What's the difference between a Practice/Demo Account and a Live Account?
- What's the difference between a Practice/Demo Account and a Live Account?
- What are your commissions and fees?
- Will my funds on deposit be safe?
- Is CMS Forex FDIC insured?
- How much money do I need to open an account?
- How do I open a Live Account?
- How do I know if my account has been opened?
- I am a resident of a sanctioned country. Why can’t I open an account with CMS?
- How do I fund my account?
- How do I withdraw money from my account?
- What happens to my open positions at the end of the trading day?
- What are your trading hours?
- Can I place orders over the phone?
- Can I place a trade via email?
- How do I change my money manager? May I revoke an old power of attorney?
- Can CMS tell me when to buy or sell a currency?
- Do I need a broadband Internet connection to trade with CMS?
- Can I trade with CMS if I am not using my home computer?
- Can I use VT Trader on my Apple Macintosh computer?
- What are the minimum system requirements for running VT Trader?
Demo and Live trading accounts are the same, except that in Demo accounts, you are not trading any real capital. Therefore, you may practice trading risk-free and test various trading strategies with the powerful VT Trader or MT4 software before trading with real currency. Live accounts are connected to dedicated and more robust servers, separate from those used by Demo Accounts. Dow Jones News is available exclusively to Live accounts.
What are your commissions and fees?
CMS Forex charges no commission on your trades; we are compensated through the Bid/Ask spread of a given currency pair. CMS may charge a fee for fund withdrawals, however, this fee is reflective of the costs incurred when processing your transaction through banks and intermediary institutions. You should also be aware that your bank may charge fees on your deposits or withdrawals independent of CMS. CMS Forex does not charge clients for the use of our revolutionary VT Trader software which is available free for anyone to download
Will my funds on deposit be safe?
Although no single entity can completely guarantee the safety of your deposits, CMS Forex is a registered Futures Commission Merchant (FCM), is registered with the Commodity Futures Trading Commission (CFTC) and is a member (NFA ID #0313199) of the National Futures Association (NFA). As an FCM, CMS must uphold the highest standards and business practices and is subject to strict financial requirements and reporting regulations. Furthermore, CMS Forex introduces all of its clients to Gain Capital Group - Forex.com, a Registered Foreign Exchange Dealr (RFED), registered with the CFTC and a member of the NFA (NFA ID # 03339826) Interested parties can visit the NFA web site at any time to review CMS’s standing as an NFA member. Additional information on the safety of deposits held with CMS Forex can be found here
Is CMS Forex FDIC insured?
FDIC insurance normally guarantees all depository accounts up to $100,000 at FDIC member banks in the United States. However, since October 3, 2008, this amount was temporarily increased to $250,000 and is expected to continue until December 31, 2009. Usually this refers to your checking and savings accounts. As a general rule investment products such as equities or Forex trading accounts are not covered by FDIC insurance. Although CMS Forex through Forex.com does hold client funds with FDIC insured institutions, individual client accounts are not offered FDIC protection.
How much money do I need to open an account?
The minimum amount to open an account is only $500 USD or currency equivalent. The minimum deposit to be able to trade standard lots is $2,500 USD or currency equivalent.
How do I open a Live Account?
Opening a live account with CMS is relatively fast and easy! First, take a few minutes to fill out and submit an application
. Once your application has been approved, use one of our convenient deposit methods to fund your account. Then, simply login and trade!
How do I know if my account has been opened?
Once your account has been opened, you will receive an email from forex.com with instructions for logging in, as well as instructions on how to fund your account.
I am a resident of a sanctioned country. Why can’t I open an account with CMS?
If you are a resident of one of the sanctioned countries or territories listed by the U.S. Treasury Office of Foreign Assets Control, then CMS may be prohibited by law from doing business with you. Please visit http://www.treas.gov/offices/enforcement/ofac/index.shtml
for more information.
How do I fund my account?
You have four easy choices for funding your account:
How do I withdraw money from my account?
- Credit card: This is the easiest and fastes way to fund you account. Funds will be posted to your account almost immediately.
- Wire Transfer: You can fund your account using USD, EUR, CAD, JPY, CHF, AUD, or GBP. We will typically credit these funds to your account in 1-2 business days.
- eCheck: If you have a US bank, you can fund with an eCheck (USD Only) We will typically credit these funds to your account in 2-5 business days.
- Check: You can mail a check from a US bank account (USD Only) to:
135 US Highways 202/206
Bedminster, NJ 07921
We will typically credit these funds to you account in 5 - 10 business days from date of receipt.
To withdraw funds, go to My Account. For withdrawals by wire, a $25 fee will be charged within the United States and $40 for international wires.
What happens to my open positions at the end of the trading day?
When you open a position with CMS, you are actually initiating a contract to simultaneously purchase one currency while selling another in a currency pair. This contract has a settlement date 2 days following the day the position was opened, at 5pm EST. In order for a position to remain open after the settlement date, CMS automatically renews the contract; this procedure is known in the industry as a rollover. Client intervention is unnecessary if you wish to keep a position opened indefinitely.
CMS clients can earn or pay interest on rollovers, depending on the direction of their positions and the interest rate differential between the two currencies involved. For instance, the primary interest rates in Great Britain are much higher than in Japan, so if you buy GBP and sell JPY, you will earn interest at 5 PM EST time. On the other hand, if you sell GBP in this currency pair, you will pay interest at 5 PM EST time. The rates at which you are credited or debited can be located by logging in to My Account - Reports - Rollover Rates.
Please note, positions held overnight on Wednesday are credited or charged 3x the normal rates on Wednesday which is common practice to cover interest earned or charged on Staurdays and Sundays when banks are closed.
What are your trading hours?
You can trade with us 24 hours a day from 5:00pm EST Sunday through 5:00pm EST on Friday, including most holidays.
Can I place orders over the phone?
Yes. To place a trade over the phon, contact Forex.com customer service during mark hours at 1 (877) FOREXGO or 1 (908) 731-0750
Phone Trading Instructions
Can I place a trade via email?
- State your Account Number. You will be asked to verify the name on the account and answer other security questions
- Ask for the current price i.e. "I would like a price on Euro/Dollar"
- FOREX.com will provide the current bid/offer e.g. "Euro/Dollar is trading at 1.28551/562" (the first number being the bid, the second the offer)
- If you wish to place a market order, state your interest e.g. "I sell 50,000 of Euro/Dollar at the market"
- FOREX.com will provide verbal confirmation of the trade. Your trade will be entered on your behalf and the trade will appear in the trading platform immediately.
- If you do not wish to deal at the quoted levels, simply say "nothing done."
- You may also request that a stop or limit order be placed on your behalf. Be sure to indicate the type of order and the price.
No, we do not allow our customers to place trades via email. In the case of an emergency, you may place trades over the phone.
How do I change my money manager? May I revoke an old power of attorney?
You may change your money manager at any time by revoking your outstanding Power-of-Attorney and completing a new Limited Power-of-Attorney. The new Limited Power-of-Attorney must be signed by your new trading agent and sent to us via mail, email or fax. To revoke your old Power-of-Attorney please contact firstname.lastname@example.org
Can CMS tell me when to buy or sell a currency?
CMS does not make recommendations, offer opinions or advise customers on their individual trading accounts. However, CMS does provide news, commentaries, a calendar of fundamental announcements, webcasts, and various educational resources to keep you well informed during your trading. CMS also provides detailed articles explaining the ins and outs of using technical indicators. Please visit Forex Resources
for these and other helpful Forex trading resources.
Do I need a broadband Internet connection to trade with CMS?
You are not required to have a broadband connection; a dialup connection may be used. However, CMS and Visual Trading Systems strongly recommend
using a high speed internet connection for optimal performance.
I trade with CMS if I am not using my home computer?
You may trade with CMS from any computer with an Internet connection which has VT Trader installed. You may easily download and install VT Trader or MT4 on any computer running Windows. We also offer a VPS solution which will allow you to trade using VT Trader or MT4 from any device with an internet connection.
Can I use VT Trader on my Apple Macintosh computer?
Unfortunately, VT Trader does not work on computers running Apple Macintosh operating systems unless you are using Virtual PC or our VPS solution.
What are the minimum system requirements for running VT Trader?
The MINIMUM system requirements are:
- Microsoft XP/Vista (or higher)
- Intel® CoreTM 2 Duo e4300 1.80 GHz processor (or equivalent processor)
- 1.0 gigabyte of RAM
- 200 megabytes of free hard disk space
- Internet Explorer 5.0 (or higher)
- Monitor that supports 1024x768 with a color depth of 32 bits
- A high-speed (broadband) Internet connection such as DSL or a cable modem is vital for online currency trading