Forex FAQ - General

What is Forex?
What is the Minimum amount needed to open an account?
How can I deposit funds with you?
What sort of Partnership programs do you have?
How can I change my account details?
Do you have a Demo account?
What are your commissions and fees?
Am I subject to Tax?
What currency are my funds held in?
How can I withdraw funds?
Can I open multiple accounts with ForexCT?
Are you a Market Maker?
What is a 'single-interface' platform?
Do I get charged a fee for being inactive?
Do I get charged a fee for deactivating my account?

Forex FAQ - Security

How secure is online trading?
What is ForexCT policy regarding the privacy of client information?

Forex FAQ - Trading

What is a pip?
What are the spreads on your platform?
What is going ‘long’ or ‘short’?
How do I select a currency pair?
Do you Guarantee a Stop Loss?
What is Roll-over/SWAP rates?
What is the minimum and maximum trade size?
When is the Forex market open for trading?
What is Technical Analysis?
What is Fundamental Analysis?
How can I close my Trade?
How long can I keep my trades open?
How come the prices on my charts are different to those in my Quotes window?
Can I place a trade with my mobile?
Can I place a trade via email?
If I have no available funds in my account, can I still trade?

Forex FAQ - Technical

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

Forex FAQ - General

What is Forex?

Forex, short for Foreign Exchange, is the synchronized buying of one currency and selling of another. It is the largest market in the world, trading on average US$3.4 trillion daily. The market’s participants include; Central banks, commercial banks, multinational corporations, governments, institutional and private investors.

What is the minimum amount needed to open an account?

This link should go to the sign up page where it lists our available accounts.

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 on the platform, we accept Visa & Mastercard and all transactions through your card are considered purchases. Depositing by bank transfer is simple and funds can be instantly credited to your account, call us for more details.

What sort of Partnership programs do you have?

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

How can I change my account details?

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

Do you have a Demo account?

Put simply, No. Demo accounts lack the emotional connection that can only be created trading with your own funds. You can register for Free so if you want to get a feel of our platform Click here to go to our registration page.

What are your commissions and fees?

We do not charge any commissions or a fee to trade on our platform. We make money through the ‘spread’ this is the difference between the buy and sell price for a currency pair. This means we make money only 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 deduct or pay any tax on our client’s behalf. It is the clients' own responsibility to take care of his or her own tax obligations.

What currency are my funds held in?

Currently all funds deposited with ForexCT are held in USD. The platform uses this as a base currency so all margin, losses and profits are shown in USD.

How can I withdraw funds?

Funds can be quickly and easily withdrawn through the platform. Once logged in select the Portfolio window, then click on the Account Activity tab. The option to Withdraw will be selected and all you need to do is enter the amount in USD you would like to take out.

Can I open multiple accounts with ForexCT?

Presently clients can only have ONE trading account with ForexCT.

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

Are you a Market Maker?

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

What is a 'single-interface' platform?

ForexCT’s 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 such an important feature of our trading platform, as this will save clients valuable time and potentially thousands of dollars. This differs from many web-based platforms where the user is forced to click back and forth when executing trades; viewing quotes/charts; reading the latest news and so on. This can be 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.

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?

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 Forex brokers and is sufficient enough to protect and secure all your personal information.

What is ForexCT 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. .

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.

100,000 * 0.0001 = 10 USD

What are the spreads on your platform?

As we have multiple accounts for a range of traders the spreads are tailored to specific users. Our spreads are fixed 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, then please feel free to 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 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.

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 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.

What is Roll-over/SWAP rates?

Roll-over aka SWAP rates 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. You can earn interest as well as pay interest. For more information about the SWAP rates, then please feel free to contact us directly.

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. Click here to go to our Registration Page to find out what account is best suited to your trading requirements.

When is the Forex market open for trading?

In the Forex market your can trade 24 hours a day, 5 days a week.

Market Opens: Sunday 2200 GMT

Market Closes: Friday 2200 GMT

What is Technical Analysis?

A method of evaluating currencies by analyzing statistics generated by market activity. Technical analysts do not attempt to measure a currency’s intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity.

What is Fundamental Analysis?

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 attempt to study everything that can affect the currency’s value, including macroeconomic factors and individually specific factors.

How can I close my Trade?

There is 2 ways to close a trade.

1. In the Portfolio window under Open Positions you can click on the trade, all details of the trade will come up. The just 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. In the Portfolio window under Open Positions ensure 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) 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 a 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.

How long can I keep my trades open?

ForexCT allows users to keep their spot positions 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. This means that the prices on the charts do not incorporate your spread, therefore 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 be used only as a guide and ForexCT bares no responsibility for the accuracy of the charting content.

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.

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.

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.

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.