What is FOREX?
Foreign exchange, or FOREX, is the synchronized purchasing of one currency and selling of another. It is the largest financial market worldwide, exchanging over $4 trillion every day. The main market participants consist of banks, institutional investors, corporations, governments, as well as retail traders.
When is the FOREX market open for trading?
FOREX is a 24-hour global marketplace. Trading begins each day in Sydney and moves around the globe as the Tokyo, London and New York markets become active. Traders are able to respond in real-time to any fluctuations created by political, economic and social events.
Is there a physical location for the FOREX market?
FOREX trading is not managed through a physical exchange. The FOREX market is an inter-bank or OTC (over-the-counter) market as transactions are conducted between two counterparts.
What is the minimum balance required to open an account?
There are several available account options, each of which has different minimum trading requirements. Please submit your details through our contact page and one of our dedicated account managers will contact you to discuss the various options.
How safe are my funds?
With ALT Markets, your funds are held in a segregated account in your own name. Our funds are held with our tier-1 international banking affiliates, therefore ensuring complete security. You retain complete control off your funds at all times. Managed account traders are given “trade-only” access, and you are the only person with access to withdraw funds for total peace of mind.
How do I withdraw funds from my account?
You may withdraw funds quickly and easily through the ALT Markets online platform. Withdraw requests will be processed via bank wire transfer. Requests will be processed same day if received before 14:00 GST, or next business day if received after 14:00 GST, or on a weekend or public holiday.
Am I subject to tax?
All clients are obligated to fulfill tax requirements in their particular country. Please contact your local tax advisor. ALT Markets does not provide individual tax advice.
What is a pip?
It is the smallest increment a currency pair can change. A pip is generally the fourth decimal spot of a quote. The exception is JPY, where a pip is typically the second decimal spot. You measure pips to determine your profit or loss.
In the event that the EUR/USD moves from 1.3640 to 1.3641, that change is equivalent to 1 pip. If we buy the EUR/USD at 1.3640 and it moves to 1.3650 we have made a profit of 10 pips.
What is leverage?
Leverage allows you to trade larger positions in the market than your deposited amount. You can leverage your position to magnify your gains in the market.
Leverage can be applied to accounts in order to expand their trading potential while multiplying their exposure on a particular order. ALT Markets offers leverage at the levels of 1:1, 1:2, 1:3, 1:5, 1:10, 1:15, 1:33, 1:50, and 1:100.
For example, if you are trading your deposited balance of $10,000 at a leverage of 1:10 you are controlling a $100,000 position in the market.
Where do I get charts, news and economic calendars?
Charts, news and economic calendars are available on our website to premium clients. You are able to follow the latest economic developments, even when you are on the go with our premier client mobile platform.