Forex Trading FAQ's

Forex Trading FAQ's

Find below some of the frequently asked questions about forex trading

Who are IconicFX Investment Limited?

IconicFX Investment was established to offer clients a 24 hour Foreign Exchange dealing service. It is of the pioneers of the Internet trading revolution by offering real time execution of foreign exchange on the Internet. Net Trader is the online trading platform trading name of IconicFX Investment Limited.

Do I need to have any previous trading experience?

IconicFX only takes on individuals if they can be classified as intermediate customers by demonstrating the required level of expertise and understanding in the product they wish to trade. If you are unsure about your trading experience please inform one of our sales team by e-mail

How safe and efficient is trading with IconicFX over the internet?

IconicFX's clients benefit from dealing through our own Internet server rather than the world wide web (www). This reduces the time taken to send and receive information from one computer to another. Clients also benefit from a highly sophisticated 128 bit encryption security system. Through the world class security software. This ensures that your account cannot be accessed by other users of the internet. To activate your trading account you are required to choose a user name and password. These, in addition to a unique security key and signature generated on your computer, are used by the system to secure and authenticate your trading account.

What other services can I receive through internet dealing?

1. Free 24 hour financial news service.
2. Free Real time charting.
3. Multiple account dealing, ideal for fund managers and CTAs who wish to operate more than one account at a time.
4. Internet Dealer and back office chat service which gives you contact with us 24 hours a day.
5. 24 hour Foreign Exchange and precious metal dealing service.
6. Independent Forex price information of dealing prices prior to dealing.
7. 3-5 pip spreads in major currencies.
8. Daily market reports and on line dealer feed back on the market.
9. 24 hour stop loss and limit order placing and execution.
10. complete tick data of IconicFX's prices on major currencies and High/Lows.

What is margin?

Margin is a cash deposit provided by clients as collateral to cover losses (if any) that may result from the clients trades. The Margin required from clients start from 1% for trading (which is one hundred times margin funds). For example, with $1,000 margin you can open a position margined at 1% of $100,000 against another currency for day trading.

How much money do I need to open an account?

We accept an initial margin in excess of $10,000 USD or the equivalent in any major currency. The issuing Bank must be acceptable to us.

How do I open an account?

Please contact us and we will send you the relevant account opening information by post or by fax if you click on fast track. You can also ask us any question about IconicFX by phoning, faxing or emailing one of our qualified members of staff 24 hours a day.

Can I deal on the phone as well as the internet?

IconicFX's clients can deal on the telephone if they wish. You can open a position on the Internet and close it on the telephone, or vice versa. You can call us any time on the telephone.

How long does it take to execute a deal via the internet?

Clients can expect to deals to be executed within seconds. Dealing on the Internet is generally quicker than dealing on the telephone.

How do I get my money out of my account?

A client can have money sent from IconicFX Investment to their account within 48 hours in normal situations. IconicFX requires a fax or letter sent from the client stating the quantity they wish to have transferred and their bank details, including account number and branch code. Please note that IconicFX will not make third party payments.

Can I send funds from a third party to my account?

Funds have to be transferred to us from the account holders account and not from third parties. Remittances from third parties may be returned in certain circumstances.

What hours are IconicFX services available?

IconicFX's dealing room is open 24 hours from 10pm on Sunday to 9.00pm on Friday GMT.

Can I place limit and stop loss orders?

IconicFX clients can place limit and stop loss orders at any time free of charge.

How can I check my deals for the day?

Clients can click on back offices services in their dealing software and see a number of options. A client can then click on "trades for trading day" and "orders for the trading day" to see their position.

What commissions do you charge?

Traditionally individuals who purchase financial products from a broker would be charged commissions. The broker in turn trades with a Market Maker. IconicFX is a Market Maker and is a principle to its clients. All spot Foreign Exchange prices quoted are charged minimal commission.

How do I transfer money in and out of my account?

You can TT, SWIFT, or CHAPS money from your Bank account to your IconicFX's accounts by contacting IconicFX Investment Limited by e-mailing or phone.

What are the risks?

Please refer to the risk warning in the website or our Risk Disclosure Notice which is included with the account opening documentation.

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