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    Forex FAQ

    Forex FAQ - General

    What is Forex?

    Forex, short for Foreign Exchange - Forex trading is the synchronized buying of one currency and selling of another. It is the largest financial market in the world, trading on average US$4 trillion daily. The market participants include; Central banks, commercial banks, multinational corporations, governments, institutional and private investors.

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    What is the minimum amount needed to open an account?

    There is absolutely no cost to open a trading account with ForexCT. When you want to start trading, you can do so with as little as a $500. To see all the different types of trading accounts we offer, please click here

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    How can I deposit funds with you?

    You can deposit by Credit Card or Bank Transfer. The fastest and easiest way to deposit funds is with your Credit Card via the trading platform. We accept American Express, Visa and Mastercard. Depositing funds by bank transfer is simple and funds can be instantly credited to your account. Call us for more details.

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    What sort of Partnership programs do you have?

    To learn more about the different partnership and affiliate opportunities we offer, please click here

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    How can I change my account details?

    To change your account details simply contact us and we will update them for you.

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    Do you offer a "Demo" account?

    Yes, we do offer a demo account for new traders. You can register for free, so if you want to get a feel of our trading platform click here to go to our registration page.

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    What are your commissions and fees?

    We do not charge any commissions or a fee to trade on our trading platform. We make money through the ‘spread’ i.e. the difference between the buy and sell price quoted by us for a currency pair.

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    Am I subject to Tax?

    ForexCT does not deduct or pay any tax on our clients' behalf. It is the individual client's own responsibility to take care of his or her own tax obligations.

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    Can I open multiple accounts with ForexCT?

    Presently, each separate client can only have ONE trading account with ForexCT. Each trading account represents ONE legal entity. For example, if you own a company you may open one trading account in the name of the company and a separate trading account in your own name. ForexCT will treat each account as totally separate from the other and each account will need to meet all margin requirements in their own capacity.

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    What currency are my funds held in?

    All funds deposited with ForexCT are based in either Australian or US Dollars. When you register for your PROfit trading account, you have the option to select either of these two base currencies. All margin amounts, profits and losses are shown in the base currency you select. It should be noted that the only base currency available for MT4 is US Dollars.

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    How can I withdraw funds?

    Funds can be quickly and easily withdrawn via the trading platform. Once logged in, click on button 'MORE'. The option to "Withdraw" can be selected and all you need to do fill out the withdrawal details.

    NB: Registration forms need to be filled out and sent to ForexCT before any withdrawals can be processed.

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    Are you a Market Maker?

    Yes we are. This means that we, via our trading platform, quote the prices at which we are prepared to buy and sell our foreign exchange products to you. We are the counterparty to every trade with our clients.

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    What is a 'single-interface' trading platform?

    ForexCT’s trading platform is described as 'single-interface'. Effectively this means that the trader has the ability to open several windows at once and view them all at the same time on the one screen. For example, traders can view their Portfolio; the News/Calender; Quotes; Charts; and place multiple trades all on one single window interface.

    This is an important feature of our trading platform, as this will save clients valuable time and potentially thousands of dollars. This differs from many other web-based trading platforms where the user is required to click back and forth between screens when entering orders, executing trades; viewing quotes/charts; reading the latest news and so on. This can be very time consuming and every second can be crucial in the Forex market!

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    Do I get charged a fee for being inactive?

    Inactivity fees can be applied to accounts that are inactive for over 60 days. Please refer to our PDS for more information.

    Do I get charged a fee for deactivating my account?

    There is NO fee charged for deactivating your account.

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    Forex FAQ - Security

    How secure is online trading?

    Trading online with ForexCT is highly secure. Our website is protected by a 128-bit secure sockets layer (SSL) encryption. This 128-bit encryption is standard for online trading platforms and is sufficient to protect and secure all your personal information.

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    What is ForexCT's policy regarding the privacy of client information?

    At ForexCT, we value the trust clients have in us. Therefore, we highly respect our clients' rights to privacy. To view the terms of our Privacy Policy click here.

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    Forex FAQ - Trading

    What is a pip?

    A Percentage in Point ("pip") = 0.0001 for most currencies (or 0.01 in Japanese Yen). A pip is the smallest measure of price move used in Forex trading and in the foreign exchange products offered by ForexCT.

    To calculate the value of one pip in a particular foreign exchange product, you must multiply the position size times 0.0001 (a pip) and you calculate the value of the pip in the term (second) currency. Then you can convert that value to your base currency.

    Example:

    100,000 AUDUSD position.

     

    100,000 * 0.0001 = 10 USD

     

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    What are the spreads on the ForexCT trading platform?

    As we have multiple accounts for a range of different types of traders, the spreads are tailored to specific users. The spreads quoted to larger volume trades are less than those quoted for smaller volume trades. Our spreads are fixed and we do not charge any fees. We offer very competitive rates for all levels of clients. To learn more about our spreads, then please feel free to contact us directly.

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    What is going ‘long’ or ‘short’?

    Going long or opening a long position is when you buy a financial product with the expectation that it will rise in value. If that expectation is met and the price subsequently rises you can close out that position by selling at the higher price and thus, generate a profit.

    To go `short` or open a short position is to sell a financial product with the expectation that its price will decline so it can be bought back in the future at a profit. If that expectation is met and the price subsequently falls you can close out that position by buying at the lower price and thus, generate a profit.

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    How do I select a currency pair?

    There are 3 easy ways to select the currencies you want to trade.

    1. In the Trade window select the two currencies you want to trade from the drop down lists.

    2. In the Quotes window find the currency pairs you want to trade and then double-click it to update the Trade window. You can also click and drag the currency pair to the Trade window.

    3. In the Quotes window click on Display in the options at the top, select Large. This view enables you to open trades directly from the Quotes window.

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    Do you Guarantee a Stop Loss?

    Yes we do. A Guaranteed Stop Loss (GSL) is an order to automatically close an open trade once a price is reached or passed. ForexCT offers a GSL on all FX trades at no cost. This gives you the peace of mind that you know the maximum you are risking at any time on a trade.

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    What is Roll-over?

    Roll-over is the process whereby the settlement of a deal is rolled forward to another value date. The cost of this process is based on the interest rate differential of the two currencies in a currency pair.

    Trades that are not completed or terminated prior to at 12.00AM Greenwich Mean Time (“GMT”) are held overnight (“rolled over”) and will result in you paying or receiving interest. This is known as rollover interest. Rollover refers to the interest you may earn or be charged daily on your open positions.

    Every currency pair has an interest rate associated with it. Depending on the currency pair you trade, you will pay or earn interest at the end of the trading day at 12.00AM GMT. To earn interest, you must buy a currency with a higher interest rate than the one you are selling.

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    What is Leverage?

    The ratio of the amount of the face value of a transaction to the required margin or security deposit. The higher the leverage the less margin required to trade. Example: 1:50 leverage is the same as investing 2% of the contract value. 1:400 leverage is the same as investing 0.25% of the contract value.

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    What is the minimum and maximum trade size?

    Depending on what account you have the minimum contract size will vary. We are able to offer the option for selected traders to have very large positions, because of this there is no set maximum trade size (provided the trader has sufficient money in their account to cover margin amounts). Click here to go to our Registration Page to find out what account is best suited to your trading requirements.

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    When is the Forex market open for trading?

    In the Forex market your can trade 24 hours a day, 5 days a week. With ForexCT, our trading hours are the same as the underlying Forex market i.e.

    Market Opens: Sunday 22:00 GMT

    Market Closes: Friday 22:00 GMT

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    What is Technical Analysis?

    Technical analysis is a method of evaluating price movements by analyzing statistics generated by historical market activity. Technical analysts do not attempt to measure the intrinsic value of an asset, but instead use charts, and other tools, to identify patterns that can suggest future activity.

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    What is Fundamental Analysis?

    Fundamental analysis is a method of evaluating the current value of an asset by attempting to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysts attempt to study everything that can affect the value of an asset, including macroeconomic factors and individually specific factors. Where a fundamental analyst determines the value of an asset as less than what it is currently trading at, they would recommend selling the asset as they would predict that the value will fall to the value they have determined. Conversely, where a fundamental analyst determines the value of an asset as more than what it is currently trading at, they would recommend buying the asset.

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    How can I close my Trade?

    There are 2 ways to close or liquidate an open trade or open position.

    1. In the "Portfolio" window under "Open Positions" you can click on the trade, and all details of the trade will be displayed. Then just click on the "Close Position" button to instantly close the trade at the current quoted price.

    2. If you have multiple positions open you can close them all at the same time or just one. In the "Portfolio" window under "Open Positions" and ensure all trades are displayed. On the left hand side of the window there is a tick box column, select the trades you want to close. At the bottom of the column is a small icon (a white page with a red cross) click on it at then click OK to confirm closure.

    If you are experiencing technical problems and are unable to close your trade, then please press the “Print Screen” on your keyboard. Paste the screen capture of the error message with a brief description to a new email and send to support@forexct.com

    This email must be sent within 30 minutes of the error occurring and our dealing support team will assess the problem as quickly as possible.

     

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    How long can I keep my trades open?

    ForexCT allows users to keep their positions open for as long as they want.

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    How come the prices on my charts are different to those in my Quotes window?

    ForexCT's charts are derived from a third-party. This means that the prices on the charts do not incorporate our spread. Therefore, there may be differences between the prices you see on the charts and the prices you see in the "Quote" window on the trading platform. The third-party charts should be used only as a guide and ForexCT is not responsible for the accuracy of the charting content.

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    Can I place a trade with my mobile?

    ForexCT offers clients the ability to trade from their mobile phones. The platform is compatible with most phones and is available at no extra cost for our VIP clients.

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    Can I place a trade via email?

    ForexCT does not accept orders via email.

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    Can I place a trade via the phone?

    ForexCT does accept orders via the phone.

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    If I have no available funds in my account, can I still trade?

    No, you must have sufficient funds in your account to cover the initial margin required to hold an open position. The initial margin is between 0.25% to 2% of the face value of the transaction depending on the contract size you choose. In our sole discretion we will determine the amount of the margin required. The default leverage has been set to 0.5%; however, ForexCT is able to change this for clients. Margin requirements are taken on a per transaction basis. Once your margin leverage is set, the system will not be able to open a position beyond those limits.

    The full value of the initial margin is payable to ForexCT immediately upon entering the transaction. This means that sufficient cleared funds must be deposited in your account with us before you can trade. In addition, there must be sufficient funds in your account to cover all losses incurred by your existing open positions

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    Forex FAQ - Technical

    Error Messages

    Charting Problems:

    I am trying to view a Java Applet but nothing happens. I know that my web browser is Java enabled. What could this be?

     

    In case you are using Windows Vista, a newer Java Runtime Environment is required.

     

    Please uninstall your current JRE and install the latest version from http://www.java.com/en/download/manual.jsp.

    You can verify your Java installation at http://www.java.com/en/download/installed.jsp

    Your web browser has a storage facility on your hard drive that stores graphics and text from web sites that you visit. This storage facility is called the cache, or Temporary Internet files. The reason web browsers have a cache is that it is quicker and easier to load images, applets, etc. from cache on your hard drive than downloading them again. Over time, your browser's cache gets full and the information gets outdated. This can cause problems with Java applets and can result in that Applets are freezing or not working at all. The solution to this is to clear cache and reload the page. If this does not work, try clearing your cache, closing your browser and then revisiting the page.

    Internet Explorer 4.x or greater

    1. Select Tools (or View if you are using IE 4.x), then click Internet Options.

    2. Select the General Tab.

    3. Click on the Delete Files button to clear the cache.

    4. Remember to select the "delete all offline content" checkbox.

    Netscape 4.x or greater

    1. Select Edit, then click Preferences.

    2. Select Advanced, then click Cache.

    3. Click on Clear Memory Cache and Clear Disk Cache buttons to clear the cache.

    When I try to view a Java Applet I only see a box with a red X in the corner. Why is this happening?

    Cause #1:

     

    You can download and install the Sun Java plug-in at this address:

    http://www.java.com/en/download/manual.jsp

    After installation, you can verify the running Java version at http://www.java.com/en/download/installed.jsp

    Cause #2:

    Another possible cause for this behavior is that you do not have Java enabled on your browser.

    To verify if this is the case, do the following in Internet Explorer 7 or 8:

    Select the “Tools” Menu -> “Internet Options” -> “Advanced Tab”

    Once you are in the Advanced Tab of the Internet Options dialogue box, scroll down to the setting for: Java (SUN)

    To enable the Java Runtime Environment, check the "Use JRE 1.6….for applet (requires restart)" checkbox, this requires a restart of the browser, not of the computer:

    If you do not see this option listed, then you do not have Java installed. Please refer to Cause #1 above.

    Netscape and Opera ship with Java but it needs to be explicitly selected for installation during the browser installation.

    Cause #3:

    The third possibility is that you have both Microsoft and Sun's versions of Java installed and enabled on your computer and they are conflicting with one another. To solve this issue, follow the steps in Cause #2 and select only one version of Java to use; Sun's or Microsoft's.

    Cause #4:

    The final possibility for this behavior is that your version of Java may be corrupt. To solve this issue, uninstall your current version of Java (Control Panel -> Add or Remove Programs -> Java …) and then download a new version from Sun following the instructions contained in Cause #1.

    Platform Error Messages:

    You cannot open a position with this amount Please change the position amount value and try again

    This error message means you are trying to trade outside of your allowed contract size. Contact us to discuss further.

    Unable to close position 123456790

    Cannot close deal within 2 minutes

    Time passed from opening deal is 0.40

    ForexCT has a no-scalping policy. Therefore, you will be prevented from closing your positions within 2 minutes of opening them; otherwise you will get a message similar to the one above.

     

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    How do I run ForexCT's trading platform in 'Firefox'?

    You are able to log in to ForexCT's trading platform both through Internet Explorer and Mozilla Firefox. In order to log into the platform via Firefox, please follow these steps:

    1. In Firefox, go to ‘Tools’ then ‘Add-ons’.

    2. Select the first tab – ‘Get add-ons'.

    3. In the search box in the top left type in ‘IE Tab 2’.

    4. Select IE Tab 2 and click ‘Add to Firefox’.

    5. Once the installation is complete, please restart Firefox.

    6. Once Firefox is restarted, please enter your browser and select "Tools" then "IE Tab Options".

    7. Select the "Sites Filter" tab and make sure that ForexCT's web address(http://www.forexct.com.au) is in the URL box at the bottom and click "Add".

    8. Our web address will now appear in the "Rule" box, click "OK".

    9. Now restart Firefox, go to our website and you will be able to log into the platform with your Mozilla Firefox browser.