What is FOREX?
Foreign exchange market, also known as Forex or FX, is the financial market in which currencies are traded.
Where is forex market located?
Forex is a global decentralized or over-the-counter (OTC) market. The forex market is run by a global network of banks, spread across four major forex trading centres in different time zones: Sydney, Tokyo, London and New York. Since there is no central location, you can trade forex 24 hours a day.
What are the working hours of Forex market?
The Forex market is open 24 hours a day, 5 days a week. It opens on Sunday at 10:00 pm GMT, and closes on Friday at 10:00 pm GMT. Sydney market is open from 10:00 pm to 7:00 am GMT, Tokyo is open from 12:00 am to 9:00 am GMT, London is open from 8:00 am to 5:00 pm GMT, New York is open from 1:00 pm to 10:00 pm GMT.
How can I start trading Forex?
It's easy with SmartFX. Here are the simple steps: Go to our registration page and fill the form. Upload your documents in your SmartFX's Client Portal. Get Verified and open your MT5 trading account in 1 click. Then, deposit funds to your MT5 account and you are ready to trade!
How is the forex market regulated?
Forex market has enormous size, that's why there is very little regulation because of no governing body, which can police it 24/7. However, there are several national trading bodies around the world who supervise domestic forex trading, as well as other markets. They work to ensure that all forex providers adhere to certain standards. For example, Cyprus Securities and Exchange Commission (CySEC) is a regulatory body in Cyprus, Financial Conduct Authority (FCA) in UK, Dubai Financial Services Authority (DFSA) in Dubai, and Vanuatu Financial Services Commission (VFSC) in the Republic of Vanuatu accordingly.
What is a forex broker?
A forex broker is an intermediary between you and the networks of banks that trade with each other. It is a financial services company, like SmartFX, that provides you an access to a platform for buying and selling foreign currencies. Forex brokers offers a price on instruments from the banks of which they have lines of credit and access to forex liquidity. Multiple banks are used for pricing, and so you will always get the best one available. A forex broker may also be known as a currency trading broker or as a retail forex broker.
What is a forex trading account?
The account type with forex broker, which give you an ability to trade all major currency pairs and some other instruments. In order to use your trading account, you need to install the MetaTrader 5 platform and login to your account using credentials received by email from SmartFX.
What is Leverage in forex trading?
Leverage allows you to trade large values for relatively small deposits. It is a special product forex broker is offering to clients, which gives you the advantage of getting greater returns for a small up-front deposit. SmartFX offering leverage is up to 1:400.
What is Margin in forex trading?
Margin is a collateral (or security) amount of money that you need to deposit in advance in order to place a trade. Usually, it's a fraction of open trading positions and is expressed as a percentage in trading terminal.
How many trading instruments do you offer?
At SmartFX, we offer a range of 2000+ trading instruments. However, it is possible to provide you special stocks or currency pairs upon your request.
What metals do you offer?
Among the metals we offer, there are gold, silver and copper available for trading.
Who are the main participants of the forex market?
The primary participants in the Forex market (those who make the spreads) are the largest banks in the world. Such banks include central banks, commercial banks, and investment banks. They are known as an interbank market, as they constantly deal with each other on behalf of themselves or their customers. However, the percentage of other market participants is rapidly growing and now the list includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders and individual investors.
What tools do I need to trade forex?
All you need is an electronic device (computer, tab, mobile phone) with an internet connection and a free demo account or a funded live account with SmartFX to start with. However, you should be equipped with proper knowledge about forex market to minimize the risks while trading.
Who owns SmartFX?
SmartFX is owned and operated by Smart Securities and Commodities Limited, Vanuatu. Registration number - 40491, with registered address at Office 1276, 1st floor Govant building, Kumul highway, Port Vila, Vanuatu.. It is a majority Vanuatu owned entity.
Is SmartFX regulated?
The answer is Yes! We are Regulated by Vanuatu Financial Services Commission (VFSC) and Authorized to deal with securities with providing all kind of financial services to our clients. Registration number - 40491 with registered address at Office 1276, 1st floor Govant building, Kumul highway, Port Vila, Vanuatu.
What are the restricted countries that SmartFX does not offer services?
SmartFX does not offer financial services to the following country residents: Cuba, Myanmar, Iran, North Korea, Sudan, Syria, Ukraine, India, and the USA.
How to open account with SmartFX?
To open an account with SmartFX, simply fill the Registration form on https://my.smartfx.com/en/signup and follow the instructions.
Do I need to verify my account?
Yes, nowadays, verifying the identity of a customers that is signing up for a trading account helps determine whether the customers are indeed who they say they are. At SmartFX we conduct proper AML and KYC procedures while onboarding clients, that's why for the Verification of your account it is mandatory to upload the supporting documents to your Client Portal.
What type of supporting documents I need to provide?
" For customers from the UAE we request to provide the next documents: Passport, Visa, Emirates ID and Utility Bill, Electricity Bill, credit card statement or Bank Statement (One month Water Bill, Electricity Bill or Bank Statement (not older than 3 months), scan copies in high resolution).
For customers from other countries - Passport or valid ID and Proof of Address."
How long will it take to verify my account?
From the moment we received documents from you, it will take maximum 24 business hours for us to verify and approve your account. Usually your documents will be reviewed at the same day you uploaded to Client Portal.
My documents are not in English. Will this be a problem?
Not at all, just provide us your documents with professional translation in English.
Can I open a corporate account with SmartFX?
Definitely, you are free to open a corporate account with SmartFX. To do that, please proceed to the registration page (https://my.smartfx.com/en/signup) and choose corporate account and follow the instructions.
Do I need to upload my documents again for each additional MT5 trading account?
Your new trading account will be validated automatically, as long as you will use the same personal and contact details as for your previous account.
How can I deposit funds into my account?
At SmartFX, we have a wide variety of deposit methods. 1) Electronic Payment Methods (Skrill, Neteller, STICPAY); 2) Bank Wire Transfers (National Bank of Vanuatu and Local bank in Dubai); 3) Credit/ Debit cards (Visa, MasterCard, American Express).
What is the minimum withdrawal?
Minimum withdrawal is 100 USD for electronic payment methods, credit/debit cards and bank wires as well.
How to withdraw my money?
Simply login to your SmartFX's Client Portal (https://my.smartfx.com/en) and submit the withdrawal request with your MT5 trading account mentioned. All withdrawals are processed during standard business hours, i.e. 10 am - 7 pm (GMT+4), Sunday to Friday.
What is third-party funding?
A third party is anyone who is not an owner of the account.
Can I use more than one card to fund my account?
Yes, you may use multiple credit/debit cards to fund your account. Maximum is three (3) cards per client.
Can I withdraw my money whenever I want?
At SmartFX you can withdraw your funds anytime. Simply login to your client portal and place your withdrawal request. It is only possible to send your withdrawal back to the original source of deposit. Usually, all withdrawal requests processed by our back office within 24 hours on business days. Please bear in mind that in order to deposit or withdraw your funds, your account with us must be verified.
Are there any deposit/withdrawal fees?
SmartFX does not charge any additional fees for deposits. You should however be aware that you may incur fees on payments to some international banking institutions. SmartFX accepts no responsibility for any such deposit fees.
Can I transfer funds from one MT5 account to another?
Yes, you can do an internal transfer between your accounts. However, if you want to transfer funds to 3rd party's MT5 account with SmartFX, such action is prohibited.
What to do if my credit/debit card is expired or cancelled?
We will require a letter from your bank, confirming the account closure, and new banking details with a bank statement mentioning the alternative account details.
Can I withdraw my money to another source I used for deposit?
Funds should always be returned to the same source of deposit. However, if your source is not available anymore, we require the official letter with proof and/or explanation in details. Then we will help you get your money back in a way that is convenient for both parties.
What is the difference between demo and live trading accounts?
Demo Account is created for you to practice your skills without any risks. You trade on the virtual money, which you can't withdraw. Live account is created to get you to trade with real money and your profits/losses are for real.
What kind of trading accounts you have?
For your convenience, we only have one type of trading account - Smart Account. It's a unique and universal trading account for all your trading needs.
How to recover the password of my MT5 trading account?
How long does a demo account last?
SmartFX's Demo Account does not have an expiry. You can practice your skills for the period you need to get familiar with a terminal and trading until you are ready to trade on live account.
Can I open multiple trading accounts?
Yes, you can open up to 3 trading accounts with SmartFX. For additional accounts you may request your Relationship Manager.
What is your trading server name?
Our trading server name is SmartSecuritiesCommodities-Server.
What is Expert Advisor?
Expert Advisors (EAs) is a program used to automate your trading. They written on MQL5 language for MT5 trading platform, usually by 3rd parties programmers. Please remember that EAs operates locally on your computer, and will not execute strategies when disconnected from the server. EAs written for MT4 platform (using MQL4 language) will not work on MT5. The MetaTrader 5 platform allows you to run more than one Expert Advisor simultaneously.
What type of market analysis does SmartFX offer?
SmartFX offers daily market analysis on Forex, commodities and indices. On a daily basis we upload our analysis on the website, you can find it here: https://smartfx.com/daily-market-analysis
What is fundamental analysis?
Fundamental analysis is about stocks that are currently trading at prices that are higher or lower than their real value. This form of analysis is based on news, external events, industry trends, and financial statements.
What is technical analysis?
Technical analysis is a trading discipline used for investments evaluation and identifying trading opportunities by using historical price charts and market statistics. Technical analysis focuses on the price and volume evaluation.
I forgot my demo username or password. How do I retrieve them?
Why I can't see all trading instruments in MT5?
To view all trading instruments, kindly right click on the market watch and choose 'Show All'.