FOREX

FAQ

  • How do I open an account?
    • The registration for an FxCitizen Cent/Standard account is quick and easy. The online application only takes few minutes to complete. You can access the following link: Register Live Account
  • How do I know my account is opened?
    • Once your account is approved, you will receive an confirmation email with your trading account details and password
      * Please do not reveal your personal details to any third party.
  • Can I change my application form after it has been submitted?
    • Yes, you can. If you need to amend any information on the application form, please feel free to do so. You will need to write us your amendment information and send us via email account@fxcitizen.com
  • How long does it take to complete registration for a Live Account?
    • It depends on how quickly you can provide us with the required supporting documents. Once the complete documents have been submitted, we would contact you within 48 hours. If you do not get any reply within 3 working days, please send an email to account@fxcitizen.com to check if we have received your documents.
  • What supporting document is needed to complete account registration?
    • Supporting document, must contain the following information:
      • A photocopy of official documents with photo Passport / Driving license / National Identity Card
      • A proof of residence dated within 6 months for the address Bank Statement / Utility Bills (Electricity/Telephone Bill) / Insurances Bill, etc.
    • We cannot accept any document that does not contain all of the above information. You may upload those documents via your trader cabinet or submit your documents as scanned images (JPEG, GIF, DOC, or PDF—no password protection please) to our account department at account@fxcitizen.com
  • What if all my utility bills are not under my name?
    • We do not accept any documents that do not contain or confirm your full name and current residential address. It must also be dated within the last 6 months, and must have been sent to your current residential address via the post as we are not able to accept internet statements.
  • Can you accept my passport without certification?
    • Yes, in most cases we can accept a machine readable passport without certification.
  • Can I open a joint account?
    • Yes, you can, just register normally with joint bank account which is the only one which will be accepted
  • Why do I need to certify my documents?
    • As a regulated firm, we have procedures in place to identify our clients and we take a risk based approach to this. The objective is to prevent impersonation fraud being committed against our clients andin compliance with the International Laws against Money-Laundering. The list of countries for which certified documents are NOT required can be seen below:
      • United Kingdom
      • European Union
      • Australia
      • Canada
      • Hong Kong
      • Japan
      • New Zealand
      • Norway
      • Singapore
      • South Africa
      • Switzerland
  • If I want to open more than one account, do I need to complete another application form and send ID documents?
    • No, you just need to login into your trader cabinet and open a new trading account inside.
  • I sent the info from the 1st page of the ‘Live Account Application’ form but I didn’t receive an email with the code word to continue filling the 2nd page. What should I do?
    • Sometimes spam programs may identify our emails as spam. It may help if you change the setting of your spam detection programs. You may try to complete the application form again indicating another email address.
  • Can I manage multiple accounts in MetaTrader 4?
    • Multi Account Manager (MAM) allows you to manage multiple terminals simultaneously. In MAM Manager Account you can be logged in at one time and manage several accounts simultaneously. We will provide the facilities of Multi Manager Account (MAM) upon application. Kindly email to account@fxcitizen.com.
  • Can I open two or more live account and in different currencies?
    • Yes, you can have multiple accounts but your deposit will only appear as US Dollar.
  • Will you close my live account if it has a zero account balance?
    • No, we will not. You can have a functioning live account with a zero account balance.
  • Do you offer swap-free account?
    • Yes, we do. We offer swap free account for Cent/Standard account. Swap-free account incur no interest charges/payments
  • Is it possible to access my Live Account from different computers?
    • Yes. It is possible to log in into your live and/or trading account from any computer that has MetaTrader 4 platform downloaded. You can even be logged in from different computers simultaneously. *Please be careful with your logins and passwords. If you save your MetaTrader password on a particular PC, anyone who has access to it will be able to trade on your account.
  • I have lost the password to my account. What should I do?
    • To restore trader account password, please contact Live Client Service Team or email to account@fxcitizen.com with below details provided:
      • Trading account
      • Full name as registered
      • Email address as registered
      • ID / Passport number
  • How to change my password?
    • Please login into your trader cabinet where you can change your password. For security purposes, we recommend you to change your password once per month.
  • How do I make deposit?
    • FxCitizen offers several options to our clients. You may transfer your fund to your trading account either by credit card, liberty reserve, or by bank wire deposit.
    • Credit Card Deposit To transfer fund into your trading account via credit card, you may login to your trader cabinet and click on ‘Credit Card’ to make deposit. When using credit card to transfer fund, ensure that the card is either VISA or MASTER that is under your name.
    • Liberty Reserve To transfer funds to your account via Liberty Reserve, you may login to your trader cabinet and click on ‘Credit Card’ to make deposit. You need to specify the account number of the recipient and amount of funds you wish to transfer to your account, and the funds will be immediately available for your use. The minimum deposit with liberty reserve is $1 USD.
    • Bank Wire Deposit To transfer fund via bank wire, you may login to your trader cabinet and click on ‘Credit Card’ to make deposit. The minimum deposit with bank wire is $25.
  • Can I deposit money using PayPal, E-gold, or other Internet payments?
    • Not for now. We are still in the process of expanding our deposit method with these bodies.
  • How soon will my funds be credited to my account?
    • Funds received by Credit Card is normally credited within one hour of receipt. Deposits made using your Credit card beyond the core business hours of 9.00am – 5.00pm New Zealand time may not be credited until the following working day.
    • Funds received during the day by a Bank Wire will be credited 3 to 5 working days, although we strive to credit as many as possible on the day of receipt.
    • For more information, please refer to: Deposit and withdrawal
    • * This varies depending on country and bank services when making transaction to FxCitizen.
  • Will you close my live account if it has a zero account balance?
    • No, we will not. You can have a functioning live account with a zero account balance.
  • How long does it take for funds to reach my bank account?
    • It depends on the country the money is sent to. Standard bank wire within the UK and EU takes 3 working days. Bank wires to some countries take up to 5 working days. For more detail information, please click here.
  • How do I transfer funds from one trade account to another?
    • If you are the holder of two or more trading account you can transfer funds from one of your trading account to another. This can be done by emailing your request to finance@fxcitizen.com and providing the details below:
    • – Account owner full name (as inputted upon account registration) – Account owner email (as inputted upon account registration) – The number of the receiver trade account – Payment sum. The internal transfer is only possible when the sender and the receiver’s account belong to the same person (i.e. account owner name is the same in both account)
  • I have several trading accounts, is it possible to transfer funds between them? Do you charge any commission for this service?
    • If you are the holder of two or more trading account, you can transfer funds from one of your trading account to another. This can be done by emailing your request to finance@fxcitizen.com and providing the details below:
    • – Account owner full name (as inputted upon account registration) – Account owner email (as inputted upon account registration) – The number of the receiver trade account – Payment sum. The internal transfer is only possible when the sender and the receiver’s account belong to the same person (i.e. account owner name is the same in both account)
    • No commission or fee will be charged.
  • Is there a fee for depositing and withdrawing funds?
    • No, at FxCitizen we are transparent with all our charges. Charges only incurred for services by third parties. However, FxCitizen have minimum transaction for deposit or withdrawal funds. For more detailed information, please go to Deposit and Withdrawal.
  • What do I do if I want to withdraw my money?
    • We provide several methods for clients to withdraw funds. Please click here for more details. In order to withdraw fund, you need to login into your trader cabinet to make withdrawal request with the method you had deposited your fund. Your money will be transferred to the bank account that is registered with us.
    • FxCitizen will not accept third party deposits or withdrawal requests. The name(s) on the FxCitizen trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a FxCitizen account holder, business account and endorsements to FxCitizen.
  • I have transferred some funds into my account at your website, but the funds are not available on my account. What should I do?
    • You should contact Client Services Team or send an email to finanace@fxcitizen.com and be ready to provide the following information:
      • Trade account number.
      • Electronic purse number
      • Payment sum
      • Payment date
      • Number of transaction (if applicable)
  • Can I withdraw my money if I have an open position(s)?
    • Yes, you can. However at the moment of payment, your free margin must exceed the amount specified in the withdrawal instruction including all payment charges. Free margin is calculated as equity less necessary margin (required to maintain an open position).
    • If you do not have sufficient free margin in your trading account we will not carry out the withdrawal request until you close the open positions in your account.
  • Which currencies can I use to place a deposit in my trading account?
    • FxCitizen offer trading account for USD. You can deposit money with us in USD, EUR, GBP, CHF or JPY. If you transfer funding in GBP to your account, the GBP you have sent us will be converted into US Dollars by FxCitizen at the prevailing inter-bank price at the time.
  • I have requested a withdrawal, but the request was cancelled. Why?
      • The Anti Money Laundering Policy rules were broken. You requested to withdraw funds in the system, using a different payment solution from the one, in which you deposited from.
      • Other reason. Please contact financial department finance@fxcitizen.com.
  • What is “volume” in New Order menu and how is it calculated?
    • Volume is the size of an order and is measured in lots. For FxCitizen, 1 lot is equivalent to $10,000 contract size.
  • What is the account history?
    • Information about all trade operations performed is stored in the “Account History” tab. The entire history is displayed as a table with the following fields.
    • If you don’t see account history in your terminal, please do the following:
      • Check your PC system date and time
      • Right-click the account history tab and select “All history”. This way you can also see the history for any period.
  • What is “Bid” and “Ask”?
    • This is a buy and sell price on the quotes you see, when you open or close an order. The difference between the two prices is called the Spread. All the charts in trade terminal are shown at “Bid” price. You can set up your terminal to show Ask price as well. To do so, press F8 on the chart window and in “Common” tab put a tick at “Show Ask Line”. Upon “Buy” order opening, the open price is “Ask” and the closing one is “Bid”. Upon “Sell” order opening, the open price is “Bid” and the closing one is “Ask”.
  • A stop loss order was hit, while there was no such price on chart.
    • It often happens with beginners in “Sell” positions. It happens because the trader doesn’t take spread into consideration. Upon “Sell” order opening, the open price is “Bid” and the same price is shown on the chart. “Sell” order close price is “Ask”, i.e. “Bid” price + spread. You can set up your terminal to show “Ask” price as well. To do so, press F8 on the chart window and in “Common” tab put a tick at “Show Ask Line”.
  • What is «Stop-loss» (S/L) and «Take-profit» (T/P)?
    • A «Stop-loss» is an order, which can be placed either upon opening the position, or after it is already opened. The goal of this order is to minimize loss, i.e. after the price reaches the set value, your position will be automatically closed with a fixed loss. Or with a profit if you set your S/L into zero value. A «Take-profit» is basically the same order, but working in a reverse way, i.e. after the price reaches the set value, your position will be automatically closed with a fixed profit. For instance: as you open a long position (long means buy), you open a buy position up at Ask price, and close it at Bid price. In this case you can set “Stop-loss” under Bid price and “Take-profit” over Ask price. Subsequently, as you open a short position (short means sell), you open a sell position up at Bid price, and close it at Ask price. In this case you can set “Stop-loss” over Ask price and “Take-profit” under Bid price. Now, let’s assume you want to Buy 1 lot of GBP/USD. You open a new order, request the current quote, select the required currency pair, enter the volume in lots, set the S/L and T/P (if needed) and press “Buy”. You have bought at Ask price 1.2453, which means Bid at that time was 1.2450 (spread is 3 points). A “Stop-loss” order can be set under 1.2450. If you set it at 1.2400, it means that if the Bid price reaches 1.2400 your order will be automatically closed with a 53 points loss. A “Take profit” order can be set over 1.2453. If you set it at 1.2500, it means that if the Bid price reaches 1.2500 your order will be automatically closed with a 47 point profit.
  • What are pending orders “Stop” and “Limit”? How do they work?
    • These are orders which will be opened when the price reaches the value set in the orders. A Buy/Sell Limit is executed only when the market price is (or is better) than the price set in the order. Buy Limit is usually placed under the current market price and Sell Limit is placed above the current market price.
    • Buy/Sell Stop is executed only when the market price is (or is worse than) the price set in the order. Buy Stop is usually placed above the current market price, and Sell Stop is placed under the current market price.
    • For all currency pairs the order price must differ from the current market price (Bid or Ask, depending on the order direction) for at least a size of spread. You cannot place any pending order closer to the current market price than it is stated in the client agreement.
  • Why do you add (or deduct) money for overnight positions?
    • This is because the position prolongation is performed through short Rollover or Swap (Tom/Spot) operations. Rollover consists of 2 controversial positions with the same sum, but different dates (Tom – tomorrow, Spot – the second working day) and slightly different rates. Rollover is an artificial closure of a position and the simultaneous opening of the similar position on the next date, taking into account the difference in the percentage rate of the two currencies.
    • Depending on the position direction (buy or sell), the client gets (or pays) some sum for the position rollover (it usually ranges from a tenth of a point to several points). When a position is rolled over from Wednesday to Thursday, the sum is triple. Why does the customer have to pay for a position rollover? Because upon position opening he received a credit in a currency he sells, and must pay interest. At the same time he put the purchased currency to a deposit and gets some interest for it too. The bank rates for these currencies differ, therefore, a gap appears which is considered during the position rollover. If a customer sold a currency with a higher bank rate – he will pay for the rollover. And if he purchased a currency with a higher bank rate, broker will pay him for the rollover. Usually, it is all calculated automatically.
  • What are “Margin Call” and “Stop Out”?
    • The company has a right to close customer’s positions without notifying him, in case of equity less than 30% of the required margin (for opened positions). If several positions are opened, the company can close one or several of them, starting from the one generating the largest loss. The trade account condition is controlled by the server, which closes all positions automatically, if margin level reaches 10% (or less) for Cent/Standard account. This situation is called “Stop Out”. It is performed by the current market price. For real account, the values are 100% and 30%.
  • Why has my position closed by itself?
    • Obviously there were not enough funds in your account to keep the position opened. As soon as the margin level reaches below 30%, the server automatically closes all the positions. This event is also recorded in log files with a comment “stop out”. If several positions are opened, the first one to close will be the position with the highest floating loss.
  • How long can I keep the position opened?
    • You can keep it open as long as you want, but note that you will have to pay swap for transferring your position through every night.
  • What are “Support” and “Resistance” levels?
    • Support level is a level lower than the current market price from which the trend, supposedly, can turn upwards. Resistance level is a level higher than the current market price from which the trend, supposedly, can turn downwards.
  • What are long-term and short-term positions?
    • In general, long-term positions are those which are supposed to last several months or even years. Mid-term orders are those, the goals of which should be attained in the nearest 1-3 weeks. Such wording of the terms is spread within banks and investment funds, and is also used by market analytics in their prognoses. There is another scale between traders. Orders within 1 day are called “Intraday”, orders lasting several days are called “short-term”, mid-term – for a week or 2, long-term – for a month and more. This scale is, of course, unofficial, and is spread within self-traders.
  • What is a figure?
    • Figure often means 100 points of profit, or market movement to 100 points. It can also mean some “round” numbers. E.g. “GBP/USD is moving through the 17th figure” means it passes 1.7000 level.
  • Which account type is right for me?
    • Demo Account is designed to help beginner and traders with no experience of forex exchange whatsoever to make their first step into the market but without taking excessive risks.
    • Cent Account is good for experiencing the psychology of risk-taking within reasonable limits because of the cap on volumes that can be traded.
    • Standard Account is designed for experienced traders that plan to make serious trading decisions. Volumes are not capped and there is a minimum trade size in effect.
  • What is the difference between Cent and Standard account?
    • Please click here to see the differences between Cent and Standard Account.
  • What is Cent Account?
    • Cent account provides new traders with access to the currency markets for as little as $0.01. With small trade sizes and access to No Dealing Desk execution, Cent account provides a great way to learn to trade currency.
    • To open Cent Account, please click here
  • What is Standard Account?
    • Standard account provides new traders with access to the currency markets with a minimum of $0.1. Standard account provides a great way for expert to trade in currency market.
    • To open Standard Account, please click here.
  • Are maximum deposits limited in various account types?
    • FxCitizen offers various type of account. There are no limitations for maximum deposits. However, it is recommended not to deposit over $5000 USD into Cent Account.
  • What are your commissions and fees?
    • FxCitizen does not charge commissions. Your only transaction cost is dealing spreads which is the different between bid and ask price.
  • Can I place orders via phone?
    • Yes. You may trade from computer or mobile platform such Iphone, Android and Smartphone.
  • Can I place trade via email?
    • No. We do not accept trades via email. You may place a trade online.
  • How do I calculate profits and loses?
    • Assume you buy GBP (GBP/USD) at 1.5010 and sell Euros at 1.5020. If the transaction size is 100,000 GBP, you will have a $100 profit.
      ($1.5020 – $1.5010) X 100,000 = $0.001 X 100,000 = $100
    • Similarly, if you sell GBP (GBP/USD) at 1.5550 and buy GBP at 1.5560, you will have a $100 loss.
      ($1.5550 – $1.5560) X 100,000 = – $0.001 X 100,000 = – $100
  • What time do I see in my MetaTrader?
    • Our trading platform server time zone is GMT +2. All trades, pending orders and historical data will always be shown as GMT + 1. The time you see in the Market Watch window is the time of the latest quote.
  • Can I change the time zone in MetaTrader?
    • No, the time zone of our servers is always GMT +2. In this time zone, we avoid having small candlesticks on Sundays which allows the running of technical analysis and back testing to be smooth and straight forward.
  • Can you please explain what you mean by “Lot Sizes”?
    • 1 market standard lot is 100,000 units of base currency. But in FxCitizen, 1 lot is defined as 10,000 units of base currency. Therefore;
      0.1 of a lot is 1,000 units of base currency (this is minimum lot size for Standard Account)
      0.01 of a lot is 100 units of base currency (this is minimum lot size for Cent Account).
      Base currency is the first currency in the currency pair.
  • What are your trading hours?
    • Forex is an OTC (over-the-counter, OFF exchange) market, so there are no defined trading sessions. If you have an account with us, you may trade from 22:00 Sunday to 22:00 Friday. Our Client Service teams work 24/7 to assist you.
  • What is the minimum contract size?
    • Cent account: The minimum contract size is 0.01 lot i.e.100 units of base currency.
      Standard account: The minimum contract size is 0.1 lot i.e. 1,000 units of base currency.
      For further information, please see the following: Account Types.
  • What are your spreads?
  • Do you guarantee stop losses?
    • Order execution is guaranteed under normal market conditions but not guaranteed under abnormal market conditions. Under abnormal market conditions or when the order level falls within the price gap on the market opening, the order is executed at the quote which is presented in the quotes flow during the process of order execution. Buy stop, sell stop or stop loss is executed at the level less profitable for the customer; buy limit, sell limit or take profit is executed at the level more profitable for the customer.
  • Do you have any restrictions on scalping/hedging?
    • Hedging is allowed.
  • I like to trade over news releases and volatile markets, is this problem?
    • Not at all, FxCitizen is highly geared for active trading. Please refer to our Client Agreement in respect of order execution and spreads under abnormal market conditions. You shall consider the risk of trading in the high volatility market.
  • How close to the prevailing price can I place stop and limit orders?
    • Limits and stops must be set at least 5 pips away from the prevailing market price.
  • Can I place trailing stop orders?
    • Yes, you can. Please note that trailing stops become inactive when you log out of MetaTrader.
  • Do trailing stops remain active when I turn off my computer?
    • No, trailing stops are maintained locally on your machine and therefore requires that your MetaTrader 4 platform remain on and connected to the internet. If you disconnect the MetaTrader 4 platform from the system, any open trailing stops will be converted to a hard stop or limit.
  • Can I be long and short in the same instrument simultaneously?
    • Yes, you can. This is called ‘matched’ or ‘hedged positions’ – long and short positions of the same transaction size opened in the same instrument. The margin required to open and maintain such positions is half of the usual initial margin per transaction.
  • When I go offline do you close my open positions and placed orders?
    • No, we won’t, open positions and pending orders stay in the system even if you log off from your trading platform. The same is true for all order types except trailing stops. Trailing Stops become inactive when you close or log out of MetaTrader. Expert Advisors also become inactive when MetaTrader is closed or you are not logged in.
  • Does FxCitizen charge any commissions?
    • No. FxCitizen does not charge any commission for Cent/Standard account.
  • What currency pairs do you trade?
    • We currently produce daily signals for 30 currencies pairs. For more detailed information, please refer here.