Common Questions and Answers
What is the procedure for withdrawing funds from my trading account?
Trade24 is obligated to all monies withdrawn, within 7 business days of request. In order to withdraw money from your trading account, you are required to download the 'withdrawal' form from the website. Then, fax it to: +44 2035190925. The money will then 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 upon withdrawal. If you deposited money via 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 additional funds via the dealing room, telephone, or through the website using the ‘fund my account’ button after logging in.
What is the fee for each trade opened?
The fee paid to the company is determined by the spread. The spread is the difference between the buy and sell rates, except for ECN accounts whereby 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 decimal. The last digit in the displayed rate represents one tenth of a pip.
This trading system is characterized by low market fees ($15 per lot). The buy and sell rates are minimal (in EUR/USD 0.5 pip).
In the fixed spread system, the client receives fixed trading conditions. This means fixed fees for each pair which are represented in the buy and sell rates.
For our traders' convenience, the option to choose 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 stop loss. For a trade whereby the take profit or stop loss is not defined, the deal can be manually closed by the trader. Or, it will close when a margin call occurs. A margin call means that there is no available collateral to keep the trade open any longer.
How can I profit from currency interest differences?
Interest is calculated each night at 00:00 (GMT +2). In cases where the interest differential between currencies when your trade opens are in your favor, you will be able to earn the interest differential on a nightly basis.
Will I be able to close a trade manually even if it did not reach its profit goal?
A trade can be closed either through the trader’s predetermined profit/loss goals in advance or manually by the investor using the trading software. Trades can also be closed by communicating with the dealing room via telephone or live-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. That way, even if the price level does not reach the take profit goal that you predetermined, the profit accumulated is still saved.
What is a future trade and can I determine its exact expiration time?
A future trade is one that is executed at a future time, when the price of that financial product reaches its desired goal. It is possible to determine expiration time for each future trade.
For example, let’s say 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 then cancelled.
What benefits would you be able to offer in terms of hedging?
When hedging currency trades, you will be able to receive lower fees at a fixed interest rate with no additional fees. The opening and closing of trades can be performed during the designated trading day’s only-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. Be advised 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 type of situation, you are required to increase the capital in your trading account.