Typical questions about Forex
You can send your questions to the Forexite personnel via the contact form. Before you ask your question, please read the FAQ presented here, the Online help to TradeRoom, or that to QuoteRoom. We also recommend that you try on trading on a virtual demo account, where the trading terms and conditions are fully the same as on a real account
What should I do if I have a question or a problem?
Try to look for an answer to your question on our website first. Then, you can try to find the answer to your question in the FAQ. If you have got a question on the TradeRoom trading system, please read the Online help (the hyperlink is in the top menu of the TradeRoom system). If your question relates to the QuoteRoom application, please use the QuoteRoom Help (the Help item of the menu). Please download and install the QuoteRoom latest version before you start reading the Help.
If you have found the answer to your question neither on the website nor in the FAQ nor in the Help of the appropriate program, please do not hesitate to send us an e-mail message with a detailed description of your problem, via the contact form.
Do the Forexite quotes for a real and a demo trading differ?
We are interested in playing fair with our clients, so the trading terms and conditions for the demo-accounts are fully consistent with those for the real ones. Our quotes are the same both for the real and the training accounts. The only difference of the latter from the real trading is there is no need for real money on the demo account.
Is there a TradeRoom version for smartphones?
Yes, there is. The Forexite TradeRoom Mini system is designed to access a trading account through the Internet from your cellular phone, a smartphone or a tablet. The system is adapted to small screens, simple browsers, and to a low-speed Internet connection. TradeRoom Mini runs also on an ordinary PC. The TradeRoom Mini logon page is at: https://www.forexite.com/TradeRoomMini
Why do you have a minimum spread of 4 points on the major currencies, while some brokers offer a spread of less than 4 points?
When comparing the trading conditions please keep in mind the following:
- Sometimes some companies, apart from a spread, have got also a commission for the transactions.
- Many companies provide each client with quotes individually, when they are on purpose slightly shifted toward the supposed direction of the deal. As a result, the client’s real spread may be from 2 to 4 points more than the spread declared the trading terms and conditions.
- The Forexite competitors’ trading conditions state a minimum spread mostly. However, when applied, the spread may vary depending on the market conditions, and thus exceeding the value declared.
The Forexite has nothing like this, we provide a public quotation. It means each Forexite’s quote is available for all clients’ deals, regardless of their position, and the deal direction. Such a quotation excludes any shifts, and ensures fair quotes for all clients. Therefore the Forexite client’s real spread equals to that specified in the trading conditions.
What is a minimum deposit to open an ordinary forex account and that for a mini-forex account?
We do not divide the accounts into the forex accounts and the mini-forex accounts. You can carry out both large and small operations on one and the same forex account. You can find the information on the minimum deposit to open an account specified in our trading conditions.
Where can I find the Forexite billing data?
The payment details depend on the payment method you choose. After you open a real account you can see all our company details on the Incoming Payment page of the TradeRoom trading system. There are also the detailed instructions for you to make a payment by method you need.
Why is Forex so popular? What makes Forex so attractive for traders?
Forex is not just a fad. Trading in the Forex market has become very popular quite right. There are many reasons for this, let’s enumerate some of them:
- The Forex market main feature is that it is available to anyone. Anyone, regardless of his/her occupation, education and social status can trade here. You can start trading with at least one US dollar.
- You can trade in the Forex market at any time convenient to you. You can work at home, there is no need going somewhere to the office by 8 am, and reporting anyone on your activities.
- A 100% liquidity is an important advantage of the Forex market to the other financial markets.
- Forex is very dynamic. Exchange rates are not static, they are constantly moving. This gives an opportunity for the professionals to earn good money.
- You can earn huge money in the Forex market. However, you should understand that the risk to lose can be as large.
Do I need a special education to trade on Forex?
It is not necessary for a trader to have an economical or a mathematical education, but it would not be out of place. You can start from reading the Forex Trading publications and trying on trading on a demo account. Then you will be able to decide on whether to go on studying trading or you’d rather do something else. On the other hand, any special skills cannot guarantee you an advantage over other traders. To succeed in the Forex market, the important factors are: a self-discipline, a psychological stability, a careful information analysis, a trading strategy and an aim to stick to it, etc.
Is it possible to make money on Forex? How hard is it?
It seems to be one of those questions that is difficult to give a definite answer to. Research is being even conducted on this issue. The theorists might argue that the market movement is a random process and it impossible to make money on it. The doers answer them with their successful deals and provide the examples of such famous successful traders as George Soros.
In our opinion, it is possible to make money on Forex, but it is not easy. It is important to understand that it is him/her to earn who works, but those who just play lose. Trading on Forex is a hard work on gathering and analyzing information to make the right decision at the right time. Those who claim that Forex trading is just a lottery just have not learned to earn steadily. Do not consider Forex a casino where, if you’re lucky, you can win big money. No one can be lucky just like that and no one can be lucky endlessly. Treat Forex as a professionally: think, analyze, evaluate, be cautious, keep calm, and believe in success. This is the only way to make money in Forex.
Where does the money the Forex traders earn come from?
It is believed the profit of one trader is composed of the loss of the other one. It is basically true, but it is not a complete and not quite a correct answer. Besides the stags who trade for profit, the Forex parties are in fact exporters and importers, commercial and investment banks, investment funds, central banks, etc. All of them have different goals, work in different time horizons and can be a source of income for the trader to any extend. For example, central banks may intervene to maintain the national currency rate not caring about their “profits” or “losses”. Exporters and importers can convert currencies through commercial banks, and the losses on exchange they may have are mostly included in the price of their goods. Thus, there is more in the capital flows pattern on the Forex market than meets the eye.