Common Questions and Answers
What is the procedure for withdrawing funds from my trading account?
Trade24 is obligated for monies withdrawn, within 7 business days. In order to withdraw money from the trading account, you must download the 'withrawal' form from the website and fax it to +44 2035190925. The money will be transferred to you in the same manner it was deposited. For example, if you deposited with a credit card – your credit card will be credited. If you deposited money with a bank transfer – your bank account will be credited.
How can I perform an additional deposit into my trading account?
Once you have made an initial deposit into your trading account, you will be able to deposit more money via the dealing room, telephone, or through the website via the "fund my account" button once logged in.
What is the fee for each trade opened?
The fee paid to the company is made in the spread, i.e. the difference between the buy and sell rates, except for Trade-24 accounts where the fee is $15 per lot.
What is the ECN system and what is the difference between ECN and the fixed spreads?
The ECN system is a trading system that displays trading rates with 5 digits after the period, i.e. the last digit in the displayed rate represents tenths of a pip.
This trading system is characterized by low market fees, $15 per lot, and the buy and sell rates are minimal (in EURUSD 0.5 pip).
In the fixed spread system, the client receives fixed trading conditions: fixed fees for each pair – that are represented in the buy and sell rates.
For our traders' convenience, an option to choose between both account types is available.
How long is it recommended to keep a trade open?
There is no recommended length of time to keep a trade open. A trade can be opened for minutes, hours, days, weeks, or months until it reaches the take profit goal or closes due to a set stop loss. For a trade in which the take profit or stop loss were not defined, the deal can be manually closed by the trader or it will close when a margin call occurs (i.e. there is no available collateral to keep the trade open anymore).
How can I profit from currency interest differences?
Each night at 00:00 (GMT +2), interest is calculated. In cases where the interest difference between currencies in your open trade are in your favor, you will be able to earn the interest difference each night.
Will I be able to close a trade manually even if it did not reach its profit goal?
A trade can be closed either according to the trader-defined profit or loss goals in advance or manually by the trader through the trading software or via the dealing room on telephone/chat.
Is it possible to close half of a trade and leave half of it open?
It is possible to close any part of a trade, and to keep other parts of the trade open.
What does the term "lock in profits" mean and how will I be able to lock in my profits in existing trades?
In a trade that is already profitable, it is possible to change the take profit and update it according to the existing price level so that, even if the price level does not reach that take profit goal that you determined, that accumulated profit is saved.
What is a future trade and can I determine the exact expiration time for it?
A future trade is one that is executed at a future time, when the price of that financial product reaches the desired goal. It is possible to determine expiration time for each future trade.
For example, the price of Gold is 1345. You can enter a "sell trade" when it reaches a price of 1387, on the condition that it will reach that price within the next 4 hours. If Gold does not reach the desired price in the defined time range – the trade is cancelled.
As an importer, what benefits would you be able to offer in terms of hedging?
In currency hedging trades, you will be able to receive lower fees, at a fixed interest, and with no additional fees. Opening and closing of trades can be performed only during the trading days, 24 hours a day.
What is a Margin Call and when does it occur?
A margin call occurs when a trading account is close to a low margin level and doesn't have enough money to support the open trades. The free margin plus the used margin equals 100% of the account capital. You should note that your used margin is only able to support the trade and can serve no other function. Floating losses on the account decreases your free margin and if the equity of your account hits 50% of the used margin, your trades will automatically be closed by the trading platform (Stop-Out).
To avoid this situation you need to increase the capital in your trading account.