Terms and definitions used in the Forex Market What is a Pip? What are the Forex market trading hours? What is the validity of a transaction and what is an Automatic Rollover? Securities, Deposits and Withdrawals What is the required minimum deposit for online trading? What is the required minimum deposit to trade over the phone? How do I fund my account? How do I withdraw money from my account? Does iFOREX use Margin Call? iFOREX Benefits Does iFOREX charge rolling fees for extending expired positions? What are iFOREX advantages compared with other Forex brokers? Do you have any question which is not listed in this page? Kindly send it to us and we will add it as soon as possible.

What is a Pip? A pip is the smallest digit used to measure a change made in the exchange rate of a given currency pair. It is normally the last digit of the exchange rate (in most cases it is the fourth digit after the decimal point). back to top What are the Forex Market trading hours? Weekly activity begins on Sunday at 20:30 hrs GMT continuously until Friday, 21:00 hrs GMT. Market activity hours may vary periodically due to public holidays, seasonal time adjustments, and unusual liquidity conditions arises from exceptional global events. back to top What is the validity of a transaction and what is an Automatic   Rollover? The option of automatic rollover allows investors to leave positions opened for a length of self-determined time. When a new position (spot or forward) is opened, it has a default expiration (value) date. At the end of the value date (server time), an automatic process will rollover all relevant open positions to the next spot value date (2 additional business days). All rollovers will be performed at competitive rollover rates, depending on the currency pairs involved. During the rollover process, the traders will either earn or pay away points, depending on the interest rate differential between the two currencies. The status of the automatic rollover may be changed manually through the AR field. back to top What is the required minimum deposit for online trading? To open a new transaction and trade online, you need a minimum deposit of US$100. Minimum transaction size for a new account is US$2,500 (or the equivalent), with up to 400:1 leverage (default leverage may raise upon demand). back to top What is the required minimum deposit to trade over the phone   with the Dealing Room? To open a transaction offline - using the Dealing Room over the phone - you need to deposit a minimum of US$2,500. The minimum transaction for an offline account is US$50,000 (or equivalent), with up to 400:1 leverage (default leverage may increase upon demand). back to top How do I fund my account? We provide two convenient means for funds deposit: via credit card online, or a bank wire transfer. For instructions regarding deposits via wire transfer, kindly e-mail us on accounting@iforex.com, providing details of your name, telephone number and your request, or call us at +30-210-374-2599. back to top How do I withdraw money from my account? to withdraw money from your account, kindly fill in the withdrawal request document and fax it to: +30-210-374-2556 Requests to transfer funds to third party will not be processed. Withdrawing funds from an account is only possible upon signing and sending the following documents: (These documents are required only once.) 1. A copy of one form of government photo ID    (e.g. passport or driver's license, ID). 2. A proof of residence for your home address    (any official bill or official document showing your home address). 3. A photocopy of both sides of all credit cards used at iFOREX. Please fax the withdrawal document accompanied by the above documents to +30-210-374-2556. You may also scan these documents (to JPG, DOC or PDF) and send them by E-mail to accounting@iforex.com. Funds deposited with credit cards, will be credited upon withdrawal to the card/s, up to the limit of the deposited amount. Any excess funds will be wired to your bank account which details must be provided below ($20 bank fee for wire transfer will apply). In the event the credit card you used to fund your account is cancelled, the funds will be returned by your credit card vendor to the bank account from which the card was issued. Should the denomination of the funds withdrawn from your trading account differ from the denomination of your credit card and/or bank account, the amount refunded will be converted by the credit card vendor, using the current local exchange rate at the time. Should you wish to withdraw funds in a mean different to these described above, kindly E-mail us on accounting@iforex.com providing details of your name and contact number alongside your request. While having an open exposure, the amount you may withdraw is subject to the minimum margin requirements. back to top Does iFOREX use Margin Call? We do not use Margin Calls. The Term Margin Call is wide spread among Forex brokers and it refers to a closure of all open positions by the broker when the level of minimum margin security is breached. The customary minimum level of margin ranges between 1% to 2% during week days, increasing to 3% to 4% over weekends and holidays. As a result, positions may be closed despite a positive free balance in the client account. iFOREX philosophy is to allow investors to make a full use of their free balance as margin for their opened positions, which means that positions will remain opened as long as the investor has a positive free balance in his account. back to top Do you charge rolling fees for rolling-over the open positions? We do not charge any commission or fees for rolling-over positions. Moreover, there are instances where an investor may gain from the process of the rollover. During the rollover process (which is similar to automatic Forward every two business days), traders will either earn or pay away points, depending on the interest rate differential between the two currencies. back to top What are the advantages that iFOREX has over its competitors No Commission iFOREX does not charge any commission for opening positions, though there is a spread between the buying and selling rates, which some may view as an indirect cost. The spread between the buying and selling rates is customary in all dealing rooms and forex trading platforms throughout the world, which is the main contributor to its profit line. The spread iFOREX offers for spot and forward positions- ranges between 0.02% (2:10,000) and 0.05% (5:10,000) for the Major currencies and higher for some crosses exotics or currency pairs which tend to have lower liquidity. No Daily Renewal Cost Unlike other dealing rooms , iFOREX treats spot trading as banking transactions as opposed to gambling per se. The process of rolling-over an existing position is conducted using the spot and interest rates pertaining in the market. Forward points are added to or subtracted from the deal rate, as dictated by the interest rates differences applicable to the currency pair of the deal. No Margin Calls iFOREX does not operate Margin Calls. iFOREX has faith in its clients and allow them to use their collaterals in full in favor of their opened positions. Consequently, no deal will be terminated as long as the client has positive free balance in the account. 24 Hours of Trading and Service iFOREX offices are opened 24 hours a day starting on Sunday night and non stop until Friday night. Special Limit Orders iFOREX investors have at their disposal several sophisticated trading tools, including one which allows them to place a Limit Order at a better rate, which in turns cancels other orders once captured. Also, investors may determine a Stop Loss. It is also possible to gain or risk by setting a pre defined rate with which to open or close a position. Stop Loss Execution at the Defined Rate - No Slippage At iFOREX every stop loss order for closing an existing exposure will be executed at the exact rate defined by the investor. Furthermore, the investor maximum exposure is limited to the amount he or she deposited. The investor maximum loss will not exceed the total amount he or she deposited. Utilizing Future Profit in Order to Open a New Position At iFOREX the investor is not obliged to set a stop loss rate. The investor has full control over his responsibility and exposure and so he may open new positions based on future profits from existing open position. Constant up-to-date Account Balance This allows the client to view his opened positions, collateral and exposure values in real time. This constant up-to-date of the client account at iFOREX's FXnet Trading Platform enables the investor full control of his portfolio of positions and aids its management immensely. back to top Do you have a question which does not appear in this page? Kindly send it to us by E-mail on info@iforex.com and we will be glad to add it.