FAQ
Where is your company located?
We are located at: 170 N Sangamon St, Chicago, IL
What is your leverage?
The maximum leverage offered is 50 to 1.
What is rollover?
At the end of each business day at 5PM (EST), our RFED will automatically rollover, or swap, all existing open positions into the next spot settlement date. Our RFED debit or credit a client’s account, depending on the interest rate differential between the base currency and the counter currency; and the direction of a client’s position. If the client, for example, is long a currency pair-where the overnight rate for the base currency is higher than the rate for the counter currency-a client will earn a small credit for positions held overnight. If the opposite is true, a client account will be debited for the difference in the interest rate differential. The fundamental reason for this is: should a client be long on a higher yielding currency, the client should benefit from being able to invest and earn a higher return overnight than what the client has to pay for being short the lower yielding currency.
What account types are available?
We accept micro, mini and standard accounts.
Are expert advisors allowed?
Yes, MetaTrader supports most expert advisors.
Do you allow scalping?
Yes, we allow scalping.
Do you allow fractional lot trading?
Yes. Subject to the specific account settings, our RFED offers fractional lot trading. You may trade mini, micro, or standard lots.
What currency pairs do you offer?
GBP/USD, USD/JPY, EUR/USD, USD/CHF, EUR/GBP, USD/CAD, EUR/CHF, GBP/JPY, AUD/USD, CHF/JPY, EUR/AUD, GBP/CHF, EUR/CAD, AUD/CAD, AUD/JPY, NZD/USD, AUD/NZD, USD/MXN, CAD/JPY.
What are your currency spreads?
How is margin calculated on open positions?
With ForexMeta a client has one account in US dollars for all positions. All margin requirements on realized and unrealized P/L, as well as proceeds from trading, are automatically calculated using the current market prices. An account balance is maintained in real time. The required margin is calculated in USD real time. Margin on MetaTrader represents the initial margin requirement for that position(s), as well as the liquidation level on the account.
Is there any time limit on opened positions?
There is no time limit on opened positions. When a position is held past the close of the FOREX day (5pm EST or New York Time), however, the position is automatically rolled-over to the next available spot settlement date by FX Direct Dealer LLC (“FXDD”). Since all trades transacted with are non-deliverable (there is no actual physical transfer of the notional currency amounts), all open positions must be rolled over for the next spot date.
What are your commissions?
ForexMeta will not charge commissions on trades made by self-directed clients. ForexMeta is a commission free broker and earns its income from the spread. We have not other fees besides the difference charged in the Bid/Ask spread.
What kind of support do you provide?
Our RFED provides 24 hour support via phone for LIVE trading issues. We service all other inquiries via phone, email, or chat in a very timely manner. We will respond to your email in 1 business day or less. You can also contact our office via phone at +1-312-705-9601 during the hours of 8am CST- 6PM CST.
Do you charge a monthly fee for trading?
No, there are no monthly fees.
Do you have a platform fee?
No, there are no fees for our platform.
Is my deposit secure or insured?
No, there is no FDIC insurance or SIPC insurance on FX accounts. All customer funds through our New York RFED are held at JP Morgan Chase Bank. Forex Transactions are not traded on an exchange, and those funds deposited with the counterparty for Forex transactions may not receive the same protections as funds used to margin or guarantee exchange traded futures and options contracts. If the counterparty becomes insolvent and you have a claim for amounts deposited or profits earned on transactions with the counterparty, your claim may not receive a priority. Without a priority you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that the counterparty keeps separate from its own operating funds may not be safe from the claims of other general and priority customers.
How are you related to companies that sell Expert Advisors?
We provide our clients with support in setting up EAs on MT4 and for all general inquiries about forex trading. We do not provide recommendations, or advise on which Expert Advisors work the best and we do not sell expert advisors. All expert advisors are purchased through 3rd party companies that are not associated with ForexMeta. We do not test Expert Advisors and we do not guarantee the results of any of these systems.
Do you allow news trading?
Yes.
Do you have block trading ability?
Yes, we provide a block/PAMM master trading account for asset managers and institutions.
Do you have a dealing desk?
Yes, our RFED has a dealing desk. The function of a “dealing desk” is the subject of much speculation and concern within the Forex markets. We know that some firms promote the idea of “no dealing desk.” However, this does not necessarily mean that their customers are guaranteed no slippage on all orders. Within virtually all financial markets, during times of extreme volatility, it is possible that clients may not always receive the price they attempt to execute an order at. Generally a dealing desk’s role in the market place is to manage the trading liquidity provided by the RFED to its clients.
I signed up for a Live account. When will I receive my bonus?
The bonus can only be redeemed after you place a certain amount of trades in a funded account. For more information please see our bonus terms.
Does ForexMeta offer online reporting to clients?
Yes, through our RFED. Access to all customer trading records is available online via the reporting functionalities of the trading platforms or our RFED’s online report viewer option for managed clients.
Is it possible to have my funds kept in a segregated account?
No. Currently, US law does not permit Forex funds to be held in segregated accounts regardless of where the funds are held.
Does ForexMeta offer webinars and other education services?
Yes. ForexMeta Webinars include lectures on our platforms, charting packages, as well as general market education.
What are the FOREX market hours?
Market hours are Sunday 5:00PM to Friday 4:00PM EST.
Demo Trading Account
How do I signup for a Demo Account?
You can setup a practice trading account by signing up here. Once you fill out the form it will bring you to a screen to download our platform. Simply save or run the application file and you can start trading with a practice account right away.
Am I charged a monthly fee or commission when I trade on a Demo Account?
No, the Demo account is for practice only. The charts are updated in real-time but you are not charged any fees for signing up for a Demo account.
Can I create more than one Demo Account?
There is no limit on how many Demo accounts you can create. If you are having trouble connecting to your Demo account or lose your login info, you can create a new Demo account. Simply go to File > Open an Account and create a new Demo account.
Does a Demo Account ever expire?
Yes, Demo accounts will automatically delete off of our server within 30-60 days from the date of creation. In some instances, this occurs earlier. Feel free to establish a new Demo account if your previous account expires. Simply go to File > Open an Account and create a new Demo account.
How do I add more funds to my Demo account?
You can add funds to a Demo account if you run out of funds. Simply go to File > Open an Account > Deposit (use the drop down arrow) > Check Subscribe to Newsletters > and then click Next.
Why did the trailing stop not register the price?
Trailing stops in the MetaTrader platform are customized and are held in your computer, not in our servers. If the computer is turned off, the trading platform is closed, or if the computer is disconnect from the Internet, the trailing stop will not be executed. Therefore, it is important to remember to leave the computer on if you have trailing stops resting in the market using MetaTrader.
Live Trading Account
Where can I sign up for a Live account?
Click here to sign up for a Live trading account. You will be guided through the Live account setup process.
What information do I need to provide For My Live Account?
Keep in mind that you are opening an account with an investment firm and the process is very similar to opening a regular bank account. You will need to fill out the appropriate online or paper account application to open your account. You will then need to provide the new accounts division with any additional information that they may require. Please follow the instructions thoroughly. These are found in our live account application. Within 24 hours you should receive an email from new accounts letting you know the remaining documents that you will need to send in order to get started.
Can I trade on my Live account if the funds have not been deposited or are in the process of being deposited?
You need to have funds in your account in order to trade. If you sent a wire transfer or credit card payment via pay pal please wait until the account balance is updated prior to attempting a trade. You can view your available balance by logging into your Live account. You will also receive an email when your account is released to trade live.
Can my account ever go negative?
Yes, however typically this never happens. If trades are going against you and you do not have enough margin in your account then your positions will be closed when the margin hits 0. You should monitor the available margin closely on your platform to make sure your positions are not closed out if you would like to stay in the positions.
Can I trade Micro lots on a Live account?
Yes. We offer micro, mini, and standard accounts.
What is the minimum lot size?
The minimum lot size is 0.01 (1,000 units).
What is the maximum lot size?
There is no maximum lot size.
At what percentage of margin does the account automatically liquidate?
The liquidation level for FX Direct Dealer LLC (“FXDD”) is set at 100% (i.e. a customer has an account with $3,000 and the leverage is 50:1. If the customer opens a one lot (100K) position in USD/JPY, the required margin will be 2% or $2,000. If the market goes against the customer’s position to the point where the equity reaches $2000 or 100% of the margin requirement, the MetaTrader Platform will automatically liquidate all existing open positions at the next available price.
New Accounts
How long does it take to setup a Live account?
Once the online application is submitted, it takes about 1 business day to be processed. If some portions of the application are left incomplete or certain documents have not been received it may delay the process. If you are beyond the average 2-3 business day wait period and have yet to receive confirmation, you may consider contacting us to review your application status.
How would I know if the account has been setup?
Our RFED will email you a Live account login and password.
How soon can I start trading after my new account is setup?
Once funds are deposited into your account you will be able to trade.
Deposit / Withdraw Funds
What is the minimum amount needed to fund a Live account?
We require new clients to fund a live account with a minimum of $500 USD.
Is there a minimum I have to keep in an account after my initial $500 minimum deposit?
No. However in order to place a trade you must have enough money in the account to meet the margin requirements of the trade.
How do I withdraw money from my account?
You can withdraw funds from your account via PayPal or bank wire.
How long does a wire transfer take to post to my Live account?
Funding your Live account via wire transfers can take 24-36 hours. This is the fastest way to deposit funds in your account.
How long does a deposit of funds via Pay Pal or credit card take to post to my Live account?
Funding your Live account via PayPal or credit card can take 3-5 business days.
