Frequently Asked Questions

  1. Where are your servers located?
  2. Are you regulated, and if so, by whom?
  3. How do I open a live account?
  4. What Identification documents do I have to supply and why?
  5. What currencies do you accept?
  6. What currencies can I trade with Forex FS?
  7. How do I deposit money with Forex FS?
  8. What is the minimum initial deposit I can make?
  9. Do you accept credit card payments?
  10. How do I withdraw money from my account?
  11. What type of broker are you? (i.e. MM, STP, ECN, NDD, DD)
  12. What hours can I trade?
  13. How long has Forex FS been in business?
  14. What leverage do you offer?
  15. What is the smallest lot size that I can trade?
  16. Do you accept deposits from a third party?
  17. Where are my funds held, is my money safe?
  18. What is your commission?
  19. What is a spread?
  20. What are your typical spreads?
  21. What is a pip?
  22. What are swaps?
  23. Do you offer swap free accounts?
  24. Do you allow scalping?
  25. Do you allow hedging?
  26. Do you offer precious metals trading?
  27. Are you a 4 digit or 5 digit broker?
  28. What type of execution do you have for orders?
  29. Do you offer 24 hour support?
  30. Are the feeds to your live and demo accounts the same?
  31. Do you allow trading during news events?
  32. Can I use an EA (Expert Advisor) on your MT4?
  33. Can I download your platform of more than 1 computer?
  34. Is you platform compatible with Apple MacIntosh computers?
  35. How long do your demo accounts stay active?
  36. What time zone are the charts on your MT4 Platform?
  37. How do I change my password?
  38. How can I use the MT4 Platform on a Mac?
  39. What is the offset time of your MT4 platform?
  40. Can't place trades. What does "Error 146: Trade context busy" mean?
  41. Why did my order get filled at a different price and what is Slippage/ Gapping?
  42. How do I close my trading account?

1. Where are your servers located?

Our servers are located in the US, UK and HK data centres.

2. Are you regulated, and if so, by whom?

Yes, we are regulated by the Australian Securities and Investments Commission (ASIC). Our Australian Financial Services Licence Number is 323193.

3. How do I open a live account?

Please follow the link Open a Live Account.

4. What Identification documents do I have to supply and why?

Please follow the link ID Requirements.

5. What currencies do you accept?

AUD, CHF, EUR, GBP, NZD and USD.

6. What currencies can I trade with Forex FS?

Please follow the link Typical Forex FS MT4 Account Spreads.

7. How do I deposit money with Forex FS?

Please follow the link How to Deposit Funds.

8. What is the minimum initial deposit I can make?

The minimum initial deposit is $100 for a Classic Account and $3,000 for a DMA Account.

9. Do you accept credit card payments?

Yes, via Skrill Moneybookers.

10. How do I withdraw money from my account?

Please follow the link How to Withdraw Funds.

What type of broker are you? (i.e. MM, STP, ECN, NDD, DD)

MM (market maker) with access to multibank liquidity and (NDD) no dealing desk.

12. What hours can I trade?

Trading hours: Sunday 22:00GMT till 21:55GMT Friday with a daily break between 22:00-22:05*

During US Daylight Saving: Sunday 21:00GMT till 20:55GMT Friday with a daily break between 21:00-21:05*.

*This five minute break is performed to protect clients from widening spreads, which may occur due to reduced liquidity, at the end of the day.

13. How long has Forex FS been in business?

Forex FS was established in 2008.

14. What leverage do you offer?

Leverage is 1:100 to 1:500 (upon request).

15. What is the smallest lot size that I can trade?

Micro lot (0.01).

16. Do you accept third party deposits?

No.

17. Where are my funds held, is my money safe?

Client funds are held in a segregated trust account with the National Australia Bank (NAB). NAB is continually ranked one of the safest banks in the world .

18. What is your commission?

There are no commissions on the Classic Account. DMA Accounts have a $3.5 commission per standard lot ($100k).

19. What is a spread?

The difference between the bid and the ask price.

20. What are your typical spreads?

Please see our Typical Classic Forex FS MT4 Account Spreads page.

21. What is a pip?

The smallest price change that a given exchange rate can make (the last decimal point).

22. What are swaps?

The swap is the currencies interest rates differential that traders pay or earn on any trades carried out on a day-to-day basis.

23. Do you offer swap free accounts?

No.

24. Do you allow scalping?

Yes.

25. Do you allow hedging?

Yes.

26. Do you offer precious metals trading?

Yes, you are able to trade Gold & Silver.

27. Are you a 4 digit or 5 digit broker?

5 digit.

28. What type of execution do you have for orders?

Market execution.

29. Do you offer 24 hour support?

We provide 24 hour technical support.

30. Are the feeds to your live and demo accounts the same?

Yes.

31. Do you allow trading during news events?

Yes.

32. Can I use an EA (Expert Advisor) on your MT4?

Yes, MetaTrader 4 allows you to use automated trading strategies called expert advisors (EA) to perform prompt technical analysis of price data and manage trading activities based on current market conditions.

If you are using an EA and do not have a Virtual Private Server (VPS) subscription, your EAs will stop running when you are logged out of Meta Trader.

Because EAs are created by separate and independent third parties, Forex FS is not responsible for their completeness, reliability or accuracy. Clients use EAs at their own risk.

If you have questions on how an EA works, you will need to contact the EA provider.

34. Can I download your platform of more than 1 computer?

Yes.

35. Is you platform compatible with Apple MacIntosh computers?

Only with iPhones and iPads. Alternatively, you can purchase hardware virtualization software, such as Parallels Desktop and install the Windows operating system to use MT4 on your Mac.

36. How long do your demo accounts stay active?

Our MT4 Demo Accounts give you full access to the Forex FS MT4 platform with no time restrictions, provided you login once every 30 days. Demo Accounts left unused for over 30 days are automatically deleted by the system.

37. What time zone are the charts on your MT4 Platform?

GMT (Greenwich Mean Time).

38. How do I change my password?

Please see the step by step instruction on our How To Change Your MT4 Password page.

39. How can I use the MT4 Platform on a Mac?

Since Apple transitioned to Intel processors it has become very easy to run Windows applications on a Mac. Please check your system profile in About This Mac to ensure what you need to run Windows. To see how easy it is to run the Windows operating system on your Mac please visit Windows on a Mac on the Apple Store website.

40. What is the offset time of your MT4 platform?

Zero.

41. Can't place trades. What does "Error 146: Trade context busy" mean?

The most common reason for that message is that you have sent too many signals simultaneously. Perhaps, two or more EAs are trying to open, close or modify their orders at the same time.

How to solve:

1. Usually, closing and reopening your Client Terminal will solve the problem.

2. If you can code, go to http://articles.mql4.com/141, where you can find functions to add to your code to avoid this happening in the future.

3. If you cannot code, using only one EA per account is the best way to avoid this error. If you wish to run more than one EA, make sure they do not trade too often. If you run two scalping EAs at the same time, it will be hard to avoid the error.

42. Why did my order get filled at a different price and what is Slippage?

When you use Forex FS MetaTrader 4, your orders will be filled at the first available market price. Sometimes, this may be worse or better than the price you requested. This is called slippage.

Slippage is possible on all orders during the first hour after the end of the day (22:00 GMT), news announcements and at times of extreme market volatility.

If an extreme world event happens over the weekend, there may be a significant difference in the price of a market when it closed on Friday and when it will open on Sunday. This is called gapping and it means that there are no tradable prices between the closing price on Friday and the opening price on Sunday.

All orders which are triggered by the jump in price will be filled at the opening rate which Forex FS is quoting at 22:05 GMT on Sunday.

43. How do I close my trading account?

1. If your Trading Account balance is zero

Please email accounts@forexfs.com.au from your registered email account and request for your account to be closed. Please ensure you include your account number.

2. If your Trading Account has a residual balance

Please submit a Withdrawal Request Form, ensuring to select "Yes" to indicate that you would like to close your account upon withdrawing the full ammount remaining in your account.