FAQ

In addition to the frequently asked questions (FAQ), you can also browse the Glossary in order to understand the terms of the industry and you can always contact our Online Support.

Q: What is Foreign Exchange Trading; what do I need to know?
A: Discover forex trading in our Learn section. This is where you will find a series of articles that explain currency trading and the foreign exchange market

Q: What is Forex?
A: Forex and FX' are shortened terms used for foreign exchange'. Foreign exchange or currency trading' is the exchange of money from different countries. The value of one country's currency is constantly changing against the value of another country's currency. Forex traders make money through buying and selling currencies on the foreign exchange market.

Q: How much money can I make trading in the foreign exchange market?
A: A lot, enough to live on your profits and even make a fortune.

Q: Can I lose money trading forex?
A: You can potentially lose all your money just minutes after you start trading if you don't know what you're doing, which is why we advise you to listen carefully to our team of trading experts on how to limit your potential losses, before ever opening a trade.

Q: Is it volatile?
A: Very volatile, and the effects of volatility depend on how leveraged your positions are.

Q: How is Forex trading different from traditional securities and stock trading?
A: Forex trading is a very short-term investment strategy in relation to other investment vehicles. Trades may last from a few minutes to several days, or sometimes a few weeks.. The goal is to increase daily or weekly profits in your forex brokerage account, compared to long-term growth investments like stocks, mutual funds, bonds, or long-term notes that may be redeemed at a future date. Forex traders frequently jump in and out of the market and closely monitor their positions throughout the day.

Q: What is the leverage at this market?
A: Most forex brokers usually offer 100:1, but higher leverage such as 200:1 and even 400:1 are also available. A 100:1 leverage means that with $1,000, you control $100,000 of currency. No other market gives you so much liquidity and leverage at the same time.

Q: How do I deposit money with UFXBank?
A: In the Trade section on the website you can deposit money with your credit card, PayPal, or with Wire Transfer.

Q: What Identification Documents do I have to supply and why?
A: When you register with UFXBank you are required to fax, or scan and email, your passport or ID card; a bill or statement (e.g. telephone bill, bank statement) showing your residential address; and both sides of your credit card. We do this to ensure the safety and validity of your account.

Q: Is online dealing at UFXBank secure?
A: Yes. We use the internationally accepted security system SSL to encrypt all credit card payments over the web. This is automatic, and you will receive instant notification if your browser does not support this. To find out more go to Website & System Security'.

Q: Why can't I view the charts in Trade Tools?
A: To view the charts you will need to install Java script, this only takes a few minutes to download

Q: How can I pass on my comments to UFXBank?
A: We value your comments and will respond to your complaints. If you have any comments or complaints email us.