A color copy of valid passport or other official identification document issued by authorities (e.g. driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place and date of birth or tax identification number and the client's signature.
A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and confirming your registered address.
Yes, you do. In order to start trading and to be able to make withdrawals from your account, your account has to be validated, therefore you must provide a recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection) or bank account statement not older than 6 months, and confirming your registered address.
As a top-rated company, we operate in accordance with a number of compliance-related issues and procedures imposed by our main regulatory authority. These procedures involve the collection of adequate documentation from our clients with regards to KYC (Know Your Client), including the collection of a valid ID card and a recent (within 6 months) utility bill or bank account statement that confirms the address the client has registered with.
Yes, you can.
If you wish to update your email address or your residential address, please send an email to support@BrokerXP.com from your registered email address, along with your new proof of address.
It is simple and quick. Click Open a Real Account, fill in the form and upon completion you will receive an email with your login details that you can use to log in to our secure Members Area. Here you will be able to fund your trading account by clicking the Deposits tab in the main menu.
In case you fill out all details correctly, it takes less than 5 minutes.
If you have already opened a trading account, received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice.
The minimum deposit is $500.
The minimum withdrawal is $100.
Yes, we do. You can request a swap-free Islamic account.
It is not possible to change the base currency of your account; however, you can open a new account at any time and then specify your preferred base currency.
No, you cannot lose more than the amount you deposited. Should the slippage of a certain currency pair cause a negative balance, it will be reset automatically with your next deposit.
As the bonus amount is part of your equity and can be used for trading, it is possible for you to lose it. However, you do not have to refund it, moreover, according to the Bonus Terms and Conditions, you can receive a new bonus on your new deposit.
Clients’ funds get transferred to the Company’s segregated client bank account. These funds are off balance sheet and cannot be used to pay creditors in the unlikely event of Company insolvency.
We maintain client and operational bank accounts with EU banking institutions of great repute.
Please right click on any of the symbols in the Market Watch that you want to see and choose the Chart Window option. Alternatively, you can drag-and-drop any symbol in the chart window.
We offer variable spreads that can be as low as 2 pip. We have no re-quoting: our clients are given directly the market price that our system receives.
The market is open from Sunday 22:05 to Friday 21:50 GMT. However, certain instruments have different trading hours (e.g. CFDs), the details of which you can view here.
BrokerXP has a Bonus Program with nonstop bonuses for trading purposes only. However, the profit generated with the bonus can be withdrawn at any time.
Yes, we do.
We provide leverages between 1:1 – 400:1. The leverage depends on your initial deposit.
Margin is the required amount in the base currency of the trading account needed to open or maintain a position. When trading forex, the Required/Used Margin for a specific position = Number of Lots * Contract size / Leverage. Here the result is originally calculated in the first currency of the traded pair, and then converted into the base currency of your trading account, which will be numerically displayed on your MT4, or any other trading platform.
The margin requirement for gold and silver is calculated like this: Lots * Contract Size * Market Price / Leverage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD).
For CFDs, the required margin is Lots * Contract Size * Opening Price * Margin Percentage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD). More details can be seen here.
Margin level is calculated with the formula Equity/Margin * 100%.
Free margin is your equity minus margin. It means the available funds that you use for opening new positions, or for maintaining existing positions.
Margin Call occurs when your equity reaches 50% of your used margin. The used margin is not deducted from your balance or equity, but it simply gets displayed in the Terminal window, where the main purpose of displaying the margin is for margin level calculation: Margin Level = ( Equity / Used Margin ) * 100%. The actual margin call is simply a notification (received by email on the Mt4 Terminal window) that your account is approaching dangerous levels.
Stop out occurs when your equity drops to or below 20% of your used margin. At that point, the system will start closing your trades one by one, starting from the most losing one, in order to decrease the used margin, and by doing so, increase the margin level, attempting to push it above 20%.
The calculation formula is this: (Equity/Margin) *100%.
Margin calculation formula for forex instruments is the following: (Lots * contract size / leverage) where the result is at always in the primary currency of the symbol.
For instance, if the base currency for your trading account is USD, your leverage is 1:400 and you are trading 1 lot EURUSD, the margin will be calculated like this: (1 * 100 000/400) = 250 Euros.
Euro is the primary currency of the symbol EURUSD, and because your account is USD, the system automatically converts the 200 EUROS to USD at the actual rate.
The gold/silver margin formula is lots * contract size * market price/ leverage.
The CFDs margin formula is Lots * Contract Size * Opening Price * Margin Percentage. You can read more details here.
You can read about the swap charges here.
The swap formula for all Forex instruments, including gold and silver, is the following: lots * long or short positions * point size.
Here is an example for EUR/USD:
Client base currency is USD.
1 lot buy EUR/USD.
Long = -3.68.
Because it is a buy position, the system will take the swap rate for long position, which currently is -3.68.
Point size = contract size of a symbol * minimum price fluctuation.
EUR/USD point size = 100 000 * 0.00001 = 1.
If we apply the given numbers in the formula, it will be 1 * (-3.68) * 1 = -3.68 USD.
So for 1 lot buy EUR/USD, if the position is left overnight, the swap calculation for the client will be -3.68 USD.
Here is an example for gold:
Client base currency is USD.
1 lot buy gold.
Long = -2.17.
Because it is a buy position, the system will take the long points, which currently is -2.17.
Point size = contract size of a symbol * minimum price fluctuation
Gold point size = 100 * 0.01 = 1.
If we apply the given numbers in the formula, it will be 1 * (-2.17) * 1 = -2.17 USD.
So for 1 lot buy gold, if the position is left overnight, the swap calculation for the client will be -2.17 USD.
Please note that if the base currency of the trading account is in EUR (like in the examples above), the swap calculation will be converted from USD to EUR. The result of the swap calculation is always the secondary currency in a symbol, and the system converts it to the base currency of the trading account.
The examples provided only serve as a guide and do not reflect the current charges.
Yes, we do.
Stop loss is an order for closing a previously opened position at a price less profitable for the client than the price at the time of placing the order. Stop loss is a limit point that you set to your order. Once this limit point is reached, your order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders. For further details about the distance in points for each currency pair, please view the “Limit and Stop Levels” here.
Using stop loss is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK price on “buy” or above the current BID price on “sell”.
Take profit is an order to close a previously opened position at a price more profitable for the client than the price at the time of placing the order. When the take profit is reached, the order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders. For further details about the distance in points for each currency pair, please view the “Limit and Stop Levels” here.
Trailing stop is a type of stop loss order. It is set at a percentage level either below the market price for long positions, or above the market price for short positions. Kindly note that you need to leave certain distances from the current market price when you set up stop/limit orders. For more details about the distance in points for each currency pair, please view the “Limit and Stop Levels” here.
Amount of Base Currency*Pips= Value in Quote Currency.
Value of 1 pip in EUR/USD= 1 Lot (100 000 €)*0.0001= 10 USD.
Value of 1 pip in USD/CHF= 1 Lot (100 000$)*0.0001=10 CHF.
Value of 1 pip in EUR/JPY=1 Lot (100 000 €)*0.01= 1000 JPY.
What is leverage? How does it work? Why is less money required for a higher leverage and is the risk higher?
Leverage is the multiplication of your balance. This allows you to open bigger trading positions since the margin required will be lowered according to the leverage you have chosen. Even though with leverage you can make a bigger profit, there is also a risk of having a bigger loss because the positions you open will be of higher volume (lot size).
Your trading capital is10.000EUR.
The leverage chosen is 100:1.
For a STANDARD trading account this means 100*10.000 = 1.000.000 EUR.
On EURUSD long position opening at 1.3055, position closing at 1.3155.
The difference is 0.0100 pips thus 1.000.000*0.0100 = 10.000 USD this is the profit you made.
You can send us a request to have your leverage changed via email to email@example.com.
The profit calculation is as follows:
(Close Price-Open Price)*Lots*Contract Size
The lot size on every CFD differs.
All our clients’ funds are kept in segregated European accounts with tier 1 banking institutions.
Slippages hardly ever occur if you trade with us. Sometimes, however, especially when important economic news is released, due to a sharp rise/fall in the market price, your order may be filled at a different rate than you requested.
At BrokerXP, your orders are filled at the best available market price, which may be to your benefit.
Accounts with zero balance will be archived after a period of ninety (90) calendar days.
Open positions and pending orders stay in the system even if you log off from your trading platform. The same applies to all order types except trailing stops. Trailing stops become inactive when you close or log out of MetaTrader4. Expert advisors also become inactive when MetaTrader 4 is closed or you are not logged in.
Every BrokerXP client has their own Personal Account Manager, who does not only provide fulltechnical support via live chat, email or by phone, but you can also schedule with him/her one-to-one training sessions to learn the basics of MetaTrader4.
We also offer our clients video tutorials on how to use platforms, as well as free weekly webinars and on-site seminars in different countries.
One-click trading allows you to open positions with just one click. When you want to close a position, however, one click does not work and you will need to close it manually.
To enable one-click trading on the left corner of your chart, you will find an arrow. By clicking that arrow you enable one-click trading and a window appears on the left corner of the chart.
Currently, you can choose from the following options to deposit and withdraw funds: multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods. Please read further detail about our deposit options and withdrawal options on our respective website pages.
You can deposit money in any currency and it will be automatically converted into the base currency of your account, by BrokerXP prevailing inter-bank price.
Since we can only transfer the same amount back to your card as the amount you have deposited, profits can be transferred to your bank account via wire transfer. If you have also made deposits via E-wallet, you also have the option to withdraw profits to that same E-wallet.
In order to withdraw funds, your trading account must be validated. This means that first you need to upload your documents in our Members Area: Proof of Identity (ID, passport, driving license) and Proof of Residency (utility bill, telephone/Internet/TV bill or bank statement), which include your address and your name and can’t be older than 6 months.
Once you receive confirmation from our Validation Department that your account has been validated, you can request the funds withdrawal by logging in to the Members Area, select the Withdrawal tab and send us a withdrawal request. It is only possible to send your withdrawal back to the original source of deposit. Alternatively, you can complete our withdrawal form and send it to our Back office Department via email at firstname.lastname@example.org or by fax.
Yes, you can, if at the moment of payment your free margin exceeds the amount specified in the withdrawal instruction, including all payment charges. Free margin is calculated as equity less necessary margin (required to maintain an open position). If you do not have sufficient free margin in your trading account, the system will not accept your request and you will need to lower the amount. Please note, that any credit bonus in your account is considered as part of your equity and will be deducted as the result of any withdrawal.
It depends on the country the money is sent to. Standard bank wire within the EU takes 3 working days. Bank wires to some countries may take up to 5 working days.
We offer a wide range of payment options for deposits: by multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods. You can find all details of our wide range of deposit options here.
As soon as you open a trading account, you can log in to our Members Area, select a payment method of your preference on the Deposits page, and follow the instructions given. All requests are completed within seconds. You can find more details about all our options here.
We do not charge any fees for our deposit/withdrawal options.
No, this is not possible. It is forbidden to transfer funds between different clients’ accounts and involve any third parties.
As we are a regulated company, we do not accept deposits/withdrawals made by third parties.
Your deposit can only be made from your own account, and the withdrawal has to go back to the source where the deposit was made.
The bonus is for trading purposes only, and cannot be withdrawn. We offer you the bonus amount to help you open larger positions and allow you to hold your positions open for a longer period. All profits made with the bonus can be withdrawn at any time.
In this case the bonus will be credited proportionally.
If one of your deposit methods has been a credit/debit card, you always need to request withdrawal up to the deposit amount, as a prior to any other withdrawal method. Only in case that amount deposited via credit/debit card is fully refunded back to source, you may select another withdrawal method, according to your other deposits.
While all features and functions of a real account are also available for a demo account, you should keep in mind that simulation cannot replicate real trading market conditions. One relevant difference is that the volume executed through the simulation does not affect the market; while in real trading volumes have effect on the market, especially when the deal size is large. The speed of execution is the same for real trading accounts as for the BrokerXP demo accounts.
Moreover, users can have a very different psychological profile depending on whether they trade with demo or real accounts. This aspect may impact the evaluation performed with the demo account. We advise you to be cautious and avoid complacency about any conclusion that you may draw from using a demo account.
Open the terminal window by pressing Ctrl+T on your keyboard, and select the Account History tab. Right click to enable the context menu, which will allow you to save your trading history as an .html file so that you can later view it when you log out of the trading platform.
Yes, you can. All our trading platforms support the use of EAs.
Save your expert advisor in the MetaTrader 4 directory on your computer: C:Program Files – MetaTrader – BrokerXP.com – experts. Then restart MetaTrader4. The expert advisor file should appear in the navigator window of MetaTrader4. Left click on it and drop-and-drag it onto the chart of the currency that you would like the expert advisor to trade on.
First check if trading is allowed by going to Tools -> Options -> Experts tab -> Allow real trading. Then make sure that the expert advisor button on the main tool bar is pressed. You should be able to see a smiley face in the top right-hand corner of your chart which shows that you have activated your EA correctly. If everything is all right, but the EA still does not trade, see your log files via the Experts tab in the Terminal window (you should be able to see what error occurs). You can also email us for further assistance at support@BrokerXP.com.
Feel free to contact your Personal Account Manager via live chat, email or by phone to schedule a presentation on MT4. You may as well watch our Video Tutorials for guidance, We are ready to help you with one-to-one detailed explanation at any time convenient for you.
Log in to your MT4 platform -> Market watch window -> right click -> Show all -> scroll down and you will be able to see all instruments available for trading.
No, you can’t. The time zone of our trading servers is always GMT+2 winter time and GMT+3 summer time. GMT time setting avoids having small candlesticks on Sundays and therefore allows the running of technical analysis and backtesting to go more smoothly and straightforward.
Every buy order is open at ASK price and closed at BID price, and every sell order is open on BID price and closed at ASK price. By default, you are only able to see the BID line on your chart. In order to see the ASK line, right click the particular chart -> Properties -> Common-> and tick the Show ASK line.
Yes, we do. The MT4 trading platform is also available for MAC.