Frequently Asked Questions
Are there any deposit/withdrawal/maintenance/education fees?
No! There are no commissions. No clearing fees, no brokerage fees. Brokers are compensated for their services only through the bid-ask spread.
Can I place orders over the telephone?
YoutradeFX allows all traders to place orders over the phone by calling our 24 hour dealing room. From any computer, go to www.youtradeFX.com and login to your trading account. If you do not have direct access to your trading account, you may place orders over the phone with the help of one of our dealers. This service is available free of charge when the markets are open, 24 hours a day, 5 days a week.
How do I calculate profit/loss?
When a trader buys a currency that later appreciates in value, the trader must sell the currency back in order to lock in the profit. An open trade or open position is one in which a trader has either bought/sold one currency pair and has not sold/bought back the equivalent amount to effectively close the position. Once a position is closed, the profits or losses can be calculated. For example, if a trader sells 100,000 EUR/USD at 1.2340 and then buys 100,000 EUR/USD at 1.2760, his net position in EUR is zero (100,000-100,000) however his USD is not. The USD position is calculated as follows 100,000*1.2340 = $123,400 long and -100,000*1.2810= -$128,100 short. The profit or loss is always in the secondary currency. In this case the profits and losses are in USD. The example shows a profit of $4700.
How do I deposit money to my LIVE Account?
In the Deposit section on the website you can deposit money with your credit card, UCash, Liberty Reserve or Wire Transfer.
How do I withdraw my funds?
Clients may withdraw funds from their LIVE Account by filling the Withdraw Form and sending it via email or fax. All requests must include the client’s full name, personal ID (such as passport or driver’s license) phone number, email address and account number. The methods that withdrawals can be made are either via credit card or wire transfer. Withdrawals can be credited back to the same credit card up to the initial deposit amount. With regards to withdraw via bank (wire) transfer, the Recipient (Account Name), Bank, Branch, Account #, SWIFT Code and IBAN details are required.
Is online dealing at youtradeFX secure?
Trading with YoutradeFX is very secure, as we do our utmost to protect user confidentiality and we are also affiliated with regulated companies. YoutradeFX is an internationally recognized Forex company that upholds the highest financial security standards. We use the internationally accepted security system SSL to encrypt all credit card payments over the web.
What Identification Documents do I have to supply and why?
When you open a LIVE Account with youtradeFX you are required to fax, or scan and email, your passport or ID card, a driver’s license with your photo and a utility bill showing your current address.
For more information see our Educational Frequently Asked Questions
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