FAQ’s

What are MegaTraderFx.com’s trading hours?

Sunday 22:05 GMT to Friday 22:00 GMT.


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Where is MegaTraderFX Ltd. registered and licensed?

MegaTraderFX Ltd. brokerage services are provided by Trading Point of Financial Instruments Ltd., a Cyprus registered investment company. The company is licensed by CySEC (Cyprus Securities and Exchange Commission) in accordance with the new MiFID requirements. The license number is120/10. For more information, visit the CySEC’s official website at http://www.cysec.gov.cy.


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How do I know that the money on my trading account is safe?

The Republic of Cyprus is a full member of the European Union, and this means that all investment companies licensed in Cyprus should fully comply with the EU MiFID (Markets in Financial Instruments Directive) regulations for the activity of investment companies in the 27 countries of the European Economic Zone. The main aim of this law is to increase competition in the investment sector and protect the interests of the investment company clients. According to MiFID regulations, investment companies should also become members of the Investor's Compensation Fund, which ensures that the client interests are protected should the company ever become insolvent.


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How do I open a trading account?

Go to "Open a Real Account", fill in the form and you will receive an e-mail with your login details and instructions on how to download and start trading in our forex platform.


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How long does it take for MegaTraderFX to set up the account?

Once the documentation has been recieved our compliance staff will review it and check that all sections are completed in full, then the account will be available for funds transfer within 4~6 hours.


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Which currencies can I use to place a deposit in my trading account?

You can deposit money with us in USD, EUR, GBP, CHF, AUD or JPY. If you have an account in USD but transfer funding in EUR, the Euros you have sent us will be converted into US Dollars at the prevailing inter-bank price at the time. It is possible to have trading accounts in USD, GBP, EUR, CHF, AUD or JPY.


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Do I need to provide you a copy of my passport?

It is required for Mini, Standard and Executive accounts. It is not required for Micro accounts at the time you open an account. However, it is necessary to provide a copy of your passport prior to submitting your first withdrawal request.


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Why do I need to provide you a copy of my passport?

This is a control procedure required by Anti-Money Laundering laws to ensure that the person who wants to open an account is indeed who he claims to be.


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I don't have a passport – can I open an account with another piece of identity?

Yes, any official piece of identification with photo and signature is acceptable.


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Do I need to provide you with proof of residency?

Yes. In order to validate your account completely so that you may withdraw funds, you must provide a recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connections) dated within the last 6 months confirming your registered address.


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Can I withdraw my money whenever I want?

Yes. Go to My Account and send a Withdrawal request or you may complete our Withdrawal Form and send it to our Back Office department (via email or fax). Your money will be transferred to the bank account that is registered with us. Please note if your withdrawal is sent after 12 pm GMT we cannot guarantee your transaction will be processed on the same day.


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Can I withdraw my money if I have an open position(s)?

 

Yes, you can. However at the moment of payment, your free margin must exceed 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 we will not carry out the withdrawal request until you submit a corrected withdrawal form and/or close the open positions in your account.
 
Are there any fees involved with the withdrawal of funds?
 
No fees are charged for processing a withdrawal request, however our bankers do charge a fee for the service. The size of the fee depends on the amount to be wired and on the country of destination of the wire.

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How do I transfer my funds?

Funds that have not been transferred from an account that carries the name of the client cannot be accepted in conformity with Anti-Money laundering laws.   Third party transfers cannot be accepted.


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How long does it take for funds to reach my bank account?

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 take up to 5 working days.


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Can I transfer funds from my trading account to the trading account of another client?

No, it is forbidden to transfer funds between different clients’ accounts and third parties.


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Is it possible to open more than one account?

Yes, you can open several sub accounts within your main account. To open a sub account, simply print and complete the Sub Account Request Form and send it to us by fax or email. It is possible to have your sub account denominated in a different currency.


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Do you manage funds?

No. Currently we do not manage funds.


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Will you close my real account if it has a zero account balance?

No, we will not. You can have a functioning real account with a zero account balance.


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What types of accounts does MegaTraderFX offer?

 

MegaTraderFX offers 3 types of accounts:
 
Micro account: 1 micro lot is 1,000 units of the base currency
Standard account: 1 standard lot is 100,000 units of the base currency
Executive account: 1 standard lot is 100,000 units of the base currency
 
Base currency is the first currency in the currency pair.
For further details, please refer to the "Account Types" page.

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What leverage does MegaTraderFX offer?

MegaTraderFX offers you flexible leverage up to 1:500.


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Does MegaTraderFX offer Islamic accounts.

 

Yes. However, these accounts are monitored for negative Rollover position abuse.
For more details please refer to the "Islamic Forex Accounts" page.

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How can I view my trading history?

Please open the 'Terminal' window (press 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 that can be viewed outside the trading platform.


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What is the maximum amount I can trade online?

 

There is no maximum amount you can trade online, however there is a maximum number of 50 standard lots you can trade online at streaming prices for Standard and Executive accounts, 100 mini lots for Mini accounts and 1000 micro lots for Micro accounts.
 
If you wish to deal in an amount which is greater than your account type's maximum lots, you may break your trade into smaller sizes. Clients can also trade larger amounts by phone.

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How much margin do I need to open a 1 lot in EUR/USD?

For example, the EUR/USD exchange rate is 1.3000/1.3001. You buy 1 standard lot at 1.3001 (ask price). 1 lot is 100,000 EUR. This means that you buy 100,000 EUR and sell 100,000*1.3001=130,010 USD. To fund this position we require a margin of 0.2% (because leverage is 1:500) so you need 200 EUR on your account not 100,000 EUR. The rest of the money is leveraged to you by MegaTraderFX.


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Why are Rollover rates tripled on Wednesdays?

When placing a trade in the spot Forex market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend).


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What are your spreads?

Please refer to the "Spreads" page.


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Do you have guaranteed fills on pending orders?

Our dealers always execute orders at the indicated price under normal market conditions. In situations of market gaps it is impossible to cover the positions with our liquidity providers, and you will be filled at the best available price. Buy stop, sell stop or stop loss are executed at the level less profitable for the customer; buy limit, sell limit or take profit are executed at a level more profitable for the customer.


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I like to trade over news releases and volatile markets, is this a problem?

Not at all, our trading platform and trading desk are highly geared for active trading. Please refer to our "Execution Methodology" page in respect of order execution and spreads under abnormal market conditions.


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How do I add an Expert Advisor?

Please save your expert advisor into MetaTrader’s directory on your computer: C:Program Files – MetaTrader – megatraderforex.com – experts. Then restart MetaTrader. The Expert Advisor file should appear in the navigator window in MetaTrader. Left click on it and drag it onto a chart of the currency that you would like the expert advisor to trade on.


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What do I do if the attached Expert Advisor does not trade?

 

First of all 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 to show that you have activated your EA correctly. If everything is OK 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 info@megatraderfx.com.

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Can I change the time zone in MetaTrader?

No, the time zone of our trading servers is always GMT+2. Having times in GMT+2 avoids having small candlesticks on Sundays and therefore allows the running of technical analysis and back testing to be more smooth and straight forward.


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Can I be long and short in the same instrument simultaneously?

Yes, you can. This is called 'matched' or 'hedged positions' – long and short positions of the same transaction size opened in the same instrument. No additional margin is used when you open an opposite position.


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When I go offline do you close my open positions and placed orders?

 

Open positions and pending orders stay in the system even if you log off from your trading platform. The same is true for all order types except trailing stops. 
 
Trailing Stops become inactive when you close or log out of MetaTrader. Expert Advisors also become inactive when MetaTrader is closed or you are not logged in.
 

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I cannot log in into my account but I need to close an open position, what do I do?

You may close (open, place an order) a position over the telephone 24 hours a day. Simply phone our dealing room on +357 25029910. You will be asked for your MetaTrader login for security reasons before your request can be executed.


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What are the differences between Demo and Real platforms?

While all features and functions of the real platform are available in the demo platform, users should keep in mind that simulation cannot replicate real trading market conditions. One important distinction 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. Furthermore, users can have a very different psychological profile depending whether they trade in demo or real platforms. This aspect may impact the evaluation performed with the demo account. Users are advised to use caution and avoid complacency about any conclusion they would have drawn from the use of the demo platform.


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I would like to program my own Expert Advisor for automated trading. How do I do that?

If you are familiar with programming you may want to try and program an Expert Advisor yourself. The programming language MQL is very similar to C++. You can download the manuals from the "User Guides" page.


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I have downloaded the MegaTraderFX MT4 platform but the platform says 'no connection'. How do I connect?

When you download the platform it is important that you open a demo account in the system. The system cannot connect if there is no account. If you did not fill the grey box that popped up when you installed the platform, just go to 'File' in the menu and choose 'Open an Account'. Fill the box that appears and remember to tick the box about newsletters. You should now receive an account with login and password and you will connect to the server – please accept the updates, when proposed.


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Does MegaTraderFX offer the trailing stop feature?

 

Yes. It is active on the demo platform, however, real accounts require a Trailing Stop Request. To activate the Trailing Stop on a position, go to 'Trade' in the 'Terminal' at the bottom of the platform, right-click and choose Trailing Stops. Please note that you have to be making a profit in pips of your predefined Trailing Stop number in order to be activated. 
 
IMPORTANT – Your Trading Station terminal must be on at all times for this feature to work or your account will be exposed to unlimited risk.

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What happens if my computer is shut down for a few seconds because of a power failure?

You will be logged off from any accounts you have running and all Expert Advisors will stop running until you are logged back into your account. If you have real trades running that will need adjusting, it is recommended that you contact MegaTraderFX right away and we can assist you over the phone.


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If I am using my home computer to trade, can I use my office computer to log in to my accounts and trade?

Yes. You can log into your accounts from any computer. However, the computer you are presently using has to have the MegaTraderFX station installed. Another option would be to access your home computer via a remote access program like Radmin or TeamViewer.


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When I open the MegaTraderFX MT4 platform, it automatically logs me in. Can I secure it so that I have to use a password?

 

Yes. We have it automatically log you on for your convenience, but if you would like to enable the password follow these steps:
1. On the menu bar go to Tools.
2. From the dropdown menu click Options.
3. Click the box next to – 'Keep personal settings and data at startup'.
4. The check mark will then disappear.
From this point on every time you restart the trading station you'll need to enter your password. Make sure you have your Login number and Password recorded before you do this.

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How do I add instruments to Market Watch?

 

Right click with your mouse on the "Market watch" window and select "Show all" from the menu.
You will be able to see all available symbols offered by MegaTraderFX.

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I cannot perform trading operations and i get some messages

The message "The trading flow is busy" pops up when an unsuccessful attempt has been made to perform a trading operation (for example, when you send another trading order before you receive the processed order you sent previously), which can be caused by a temporary disconnection with the trading server. In this case, the request gets queued up on the client terminal and the message will appear every time you try to perform an operation, until the previous operation is completed or you reset your computer. To clear the request queue, just restart the terminal.


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The 'New order' button is inactive. Did you block my account?

 

If "new order" button is inactive, it means that you have logged into an account using the investor’s password. When logging in, please, use the trader password if you wish to trade. 
 
The trader password is used to enter the trading account and lets you manage the account, i.e. open, close, and edit deals. This password is also used when withdrawing money or for identification purposes. 
 
The investor password is used ONLY when you want to view the account. You can enter it and check the account, but you can’t open, close, or edit deals.

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FX Trading with Mega Trader FX

Demo Forex Account

Real Forex Account

Islamic Forex Account

Why Mega Trader FX?