FAQs

Forex Trading FAQs

Knowing where to find the information that you need and having the confidence that you can find the answers to your trading questions could be very helpful with your day-to-day trading.

Use these comprehensive Forex Trading FAQs to learn all the basics as well as the more advanced topics in forex trading. We’ve covered the lot from how to open a forex trading account to how to use the MT4 trading platform and more.

Forex_trading_accounts_FAQs

So, whether you’re new to trading FX or you have several years of experience trading currencies, you will find a lot of useful information in these FAQs.

Below you will find an extensive list of answers to your Forex trading questions.

General

How can I open a live account?

Please use the following link to begin your live account application – open live account

How long does it take to open a live account with you?

We aim to respond to all new account enquiries within a 24 hour period.

What is the main difference between your Standard and Pro accounts?

You will enjoy tighter spreads with a Pro account. However there will be a commission for every trade you place on a Pro account.

What account base currency can I hold my funds in?

You can have one of the following: ­USD, EUR, GBP, NZD, AUD and SGD.

How do I deposit funds?

Please refer to our funding page for the list of acceptable deposit methods.

How do I withdraw funds?

Please refer to our withdrawal page  for the withdrawal procedures.

How quickly do you process my withdrawal and how soon will I receive my funds?

We aim to process all withdrawal requests received before 1pm AEST on the same day. Those arrive after will be processed the following day. While it largely depends on the receiving bank you are using, in general, local transfers may take 1-2 business days, and international transfers may take 3-5 days for your funds to be reflected on your account balance.

What is the minimum deposit to open an account?

The minimum deposit is $200 on Standard accounts or $1000 on Pro accounts.

Do you charge any deposit or withdrawal fees?

Please refer to our funding page for further details.

Can you help me update my account details?

Please email support@gomarkets.com.au and we will update your information for you. Please note that if you are updating your address details, we require a recent bank statement or utility bill which shows your new address.

How do I change my password?

You can change your password on MT4. Click on Tools > Options and look for Server tab.

There is a Change button you can click on to change your master or investor passwords.

I have lost my password, can you reset it for me?

Sure. You can call in on +61 3 8566 7680 or send your full name, date of birth and address to support@gomarkets.com.au so that we can reset it. For security purposes, you will be required to provide some personal details to help verify your account.

Are you regulated?

Yes.  We are regulated by the Australian Investments and Security Commission (ASIC) and hold an Australian Financial Services Licence (AFSL) no:  254963. You may check our details on the professional registers page of the ASIC Connect website.

Do you accept US clients?

No. CFTC regulation prevents US traders trading with non US brokers.

Can I use your platform on my smart phones or tablets?

Yes. There is also a MT4 app for Google Android and Apple IOS. You may search for Metatrader 4 on either Google Play or Apple App Store.

Trading

What is margin?

Margin is the amount of money required in your account in order to open a trade.

How do I calculate my FX margin requirement?

To calculate the FX margin requirement, you will require the following formula:

(Market quote * Volume) / Leverage = $Margin Requirement

Example

The current EURUSD price is quoted as 1.13729, and we would like to trade one standard lot (100,000) using our account leverage of 1:100

The calculation would be (1.13729 * 100,000) / 100 = $1137.30 USD

Note: If the base currency of your account is not in USD, this amount can simply be converted into the corresponding currency AUD, GBP, NZD etc.

What is a margin call?

Since margin is essentially the collateral required in order to open a trade, if the market moves against a client’s position and your overall account equity is reduced, then you may not have sufficient funds available to maintain this position.

If your Equity (Balance - Open Profit/Loss) falls below 50% of the margin required to maintain an open position then the system will begin automatically closing the largest losing position in an attempt to increase your equity.

What are your margin call and stop out levels?

Our margin call and stop out levels are 80% and 50% respectively.

What is leverage?

Your account leverage is the multiplier of your ability buy a larger volume of currency, and will determine how much margin is required for you to open a position.

Example

If you have leverage of 300:1, you can control a large position ($150,000) with a small amount of margin ($500).

What is the maximum leverage I can have?

The maximum leverage is currently 300:1. Please refer to the leverage charge request page.

How do you calculate a Swap rate?

Swap rates will always be calculated automatically via the platform, however, should you require this information you may use the following calculation:
Current long/short rate * number of lots = swap debit/credit in second currency
Example (Long Position),
Your account currency is AUD and you hold one lot long on AUD/USD on 14th October 2015
+2.50 * 1 = $2.50 USD, converted to your account currency = A$3.46

Example (Short Position),
Account currency is USD, you hold 3 lots short of GBP/CAD on 14th October 2015:
-0.50 * 3 = -$1.50 CAD, converted to USD = -$1.15 USD

Where are the swap rates located?

Go to the market watch area, right click and choose symbols. Click on the properties for a particular trading symbol and it will give you all details including the swap rates.

Why are FX swaps tripled on a Wednesday?

If you hold a position overnight on a Wednesday, the normal financing charges that are credited/debited on a daily basis are three time the normal amount. Charging 'triple swap' for Wednesday roll-over accounts for the settlement of trades through the weekend, as swap rates are not charged during this period due to the market being closed.

What time does the rollover occur?

Overnight financing costs are applied during the New York close which equates to 00:00 platform time.

Why is my order close price different to the Take Profit or Stop Loss I set?

Take profit and stop losses are classed as pending orders. Unfortunately, it may not always be possible to fill these orders at the desired levels due to price volatility or unforeseen market events. Once triggered, pending orders then become market orders and subjected to whatever market liquidity is available at that time.

Where do you get all your prices from?

Our pricing is derived from top tier liquidity providers who stream prices to our platform.

How do the charts on MT4 work?

MT4 always uses Bid price to construct the chart in all available periods. 

What is the chart time you set on your platform and can I change it?

Our platform or chart time is set to GMT+3. It cannot be changed on your MT4.

I had a short position and the chart price appeared to reach my Take Profit but it did not trigger. Why?

The MT4 chart will display the BID price by default which is the (SELL) price. When you enter a short position, in order for you to close this trade you need to (BUY) or go long. Therefore, the ASK price or BUY price is required which is not reflected on the chart. Another way to think of this is the BID price or chart price plus the spread.

Can I trade using EAs (Expert Advisors) or trading robots with the platform?

Yes. You can use EAs (Expert Advisors) available from third party providers. As GO Markets is not associated with any of these providers, we cannot provide additional support for these automated strategies and suggest you contact the source directly should you experience any difficulties related to settings or methodology.

How can I include the ASK line to view the spread on the chart?

The BID price is shown on the chart by default, to include an ASK line to display the current spread, please use the following steps:

Step One

Press F8 on the keyboard, select the “Common” tab and make sure the “Show Ask line” box is checked.


Step 1

 

Step Two

Select the “Colors” tab and make sure the ASK line colour is something bright such as Aqua in the example below.


Step 2

 

Step Three

You should then see something like this below with both the BID and ASK price displayed in the example below.


Step 3

What currency pairs do you offer?

We have over 50 currency pairs on our platform and are still expanding the list from time to time.

The best way to find out is to setup a demo platform – trial demo account. It takes less than 5 minutes.

Can I trade micro lots?

Yes, you can trade 0.01 lots on Forex.

Do you prohibit any trading styles and how long do I at least have to hold a trade for?

No, we do not prohibit any trading styles and you can open and close your positions as often as you like.

Do you offer guaranteed stop loss?

No, we don’t.

What is the chart time you set on your platform and can I change it?

Our platform or chart time is set to GMT+2. It cannot be changed on your MT4.

Technical

Why can’t I login to my demo account?

Our demo accounts last for 30 days. You won’t be able to access it once it expires. If you need to extend your trial before opening a live account with us, you can always register for another demo account. To do so, simply click on File > Open an Account on our MT4 platform and follow the prompts.

Why do I see “No connection” or “Invalid Account” on my MT4 status bar?

Most of the time, it simply means the platform is not able to log you in. You can click on File > Login to Trade Account.

I don’t see some of the symbols, what do I do?

If you don’t see the full list of symbols on Market Watch, right click on one of the symbols, and click Show All.

Can I use your MT4 platform on my Mac computer?

Yes. We packaged a Mac version MT4 with WINE for our traders to use.

Why have I not received my trading statements?

A daily statement is sent out if you have some trading activity on the previous day. You may also want to check your spam folder as sometimes they may be miscategorised by your email service provider. You can also consider adding our email address to your email whitelist.

How do I generate account statements?

On your account history, right click on the display area or one of the closed trades, select the period you want. Once the records show, right click again and select ‘Save as Report’.

Can I login to the same account from multiple devices at the same time?

Yes, MT4 platform supports multiple login simultaneously to the same account. So you can leave your desktop MT4 logged on and sign in using your mobile phone while you are away.

How do I install multiple instances of MT4 for my trading accounts?

When you are running the installer, there is a Settings button on the same page of the licence agreement. Click on the button and rename the destination folder and continue. It will then install another copy of MT4 on your computer.

How do I install my custom indicators and expert advisors?

Click on File > Open Data Folder and open MQL4 folder. There are Experts and Indicators folders within it and you will need to copy the mq4 or ex4 files into their respective folder.

Can I alter the time on my MT4 charts to reflect local time?

No. The trading platform time is set by default and cannot be changed. It may be possible to obtain local time indicators directly from the MetaQuotes community.

How do I update my platform?

The update is done automatically whenever there is a new build released by Metaquotes. All you need to do is allow the program to make changes to your computer when it starts up.

You may also try running it as administrator to grant the program sufficient access level to perform any update.

Where are your trading servers located?

We have trading servers located in London and New York.

Ready to open an account?

Contact our 24 / 5 support

Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial expenditure. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade Forex if you can afford to carry these risks.

GO Markets Pty Ltd does not guarantee the performance or return of capital. You should only trade in risk capital (that is, capital you can afford to lose). Please note that the historical financial performance of any underlying instrument/market is no guarantee or indicator of future performance.

Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Financial Services Guide (FSG) and Product Disclosure Statement (PDS) for our products are available from GO Markets Pty Ltd to download at this website or here, and hard copies can be obtained by contacting the offices at the number above.

Please also note that your call may be recorded for training and monitoring purposes. Any advice provided to you on this website or by our representatives is general advice only, and does not take into account your objectives, financial situation or needs. You should therefore consider the appropriateness of our advice before making any decision about using our services. You should also consider our PDS documents before making any decision about using our products or services.

The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The GO Markets AFSL authorises us to provide financial services to people in Australia. However, GO Markets complies with the obligations arising from our AFSL in respect of the financial services provided to all of our clients, including those who reside outside of Australia.

This website is owned and operated by GO Markets.

All contents © 2016 GO Markets Pty Ltd. All rights reserved. AFSL 254963. ABN 85 081 864 039. ACN 081 864 039.