Q: What is Foreign Exchange?
A: The Foreign Exchange market, is also referred to as the "FOREX" or "Forex" or "Retail forex" or "FX". Since 1999, Forex has been available to the retail traders. The Forex market is the world's largest financial market with an average volume of $3.2 trillion per day. If you compare that to the $50 billion traded daily by the New York Stock Exchange you can easily see how enormous Forex really is. (Source: Bank for International Settlements, September 2007)
Please note: In the off-exchange, also called the over-the-counter market, a retail customer trades directly with a counterparty and there is no exchange or central clearing house to support the transaction.
Q: When is the Forex market open for trading?
A: The Forex market is a true 24-hour market - at any time of the day, somewhere around the world a financial center is open for business. Banks and other institutions exchange currencies every hour of the day and night with generally only minor gaps on the weekend. Forex trading begins at 14:15 Eastern Time Sunday markets open in Sydney and Singapore. At 19:00 Eastern Time the Tokyo market opens, followed by London at 2:00 Eastern Time. And finally, New York opens at 8:00 Eastern Time and closes at 17:00 Eastern Time - creating a seamless 24-hour market.
A benefit of Forex trading, unlike other financial markets, is that investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night. FX Solutions' trading hours are 17:15 Eastern Time Sunday to 16:30 Eastern Time Friday.
Q: What are the most commonly traded currencies in the Forex market?
A: The Dollar is the most traded currency, being on one side of 86.3% of all transactions. The Euro's share is second at 37%, while that of the Yen is at 16.5%.
The most popular currencies along with their symbols are shown below:
| Symbol | Country | Currency |
| USD | United States | Dollar |
| EUR | Euro Members | Euro |
| JPY | Japan | Yen |
| GBP | Great Britain | Pound |
| CHF | Switzerland | Franc |
| CAD | Canada | Dollar |
| AUD | Australia | Dollar |
| NZD | New Zealand | Dollar |
Q: What is margin?
A: Margin is the collateral for a position. It allows traders to take on a loan or 'leverage' their positions with a fraction of the equity needed to fund the trade. It is important to note that higher margins can increase your risk.
Q: What does it mean to have a "long" or "short" position?
A: A 'long' position is to buy a currency at one price with the intent to sell later at a higher price. With this strategy, the trader benefits from a rise in the market. While a "short" position is one which the trader sells a currency in the anticipation that it will decline in price. This strategy allows the trader to gain from the decline in the price of the currency pair.
Q: What do terms like "bid/ask," "spread," and "rollover" mean?
A: All Forex quotes include a two-way price, the bid and ask. The bid is always lower than the ask price.
The price at which the market is willing to buy a currency. This is the price at which the trader may sell the base currency.
Ask Price
The price at which the market sells a currency. This means the trader can buy the base currency at this price.
Spread
The spread is the difference between the bid and ask price. A wider spread will increase your transaction cost and potentially reduce your profits. With FX Solutions, the only cost in executing a trade with us is reflected in the bid/ask spread, which is the pip spread.
FX Solutions offers fixed spreads during normal market conditions. At any point in time during normal market conditions, the Forex Calculator in GTS Pro will reflect the exact amount of the spread. There is no guesswork. With fixed spreads you can stay focused on timing the market and not having to time the spread.
Rollover
Rollover involves exchanging the expiring position for a position expiring the following settlement date. The positions being exchanged are not valued at the same price. If a trader is long the currency bearing the higher interest rate, the position "being sold" is worth more than the position being acquired. The reverse is also true; if a trader is short the currency bearing the higher interest rate, the trader is acquiring a position worth more than the one "being sold". The amount of the difference varies based on the currency pair, the interest rate differential between the two currencies, and fluctuates day to day.
As a service to our traders, FX Solutions automatically rolls over all open positions to the next settlement date at 17:00 Eastern Time. For more information on FX Solutions' Rollover policy please click here.
Q: What is the difference between an "intraday" and "overnight" position?
A: Intraday positions are those that were opened anytime during the 24-hour period and closed by the close of the trading day— 17:00 Eastern Time. An overnight position is any position which stays open past the end of normal trading hours— 17:00 Eastern Time. These positions are automatically rolled by FX Solutions at competitive rates to the next day's price.
Q: What happens to my open positions at the end of the trading day?
A: Trades held open at the end of the trading day, 17:00 Eastern Time, remain open but are subject to a daily "cost-of-carry" adjustment as per standard interbank market protocol. The adjustment is based on the interest rate differential between the two currencies in the pair being traded and on the movement of spot value dates.
If a trader is long (has bought) the currency bearing the higher interest rate then they will generally receive a credit to their account at 17:00 Eastern Time. If they are short (have sold) the higher yielding currency then their account will be debited.
Q: How are currency prices determined?
A: Currency prices are affected by fluctuations caused by economic, social and political events, as well as interest rates, inflation and political stability. FX Solutions leverages its proprietary interbank market price feed for price discovery and risk exposure. Our price feed uses algorithms to respond to changes in the marketplace within milliseconds, allowing FX Solutions to maintain fixed spreads so trading clients know the transaction costs they will be paying at all times during normal market conditions.
Q: How do I manage risk?
A: To manage risk, traders must have position limits. This number is set relative to the money in a trader's account. Risk is minimized with FX Solutions because the trading platform will automatically generate a margin call if your equity falls below the margin reguired to maintain all existing positions. All open positions will be closed immediately, regardless of the size or the nature of positions held within the account.
Q: What are your commissions and fees?
A: As a Forex trader with FX Solutions, you are dealing directly with the market maker in an electronic exchange, and that eliminates ticket cost and brokerage fees. The only cost in executing a trade with us is reflected in the bid/ask spread.
Q: Can I trade on fixed spreads?
A: Yes, below are the spreads for respective currency pairs that are offered to FX Solutions' customers during normal market conditions:
| Forex Symbol | Currency Pairs | Spreads |
| EUR/USD | Euro / U.S. Dollar | 3 pips |
| USD/JPY | U.S. Dollar / Japanese Yen | 3 pips |
| EUR/JPY | Euro / Japanese Yen | 4 pips |
| USD/CHF | U.S. Dollar / Swiss Franc | 4 pips |
| GBP/USD | British Pound / U.S. Dollar | 5 pips |
| NZD/USD | New Zealand Dollar / U.S. Dollar | 4 pips |
| USD/CAD | U.S. Dollar / Canadian Dollar | 5 pips |
| AUD/USD | Australian Dollar / U.S. Dollar | 4 pips |
| EUR/GBP | Euro / British Pound | 5 pips |
| EUR/CHF | Euro / Swiss Franc | 5 pips |
| AUD/JPY | Australian Dollar / Japanese Yen | 7 pips |
| CHF/JPY | Swiss Franc / Japanese Yen | 8 pips |
| CAD/JPY | Canadian Dollar / Japanese Yen | 9 pips |
| NZD/JPY | New Zealand Dollar / Japanese Yen | 9 pips |
| AUD/CAD | Australian Dollar / Canadian Dollar | 9 pips |
| EUR/CAD | Euro / Canadian Dollar | 9 pips |
| GBP/JPY | British Pound / Japanese Yen | 9 pips |
| AUD/NZD | Australian Dollar / New Zealand Dollar | 12 pips |
| GBP/CHF | British Pound / Swiss Franc | 12 pips |
| EUR/AUD | Euro / Australian Dollar | 12 pips |
Please consult our Fast Moving Markets Policy for more information Click Here
Q: What are your trading hours?
A: FX Solutions provides traders with customer trading support 24-hours daily Sunday from 17:15 to Friday 16:30 Eastern Time. Please note US holiday hours are posted the week of each major observed holiday on the homepage of the website.
Q: Does FX Solutions offer any additional services?
A: FX Solutions believes education is paramount. Our GTS Pro platform offers a wide range of trading tools, including real-time news feeds, Forex calculator that combines margin, pip and premium variables, audible price alarms and FX AccuCharts plug-in. Additionally, FX Solutions' market analysts provide commentary via our Chart of the Day (posted on the homepage of the website each weekday) and FX Squawk (a bi-weekly audio commentary) on Monday and Thursday at 8:00 Eastern Time.
Traders may consult their Trading History, Account Transactions Report or Individual Customer Statement within GTS & GTS Pro for account statements, summaries of current open positions and account balances.
Q: What are FX Solutions' margin requirements?
A: Unlike most of its competitors, FX Solutions' GTS Pro platform calculates margin in "real-time" based on the currency pair traded. With FX Solutions your margin will be determined by the amount of leverage you select within the Global Trading System platform.
Q: Can I place orders over the phone?
A: Yes, FX Solutions customers may place trading orders by phone. The dealing desk will quote the customer a two way price and the customer may deal on either side; the dealing desk will then confirm the trade back to the customer. After confirmation the dealing desk will enter the completed trade into the customer's GTS account. For a list of all toll-free numbers please click here.
Q: What is the difference between a practice and live trading account?
A: FX Solutions' Practice platform is fully functional with real-time bid/ask rates, news feed, and Forex Calculator. The software that you download for the Practice Platform is the exact software that you will use for the live account. The only major difference is there is no capital risk when trading within a demo account.
Q: How much money do I need to open an account?
A: The minimum deposit for a 1K Contract Size requires a $250 deposit. We have many account options to choose from. Please click here to view minimum initial deposits for all contract sizes.
Q: How do I open an account with FX Solutions?
A: Opening an account with FX Solutions is an easy 4 step process.
2. Provide 2 Forms of Identification:
a. Government Issued Photo ID such as a Drivers License, Passport or National ID card
b. Proof of Address such as a utility bill, bank statement or lease agreement
Fax:
+1-201-345-2520
Email:
administration@fxsol.com
By Mail:
FX Solutions, LLC
New Accounts Department
1 Route 17 South
Suite 260
Saddle River, NJ 07458 USA
3. Fund Your Account Once your account is open, there are 5 convenient ways to fund your new trading account.
Please click here.
a. Credit or Debit Card
b. PayPal
c. Online Check
d. Wire Transfer
e. Paper Check
4. Receive email notification of receipt of funds and activation of account. Email includes the user name and password to begin live trading.
For additional information regarding opening a live account, please contact us at +1-800-969-8365 (may not be available in all countries, alternate phone number is +1-201-345-2210).
Q: How do I fund an account?
A: Once your account is open, there are 5 convenient ways to fund your new trading account.
Please click here.
b. PayPal
c. Online Check
d. Wire Transfer
e. Paper Check
Q: What is the best way to send new account paperwork?
A: New account paper work may be faxed, emailed or mailed.
Fax:
+1-201-345-2520
Email:
administration@fxsol.com
By Mail:
FX Solutions, LLC
New Accounts Department
1 Route 17 South
Suite 260
Saddle River, NJ 07458 USA
Q: How do I know if my account has been opened?
A: You will receive email notification upon account creation including your personal FX Solutions account number and instructions on funding your new account.
Q: When will my funds be posted to my account?
A: After receipt of the deposit at FX Solutions, funds may take up to 1 business day* to reach your account.
* FX Solutions does not guarantee deposit times in the event of a margin call.
Q: How long will it take to process my withdrawal request?
A: Withdrawal requests are processed the same business day if received by FX Solutions by 14:00 Eastern Time.
Q: How will I know that my withdrawal request has been processed?
A: Customers will receive email confirmation once their withdrawal request has been processed.
Q: When will I receive my withdrawal?
A: Check withdrawals are issued and mailed via United States Postal Service the next business day after the request has been processed.
A: Wire withdrawals are submitted to JP Morgan Chase Bank the same business day that the request has been processed by FX Solutions. Wires may take 24-48 hours to reach their beneficiary destination.
Q: How much does a withdrawal cost?
A: Check withdrawals are free of charge for the first four (4) requests per calendar month per customer. At the discretion of FX Solutions, each additional check withdrawal after the initial four (4) requests per calendar month may incur a $10 fee. Wire withdrawals are subject to a $40 bank fee which is deducted from the withdrawal amount.
Q: Am I eligible to withdraw funds?
A: Withdrawal eligibility is contingent upon whether or not customer deposit(s) have cleared. Clearing times are as follows:
PayPal: 30 days
Check: 10 business days
Wire: same day
Electronic Check: 5 business days
Q: Do any restrictions apply to withdrawing funds?
A: There is a limit of four (4) check withdrawals per calendar month per customer. At the discretion of FX Solutions, a fee of $10 may be charged for each additional withdrawal request over that amount. There is no limit for wire withdrawals.
All funds withdrawn must be returned to a bank account under the same name as the account held at FX Solutions. No third party payments will be processed.
Q: Can I transfer funds into the account of another FX Solutions customer?
A: No - internal transfers are allowed only between a customer's own accounts. Requests for third party transfers will not be processed.
Q: How many transfers am I allowed to make?
A: There is a limit of four (4) internal transfers per calendar month per account. At the discretion of FX Solutions, a fee of $5 may be charged for each additional transfer request over that amount.
Q: Can I transfer funds into my FX Solutions account from another broker?
A: FX Solutions can only accept funds from other recognized (F)utures (C)ommission (M)erchants. Funds must originate from an account under the same name as the beneficiary account at FX Solutions. Requests for third party transfers will not be processed.
Q: How do I transfer funds to another broker?
A: FX Solutions may transfer funds to brokers who are (F)utures (C)ommission (M)erchant registered. To wire funds, provide the broker's bank information as well as your account number with the broker. To send by check, provide the mailing address for the broker as well as your account.
Q: What is considered a third party?
A: A third party payment is any transfer of funds that is in a name other than the account holder at FX Solutions.
Q: Does FX Solutions provide its clients with any tax forms?
A: FX Solutions provides customers with a complete account history available through your GTS Pro platform.
To run an Individual Customer Statement, simply log onto the GTS Pro platform. Choose Individual Customer Statement from the available reports. Each statement is for a period not to exceed 65 days in length. To run a statement for the entire year, you must reset the start and end dates of the search parameters in increments of 2 months each. Year End Tax Summary Reports are made available on the GTS platform for the previous year after December 31st.
Q: How many versions of the Global Trading System Platform are available?
A: FX Solutions currently offers the GTS Pro trading platform. GTS Pro represents the most recent generation of the Global Trading System trading platform. However, traders can still use the GTS platform to trade if they currently have it installed on their computer.
Q: Do I need a different user name and password for each type of platform?
A: No, the same user name and password will work on any of the GTS platforms.
GTS PRO
Q: What operating systems are supported by the GTS Pro platform?
A: Microsoft Windows 2000, Microsoft Windows XP, and Microsoft Windows Vista.
**When installing GTS Pro on a Windows 2000 environment, users should update their Internet Explorer browser to 5.01 or higher.
Q: What are the system requirements for the GTS Pro platform?
A: CPU: Pentium II 300 Mhz (Recommended: 1 GHZ or higher)
Memory: 256MB RAM (Recommended: 512MB RAM)
Screen Resolution: 1024 x 768 pixels (Recommended: 1280 x 1024)
Internet: 56 kbps (Recommended: DSL, Cable Modem)
Q: Will the GTS Pro platform work on my Apple computer?
A: Yes, for Intel Macs please use either Parallels or Boot Camp. For Power-PC Macs please use Virtual PC 7 or above.
Please note that even though the GTS Pro platform will work on Apple computers, FX Solutions does not support the GTS Pro platform for Apple operating systems. If you experience difficulty installing the GTS Pro platform on an Apple computer, please use the GTS Web platform.
Q: How do I download the GTS Pro platform?
A: To download the GTS Pro platform, please click here.
Q: How do I log in to the GTS Pro Platform?
A: To log in to the GTS Pro Platform, double click the "G.T.S. Pro" icon on your desktop. Next, choose whether you wish to log in to the Practice or Live account. Enter your User Name and Password and then click "Log On".
Q: Am I eligible to use the GTS Pro Platform?
A: Self-traded individual and joint accounts, trader advisor, and assisted account trader accounts are eligible to use the GTS Pro Platform. For Introducing Broker accounts and users with accounts being traded by other parties (investors and assisted individuals), please use the original GTS Platform.
FX AccuCharts
Q: What operating systems are supported by FX AccuCharts?
A: Microsoft Windows 2000, XP, and Vista.
Q: What are the system requirements for FX AccuCharts?
A: CPU: 1 GHZ or higher
Memory: 512MB RAM
Screen Resolution: 1024x768 pixels (Recommended: 1280x1024)
Internet: 56 kbps (Recommended: DSL, Cable Modem)
Q: Will FX AccuCharts work on my Apple computer?
A: FX Solutions does not support FX AccuCharts for Apple operating systems. Some customers have reported success using third party products with FX AccuCharts:
Boot Camp http://www.apple.com/macosx/bootcamp
Power-PC Macs use Virtual PC 7 or above http://www.microsoft.com/mac/products/virtualpc/virtualpc.aspx?pid=virtualpc
If you experience difficulty installing or running FX AccuCharts on an Apple computer, please try to reproduce the issue on a Windows computer. If the problem persists, please contact FX Solutions' technical support.
Q: How do I download FX AccuCharts?
A: To download FX AccuCharts, please click here.
Q: Can I run FX AccuCharts with the GTS Pro platforms?
A: Yes, you can run FX AccuCharts with GTS Pro.
Q: Can I run FX AccuCharts independently from GTS Pro?
A: After the first launch of FX AccuCharts through the GTS Pro menu, you may then run FX AccuCharts independently from GTS Pro by double clicking the FX AccuCharts icon. However, to trade from the charts and view your positions on charts, you must run FX AccuCharts and GTS Pro simultaneously.