Answers to common questions
Please find below the answers to some of the frequently asked questions. If you have a question and it isn’t listed below please call us on +44 (0)20 3819 3100.
What is the minimum account balance to open an account at Formax?Minimum deposit is £1,000, $1,000, €1,000.
How do I open and account at Formax?You can either click here or go to the top right hand side of our website and click register.
Are there any fees involved in opening an account?There are no fees charged to open an account.
How many accounts can I have?Our technology allows you to have different multi currency accounts.
What do I need to have to open a corporate account?You would need to be a registered company and be able to provide us proof of this. Please see documents and forms section to understand better what we would need to see to open a corporate account.
How long does it take to open and account, Corporate and retail?
Retails account are usually open within 1 hour of the application being made, providing all the documents are in and there is nothing further we would need to see.
Corporate accounts can be vary depending on the size of the company and the structure, usually once we have received all the documents it could take 24 hours for us to conduct our due diligence and approve the account.
I am having issues logging into my account, how can I login?Firstly, make sure you have entered the correct MT4 ID and password and connected to the correct server FormaxPrime-Live. If you continue to have issues please email us at email@example.com or call us on +44 (0)20 3819 3100.
Why can’t I login into my demo account?If you are having problems logging into your demo account, please check that you have entered the correct login details and password. It is important that you are connected to the correct server FormaxPrime-Demo. If you continue to have issues please email us at firstname.lastname@example.org or call us on +44 (0)20 3819 3100.
How do I reset my password?To reset your password please click on ‘Forgotten password’ on the login page of the client dashboard. If you have difficulties with this please email us at email@example.com or call +44 (0)20 3819 3100.
How can I change my username name/my email address?If you would like to change your email address, please email your request to firstname.lastname@example.org or call +44 (0)20 3819 3100. Please don’t forget to include your previous and current email addresses, your name, your MT4 ID and the nature of the query in your email.
How do I deposit?
You can deposit using your secure client portal or sending funds via Bank Transfer. Follow this link to view processing time and charges.
How do I make a withdrawal?
You can withdraw funds anytime by using your secure client portal, we aim to process a withdrawal within 24 hours excluding weekends. Follow this link to view processing time and charges.
We are unable to send funds to any other account apart from the one which was used for depositing.
Can I send a deposit as a money order or traveller’s cheque?Unfortunately we are unable to accept deposits via this method this is due to a lack of information being available when using this service.
Can I send funds in a currency which is not specified on your website?
Yes. However this may attract a currency conversion charge which usually the bank charges for converting the currency.
We cannot reimburse and cannot be held responsible for the charge which the process may incur.
What is a ‘third party’ deposit?Deposits received from an account in a different name and/or held by someone other than the trading account holder constitutes a third party deposit. This also applies to corporate funds received for an individual account and similar scenarios.
Does Formax accept third party deposits?We are unable to accept any ‘third party deposits.
I would like to send funds using a different method other than the specified on your website would this be possible?Unfortunately we are only able to accept the methods listed on our website. In the near future we will look to introduce new methods of deposits and withdrawals.
Will I receive a receipt for my deposit and withdrawal?Yes you will receive email confirmation of any transaction that occurs within your account.
What is an internal transfer?An internal transfer allows you to transfer between your MT4 account and Landing Account ( Wallet) - This function also allows you transfer between different currency accounts.
How can I send my documents to Formax?You can upload your documents securely within the client portal or email your documents to email@example.com. Please include your account number when sending your documents through email.
What information should be included when sending my documents?Please include your name, email address, MT4 Log in ID, this should be sufficient for us to find you on our systems and process your application with no delay.
Why do you need my identification information?
These steps are taken in order to satisfy KYC requirements from our regulators, to prevent fraud and money laundering.
My documents are not in English would this cause a problem?No, we have a variety of languages spoken in the company and would be able to translate most of the languages of the world, however we do reserve the right to request any further information should we require them to verify any information which remains unclear.
What documents do I need to send?
We will require two types of documents which consist of a Proof of ID and Proof of Address.
Proof of ID - Any of the following; Passport, UK drivers licence, ID which contains an MRZ number.
Proof of Address - Any of the following; Bank statement or utility bill dated within the last three months.
What documents do I need to send for a corporate account?
For a corporate account we would need to see the following:
1. Certificate of incorporation
2. Memorandum & Articles of Association
3. Shareholder proof of identification
4. Shareholder proof of address
5. Proof of corporate address
6. Board resolution to open account
7. Group structure
How do I place an order on MT4?
To place a market order, follow these easy steps:
1) Click on the "New Order" button.
2) Select the symbol you desire as well as the volume and then click on either "Sell Market" or "Buy Market".
What are the advantages of using MT4?
User Experience: Extremely user friendly interface, enabling new and experienced traders to trade this complex and volatile market with ease and comfort.
Language: Users around the globe can benefit from the MT4 platform and all its data, in their own language
Charts: In addition to the MT4's advanced and user friendly trading features, the platform also offers advanced charting capabilities. This of course enables traders to trade and analyse the technical aspects of the market simultaneously.
Expert Advisors: This is a very popular and important feature in the MT4 feature portfolio. Expert Advisors enable traders to automate their trades with a customized EA that best fits their needs.
Communication: The MT4 platform also incorporates advanced communication tools for brokers to post messages and communicate with their traders in real time. This of course prevents the need for long and complicated email threads and makes the trader's experience that much simpler.
Low Resources: Unlike many other platforms, the MT4 platform is relatively low on resources, meaning it keeps its disruption of your PC to a minimum. This also enables the platform to react faster, making it possible to implement the trades and traders' requests immediately.
Profiles: Users can also view account information from within the actual platform interface. Some of the details available include account balance, trading history, access details, as well as password information.
Security: When you are dealing with a sensitive and private issue like Forex trading, you are going to want to know that you are not in danger of attacks and hacks on your account. MT4 is a highly secure platform that encrypts the data between trader and server with a 129-bit key. The trader's IP address is also completely concealed.
Flexibility: The MT4 platform was engineered to support all currency crosses as well as the ability to trade other markets such as commodities, futures, and equities.
Customization: As if all of the above was not enough, the MT4 supports full customization features, so the trader can tailor the platform to meet their trading needs and practices. This includes the ability to develop your own Expert advisors as well as technical indicators using the MT4's advanced proprietary MQL programming language.
I do not understand how to use the MT4 and I am experiencing difficulties?
If you are having difficulties using the platform please send us an email at firstname.lastname@example.org or call us on +44 (0)20 3819 3100. Please include your name, MT4 ID, email address, a contact telephone number and a brief summary of the problem.
One of our dedicated customer services representatives or your personal account manager will contact you shortly and help with any problems you might be having.
What is Margin?
Margin can be thought of as a good faith deposit required to open and maintain open positions. This is not a fee or a transaction cost, it is simply a portion of your account equity set aside and allocated as a margin deposit.
*Remember, leverage can be a double edge sword. Yes, it can assist a trader in opening a larger trade size than that of their account, but thus amplify gains and losses.
Why trade on Margin?
Trading on Margin (Trading with Leverage) is a common attraction of the forex market. It allows you to open trades that are larger than the capital in your account.
Trading on margin can both positively and negatively affect your trading experience as both profits and losses can be dramatically amplified. Trading foreign exchange with any level of leverage may not be suitable for all investors.
What leverage does Formax offer?
Our standard leverage is 1:200 but can be adjusted if certain requirements have been met.
To request a leverage change please login to your client portal and choose your desired leverage. If you have any questions please email email@example.com or call +44 (0)20 3819 3100.
Do you recommend me using lower leverage or higher leverage?
Here at Formax we recommend using lower leverage due to the risk associated with trading on Margin.
What is a swap?
Swap is the exchange "interest" or "premium" you are charged or earn on a daily basis for any trades carried (rollover) from day to day and some brokers are waiving this.
It will be based on the yield exchange rates between the base currencies (first listed) of the currency pair and the commodity currency (second listed) of the currency pair.
Examples of swap?When you buy the EUR/USD pair, you are buying the euro, and selling the U.S. dollar to pay for it. If the euro interest rate is 4.00%, and the U.S. rate is 2.25%, you are buying the currency with the higher interest rate, and you will earn rollover -- about 1.75% on an annual basis. If you sell the EUR/USD pair, you are selling the currency with the higher interest rate, and you will pay rollover -- about 1.75% on an annual basis, since you are paying the euro interest rate and earning the U.S. interest rate.