FAQs – Trading with SpotFX
How do I open live account?
Live accounts can be opened using our website. You will need to fill an online application, which only takes few minutes to complete.
What are the necessary documents I need to submit?
After completing the online application, you will need to submit: - Valid ID with photo identification - a proof of address with your name on it. You can send theses documents to support@spotfx.com. We will review your documents and account application before approving your account. Once your account is approved, we will notify you via email with your user name and instructions for accessing your account.
How long does it take for my account to get approved?
Once all documents are submitted, it usually takes up to 2 business days to fully activate your account. Once your account gets approved, we will notify you via email with your user name and instructions for accessing your account. If your account hasn’t been approved after 3 business days, please contact our accounts department @ account@spotfx.com.
What is the minimum initial deposit?
The minimum deposit is 500 USD. Currently, we only offer US dollar denominated accounts.
What currencies can I use to deposit funds into my account?
Currently, we only accept US dollars.
When will my funds be posted onto my account?
Once you deposited your funds, it takes 1 to 3 business days to be posted on your account depending on the funding method.
What are SpotFX spreads?
We try to offer our clients the lowest spread rate available in the market. Our spread starts from 0.10. Please see our spread page for more information regarding our spreads.
What are your trading hours?
There are no defined trading hours. Forex traders can trade the market hours, which is from 6:00pm EST Sunday to 5:00PM EST Friday.
Forex market operates 24 hours a day, 5 days a week. Choosing the right time to trade is one of the keys to becoming a successful Forex trader.
The best timing is when the market is the most active and has the biggest volume of trades. Actively traded markets create a good chance to seize a good trading opportunity.
Forex trading hours, Forex trading time:
New York opens at 8:00 am to 5:00 pm EST (EDT)
Tokyo opens at 7:00 pm to 4:00 am EST (EDT)
Sydney opens at 5:00 pm to 2:00 am EST (EDT)
London opens at 3:00 am to 12:00 noon EST (EDT)
The hours when two sessions overlap:
New York and London: between 8:00 am — 12:00 noon EST (EDT)
Sydney and Tokyo: between 7:00 pm — 2:00 am EST (EDT)
London and Tokyo: between 3:00 am — 4:00am EST (EDT)
What is your scalping policy?
We have no restrictions on scalping.
Does SpotFX charge commission?
All transaction costs are incorporated into the bid/ask spread. For further information, please contact our Support Department at account@spotfx.com.
What happens if my account has been inactive for a long period?
Any account that has been inactive for over 90 days will be subjected to an inactivity fee.
Do you pay interest on the funds in my trading account?
No. We do not offer interest on funds.
What happens if my account has a zero balance?
Even if your account has a zero balance, we will not close your account. However, if your account remains inactive for over 90 days, we will charge an inactivity fee on your account.
Can I place orders via email?
No. You may place orders via phone; however, we do not accept orders via email.
How can I withdraw my funds?
Order to withdraw funds from your account, you must fill out a withdrawal form and send it to financial@spotfx.com. Your funds will be transferred to the bank account specified on the withdrawal form. Withdrawing process usually takes 3 to 5 business days. If you did not get your funds within 10 business days, please contact our financial department @ financial@spotfx.com. Please note that the bank account must be under your name.
Can I withdraw money even if I have open positions?
Yes. However, your free margin must exceed your withdrawing amount plus all payment charges. Your free margin should be enough to maintain your open positions. If you do not have sufficient free margin in your trading account, your withdrawal request will not be completed until you submit another withdrawal form with the correct amount.
Is there a fee for withdrawing funds from my account?
No. SpotFX does not charge any fee for withdrawing funds, but you are required to pay the bank fee. The bank fee varies depending on the type of transaction. The bank fee for domestic wire transfer is on average $20 and $40 for international wire transfer.
How is the pricing calculated?
Price quotes for Forex pairs on MT4 are subject to an industry convention. The relationship between the first pair (transaction currency) and second pair (settlement currency) is fixed and cannot be inverted. For pairs involving the USD, the following are examples where the USD is listed as the transaction currency: USD.CAD, USD.JPY and USD.CHF. In a similar manner, the GBP.USD, EUR.USD and AUD.USD are examples where the USD is listed as the settlement currency.
Examples:
How can I change the time zone in MT4?
You cannot change the time zone in MT4. The time zone in MT4 is always GMT +2.
How can I see my trading history?
Order to view your trading history, please open the “Terminal” window (Ctrl+T) and select the account history tab.
What happens to my open positions when I log out of MT4?
Your open positions will not be affected whether you log in or log out of MT4. All open positions and pending orders stay in the system even if you are offline. However, trailing stops and Expert Advisors become inactive once you log off or close MT4.
What happens if I can’t log in to my account?
If you have trouble logging in to Metatrader 4, please contact our support team @ account@spotfx.com. If this problem does not get solved immediately and you wish to close or open positions, place your orders by calling 1-416-597-8884.
Why do I receive a message “Trade context is busy” when I place/close orders?
You may receive this message if you have placed more than two or more orders simultaneously. In order to resolve this issue, you need to restart your MT4.
What are the system requirements for using MT4?
Windows XP SP2 (Home and Professional) or Vista
Processing Speed: 1 GHz or higher
Monitor resolution set at 1024 x 768 or higher
512MB of RAM
Hard Drive: 100 MB of free space
Internet Explorer v6.x or higher, Firefox v1.x or higher
NET 2.0 Framework
Internet Connection:
Broadband
What are the necessary documents I need to submit?
After completing the online application, you will need to submit: - Valid ID with photo identification - a proof of address with your name on it. You can send theses documents to support@spotfx.com. We will review your documents and account application before approving your account. Once your account is approved, we will notify you via email with your user name and instructions for accessing your account.
How long does it take for my account to get approved?
Once all documents are submitted, it usually takes up to 2 business days to fully activate your account. Once your account gets approved, we will notify you via email with your user name and instructions for accessing your account. If your account hasn’t been approved after 3 business days, please contact our accounts department @ account@spotfx.com.
What is the minimum initial deposit?
The minimum deposit is 500 USD. Currently, we only offer US dollar denominated accounts.
What currencies can I use to deposit funds into my account?
Currently, we only accept US dollars.
When will my funds be posted onto my account?
Once you deposited your funds, it takes 1 to 3 business days to be posted on your account depending on the funding method.
What are SpotFX spreads?
We try to offer our clients the lowest spread rate available in the market. Our spread starts from 0.10. Please see our spread page for more information regarding our spreads.
What are your trading hours?
There are no defined trading hours. Forex traders can trade the market hours, which is from 6:00pm EST Sunday to 5:00PM EST Friday.
Forex market operates 24 hours a day, 5 days a week. Choosing the right time to trade is one of the keys to becoming a successful Forex trader.
The best timing is when the market is the most active and has the biggest volume of trades. Actively traded markets create a good chance to seize a good trading opportunity.
Forex trading hours, Forex trading time:
New York opens at 8:00 am to 5:00 pm EST (EDT)
Tokyo opens at 7:00 pm to 4:00 am EST (EDT)
Sydney opens at 5:00 pm to 2:00 am EST (EDT)
London opens at 3:00 am to 12:00 noon EST (EDT)
The hours when two sessions overlap:
New York and London: between 8:00 am — 12:00 noon EST (EDT)
Sydney and Tokyo: between 7:00 pm — 2:00 am EST (EDT)
London and Tokyo: between 3:00 am — 4:00am EST (EDT)
What is your scalping policy?
We have no restrictions on scalping.
Does SpotFX charge commission?
All transaction costs are incorporated into the bid/ask spread. For further information, please contact our Support Department at account@spotfx.com.
What happens if my account has been inactive for a long period?
Any account that has been inactive for over 90 days will be subjected to an inactivity fee.
Do you pay interest on the funds in my trading account?
No. We do not offer interest on funds.
What happens if my account has a zero balance?
Even if your account has a zero balance, we will not close your account. However, if your account remains inactive for over 90 days, we will charge an inactivity fee on your account.
Can I place orders via email?
No. You may place orders via phone; however, we do not accept orders via email.
How can I withdraw my funds?
Order to withdraw funds from your account, you must fill out a withdrawal form and send it to financial@spotfx.com. Your funds will be transferred to the bank account specified on the withdrawal form. Withdrawing process usually takes 3 to 5 business days. If you did not get your funds within 10 business days, please contact our financial department @ financial@spotfx.com. Please note that the bank account must be under your name.
Can I withdraw money even if I have open positions?
Yes. However, your free margin must exceed your withdrawing amount plus all payment charges. Your free margin should be enough to maintain your open positions. If you do not have sufficient free margin in your trading account, your withdrawal request will not be completed until you submit another withdrawal form with the correct amount.
Is there a fee for withdrawing funds from my account?
No. SpotFX does not charge any fee for withdrawing funds, but you are required to pay the bank fee. The bank fee varies depending on the type of transaction. The bank fee for domestic wire transfer is on average $20 and $40 for international wire transfer.
MetaTrader 4:
How is the pricing calculated?
Price quotes for Forex pairs on MT4 are subject to an industry convention. The relationship between the first pair (transaction currency) and second pair (settlement currency) is fixed and cannot be inverted. For pairs involving the USD, the following are examples where the USD is listed as the transaction currency: USD.CAD, USD.JPY and USD.CHF. In a similar manner, the GBP.USD, EUR.USD and AUD.USD are examples where the USD is listed as the settlement currency.
Examples:
| Symbol | Bid | Ask | Spread |
| GBPUSD | 1.59024 | 1.59033 | 0.90 |
| Symbol | Bid | Ask | Spread |
| USDJPY | 79.442 | 79.450 | 0.80 |
| Symbol | Bid | Ask | Spread |
| USDCHF | 0.94866 | 0.94877 | 1.10 |
| Symbol | Bid | Ask | Spread |
| GBPJPY | 126.333 | 126.345 | 1.20 |
How can I change the time zone in MT4?
You cannot change the time zone in MT4. The time zone in MT4 is always GMT +2.
How can I see my trading history?
Order to view your trading history, please open the “Terminal” window (Ctrl+T) and select the account history tab.
What happens to my open positions when I log out of MT4?
Your open positions will not be affected whether you log in or log out of MT4. All open positions and pending orders stay in the system even if you are offline. However, trailing stops and Expert Advisors become inactive once you log off or close MT4.
What happens if I can’t log in to my account?
If you have trouble logging in to Metatrader 4, please contact our support team @ account@spotfx.com. If this problem does not get solved immediately and you wish to close or open positions, place your orders by calling 1-416-597-8884.
Why do I receive a message “Trade context is busy” when I place/close orders?
You may receive this message if you have placed more than two or more orders simultaneously. In order to resolve this issue, you need to restart your MT4.
What are the system requirements for using MT4?
Windows XP SP2 (Home and Professional) or Vista
Processing Speed: 1 GHz or higher
Monitor resolution set at 1024 x 768 or higher
512MB of RAM
Hard Drive: 100 MB of free space
Internet Explorer v6.x or higher, Firefox v1.x or higher
NET 2.0 Framework
Internet Connection:
Broadband
