Knowing where to find the information that you need and having the confidence that you can find the answers to your trading questions could be very helpful with your day-to-day trading. Use these comprehensive Forex Trading FAQs to learn all the basics as well as the more advanced topics in forex trading. We’ve covered the lot from how to open a forex trading account to how to use the MetaTrader trading platform, Forex trading system and more. Whether you’re new to trading FX or you have several years of experience trading currencies, you will find a lot of useful information in these FAQs.
Please use the following link to begin your live trading account application – Open a live account
We aim to respond to all new trading account enquiries within a 24 hour period.
You will enjoy tighter spreads with a Xnova Plus+ account. However there will be a commission for every trade you place on a Xnova Plus+ account. See here for a full comparison of the differences between trading account types.
You can hold your funds in USD.
Please login to your Xnova Client Portal for the list of acceptable deposit methods.
Please login to your Xnova Client Portal for the withdrawal procedures.
Margin is the amount of money required in your account in order to open a trade.
To calculate the FX margin requirement, you will require the following formula:
(Market quote * Volume) / Leverage = $Margin Requirement
ExampleThe current EURUSD price is quoted as 1.13729, and we would like to trade one standard lot (100,000) using our account leverage of 1:100
The calculation would be (1.13729 * 100,000) / 100 = -$1137.30 USD Note: If the base currency of your account is not in USD, this amount can simply be converted into the corresponding currency AUD, GBP, NZD etc.Since margin is essentially the collateral required in order to open a trade, if the market moves against a client’s position and your overall account equity is reduced, then you may not have sufficient funds available to maintain this position. If your Equity (Balance - Open Profit/Loss) falls below 50% of the margin required to maintain an open position then the system will begin automatically closing the largest losing position in an attempt to increase your equity.
Your account leverage is the multiplier of your ability buy a larger volume of currency, and will determine how much margin is required for you to open a position. Example If you have leverage of 300:1, you can control a large position ($150,000) with a small amount of margin ($500).
The maximum leverage is currently 500:1.
If you hold a position overnight on a Wednesday, the financing (Swap) charge is multiplied by three (3) times. This accounts for the settlement of your open position(s) for the proceeding weekend. The financing charge is also affected by public holidays.
Our demo accounts last for 30 days. You won’t be able to access it once it expires. If you need to extend your trial before opening a live account with us, you can always register for another demo account. To do so, simply click on File > Open an Account on our MT4 platform and follow the prompts.
Most of the time, it simply means the platform is not able to log you in. You can click on File > Login to Trade Account.
If you don’t see the full list of symbols on Market Watch, right click on one of the symbols, and click Show All.
Yes. We packaged a Mac version MT4 with WINE for our traders to use.
A daily statement is sent out if you have some trading activity on the previous day. You may also want to check your spam folder as sometimes they may be miscategorised by your email service provider. You can also consider adding our email address to your email whitelist.
On your account history, right click on the display area or one of the closed trades, select the period you want. Once the records show, right click again and select ‘Save as Report’.
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