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FAQ

ACCOUNTS & REGISTRATION

How can I change my address?

You should inform us of your new address by sending us a new utility bill or bank statement which clearly states your name, address and issued within the last 6-month period. You can either upload your new document via the Client Area > Document section or email it to [email protected]

What is the Client Area?

The Client Area is your personal area, accessible only by you, via an online login from www.forex24.com, where you can:

- Upload your documents;

- Fund your trading account;

- View the current status of your account balance;

- View your current and historical Trading activity;

- Place withdrawal requests;

- Request a leverage change;

- Reset your Client Area password;

I lost my FOREX24 Client Area Password, how can I retrieve it?

You can find your original password in the email with subject ‘Thank you for Registering’. If you have deleted this email you can re-set your password by going to the Client Area login page and click on ‘Forgot password’. Type in your email and captcha and ‘Submit’. Go to your email and click on the link that was sent to you to open the password reset page. Enter the new password you wish to create, confirm it and then click ‘Submit’.  You can now login to your Client Area with your new password.

Why do you not provide services in my country?

Forex24 does not offer its services to residents of certain jurisdictions such as USA, Canada, Belgium, Japan, North Korea, Iran and some other regions.

What documents are required for opening a live trading account?

Proof of Identification

Proof of Identification Document (POI) – Clear colour scanned copy or photo of your International Passport. If you do not hold an international passport, you may provide one other form of official government-issued identification document (i.e. Identification Card, Driving Licence). Please note the POI should contain: your photo, full name, signature, date of birth, issue/expiry dates and the ID code or number.

Proof of Residence

Proof of Residence (POR) – Clear colour scanned copy or photo of a recent utility bill, (i.e. water, gas or electricity bill), bank statement, local authority bill, or any other official document stating your full name and full address, as written in your online registration form. Please note that the POR issue date must be less than 6 months old.

Can I change my email address?

In general, you cannot change your email address. Your email address is a unique identifier linked to your Forex24 trading account(s) and therefore acts as a major security source for your account. If your email address has been breached please contact us at the first instance.

What is FATCA?

FATCA stands for the Foreign Account Tax Compliance Act. This came into effect on July 1 2014 and is intended to reduce the levels of tax avoidance by U.S. citizens and entities through foreign financial institutions.

What is a domestic partnership and domestic corporation?

A domestic partnership is a partnership organized in the US.

A domestic corporation is a corporation incorporated in the US.

How long does it take to open an account?

Once you complete and submit your registration, within minutes one of our back office managers will process your application and contact you accordingly. If we receive your registration outside of our business hours, it will be processed within the next working day.

Can I open more than one live account?

You can additional accounts by sending us a request via your Client Area > Account requests menu.

Can I become an IB with you?

Click on the following link to find out more about our affiliate programmes, where you can also submit the online form: http://partners.forex24.com

What account types do you offer?

We offer three account types: The Mini Bronze; the Classic Silver; and the Pro Gold.
For full details please see the following link: https://www.forex24.com/account-types/

Why do you need to know about my investment knowledge and experience?

It is a legal requirement to know the economic profile of our clients and to categorise them for an extra protection. Please see our Client Categorisation Policy for details: https://www.forex24.com/about-us/legal-documents/client-categorisation-policy

Can I open a corporate account?

Yes, you may open a corporate account.

Complete the online registration form from the corporate’s perspective, including the name and email and then send the following list of documents to [email protected]:

  1. Certificate of Incorporation
  2. Certificate of Registered Office
  3. Certificate of Registered Shareholders
  4. Certificate of Registered Directors and Secretaries
  5. Proof of Identification and Proof of Residence of the Directors and Secretaries
  6. If there is beneficial ownership, POI, POR and Declaration of Trust is required
  7. Resolution of Managing/Statutory Authority approving the commencement of the business relationship with the Company
  8. Resolution of Managing/Statutory Authority for granting authority to those who will operate the account opened with the Company
  9. POI and POR of the authorised person
  10. Bank Reference Letter
  11. Management contact list (e.g. names, e-mails, telephone numbers)

The aforementioned documents should be submitted in their original form or as true certified copies.

Allow 24 hours for your application to be reviewed and responded to.

Can I open a joint account?

Each person will need to complete the online registration, but on the account you wish to be live, enter both names and enter the email address that you wish the account to be under, which will be used for all correspondence between Forex24 and yourselves.

How can I open a live trading account?

You can open a live trading account in a simple 3-step procedure:

From the homepage https://www.forex24.com/ click on REAL ACCOUNT, this opens the pre-registration page for you to complete.

STEP 1 - Pre-Registration

Complete your contact details, enter the captcha and click Next Step. You should now go to your email to click on the link sent to you, to verify your email address. This will open the main online registration form for you to complete.

STEP 2 – Registration

Fill out the full details including your personal details, investor information and choose your Account options then click Next Step. Once you tick to declare that you have read and agree to the legal documents, you will then be logged into your Client Area>Documents section.

STEP 3 - Upload KYC Documents

You can now upload your Proof Identification and Proof of Residence to the appropriate sections. Once uploaded click on Upload.

Once you complete and submit your registration, we will contact you within 1 working day to inform you about the status of your account.

How can I open a demo trading account?

Please follow the following procedure to open an Forex24 Demo Account:

From our FOREX24 homepage Forex24.com click on Demo Account. This will open the demo account registration form for you to complete.

Enter your personal details, the demo account options and captcha and then click Next Step.

You should now go to your email to click on the link sent to you in order to verify your email address. You will then receive the ‘Success’ message showing your newly created FOREX24 demo account login number and password, along with the FOREX24 MT4 download link.

All of these details would have also been sent to your email.

If you have never downloaded the FOREX24 MT4 trading platform previously, you can click on the link provided with your login details to download it.

Partnership

How can I open an Affiliate Account?

You can sign up for one of our Affiliate Programs by filling in our online Affiliate registration form from the following link: http://partners.forex24.com/

Can I use the same email as my trading account?

You can use the same email that is registered under your trading account.

Is the commission settlement immediate or monthly?

Please check your IB Agreement to see the settlement schedule.

Can I become an IB with you?

Click on the following link to find out more about our affiliate programmes, where you can also submit the online form: http://partners.forex24.com

METATRADER4 TRADING PLATFORM

I cannot login to my real account.

Please follow the instruction below to login to your MT4 Real account:

  • - Open the Forex24 MT4 trading platform
  • - Go to File > Login to Trade Account
  • - In the Login field enter your Forex24 MT4 Account Login Number.
  • - In the Password field copy and paste in the password from the email, making sure you only paste in the exact characters, without any spaces.
  • - In the Server field select the Forex24Global-Real Server option.
  • - Now click ‘Login’ and wait for a minute for it to establish a connection to the server.

- Once you are connected you will be able to see moving numbers on the bottom right for the connection status, indicating that you have now connected with our server.

Can I login to my account on 2 PCs, Phones, etc?

You can login to your account on two different applications as long as you have the MT4 trading platform downloaded on each.

Can I login to two or more accounts on my PC at the same time?

Yes, you can, but you need to download a new Forex24 MT4 trading platform for each account you wish to login to. For each new download you need to select a different installation folder to download the MT4 to. For example, you can create an MT4 Folder on your desktop and install to there. Once downloaded, you can launch it as normal and login to your additional account(s).

I lost my MT4 password, how can I retrieve it?

Please check your email. You will find your account details in the email with subject: ‘Thank you for Registering’. If you have deleted this email, you may send an email to [email protected] requesting a new MT4 password. Note, always use your FOREX24 registered email address with all your correspondence with us.

My connection status shows invalid account and doesn’t login, why is that?

If your connection status shows invalid account it means that you either entered your login, password or server incorrectly. Please copy and paste in the account login number and password exactly as it was sent to you and make sure you only copy the exact characters without any additional spaces.

What is the difference between master password and investor (read-only) password?

You have full access with the master password, but with the investor (read-only) password you can view the account on the MT4 however you cannot open or amend any trades. By default, it creates the same password as your master password, however you can change either one via the trading platform from Tools>Options>Server>Change.

How can I set my investor password?

You can set your investor password from Tools>Options>Server>Change. Enter your current password, then select the ‘change investor (read-only) password option’ enter the new password and then re-enter it to confirm and click ok.

You can then check it by going to File>Login to Trade Account and enter your newly created investor password along with the account number and correct server option and click Login. Once logged in you will see that the New Trade Tab will be greyed out.

What is the Terminal>Mailbox tab for?

This is an area of the MT4 where we can communicate with our clients. Normally we send you messages regarding holiday trading hours, time changes, etc.

Why does my stop loss and take profit sometimes show with different colours?

You can see some colour adjustments on your take-profit (TP) and stop-loss (SL) orders from the Terminal window, Trade tab. When your TP turns green, it means the current price is within a 10-pip distance from your TP. When your SL turns red it means the current price is within a 10-pip distance from your SL. If your SL is constantly yellow, it means you have a trailing stop (TS) set and therefore your SL can move as the price moves in your favour beyond the pre-set TS level.

What is the Status Bar?

The Status bar is located on the bottom right of the MT4 platform. The moving numbers show you are connected with our server and they indicate sent and received data in KB from the current connection session. You can view the status bar by ticking the Status Bar option from the View tab.

What is the time on the MT4 trading platform?

You can view the server time from the Market Watch window on the MT4 trading platform. The server time is based on the local time which is EET, Eastern European Time (winter, GMT+2) and EEST, Eastern European Summer Time (summer, GMT+3).

Can I change my MT4 password?

You can change your MT4 password from the trading platform. Login to your MT4 trading account and go to Tools>Options>Server>Change. Enter your current password, your new password and then re-enter it to confirm and click ok.

What does file>save as do?

This saves the chart history of the current chart within csv file format.

Why do I receive these?

Daily confirmations are received by clients who have had trading activity on their accounts. If you wish not to receive these, please email [email protected] stating your request to be taken off this mailing list. Please note, that removing yourself from this list will also remove you from receiving the monthly confirmation emails.

Where can I download the MT4?

You can download the MT4 directly from the following webpage: https://www.forex24.com/trading-platforms/

I cannot login to my demo account.

Please follow the instruction below to login to your MT4 demo account:

  • Open the Forex24 MT4 trading platform
  • Go to File > Login to Trade Account
  • In the Login field enter your Forex24 MT4 Account Login Number.
  • In the Password field copy and paste in the password from the email, making sure you only paste in the exact characters, without any spaces.
  • In the Server field select the Demo Account Server option.
  • Now click ‘Login’ and wait for a minute to establish a connection to the server.
  • Once you are connected you will be able to see moving numbers on the bottom right for the connection status, indicating that you have now connected with our server.

FUNDING

Can I deposit in a different currency than my account?

Yes, you can deposit in different currencies as long as the payment method you’ve chosen can process this currency. However, if you deposit in a currency different to the base currency of your trading account, the deposited funds transferred in alternative currencies will be converted automatically to the trading account base currency at the exchange rates provided by the Credit institutions holding the said funds.

Can I withdraw in a different currency than my account?

No, you can only withdraw in the base currency of your account. If your bank/card account is in a different currency, then your own bank will convert the funds before adding them to your account.

What does CVV2 stand for?

CVV2 stands for Card Verification Value. The CVV2 code is your card’s security number and it is normally shown as the last 3 digits on the back of card.

How can I deposit funds to my trading account?

Once your documents are verified, the Deposit menu will be available to use from your Client Area > Deposit Funds menu. You can see the payment methods available from the following link: https://www.forex24.com/trading/funding-and-withdrawal

Do you apply any deposit/withdrawal fees?

Forex24 covers the deposit fees. You are liable for any withdrawal fees and any payment providers fees that are charged from your end. You can see additional details from the following link: https://www.forex24.com/trading/funding-and-withdrawal

What is the minimum amount that I can open an account with?

You may open a Bronze account from as little as $€£100. You can see the different account specifications from the following link: https://www.forex24.com/trading/account-types

What payment methods can I use?

Forex24 provides a large number of payment methods including: Bank-Wire Transfer; Credit/Debit Cards; and many e-wallets. The full list of payment methods can be seen from the following link: https://www.forex24.com/trading/funding-and-withdrawal

Are my card details safe?

Please note, when you make a card payment to us, it is processed via the card processor and then we are notified of the deposit.

Please be rest-assured that we are unable to see the full card number or the CVV2 code and therefore your card details are safe.

Is the card processor safe?

Kindly be aware that our card processor has the highest level 1 Payment Card Industry Data Security Standards and is PCI-DSS certified. This is a group of standards and regulations established by leading credit card organizations to prevent the theft of cardholder data and fight credit card fraud. Therefore, you can be rest-assured that all the data that they hold is on highly secured servers.

Are my funds safe?

You can rest assured that we go above and beyond to ensure the safety of your funds; your personal and financial information, including all of your transaction data, will remain completely private and secure. To achieve this objective, we use the latest and most advanced encryption tools in the market, we can therefore guarantee that all your financial information will remain completely safe and secure.

In addition, retail clients have Investor Compensation Fund protection, which covers each client up to €20,000 or equivalent base currency should there be a malfunction on behalf of the Company or if the Company fails to fulfill its obligations.

For more information please see our Security of Funds page: https://www.forex24.com/about-us/security-of-funds

Do you accept third-party fund transfers?

We do not accept any third-party fund transfers. A client can only deposit funds to their own account.

What cards do you accept?

We accept Visa, MasterCard and Maestro.

How long does it take to fund my account?

We aim to process all withdrawal requests within one working day, as long as you have submitted all the relevant information and documentation.

Once we process a withdrawal request, we will send you an email confirmation. However please be aware that there may be additional time required to reach your bank or payment provider’s account due to the specific payment provider’s processing times.

Bank-wire transfers may take 3 – 5 business days to reach your bank account.

Debit/Credit card withdrawals may take up to 5 – 7 working days to clear back to your card account.

Why do I need to send you my card copy?

In abidance with our regulatory authorities and for the security of your card, we need to ensure the cardholder name matches the name of the trading account holder. Please submit a clear colour copy of the front and back of the card noting the following:

 

  • The front side must clearly show the last four digits, expiry date and the name of the cardholder
  • The back side must show the last four digits and the cardholder’s signature if applicable
  • The remaining sensitive information should be blanked out.
    • On the front please blank out (COVER) the first 12 digits of the card number (and also on the back, if it shows there).
    • On the back please blank-out the 3-digit card security CVV2 code (last 3 digits).

Please find attached an example card copy image of what is required.

 

Please send the card copies to [email protected] within 48 hours, so that we can proceed with your deposit.

 

Important notice: If you are unable to provide your card copies within the 48 hours, please contact us to inform us of when you can provide them. Failure to do so could result in your account being disabled followed by a refund of the full amount received, back to your card. In addition, all expenses related to this transaction shall be covered by the client. Forex24 is not liable for any charges that the clients’ requests may generate.

Can I withdraw my funds in my own currency?

We only accept withdrawal requests in the base currency of your trading account.

What are your card deposit limits?

Per single card transaction you can deposit in amounts from 100 to 15,000 in your trading account’s base currency and up to 20,000 per day.

How much can I withdraw?

You can withdraw from the balance of your account at any time you wish. You can make the withdrawal request via your Client Area > Withdrawal menu.

Please note, you must withdraw in the same payment method that you used when depositing to your account.

How will my deposit show on my card statement?

Your card statement would show that you made payment to Forex24.

How can I withdraw my profit?

If your payment issuer provider allows you to withdraw more funds back to it than came from it, then you can request your profit with the same payment method, otherwise you may withdraw it via bank-wire transfer.

Why was I charged extra for my deposit/withdrawal?

Charges: Any movement of funds carries charges that depend on several factors including but not only, the payment method chosen by the client, the bank of destination, intermediary bank, conversion rates, etc. All expenses related to withdrawal requests shall be covered by the client. Forex24 is not liable for any charges that the clients’ requests may generate.
Please click on the following link for details: https://www.forex24.com/trading/funding-and-withdrawal

How can I request a withdrawal?

You may request a withdrawal request via your Client Areal > Withdrawal Menu.

COMPANY

Do I need to pay tax?

Forex24 does not deduct or pay any tax on our clients’ behalf. It is the client’s own responsibility to take care of his or her own tax obligations.

What type of broker are you?

We are a NDD (No-Dealing Desk), full STP (Straight Through Processing) Broker.

How can I contact Forex24?

You can send us a message via https://www.forex24.com/contact-us   or click on the live chat link from any page on our website or by phone Client Support: +357 25 000 199, Italian Support tel: +39 043 203 0096

UK Tel: +44 208 089 1644 or via email:

Customer Support: [email protected]
Account Inquiries: [email protected]
General Inquiries: [email protected]
Partner Inquiries: [email protected]
Marketing Inquiries: [email protected]

Human Resources: [email protected]

Compliance: [email protected]

Can I call you to execute an order for me?

The company may, in certain circumstances, accept instructions, by telephone via the Company’s Brokerage department. You will need to proof your identity be answering some verification questions.

How can I complain?

You can make a complaint by completing the ‘Complaint Form’, which is accessible within the ‘Complaints Procedure’ document from the Company’s webpage: https://www.forex24.com/about-us/legal-documents/complaints_procedure.
Once you complete the complaint form, please scan and email it to [email protected] or [email protected].
Your complaint will then be reviewed and replied to within 5 working days.

Who are you regulated by?

Forex24 Global is the brand name of Lydya Financial Ltd, a Cypriot Investment Firm regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 300/16.

Forex24 is a holder of a MiFID passport for all E.U. countries, except Belgium.

TRADING

What is the minimum and maximum lot size that I can open a trade with?

The minimum lot is 0.01 and maximum lot is 500.

How do I calculate my margin?

Margin is calculated as follows: (Volume x Market Price) / Leverage.

What is your margin call/stop level?

Margin call is at 75% and stop out level is 50%.

How do I calculate my margin level?

Margin level is calculated as follows: Equity / Used Margin x 100

What does pip stand for?

Pip stands for percentage in point. A pip is equal to 1/100th of 1 percent. If you buy the EUR/USD pair at 1.25000 and close it at 1.25010 you have gained 1 pip.

How do I calculate the pip value?

You can calculate the value of a pip by the following formula: the pip in decimal terms (0.0001) x the lot, as trade size (1 lot = 100,000). E.g. EUR/USD is 0.0001 x 100,000 = 10usd for 1 lot.

What is a pipette?

A pipette is 1/10th of a pip. On our 5-digit Forex pairs and 3-digits on the JPY pairs, the last digit is a pipette. This allows for more accurate pricing and allows traders to take advantage of the smallest moves.

Can my account experience slippage?

Slippage means that an order is filled at a different price than the initial quoted price. This can occur at times of high volatility when the price is moving rapidly, such as high news events. Slippage can be positive as well as negative for the client.

What is spread?

Spread is the difference between the bid and ask price.

What is your spread?

We have very competitive spreads beginning from 0.4 pip. You can see full details from here: https://www.forex24.com/trading/trading-specification

How is the swap calculated?

Swap rate calculation: Lot x swap rate x no. of nights. The swap rate is charged by 3 on Wednesday night in order to compensate for the two weekend days, Saturday and Sunday, where no swap is charged.

What is a CFD?

CFD stands for 'Contract For Differences’

“Contract for Differences” or “CFD” shall mean a contract, which is a contract for differences by reference to variations in the price of an Underlying Asset. A CFD is a Financial Instrument. Use of the term CFD in this Agreement, unless otherwise stated, must be read to include the Forex Instruments (which may be used on our Website and our marketing material).

How does the trailing stop work?

The trailing stop works by your stop loss being activated once the price moves in your favour by the predefined trailing stop level, 50 points (5 pips) being the minimum. It then trails the price at a distance of the predefined level, as it continues to move in the positive direction. Note that your trailing stop operates from your client terminal and not on the server, therefore make sure to stay logged in to your account whilst you have a trailing stop set.

Do you charge any commissions?

There may be commission charged, depending on your account type. Please see the Account type specifications via the following link: https://www.forex24.com/trading/account-types

Why can’t I trade some CFD’s at certain times?

Each night there is a small break in trading on the non-Forex CFD’s. You can see the trading hours from the following link: https://www.forex24.com/trading/trading-specification

What is equity?

Equity is your balance + floating profit/loss of your open positions.

I keep getting trade context busy message when I try to place a trade, what is this?

The “Trade context is busy” message occurs when you try to process an order just after you processed another order and before giving it sufficient time to completely process.

To resolve this, please restart the platform.

What is free margin?

The free margin is the equity – margin. These are the free funds that can be used to open trades with.

What is margin?

Margin is the amount required to maintain your open positions.