FREQUENTLY ASKED QUESTIONS

COMPANY QUESTIONS:

Q: Are you a regulated brokerage?

A: FXCL was registered in the Commonwealth of Dominica on August 29th, 2008, under the International Business companies (IBS) Act of 1996.

Q: What’s your registration number?

A: issued by the International Business companies’ registry in the Commonwealth of Dominica.

SERVICE QUESTIONS:

Q: What is the minimum deposit amount?

A: In mini and micro-cents accounts: $1.

  • * In ECN accounts: $500.
  • * In NDD accounts: $500.

Q: How do I open an account with FXCL?

A: 1. Complete the online application.
2. Provide the following documents:
Provide ONE proof of address:
* Utility Bill, or
* Land line telephone bill, or
* Mobile phone bill, or
* Bank account statement, or
* Credit card statement
3. Print the last page of the online application, sign it, scan it and email it along with the account opening required documents to: accounts@fxclearing.com
4. Fund your account.
5. Start trading.

Q: How to fund my trading account?

A: Payment is performed via LibertyReserve Deposits.

Q: How long does it take to deposit funds?

A: Your funds are deposited into your trading accounts once they’re deposited to our Bank account. While it takes 2-3 business days for International wire transfers to be delivered to our Bank accounts.

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 do you charge?

A: We charge no payment processing fees, and no commission or rollover for mini and micro-cents accounts.
- Rollover interest for ECN and NDD accounts can be seen by clicking here.
- For withdrawal fees, kindly see our deposit and withdrawal page.

TRADING TERMS QUESTIONS:

Q: Are your spreads fixed?

A: In mini and micro cents accounts 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. In ECN accounts, spreads are variables due to market conditions.In NDD accounts, spreads are variable but stable.

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 greater: 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: the maximum amount of lots is 20 mini lots (200 micro lots).

Q: What are your policies on SCALPING?

A: In ECN and NDD accounts Scalping is fully allowed.
In Mini accounts scalping is prohibited.
In Micro-cents accounts non-aggressive scalping is allowed under most circumstances.
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.
AGGRESSIVE scalping is defined as scalping which also features frequent (usually more often than every 10-15 minutes) opening and/or modification and/or closing of positions/orders.

Q: When my account will be archived?

A:Please be aware that the Trading Account can be put into the Archive database if its inactivity period(time since the last connection to the account) reaches 90 days and if the balance of the trading account is below 50$.
To restore the account the owner should sent a request via e-mail to the Fxclearing support service. All leftover funds will be immediately restored after the restoration of the trading account.

Q: What are your policies on using EAs?

A: All types of EAs are allowed in ECN, NDD and micro-cents accounts.
Grid/Martingale-type EAs are not allowed in mini accounts.

EXECUTION QUALITY QUESTIONS:

Q: Do your clients experience Slippage?

A: Very rarely.

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.

PLATFORM QUESTIONS:

Q: Do you have MT4 installation for linux/ubuntu? Where can I download it?

A: You can download the MT4 installation for ubuntu following the link below:
http://www.winehq.org/download/ubuntu

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: Which price (BID or ASK) is used to draw the chart bars and for trading?

A:Be aware of the following universal rule which helps you to find the correct price of your order on the chart:

  • * All charts on the MT4 platform are ALWAYS built using the BID price only!
  • * All BUY orders are executed at the ASK price and closed by the BID price;
  • * All SELL orders are executed at the BID price and closed by the ASK price.
If you want to also see the ASK price: right click on the chart -> Properties -> Common -> Show Ask Line.
In this case you will see an second price line, indicating the ASK price.
Please note that historical data, including bar data (high/low/open/close) will still use BID prices.