Q: Are you
a regulated brokerage?
A: As a financial
institution, FX|Clearing
reports to the Canadian anti-money laundering
organization, FinTRAC.
Q: What is
your NFA registration number as an FCM?
A: We are not an
FCM. The FCM (Futures Commission Merchant)
licensing applies only to American brokers,
while we are a Canadian company.
Since we do not accept
American clients, we are not registered
with the NFA;
Q: Why don't
you accept US clients?
A: In order to accept
American residents, we must open an office
in the USA and register with US authorities.
Since we don't plan
to do this, we do not accept American residents.
Q: Why don't
you accept Canadian clients?
A: There is no forex
licensing in Canada, and we are not required
to obtain a security license if no Canadian
clients are accepted.
Q: How long
does it take to deposit funds?
A: As soon as funds
are deposited to our bank account, we credit
your deposit to your trading account.
For international
wire transfers, it usually takes 2-3 business
days before funds are delivered to our bank
account.
Q: How long
does it take to process requests for withdrawal?
A: 1-2 business days,
from the moment of receiving the customer's
order, to the actual remittance by our Bank;
Q: What fees,
charges, interests, or commissions should
I expect?
A: Fees:
- No commission
(unless you are an aggressive scalper
for whom such commission could be setup,
at our sole decision).
- No inactivity
fees.
- No rollovers for
mini accounts.
- Rollover interest
for professional accounts can be seen
by clicking
here.
- For withdrawal
fees, please see our Deposit
and Withdrawal page.
Q: Are your
spreads fixed?
A: You can find information
about our spreads by clicking
here. Spreads are normally fixed, but
can be widened during abnormal market conditions
by 2-5 pips on average, depending on the
spreads available at that moment in our
clearinghouses.
There are no specific
limitations or conditions on spread widening,
and in most cases it does not depend on
us, but rather on the general situation
on the market.
Q: What is
your MINIMUM pip distance for all types of
conditional orders?
A: All conditional
orders (entry, stop, limit) are subject
to the following rule:
- If spread is less
than 5 pips: distance between any conditional
order and market price must be 10 pips
or greater.
- If spread is 5
pips or greter: distance must be at least
equal to double the spread.
Q: What is
the maximum permitted order size for a single
position?
A: For mini accounts:
as many lots as your available margin permits.
For professional
accounts: the maximum allowed amount of
lots for automatic execution is 10 standard
100K lots.
Q: What is
the maximum open trade numbers/volume per
period?
More than one order
per minute would be difficult to fill, but
it also depends on the strategy a client
is using, so there are no specific rules
for this.
Q: What are
your policies on SCALPING?
A: Generally speaking,
aggressive methodical scalping is prohibited.
Scalping is defined
as a trading style where most of your trades
take less than 3-8 pips of profit, or are
kept open for less than 8 minutes.
It applies to all
trades regardless of the market situation.
Q: I just opened
a mini demo account - but don't see 1 pip
spread there. What is wrong?
A: When you register
for a demo account on our website, choose
"Mini" in the Account Type field.
When you click submit,
your Login and Password will be shown on
the confirmation page. You will also receive
an email with this Login and Password.
On the same confirmation
page, you can download the MetaTrader
4 software. If you have already done
this, you only need your login and password.
When you start MetaTrader
4 for the first time, you will be
prompted to create a new account - DO
NOT DO THIS.
Because you already
have a demo account, press cancel, and authenticate
with the login and password you were provided
on the confirmation page.
Q: What does
"[so/a: -135.0% -2430.0/1800.0]" in order
comment mean?
A: The order has
been closed due to a StopOut procedure:
Definitions:
- so
- StopOut procedure;
- /a
- executed by manager automation;
- -135.0%
- level of margin requirement;
- -2430.0
- current equity;
- 1800.0
- current margin
Q: Do your
clients experience Slippage?
A: Very rarely.
Q: Do your
clients experience unauthorized disarming
of conditional orders?
A: Never.
Q: Do your
clients experience unauthorized execution
of orders or introduction of positions?
A: Never.
Q: Do your
clients experience incessant platform freezing?
A: Has never happened
yet, and we make sure our platform is stable
and reliable throughout the market hours.
Q: Do your
clients experience re-quotes?
A: Re-quotes occur
when the market price has changed before
our servers received an order.
You cannot receive
a fill for a price which does not exist
on the market. Prices move simultaneously
for all traders, so each trader is trading
on the same prices.
In any case, most
accounts use automatic execution, and re-quoting
happens very rarely.
Q: Do your
clients experience delays in execution?
A: Orders are executed
automatically, within 2-5 seconds.
One possible factor
is the latency of getting your order through
to our servers, and getting a response back,
confirming that your order has been executed
or that the price has changed.
This depends on internet
traffic, your own connection speed, and
your Internet provider's latency in connecting
to our servers, and so on.
Q: Do your
clients experience "Stop Hunting"?
A: Never.
