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MoneyForex Online Forex Trading FAQs |
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Open Account FAQs
About MONEYFOREX FAQs
Trading FAQs
How do I open a forex trading account with MONEYFOREX?
Step 1. Complete Application
It is easy to open a forex trading account with MONEYFOREX. There are two ways. You can either apply online OR download the necessary forms and fax to us.
Step 2. Provide Photo Identification
Individual or Joint Account Holders
Either you apply online or via fax, please fax us a copy of photo identification form.
Partnerships
Please include a copy of partnership agreement and a copy of one form of identification for the beneficial owners.
Corporation / Institution
Please include a signed copy of corporate resolution, articles of incorporation and a copy of one form of identification for the beneficial owners. Be sure to affix the corporate seal of the Corporation.
Step 3. Fund Your Account
There are three easy ways to fund your account: |
- Wire Transfer
- Credit Card
- e-bullion
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Step 4. Inform us using the deposit form:
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How much is the minimum to open an online forex trading account?
There is a minimum of USD$2000 to open a Standard Forex trading account and a minimum of USD$250 to open a Mini Forex Trading account.
Are there any service fees when funding the online forex trading account?
MoneyForex DOES NOT charges any service fee when funding your mini forex trading account via bank wire transfer or credit card. The Bank might charge a very minimum (usually at fix USD$10) inward remittance fee for wire transfer depending on the source of fund.
When can I start trading once I fund the account?
Usually within 24 hours. MoneyForex will email you a username and password once our account is verify and funded. An instruction to download the trading platform and phone numbers of live dealer will be provided in case you have no access to computers or internet connections.
How can I withdraw my money?
Please fill up a withdrawal form and fax it to any of the listed fax numbers. Withdrawal process usually takes less than 3 working days. Fund could be sent to clients via bank wire transfer, e-bullion or credit card depending on the source of deposits. Bank service charge applies on either methods. Bank wire transfer charge a minimum of USD$40 for each wire. Withdrawal charges of 3% if process via e-bullion. If deposits were funded using credit card, withdrawal might be processed by crediting to the same credit card or bank wire with 8.5% fees of the withdrawal amount. This fee is charge by the credit card processor; not by MoneyForex. All positions in the account need to be closed before partial or full withdrawal.
Does MONEYFOREX charge any commissions or fees?
Unlike many other forex brokers, MONEYFOREX is a foreign exchange dealer and market maker and we DO NOT charge any commission in executing forex orders. Our revenue stream is generated from the spread of bid/ask of each forex online trading transaction transacted by our clients. Currently, the spread is between 2-4 points on all major currencies which is the lowest in the industry. There is a small cost of holding positions overnight. Please see interest page.
If I fund the account with Multiple Sources (Credit Card or Bank Wire) can I withdraw to any sources as well?
For multiple deposits from different sources, it depends on the deposit amount as there are investors who abuse the system where they treat MoneyForex as digital currency exchanger. Traders are not allow to deposit using one source and withdrawal using different sources other than bank wire transfer. Our system is very efficient where we can track all incoming deposits. For example, if a trader deposits $5000 via e-bullion and $1000 via credit card, he/she can only withdraw $5000 plus the profit via e-bullion and $1000 plus the profit via credit card or bank wire for both. Bank wire is the default method for withdrawing. MoneyForex reserved the right to fund withdrawal via Bank wire other than using money processors. For bank wire transfer, MoneyForex do not charge any fee. The Bank will charge a minimum wire transfer fee of $40 and up depending on the destination and wire amount.
Does this mean I can withdraw fund via wire transfer if my deposit is via money processors such as credit card, e-bullion?
Yes except for Credit Card depositors. Account holders who deposit via Credit Card can withdraw fund by only funding it back to the Credit Card account unless the deposit is made for more than 180 days. The reason for 180 days is because of the security rules with Credit Card company. Any deposit that is less than 180 days has to withdraw via funding back to credit card unless management approval. The 180 days period does not apply to e-bullion depositors.
Is MoneyForex Trading system adhering to Islamic Shariah Law?
Yes. MoneyForex offers Islamic Forex and CFDs trading account upon request. The account will be set up as interest free and Forex & CFDs trading account. Please notify us during submitting of your application so that we will place your account under the Islamic Shariah Law account. Please click here for Islamic Forex Trading complete information.
For standard cost of carry or premium charges, please click here.
Why should I engage in forex trading with MONEYFOREX?
MoneyForex Financial Ltd. is one of the world leading online currency broker offering low pips and commission-free forex dealing. We offers state of the art user friendly trading platform which perform instant and efficient trading execution. We take pride in our professional staff that is thoroughly trained to look after the best interests of our clients. Our professional staff is available twenty-four hours a day. MoneyForex's clients consist of financial institutions, money managers as well as individual investors.
Will my funds on deposit be safe?
Safety of Clients' funds is the utmost important factor in the financial industry. The question of safety of fund arises frequently and that is why MoneyForex take extra steps into choosing the very best offshore banking facility to park clients' deposit fund and never commingle with MoneyForex operating capital. MoneyForex maintain a strong balance sheet with net capital in access of most minimum regulatory requirements for securities brokers and futures dealers.
Is MONEYFOREX license to deal in forex?
Yes. MoneyForex Financial Ltd. is incorporated in British Virgin Island (Registration Number 629302) under the provisions of the International Business Companies Act, 1984. MoneyForex is authorized to offer futures, securities, and foreign exchange trading as a broker and primary market maker.
Where do MONEYFOREX rates come from?
Real-time quotes are fed from our provider from major banks, allowing investors to view up-to-date information. All online forex trading operations are performed in real-time, including trade capture, client portfolio update, and risk analysis. Such an approach means that in managing risk, all transactions up to the second are taken into account.
What are the benefits investing in offshore jurisdiction?
MONEYFOREX incorporated in British Virgin Island which offers one of the best offshore infrastructures in the world. Invest offshore helps to keep your private and business affairs away from public eyes in an offshore jurisdiction. Another benefit is Asset Protection. Offshore investments will secure your assets against possible future claim in your home country. And off course, offshore jurisdiction provides better tax incentives and benefits.
For best possible performance we would suggest at least a Pentuim 4 with 1Gb of RAM.
What is the difference between a demo and a live forex trading account?
The only difference between a demo and a live trading account is a demo account deals with virtual money whereas a live forex trading account deals with real money. Demo trading platform provide real trading experience with no capital risk.
What currency pairs can I trade with MONEYFOREX?
Currently we are offering EUR/USD, STG/USD, USD/JPY, USD/CHF, AUD/USD, USD/CAD, EUR/JPY, STG/JPY, AUD/JPY, CHF/JPY, CAD/JPY, and NZD/JPY. You can special request for any currency pairs that is not available. We will customize it to your trading platform.
For more currencies and CFDs pairs, please click here.
What are the maximum lots for each forex trade?
At the moment, our trading platform could take up to 200 lots at one execution. If you need a higher limit, please contact us at .
Can I call the live operators for any account related issue?
Yes. You can contact live operators 24-hour a day for any product or account related issue. You will be transfer to available customer service/product specialist personnel to help you in any product or account related issue. If there are no personnel to help you, please leave your name, number and message with the live operator and a product specialist will get back to you promptly. Live operators DO NOT execute forex trade. For forex dealing, please call our dealing desk.
What are MONEYFOREX trading hours?
MONEYFOREX trading hours are 24 hours daily from 5:00pm (U.S. Eastern Standard Time) Sundays through 5:00 pm (U.S. Eastern Standard Time) on Fridays, including most holidays.
What should I do when I could not login to the trading platform?
There is almost zero possibility that you could not login to your forex trading platform during market hour because MONEYFOREX trading facility is back up by state of the art data centers located in different part of the world. There is zero down time since its inception. It is possible that you could not login during non-trading hour where our servers are under maintenance to prepare for the next market reopen. Our trading facility has multiple high performance servers which could handle huge amount of orders at one time.
What happen if I could not perform trade via the platform?
In some circumstances but very rarely where there is major market intervention and huge price fluctuation, it is almost impossible to execute at the quote you want. Please report the problem to techsupport@moneyforex.com
What should I do if I forget my password?
Please email and provides us your account username. After verification, we will email your password to you.
Yes. You can call the dealing desk to execute trades, but bear in mind that MONEYFOREX is an online forex trading company and we prefer client to use our state of the art trading platform to execute trades. This could minimize our overhead cost and in turn the saving will pass to the clients. Just a reminder, the dealing desk is strictly for dealing only. Dealers will not entertain any product or account related issues. Any matter that could solve via email, client is encouraged to contact us at for prompt reply. Please click here for important contact information.
MONEYFOREX.com has an extensive Glossary that provides detailed definitions of all Forex related terms. For more Trading FAQ or FOREX FAQ, please click here
What should I do when the trading platform froze during trading?
Press CTRL>ALT>DELETE simultaneously to "End Task" of the MoneyForex Trader. Your computer virtual memory is running low after long hours of running FXClient. It is recommend to clear the cache of the browser every few hours to avoid it to happen. To clear cache, please follow the instruction:
Internet Explorer 6:
Click Tools>Internet Options>Delete Files>OK
Netscape Navigator 7+:
Click Edit>Preferences>Advanced>Cache>Clear Cache>OK
Does MoneyForex Trader platform support Apple Macintosh Operating System?
Yes. Trader can always download the Java software directly from Apple' website: http://developer.apple.com/java/download
All accounts in our system are universal, meaning that the order size can be set to any amount up to the dealer allowed in 0.1 lot increment. In the "Total Equity Window", the column DA (default amount) term, which means that by default the order placed size will correspond to this amount. By default this amount is 1 standard lot ($500 Required Margin), but it can easily be changed by clicking on the DA column in accounts window and set this amount to 0.1 lot. This DA can be defined either on individual account level or a group.
I am very impressed with your platform. In operation your platform has the basic look and feel of VT platform. Is there a way that I can import the VT indicators into your MoneyForex Trader platform?
The current set of Indicators in our platfrom is built using our Indicator Builder tool (Menu: Tools / Indicator Bulder), which uses Metastock standard sintax scripting language - practically the same one as VT (with certain differences in syntax, like for example "Pr" instead of "_Period" in the Aroon Oscilator indicator).
We do not want to overcomplicate the basic client platform with indicators not often used - 35 of them is more than enough for a general user. However, if the trader is familiar with VT platform, then it will be no problem for him to copy and paste the formula of the loved Indicator from VT to MoneyForex Trader, and then save it with his user template. User is also capable to create his/her custom indicators, or edit the existing ones, using the same Indicator Builder tool.
Absolutely Not. MoneyForex Trader is a state of the art Forex trading and CFDs trading platform that powered and built on top of industry standard J2EE application servers. MoneyForex Trader trading platform leverage ongoing advances in the technology industry and provide a standard architecture for future development. In addition, the open nature of its architecture ensures a highly flexible design, and allows for the easy and rapid integration of additional third-party tools and services. For more information on MoneyForex Technology, please click here.
Yes. In fact our trading platform is designed for the use of professional money manager which supports multiple accounts with one login. You will see your accounts listed at the "Total Equity Window" of the trading platform. You have to click on the particular account before placing trade. You also can group the accounts together and place trade with one click of the mouse. Please refer to the User Manual on how to operate multiple accounts.
There are 3 ways to create indicators in Indicator Builder:
- Press New, and supply your own formulae
- Press Clone to create a copy of the existing one with the new name. Then Press Edit to change the formulae.
- Press Import to import the third party indicator (if you have one in XML format).
The difference is as follows:
Entry Stop Buy and Entry Limit Sell can be placed above the current market price. Of course they play two different roles:
Entry Stop Buy allows to enter the market if you think that the market will be inertially moving up far above the Entry order price.
On the contrary, the Entry Limit Sell allows to enter the market if you think that the market will reverse immediately after hitting the Entry order price.
Entry Limit Buy and Entry Stop Sell can be placed below the current market price. Their use is the same as for the other two, but in different market direction.
Hedging is to open a new position(s) of the same without liquidating the current floating position(s). At the pop up "New Position Window", check mark the "Hedge" box before submitting the order. Once the order executed, it will be a new position(s) without liquidating the current floating position(s). This feature is design for trader who would like to take advantage of the short term fluctuation of the market without closing the current position(s); which the trader assume the market will move to their favor eventually.
- Uninstall the JAVA from your computer from "Other Control Panel Options" which lead to JAVA.
- Install JRE directly from SUN Microsystems website(http://java.sun.com/javase/downloads/index.jsp)
- Use the link on MoneyForex website to download and install trading aplication
Please check you "SPAM" or "BULK" mail folders. If you still do not get it, inform us at admin@moneyforex.com.
If the registration went blank (white page) after submission, please try again some other times. Servers might be under maintenance.
To activate "One Click Trading", right click on the preferred instrument and scroll to "Undock Instrument" Once the instrument is undocked, "right click" on the symbol of the instrument (ie: EURUSD or GBPUSD) and highlight "Activate One Click Trading" Once one click trading is activated, you can place trade by clicking the undocked instrument rate (Bid or Ask). Your number of lot for each click can be set at the "DA" column. The current default setting is 1 standard lot. The default setting located in the Total Account(s) Equity Window under "DA"
MoneyForex DEMO and REAL trading applications can work from behind a firewalls. Please make sure that ports 3100-3200 will remain open in your firewall settings.
Please download and install the latest JAVA from the site: http://www.java.com/en/download/index.jsp
Then go to Control Panel and open Java Control Panel. Under tab General find Temporary Internet Files section and click View. Java Cache Viewer will open showing Java application cached on the PC. Right-click on the application's name and choose Install Shortcuts. Shortcut will be added to the Desktop.
Window Vista works beautifully with our software. If you are facing problem of launching the software, please un-install the current MoneyForex Trader and re-install it again. Please make sure you disable the "pop up blocker" so that it will not interupt the installation process. To make sure you have the "shortcut" of the MoneyForex Trader, please go to Control Panel and open Java Control Panel. Under tab General find Temporary Internet Files section and click View. Java Cache Viewer will open showing Java application cached on the PC. Right-click on the application\'s name and choose Install Shortcuts. Shortcut will be added to the Desktop.
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