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Q: What is Foreign Exchange Trading; what do I need to know?
A: Discover Forex trading in our Learn section. This is where you will find a series of articles that explain currency trading and the foreign exchange market.
Q: What is Forex?
A: Forex and ‘FX’ are shortened terms used for ‘foreign exchange’. Foreign exchange or ‘currency trading’ is the exchange of money from different countries. The value of one country’s currency is constantly changing against the value of another country’s currency. Forex traders make money through buying and selling currencies on the foreign exchange market.
Q: What is Over The Counter (OTC) trading?
A: A market conducted directly between dealers and principals via a telephone and computer network rather than a regulated exchange trading floor. OTC trading with Easy-Forex® means that you trade currencies with the aim to earn a profit, though you can lose as well. You don’t actually take delivery of these currencies.
Q: What are Forex Instruments?
A: Forex Instruments are the products or ways of trading in foreign exchange. Easy-Forex® offers Day Trading and Limit Orders.
Q: What is Day Trading at Easy-Forex®?
A: Day Trading deals are usually opened and closed on the same day. It is possible for a day trading deal to last longer than one day. When this happens, the deal is automatically renewed at 22:00 GMT each night until the deal closes. Day trading is becoming more popular now that more people use the Internet. As long as the deal is open you will be charged a renewal fee every night at 22:00 GMT for all deals that are still open. If you have insufficient funds in your account your credit card may be charged or the deal closed - refer to section 22 in the Terms and Conditions regarding this issue.
Q: What is a Forward deal?
A: A forward deal is a contract where the buyer and seller agree to buy or sell an asset or currency at a spot rate for a specified date in the future (usually up to 60 days). Forward contracts are conducted as a way to cover (hedge) future movements in exchange rates. Margin spreads are higher than in Day Trading but no renewal fees are charged.
Q: What is a Limit Order?
A: A limit order is where you nominate a rate at which you want to open a deal. When and if this rate occurs in the market, your ‘reserved’ deal is automatically opened. Once the deal is opened it is treated like a Day Trade with the details appearing in My Account. Easy-Forex® does not charge for this service. This saves you watching the market every minute to see whether the rate you want happens.
Q: How do I know which currency will go up or down?
A: International currency prices are highly volatile and very difficult to predict. Due to such volatility, there is no system that can assure you that transactions on the foreign currency market should result in great benefits to you, nor is it possible to guarantee that your transactions would yield favorable results.
Q: Why has the price of the deals I am interested in changed since the last time I checked?
A: Easy-Forex® deals are dependent on the FX market, which is dynamic and changes all the time. The fluctuations in the market, in currency rates, and in other parameters, affect our fully automated pricing engine. This is why rates and premiums may change all the time. For your convenience, we developed the currency rates table which displays market data in real time and can give you an indication as to whether the rates are going up or down. When the rates in the bar are green it means they went up since the last update, when they are red it means they went down since the last update.
Q: What currencies can I trade with Easy-Forex®?
A: Easy-Forex® offers all major currency pairs for trading, including exotic currencies.
Q: Is the Forex market regulated?
A: Yes, check that your broker is regulated in your region
Q: Is Forex risky?
A: Yes, we advise all our clients that foreign exchange trading does involve substantial amount of risk. With Easy-Forex® you cannot lose more than your ‘margin’, the money you are prepared to risk plus the daily rolling fee if you have entered a Day Trade transaction. Profits are unlimited but you can never lose more than what you initially risked. However, risk only what you can afford. Before you join you need to read our Disclaimer and Terms and Conditions.
Q: What should I look for in an online trading platform?
A: There are many online platforms available to trade with. Go to Trading Features to see what the Easy-Forex® platform offers at glance. Some key points to look for in the platform you choose:
level of personal service and support – live chat, SMS services
trading tools offered including charts, outlooks, news, financial calendars
user friendly platform – can you do everything online or do you need to download software
how quickly can you can start trading
easy deposit methods – e.g. e-wallets such as PayPal, credit cards, Wire Transfers
24 hour access to your account
tailor-made accounts and spreads
real-time exchange rates
no hidden costs – commissions on deposits or withdrawals
no maintenance margins
cost of renewal/rolling fees for Day Trades
fixed rates and stop loss limits
security and safety of the site and your information
a company that has a regulatory license for your region
genuine company with real people in real offices around the world.
Q: What type of account is suitable for me?
A: Easy-Forex® has four account types with different margin levels and spreads involved. For frequent traders tailor-made accounts are also available. You can speak to your Easy-Forex® Account Service Manager to help you decide which account is best for you.
Sharia (Islamic) Accounts are also available
Q: What is Sharia or Islamic Law Accounts and do you offer them?
A: Yes, Easy-Forex® offers trading accounts which adhere to the Islamic law (Sharia). With Islamic trading accounts, when traders extend their Day-Trading deals to the next day, no rolling fee is charged. Accordingly, the maximum duration offered for Day-Trading deals is limited (usually 1 week but it can also be shorter or longer depending on the currency pair traded). For more information please contact your Account Service Manager or your Personal Dealer.
Q: Can I log onto the site with my existing Username and Password?
A: You can access your Easy-Forex® trading account from both the new site and the old classic site. Just enter the same username and password as you always have.
Q: What does the Easy-Forex® website contain?
A: The Guided Tours are a good way to introduce you to the site as well as learning about how to trade. The site has four sections:
Trade, this is where you conduct your trading, where you can view reports in My Position, check My Account details and set your SMS alerts;
Learn, here you will find videos guides, the Info Center with articles about Forex, the glossary of commonly used terms, and you can download the eBook guide to Forex;
Trade Tools, is where you will find tools to assist you in your trading. From calendars of indicators, live news feeds, daily and weekly outlooks, charts, SMS alerts, the Inside Viewer™ and much more;
About Us, has the information about Easy-Forex® - the team, contacts and global offices. You can read our manifesto and see our spreads. It contains the legal section with terms and conditions, and has information on how to enhance your trading activities.
Q: How do I deposit money with Easy-Forex®?
A: In the Trade section on the website you can deposit money with your credit card, PayPal, or with Wire Transfer. We accept up to 12 currencies.
Q: What Identification Documents do I have to supply and why?
A: When you register with Easy-Forex® you are required to fax, or scan and email, your passport or ID card; a bill or statement (e.g. telephone bill, bank statement) showing your residential address; and both sides of your credit card. We do this to ensure the safety and validity of your account.
Q: How do I withdraw money?
A: You will find withdrawal forms in My Account in the Trade section of the website. To withdraw money you must have supplied the required documentation. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to bank account at company's discretion and policies and with regard to Anti Money Laundering (AML) regulations.
Q: What hours can I trade?
A: The Easy-Forex® online platform gives you 24 hour access to your account. Normal trading hours are 06:00 Monday Sydney time until 17:00 Friday New York time. Trading outside of these hours usually involves larger spreads.
Q: I haven't received my confirmation e-mail. I may have given you the wrong email address, or perhaps something went wrong with my deal. Can you please re-confirm?
A: Duplicate e-mail confirmations cannot be issued. E-mail confirmations are generated only at the time of the deal. If you need to reconfirm your deal, please call our customer support center. You do not need the e-mail confirmation to manage your deal, so all you need to do is check your account and position. The e-mail is sent merely as a convenience for customers so that they have an additional record of their deal details. If you received a confirmation number on screen, your deal is confirmed. Failure to receive the confirmation e-mail has no bearing on the status of your account. Where mail cannot be delivered - due to an address that does not exist, or a recipient's mailbox is full, or a recipient's mail server is not accepting mail or is unreachable - delivery attempts cease. Confirmation letters are not sent by post for online deals.
Q: Can you send me rates via e-mail?
A: No. The online deals section of our website connects directly to our central FX system, and shows the latest rates and premiums based on real time FX quotes.
Q: What should I do if I have a problem regarding a specific Easy-Forex® deal?
Please send an e-mail to customer service at firstname.lastname@example.org with details of the problem. We endeavor to respond to such e-mails within 2 business days.
Q: Is online dealing at Easy-Forex® secure?
A: Yes. We use the internationally accepted security system SSL to encrypt all credit card payments over the web. This is automatic, and you will receive instant notification if your browser does not support this. To find out more go to ‘software security’.
Q: Why do I get a message saying my browser isn't compatible with the site?
A: Easy-Forex® is tested using a range of browsers and operating systems. Some older browsers, however, do not support the full range of functions required. We recommend using Internet Explorer 6 or above. Upgrading to the latest browser can mean enhancing your surfing experience and improving your online security. For further Technical issues go to Technical Support.
Q: Why can’t I view the charts in Trade Tools?
A: To view the charts you will need to install Java script, this only takes a few minutes to download.
Q: Can I include a link to Easy-Forex® on my website?
A: If you would like to put a hyperlink through to the Easy-Forex® website on your own site, please send an e-mail to email@example.com.
Q: How do I close my account?
A: To close your account, please email your Account Service Manager.
Q: How does Easy-Forex® make money?
A: The cost of foreign exchange trading is determined by the difference between the buy rates and the sell rates of the currencies (‘the spread’). The spread is where ‘market makers’ like Easy-Forex® make their money. To see Easy-Forex® spreads click here.
Q: Am I charged fees or commissions on deposits and withdrawals?
A: No, at Easy-Forex® we are transparent with all our charges.
Q: What is a renewal fee?
A: When you conduct a Day Trade and your deal remains opens after 22:00 GMT, you are charged a small renewal fee. This charge is taken from the free balance in your trading account or if funds are insufficient it is debited directly from the credit card you have provided. If your credit card lacks sufficient funds the deal is automatically closed.
Q: What is the maintenance margin at Easy-Forex®?
A: Easy-Forex® does not charge a maintenance margin.
Q: What trading tools does the Easy-Forex® platform have?
A: Easy-Forex® offers a number of tools that may help you in your trading:
The Inside Viewer™ lets you see what other traders are trading on our platform. You can view the popularity of currency pairs, deal direction and open deal structure
The Trade Controller™ is the ultimate visual trading tool which gives you a clear and complete picture of all profit/loss scenarios
The Trade Simulator lets you open and close some deals in a live, real-time trading environment without using your own funds - a good way to try out the platform or test some trading strategies.
SMS alerts for currency rates, deal closure or limit captures
Freeze rate allows you to ‘freeze’ the displayed rate for a few seconds before you confirm and open or close a deal
Live one-on-one training
Webinars on trading strategy
Daily and Weekly Outlooks, also archives of previous outlooks
Live News and Videos center
The Financial calendar has the dates and times of economic indicators. Here you will also find a description of these indicators
Multiple charts and ways of viewing them are available to assist with technical analysis.
News feed from Reuters
Interest rates table of available currencies for trade
Currency Rates Matrix of available currencies.
Q: Where can I learn technical analysis techniques?
A: Email your account service manager to arrange a special course.
Q: How can I increase my Forex activity?
A: With Easy-Forex® you can increase your level of participation in the Forex market. Some of the programs below are not offered in all world regions.
Our Forex Affiliate program is one of the largest and most successful affiliate programs in the world.
As an Agent you are remunerated when you refer clients’ to the Easy-Forex® platform.
If you are an Introducing Broker and are licensed in your region then the platform offers many benefits.
Easy-Forex® offers a turn-key solution for White Labels.
Q: How can I pass on my comments to Easy-Forex®?
A: We value your comments and will respond to your complaints. If you have any comments or complaints then Talk to Us