Practice Account Related Questions
How do I open a demo account?
The demo accounts are a great way to get a feel for – live trading. We want customers to feel comfortable trading, and in order to do that you would need to know our platform. The DEMO account is a great way to learn all the great features of our platforms, and you can do that for free while getting real quotes as if you were trading live. To start your Demo Account, click here.
How long is the demo active?
A demo account is good for 35 days, beginning the first day of sign-up. On the 35th day, your account will become inactive. If you require additional time before you feel comfortable opening a live account, you may register for another demo account on our platform. Also, you may email our Support Department at Demoaccounts@smarttradefx.com to request an extension for a demo account.
How does the demo account compare to a live account?
The demo accounts mirror exactly what you will see if you sign-up for a live account.The pricing and spreads are the same in demo and in live accounts
Is demo trading available on the weekend?
Since the Demo account is using real time currency prices, trading on the weekend would be impossible as the market is closed. Demo trading is only available during regular trading hours (Sunday 6 p.m. through Friday 5 p.m. EST).
Live Account Questions
Can I open a live SmartTradeFX account online?
Yes, click here to access the online live account form.
What account should I choose?
Choosing the right account is as important as choosing the right broker. Each account has different qualities that may or may not be right for you. Click here to go over the different features that the accounts have. If you are still not sure, feel free to contact our customer support at 1-888-613-STFX (7839) and a qualified accounts manager will be more then happy to help you pick an account that will be right for you.
How many Currency Pairs Can I trade? Can I also trade Gold and Silver ? What about CFDs?
You can trade over 28 Currency Pairs. Yes, you can trade Gold and Silver on the MT4 Platform.
Does SmartTradeFX issue an official annual profit/loss statement or a form similar to issuing 1099 tax form?
Income reporting is the responsibility of the individual customer. Clients can print out a report from their trading platform.
How an order is executed on the platform and how lack of liquidity will sometimes cause slippage.
All SmartTradeFX Orders are through the STP process and are True Market Orders (Market Executions) i.e. they are executed “At Best Price.“ They do not go through the Dealing Desk. “At Best Price”, will enable you to be filled every time you submit an order. When an “At Best Price” order is submitted, you are filled at the best available rate that is streamed from multiple global banks and financial institutions. The price may not always be at the exact rate displayed when the order is submitted. “At Best Price” offers the certainty of being filled, with the benefits of having multiple banks providing prices to give you the best rate.
At Best Price, your entire market order will be filled at the best available rate. This could be at the rate you click on, or a substantial number of pips away. Essentially, your complete order will be quickly filled, but there is no certainty of the price. The rate is determined by the multiple banks and financial institutions providing the prices to SmartTradeFX. If you trade during Major announcements or other big news events, you know that prices can change very quickly. The price providers for the No Dealing Desk execution often feed the Liquidity Provider hundreds of quotes within a single second during volatile market conditions. Unfortunately, this speed of change has prevented some orders from being executed in the past. But with STP, now you can choose between having your orders filled every time they are submitted or having control over the exact price range in which orders are filled.
Some of the traders have come to think that once you place an order at a certain price it will be filled at exactly that price on the dot. That is not the case in real markets or True Forex Market where prices are streaming very fast.
Major currencies are the seven most frequently traded currencies, which include the USD, EUR, JPY, GBP, CHF, CAD and AUD. All other currencies are called minor currencies, and include the NZD (the New Zealand dollar) and the ZAR (the South African rand). Cross currencies are types of Forex trading currency pairs that both do not consist of the USD.
Which Pairs are Very Liquid and very Good to trade without slippage or little reasonable slippage if any?
The Majors that are very Liquid: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD
The Crosses that are very Liquid: EURJPY , EURCHF, EURGBP
Anything apart from those currency pairs you will most likely experience some slippage due to lack of liquidity sometimes. The Liquidity of a currency pair does fluctuate depending on buy and sell orders in the bank Forex market( Demand & Supply). When you trade you have to understand that currency pairs that normally have low liquidity will have sometimes
1. Huge Spikes due to rapid abrupt movements caused by quick large orders and then a lack of follow up orders.
2. Large Slippages.
3. High Fluctuations of liquidity due to low supply and demand of orders.
How do Forex Brokers charge Fees or Commissions for Trading? (Simply put how do they get paid?)
Forex Brokers get paid by the liquidity providers in several ways. Here are the most common ways.
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Spread Padding -- The broker adds anywhere from 0.2 to 2 Pips on top of the actual spreads they are receiving from the Liquidity providers (Banks or Prime Brokers). The Spreads will be high or low depending on whether they are pure actual institutional spreads or retail spreads.
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Commissions -- The brokers might add extra fees on top of the Spread padding to allow them to make huge profits or charge a monthly membership fee
Majority of Forex Brokers add 2 pips on top of the actual spreads to cover their extensive overhead costs.
At SmartTradeFX, we have two huge advantages:
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We are a Pure STP Brokerage with "NO DEALING DESK (NDD)" model and offer very low spreads through our collective power and excellent partnerships with our Liquidity Providers.
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We have a state of the art platform that leaves everyone one in the dust.
At SmartTradeFX, we charge a commission. So, you will get the best spreads just the same way we receive it from the banks.
Due to the request of our clients, MT4 spreads are raw spread+standard commission ( this is to help clients who are using robots)
NO MANIPULATION, NO MESSING UP, NO HIDDEN COSTS just PURE LOW SPREADS FOR YOUR TRADING NEEDS.
Just doing our part in helping you become a profitable trader!
New Account Questions
What currencies can I deposit?
SmartTradeFX currently only accepts deposits in USD and EUROS. You may wire funds in any deliverable currency but please be advised that your bank will convert your local currency into USD or EUROS before remitting the funds to SmartTradeFX to your account.
How do I withdraw funds from my account?
Download the SmartTradeFX withdrawal form. Our withdrawal form needs to be filled out and submitted by FAX to: +1-888-613-7839 or emailed to accounting@smarttradefx.com Please note, laws prohibit us from redeeming funds to a bank account or person that is different than the name and account used to open the account.
Does SmartTradeFX process any tax deduction on profit generated?
Income reporting is the responsibility of the individual customer. You should discuss this matter with your tax advisor.
Does SmartTradeFX accept credit cards as the deposit/withdrawal method for the accounts?
Yes. SmartTradeFX accepts credit card deposits, as well as Bank Wires. Click here for the deposit page
What bank is SmartTradeFX using for customer deposit?
SmartTradeFX uses BKB private bank and for clients' deposits.
Note: SmartTradeFX is not a subsidiary and/or affiliate of BKB Private Bank
Can funds be transferred from a bank account other than my own?
Funds can only be transferred from the bank account listed on the form, or a matching name from a different bank account.
SmartTradeFX Questions
Is SmartTradeFX regulated by NFA or CFTC in USA?
We are currently not registered members of NFA or CFTC. Currently it's not in the best interest of our clients for us to register with the NFA or CFTC due to the new hedging and FIFO regulations. However should the need arise for us to join these regulatory bodies, we will gladly do so.
Are SmartTradeFX client’s funds safe?
Yes, SmartTradeFX Client Funds accounts are insured, and are on deposit with our liquidity provider.