1. What’s the difference between a Practice/Demo Account and a Live Account?
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 software before trading with real currency. In Demo Account trading, orders are automatically confirmed but in Live Account trading, all orders are handled by our Auto Dealer System or dealing desk. Unlike in Demo Account trading, should the price change during the process of opening a new position, the Live Account trader will receive a new price and will be asked to confirm the price or cancel the order. Additionally, Live accounts are connected to dedicated and more robust servers, separate from the ones used by Demo Accounts. Real-time REUTERS News is available exclusively to Live accounts.
2. Why do I get the following error message when I submit my Demo registration form?
Error 500--Internal Server Error. The server encountered an unexpected condition which prevented it from fulfilling the request.
This message means that our registration server is temporarily down for maintenance. Please try to register again and if you continue to receive an error, contact us and we will be happy to assist you with your registration.
3. What are your commissions and fees?
ForexDZ.com 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. ForexDZ.com does not charge clients for the use of our revolutionary VT Trader software which is available free for anyone to download.
4. How does ForexDZ.com determine its prices?
Forex is not a centralized, exchange based market. Therefore, the prices you receive from individual forex brokers and major banks may differ slightly from one another. As a market maker, ForexDZ.com can quote any price on a given currency pair. It is ForexDZ.com's objective to provide clients with what we believe to be the most accurate market price.
At ForexDZ.com we run several data feeds from our counterparties, predominantly major banks, through algorithms to extract what we believe are the most accurate prices. Furthermore, our dealing desk monitors our price feeds for any erroneous price data and corrects them accordingly.
5. What is the maximum lot size per order?
The VT Trader platform will allow you to place an order up to 200 lots in size. If you want to place an order larger than 200 lots, you may do so via phone by contacting our dealing desk directly.
6. Will my funds on deposit be safe?
Although no single entity can completely guarantee the safety of your deposits, Capital Market Services 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. 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.
7. Is CMS Forex FDIC insured?
FDIC insurance guarantees all depository accounts up to $100,000 at FDIC member banks in the United States. 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 does hold client funds with FDIC insured institutions, individual client accounts are not offered FDIC protection. CMS is committed to the safekeeping of our clients’ deposits. Want to learn more about our efforts to keep your money safe and secure?
8. How much money do I need to open an account?
The minimum amount to open an account is only $200 USD. For clients wishing to open accounts in alternate currencies the minimum deposit amounts are as follows:
200 EUR, 300 AUD, 300 CHF, 300 NZD, 300 CAD, 150 GBP, or 25,000 JPY.
9. Is ForexDZ.com required to send a 1099 form?
ForexDZ.com is not required to send our clients a 1099 form for tax purposes. Clients can view their account statements by logging into their ForexDZ.com accounts. In the Client report you can access your information, including balance, equity, and profit & loss for the year. You should consult your accountant or financial planner for assistance with the tax treatment of the instruments traded at CMS LLC.
10. How do I open a Live Account?
Opening a live account with ForexDZ.com 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!
11. How do I know if my account has been opened?
Once your account has been opened, you will receive an email from ForexDZ.com with instructions for logging in, as well as instructions on how to fund your account.
12. I am a resident of a sanctioned country. Why can’t I open an account with ForexDZ.com?
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.
13. How do I fund my account?
After your Live Account has been approved, visit the Deposit Funds section of our website to immediately begin funding your account. We accept funds by check, wire transfer, PayPal, BPS, as well as Online Check.
14. How soon will my funds be posted to my account?
Since ForexDZ.com offers several funding options, each has its own varying length of time before posting. The table below shows the approximate number of business days needed for each deposit method.
15. How do I withdraw money from my account?
Withdrawing funds from your account is easy. Funds may be withdrawn via Check (for residents of U.S. and Canada only,) Wire Transfer, or BPS. To withdraw funds simply fill out and submit a withdrawal request form. Once received, we will process your request within 2-3 business days. For more information, please visit Withdraw Funds.
16. What happens to my open positions at the end of the trading day?
When you open a position with ForexDZ.com, 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, ForexDZ.com 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.
ForexDZ.com offers online trading completely free of interest/swap charges, with zero up-front commissions and absolutely no additional charges, No overnight interest is currently charged or paid on open positions. For that reason there are no conflicts between ForexDZ.com's service and Islamic Riba prohibition
17. What are your trading hours?
Dealing services are offered from 5 p.m. EST Sunday, until 4 p.m. EST Friday with no exception for country-specific holidays unless a special notice is given in advance to our customers.
The market is closed from 5 p.m. EST on December 24 to 5 p.m. on December 25, and from 5 p.m. on December 31 to 5 p.m. on January 1.
19. Can I place a trade via email?
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. Please read Emergency Procedures to learn how.
20. 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: info@forexdz.com.
21. Can ForexDZ.com tell me when to buy or sell a currency?
ForexDZ.com does not make recommendations, offer opinions or advise customers on their individual trading accounts. However, ForexDZ.com does provide news, commentaries, a calendar of fundamental announcements, webcasts, and various educational resources to keep you well informed during your trading. ForexDZ.com also provides detailed articles explaining the ins and outs of using technical indicators. Please visit our Forex Center for these and other helpful Forex trading resources.
22. What is hedging? How do I place a hedge order?
Hedging is a very useful tool for those traders that know how to use it properly. Hedging an open position involves opening a second position of the same currency pair and amount in the opposite direction. Normally, the opposing trades cancel each other out, closing the original position. However, with hedging, both will remain separate active positions and lock in a profit or a loss. For example, let’s say you bought GBP/USD. You can hedge your position by selling GBP/USD.
It is important that you fully understand how hedging works and how to properly use it before placing any hedge orders. Hedging is an additional feature we have added for the benefit of our clients, and is by no means a required action. No additional margin is required for hedging positions. Once a position is already established, you have the ability to take the opposite side by clicking the “Hedge Box” in VT Trader. For additional information on hedging, please visit Trading Terms – Hedging.
23. Do I need a broadband Internet connection to trade with ForexDZ.com?
You are not required to have a broadband connection; a dialup connection may be used. However, ForexDZ.com and Visual Trading Systems strongly recommend using a high speed internet connection for optimal performance.
• Pentium class (or similar chip) running at 166Mhz or higher.
• 128MB RAM.
• Monitor Resolution should be set to 1024x768.
• Windows 98/NT/ME/2000.
• Internet Explorer 5.0 or Netscape v6.x. If you are using AOL, we recommend that you configure AOL to use Microsoft Internet Explorer for web browsing.
The RECOMMENDED system requirements are:
• Pentium II or Celeron class running at least 300Mhz or higher
• Monitor that supports 1024x768 with a color depth of 32 bits (16,777,216 colors) or higher resolution.
• 128MB RAM for Windows 98/2000, and 256MB of RAM for Windows NT.
• A fast Internet connection is vital for currency trading. We recommend that you install DSL or cable modem.
