What's the difference between a practice and live trading account?
The only difference is that there is no capital at risk when trading in a practice account. FOREX.com's practice account is fully functional and, more importantly, the bid/ask rates available in a practice account are the EXACT rates available to our live trading clients. The practice account allows you to see firsthand the consistent dealing spreads offered by FOREX.com and sample the ability to deal instantly from live, streaming quotes.
How much money do I need to open an account?
The minimum deposit to open a standard account with FOREX.com is US$2,500. FOREX.com's minimum transaction size for a standard account is US$100,000 (or the equivalent), with a minimum margin deposit of $2,500 (at 100:1 leverage).
The minimum deposit to open a mini account with FOREX.com is US$250. FOREX.com's minimum transaction size for a mini account is US$10,000 (or the equivalent), with a minimum margin deposit of $250 (at 200:1 leverage).
How do I open an account with FOREX.com ?
Opening an account is easy. Simply complete the following three steps.
1. Complete Application
You can
apply online or download the necessary forms from our website.
2. Verify Personal Information
- U.S. Residents: You are not required to submit additional information at this time.
- Non U.S. Residents: Please submit two (2) forms of identification, including one (1) photo ID (i.e. passport or any other government issued document evidencing nationality or residence and bearing a photograph), AND one (1) proof of address as represented on this application (i.e. utility bill, drivers license, bank statement, etc). Required of all authorized signers of this account.
Non US Residents must also complete a W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding Form.
New account paperwork may be faxed, emailed or mailed.
Fax: 908.731.0777
Email: newaccounts@forex.com
Mail:
FOREX.com
Attn: New Accounts
550 Hills Drive
Bedminster, NJ 07921
3. Fund Your Account
Once your account is open, there are four convenient ways to fund your new trading account:
- Credit and Debit Card
- eCheck (ACH payment) – US bank accounts only
- Wire Transfer
- Personal or Business Check
What is the best way to send new account paperwork?
The fastest method to send new account paperwork is by fax or email. New documents should be faxed to 908.731.0777 or e-mailed to newaccounts@forex.com. Lower quality or old fax machines are often difficult to read. If you do not have access to a high quality fax machine, scanning and then e-mailing the image is often times a simple solution. If you do not have access to either a fax machine or a scanner, documents can always be sent through the mail to:
FOREX.com
Attn: New Accounts
550 Hills Drive
Bedminster, NJ 07921
How do I know if my account has been opened?
Once your account is opened, you will receive an email with your username and instructions for accessing your account. Please note that username's are only assigned after your account paperwork has been approved.
How do I fund my account?
There are four easy ways to fund your account.
Credit Card
eCheck (ACH Payment) – US bank accounts only
Wire Transfer - The fastest and easiest way to fund your account. US Dollar, Euro, Canadian Dollar, Japanese Yen, Swiss Franc, Australian Dollar and British Pound (Sterling) are accepted. All non-US dollar deposits are converted into US dollars at competitive rates, and your account is funded with US dollars.
Personal or Business Check
For more information on funding your account, click here.
How do I fund my account by personal or business check?
FOREX.com accepts paper checks drawn on US dollar accounts only. Funds sent via personal or business check take 5-10 business days (from date of receipt) to clear and be credited to client's trading account, according to our banking partner's posted schedule. This can vary depending on the bank and state of issue.
Please make all checks payable to FOREX.com.
Mail To:
FOREX.com
550 Hills Drive
Bedminster, NJ 07921
How do I fund my account by eCheck (ACH Payment)?
FOREX.com accepts eCheck (ACH Payments) from US bank accounts only. Funds sent via eCheck take 2 – 5 business days to clear and be credited to the client's trading account. Click here to log into MyAccount, our secure client area to make an eCheck deposit to your FOREX.com account.
When will my funds be posted to my account?
The time it takes for a deposit to post to your account will depend on the method in which it is sent:
Credit Card - within 24 hours of receipt
eCheck (ACH Payment) – 2 to 5 business days
Personal Checks - 5 to 7 business days
Wire - 1 to 2 business days of receipt
What happens to my open positions at the end of the trading day?
Unless specific settlement instructions are provided, FOREX.com will automatically roll forward all open positions to the next day's value date at the end of each business day, 5:00 pm EST. All rolls will be done at competitive rollover rates, and depending on the currency pairs involved, trades will be executed where the trader will either earn or pay away points, depending on the interest rate differential between the two currencies and the margin employed on the trade.
For details see the Dealing Handbook
How do I withdraw money from my account?
Self directed clients, please login to MyAccount.
If your account is being managed by a third party, or are unable to access MyAccount, click here to request a withdrawal.
If you funded your account with US Dollars:
There is no fee for withdrawal requests via check. Withdrawal requests via wire transfer will incur a $25 fee for wires within the United States, and $40 fee for international wires (including Canada).
If you funded your account with a non-USD deposit:
FOREX.com will convert your US dollar account balance back to the currency you initially deposited and wire your funds back to the originating bank account. A fee of US$40 will be assessed.
Withdrawal requests are processed within two (2) business days of receipt.
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What is considered a 3rd party?
FOREX.com will not accept third party deposits or withdrawal requests. The name(s) on
the FOREX.com trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a FOREX.com account holder, business accounts and endorsements to FOREX.
