Take profit is an order to close a previously opened position at a price more profitable for the client than the price at the time of placing the order. When the take profit is reached, the order will be closed.

2. What is margin call?

Margin Call is an alert to the trader when the account equity falls below 50% Margin Level. This means,that the account is left with only the supplied margin and should be funded with more money in order to prevent it from facing a Stop Out or a forced closure. Trading platform will start closing trading positions at Stop Out level, which is set to be 30% of Margin Level.

3. What is a spread?

Spread is the difference between the bid and the ask price. The bid price is the rate at which you can sell a currency pair, and the ask price is the rate at which you can buy a currency pair. With us, you can trade a large range of instruments with flexible spreads. This gives you a greater degree of price transparency on your trades.

4. What is FIFO?

In forex trading, FIFO (First In, First Out) is a requirement that you must close the first (or oldest) open trade when there are several open trades of the same pair and equal value.

5. What is “trade size” in a Forex trade?

The term “trade size” refers to the number of standard lots you want to trade. 1.00 refers to 1 standard lot or 100,000 units of the base currency, so 0.10 refers to 1 mini lot or 10,000 units of the base currency. 0.01 refers to 1 micro lot or 1,000 units of the base currency.

6. What does it mean to have a 'long' or 'short' position?

If you are buying a currency pair, you are opening a 'long' position, if selling - a 'short' one. For example, if you buy 1 lot of EUR/USD, it means that you open a long position for 100,000 units of EUR. And if you sell 10 lots of AUD/CAD, it means that you open a short position for 1,000,000 units of USD.\n

7. What is a stop loss?

Stop loss is an order for closing a previously opened position at a price less profitable for the client than the price at the time of placing the order. Stop loss is a limit point that you set to your order. Once this limit point is reached, your order will be closed. It is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK price on buy or above the current BID price on sell.

8. What is a trailing stop?

Trailing stop is a type of stop loss order. It is set at a percentage level either below the market price (for long positions), or above the market price (for short positions).

9. What is a Forex broker?

A Forex broker is an intermediary between you and the interbank desk, networks of banks that trade with each other. Typically, a Forex broker will offer you a price from the banks, acting as their liquidity provider. SimpleFX uses multiple banks for pricing and we offer you the best price quotes with fast execution.

10. What is margin?

Margin is a percentage amount of the total trade size which a broker requires as a good faith deposit in order to allow a trader to open that position. This amount is not a fee or transaction cost; it is simply a portion of your account equity set aside within your account as a deposit towards the trade. Margin requirements are calculated by taking a percentage of the notional trade size and are determined by the broker in advance in the trading conditions.

11. What is a spot market?

Spot markets refer to the markets that deal with the current price of financial instruments.

12. What is a slippage and why does it happen?

Slippage occurs when the market gaps over prices or because available liquidity at a given price has been exhausted. Market gaps normally occur in fast-moving markets when the price can jump several pips without trading at prices in between. Similarly, each price has a certain amount of available liquidity. For instance, if the price is 50 and there is 1 million available at 50, then a 3 million order will get slipped, since 3 million is more than the 1 million available at the price of 50.

13. What is a rollover/swap?

The rollover rate, also referred to as “swap” or “interest” rate, is simply the cost-of-carry that is applied to your account on a day-to-day basis. It is the difference between the interest rates of the two currencies which a trader either earns or pays when a position is kept open overnight.

General Questions

1. How do I profit from trading on Forex?

The amount of your profit depends on the efficiency of your trading strategy, on how well you will learn to predict the interest rates changes and to a small extent on the amount of your deposit which allows you to sustain unfavorable situations during market movements.

2. How does Forex trading work?

Forex is used for trading currency pairs. Common currency pairs are the Euro/US Dollar, US Dollar/Japanese Yen, Great British Pound/US Dollar, and US Dollar/Canadian Dollar. You buy one currency and automatically sell another.

3. How can I open a trading account?

Click Register, confirm your email and you will receive your login details. Bitcoin accounts don't require any other verification: no Identity or Proof of address are required. To open a hard currency account, you have to go through the verification process first.

4. What tools do I need to trade on Forex?

You only need a computer with internet connection and a free demo account or a funded live account with SimpleFX to start. However, you should be equipped with proper Forex education and tools to minimize risks in the Forex market.

5. Who are the participants on the Forex market?

The Forex market is called an 'Interbank' market due to the fact that historically it has been dominated by banks, including Central Banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing and now the list includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and individual investors.

6. Where is the central location of the Forex market?

Forex trading is not centralized on an exchange, as is the case with the stock and futures markets. The Forex market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.

7. What is Forex?

Forex, also known as foreign exchange or FX, is the simultaneous buying of one currency while selling another. The forex market is available 24 hours a day, five days a week and it’s one of the largest, most liquid financial markets in the world. Just to compare, the New York Stock Exchange makes about $169 billion a day in volume and the Forex Market makes over $5 trillion a day in volume.

Cryptocurrencies

1. What is a bitcoin?

Bitcoin is a digital currency created in 2009, based mainly on a self-published paper by Satoshi Nakamoto. Bitcoin enables rapid payments (and micropayments) at a very low cost, while avoiding the need for central authorities and issuers.

2. Is it safe to use SimpleFX for Bitcoin trading?

Yes, we take great precautions to ensure security of our system and we constantly monitor our network for any suspicious activities. However, we can not provide security for bitcoins stored on users' computers, so it is important to take additional steps to ensure that your bitcoin wallet remains protected from users other than yourself.

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