Forex FAQ - General

Forex FAQ - Security

Forex FAQ - Trading

Forex FAQ - Technical

Forex FAQ - General

What is Forex?

Forex, or Foreign Exchange, is the synchronized selling of one currency and buying of another. It is the largest market in the world, trading on average US$4 trillion daily. The market’s participants are: Central banks, commercial banks, government, multinational corporations, institutional and private investors.

What is the Minimum amount I need in order 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

How can I deposit funds with you?

You can either deposit by Credit Card or Bank Transfer. We accept Visa & Mastercard and all transactions through your credit card are considered purchases. Depositing by bank transfer is easy and funds can be immediately credited to your account. Please give us a call for more details.

What Partnership programs do you offer?

To learn about our different partnership and affiliate opportunities, please click here

How do I change my account details?

Please contact us and we will update your account details.

Do you offer a Demo account?

Yes, we do offer a demo account. Having said that, please feel free to register for Free and try our platform Click here to go to our registration page.

What are your fees and commissions?

There are no fees or commissions. We make money through the ‘spread’ which is the difference between the sell and buy price for a currency pair. It means that we only make money when you open a trade; the spread is charged once on opening and then any profit you make is yours.

Am I subject to Tax?

ForexCT does not pay or deduct any tax on our client’s behalf. It is the client's duty to look after his or her own tax obligations.

What currency are my funds held in?

All funds which are deposited with ForexCT are currently held in USD. The platform uses this as a base currency; hence, all margin, losses and profits are shown in USD.

How do I withdraw funds?

You can withdraw your funds through the platform. Once logged in, please choose the Portfolio window and click on the Account Activity tab. Select Withdraw option and enter the amount you wish to withdraw in USD.

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

Can I have multiple accounts with ForexCT?

At present clients are only allowed to have ONE trading account.

Are you a Market Maker?

Yes we are. This allows us to offer excellent trading conditions for a very low cost.

What is a 'single-interface' platform?

'single-interface' platform means that the trader can easily open several windows at once and view them all simultaneously on one screen. For example,a trader can place multiple trades while viewing his or hers Portfolio; Quotes; News/Calender; Charts on one single window interface.

This is by far one of the most important features of our trading platform, as it saves clients valuable time and potentially thousands of dollars. This differs from many web-based platforms where the user has no choice but to click back and forth when executing trades; viewing quotes/charts; reading the latest news and so on. Such process is very time consuming and every second is crucial in the Forex market!

Do I get charged a fee for being inactive?

Traders DO NOT get charged for being inactive.

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Do I get charged a fee for deactivating my account?

There is NO fee charged for deactivating your account.

Forex FAQ - Security

How secure is online trading?

We guarantee that trading online with ForexCT is highly secured. Our website is protected by a 128-bit secure sockets layer (SSL) encryption. Such an encryption is standard for online Forex brokers and is sufficient enough to protect and secure all your personal information.

What is ForexCT policy regarding the privacy of client information?

Our clients' trust is of utmost importance to us. Therefore, we highly respect our clients' rights to privacy. To read the terms of our privacy policy click here. .

Forex FAQ - Trading

What is a pip?

A Percentage in Point (pip) = 0.0001 (or 0.01 in Japanese Yen) is the smallest measure of price move used in Forex trading.

To calculate the value of one pip in a position you multiply the position size times 0.0001 (a pip) and you get 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.

What are the spreads on your platform?

Spreads are tailored to specific users because we have multiple accounts for a range of traders. We offer fixed spreads and we do not charge anything apart from the spread, in saying this we offer very competitive rates for all levels of clients. To learn more about our spreads, please contact us directly.

What is going ‘long’ or ‘short’?

Going long or opening a long position is when you Buy a currency with the expectation that the asset will rise in value. To go `short` is to have sold a currency with the expectation that the price will decline so it can be bought back in the future at a profit.

How do I select a currency pair?

There are 3 steps to select the currencies you want to trade.

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

2. In the Quotes window select 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, choose Large. This view allows you to open trades from the Quotes window directly.

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. GSL is available on all trades at no cost. With GSL you know the maximum you are risking at any time on a trade.

What is Roll-over/SWAP rates?

Roll-over or SWAP rates is the process whereby the settlement of a deal is rolled forward to another value date. The cost of such process is based on the interest rate differential of the two currencies. You can earn interest as well as pay interest. For more information about the SWAP rates, please contact us directly.

What is the minimum and maximum trade size?

The minimum conract size will vary depending on what account you have. Some selected traders have an option to have very large positions; hence, there is no set maximum trade size. Click here to go to our Registration Page and choose the account that suites your trading requirements.

When is the Forex market open for trading?

Forex market gives you an opportunity to trade 24 hours a day, 5 days a week.

Market Opens: Sunday 2200 GMT

Market Closes: Friday 2200 GMT

What is Technical Analysis?

Technical analysis is a method of evaluating currencies by analyzing statistics generated by market activity. Technical analysts use charts and other tools to identify patterns that can suggest future activity.

What is Fundamental Analysis?

Fundamental analysis is a method of evaluating a currency by attempting to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysts study everything that has an effect on the currency’s value, including macroeconomic factors and individually specific factors.

How do I close my Trade?

There are 2 ways to close a trade.

1. In the Portfolio window (under Open Positions) click on the trade and all details of the trade will come up. Click on the Close Position button to instantly close the trade.

2. If you have multiple positions open you can close them all at the same time. Make sure that in the Portfolio window under Open Positions all trades are showing. 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), please click on it at then click OK to confirm closure.

If you are experiencing technical problems and unable to close your trade, 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

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How long can I keep my trades open?

The spot positions can be open for a maximum of 1 Month. After 1 Month, your position will be automatically closed at the current market rate.

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

ForexCT's charts are derived from a third-party. It means that the prices on the charts do not include your spread; hence, there may be differences between the prices you see on the charts and the prices you see in your Quote window on the trading platform. The third-party charts should only be used as a guide and ForexCT bares no responsibility for the accuracy of the charting content.

Can I place a trade with my mobile?

Yes you can. The platform is compatible with most phones and is available at no extra cost for our VIP clients.

Can I place a trade via email?

Trades cannot be conducted via email.

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

No, you must have sufficient funds in your account to cover any losses incurred by your open positions.

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Forex FAQ - Technical

Error Messages

Charting Problems:

I am trying to view a Java Applet but nothing happens. My web browser is Java enabled. Why is that?

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 stores graphics and text from web sites that you visit and keeps it in a storage facility on your hard drive. This storage facility is called the cache, or Temporary Internet files. The reason for cache is simple - it is much 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 might cause problems with Java applets and can result in Applets freezing or not working at all. The solution is to clear cache and reload the page. If this does not work, then 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 the only thing I see is 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 reason 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 possible reason is that you have both Microsoft and Sun's versions of Java installed and enabled on your computer which 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 cause is that your version of Java may be corrupt. To solve this, please 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

It means that you are trying to trade outside of your allowed contract size. Please 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. That is why 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 finished, please restart Firefox.

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

7. Choose 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 show 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.