Here are some frequently asked questions and their corresponding answers.
Forex, also known as foreign exchange or FX, is the simultaneous buying of one currency while selling another. The forex market is available 24 hours a day, five days a week and it’s one of the largest, most liquid financial markets in the world. Just to compare, the New York Stock Exchange makes about $169 billion a day in volume and the Forex Market makes over $5 trillion a day in volume.
Forex is traded in currency pairs. Common currency pairs are the Euro/US Dollar, US Dollar/Japanese Yen, Great British Pound/US Dollar, and US Dollar/Canadian Dollar. You buy one currency and automatically sell another.
The Forex market is open 24 hours a day. It opens on Sunday at 10:00 pm GMT, and closes on Friday at 10:00 pm GMT:Sydney opens at 10:00 pm to 7:00 am GMTTokyo opens at 12:00 am to 9:00 am GMTLondon opens at 8:00 am to 5:00 pm GMTNew York opens at 1:00 pm to 10:00 pm GMT.
It depends on the leverage and capital invested. You can have a starting capital of as low as $50, or as high you want. However, it is important to remember that increasing leverage increases risk; but ultimately depends on the investor's appetite for risk.
Forex trading is not centralized on an exchange, as with the stock and futures markets. The Forex market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.
The Forex market is called an 'Interbank' market due to the fact that historically it has been dominated by banks, including Central Banks, commercial banks, and investment banks. 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.
It is not required to fill in additional forms/documents. Please note that all investment accounts’ functionality is based on M.Pro guidelines. For GTForex, only M.MAC accounts are available (currency: EUR and USD). For GTForex, both M.MAM and M.MAC accounts are available (currency: USD).
You may open a MACM-Demo, but you will only be allowed to open two accounts—taking into consideration the general limit of a maximum of 10 accounts in the Trader's Room. You may only open a new real account if the previous one is already activated. Activation process is similar to the terms of M.Pro. The quantity of account for managers and investors are limited to ten accounts or less.
You may not deposit directly to an M.MAMM account. The only way to replenish balance is to connect your M.MAMI account. Other money operations are also forbidden. Moreover, you may not deposit directly to an M.Control account as well. However, withdrawal requests could be processed.Depositing to M.MACM, M.MACI, and M.MAMI accounts is available at any given moment. However, funds will be displayed on M.MAMM's balance (to which M.MAMI is connected to) only after all existing orders, including pending orders, had been closed.
You may trade on your M.MACI or M.MAMI account before there is an active connection to a manager. The only options left after already successfully establishing a connection to a money manager, is "Close Order". After disconnection, all trades will be closed automatically.When an M.MAMI account owner is connected to a manager, he/she will be able to see all opened orders, trading history, and commission charges on the MetaTrader terminal.
You have entered an incorrect login (account number) or incorrect password from your trading account. If you forgot your password, please check your e-mail that was provided during your registration in Trader's Room and find there a mail from GTForex that was sent to you confirming your registration – your login details were included in this e-mail. Please make sure that the password is entered correctly and all symbols (lowercase & uppercase) are the same as provided to you during registration.
Your real account hasn't been activated yet. In order to activate your account for trading, certain sum of money must be deposited to your account (in EUR or USD). Demo accounts do not require activation. Contest accounts are activated automatically at the beginning of contest.
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