Frequently Asked Questions (FAQ)
For any questions regarding MaxFX or the services we provide, please refer to our FAQ below. If you have any questions that are not listed below, please don’t hesitate to contact us.
Is MaxFX regulated?
MaxFX is a trade name of TOPFX LTD.
TOPFX has been a regulated broker since April 2011, when it was granted a license by the Cyprus Securities and Exchange Commission with license no. 138/11.
Moreover, TOPFX is a member of the Investors’ Compensation Fund, a fund established by the authorities offering protection to investors and clients of investment and credit firms in Cyprus.
Are my personal details secure with you?
MaxFX takes a number of precautionary measures to ensure that the personal details of our clients are held in absolute confidence and are securely stored so as not to be accessible by unauthorised persons.
Are my funds secure with MaxFX?
An additional prerequisite of CySEC, is that all clients’ funds are held in segregated accounts, meaning they are held completely separate from TOPFX’s accounts. Clients’ funds are kept by TOPFX in first class banks like Barclays PLC, Societe Generale and Hellenic Bank of Cyprus.
What is the procedure for opening a real trading account with MaxFX?
Once you have read all terms and conditions and proceeded with your online application you then need to provide the required Identification Documents in order for us to verify your trading account. Once your account has been approved, you may proceed with funding.
How do I verify my trading account?
In order to verify your account, please provide copies of the following documents:
Proof of Identity: Valid, clear, colour copy of identity card or passport or driving licence, The following details must be visible on the provided document:
- Full name
- Signature of the holder
- Date of expiry
- Document number
- Date of Birth
- MRZ lines
Proof of Residence: Utility bill or Bank Statement (copy of the full page) up to 6 months old (i.e. Water, Gas, Electricity, Land Line Phone Bill). Please note it should be a scan of the bill physically delivered to your residential address. The following details must be visible on the provided document:
- Full name and address of the account holder
- Date of Issue
- Issuer details
- Service details
*Residents of some jurisdictions may be asked to provide certified true copies of identification documents prior account approval.
*Debit/credit card: In case, you are planning to fund your account with debit/credit card, copy of the card is required. Please provide clear, colour copies of both sides of the card. For security reasons, please make sure 8 middle digits of the card
Why do I need to submit my documents for account validation
As a regulated company, we operate in accordance with a number of compliance-related issues and procedures imposed by our regulatory authority, CySEC. These procedures involve the collection of adequate documentation from our clients with regards to KYC (Know Your Client), including the collection of a valid ID/Passport card and a recent (within 6 months) utility bill or bank account statement that confirms the address the client has registered with.
When can I start trading?
You may commence trading as soon as your trading account has been approved/verified and funded.
How can I close my account?
If you do not have any open positions and/or cash in your account, you can send an email to email@example.com requesting the account closure. Please ensure that your request is sent from your registered email address.
Your profile and account will be disabled and email address removed from mailing list.
Do I need to upload my documents again if I open a new trading account and my first account was already validated?
No. Once your account application had been approved, new account/accounts are opened within same, validated profile. You are required to update your information: 1. If your ID document expires 2. Proof of Address to be updated every 12 months.
How can I deposit into my account?
MaxFX supports the following payment methods:
- Credit/debit cards (Visa and MasterCard)
- Bank Wire -please log in to your account in order to obtain bank details necessary for you to process your payment
- UnionPay (supports mainly Chinese clients)
- Skrill, Neteller
Local Payment methods available depending on your country of registration.
Why was my credit/debit card deposit declined?
There are number of reasons for why your credit/debit card may have been declined:
- You may have gone over your daily transaction limit.
- You may have entered incorrect card details: invalid card number, expiry date or CVV code. Please verify that these are correct. Please also make sure that your card is still valid and has not expired.
- No authorization from card issuer – check with your issuer to make sure that your card has been authorised for online transactions and that there are not any protections in place that are preventing you from a successful online transaction.
- Insufficient funds – amount of the transaction you tried to perform is exceeding funds available on your card.
Please contact firstname.lastname@example.org, if you have any additional questions in regards of declined card deposit.
What is the minimum deposit?
Minimum deposit depends on the account type, that you have chosen, please refer to below link for detailed information: https://maxfx.com/trading-account-types/
In which currencies can I deposit money into my trading account?
You can deposit money in the following currencies: USD, EUR, GBP, CNH. Please note if your trading account will be in a different currency than the currency deposited, a conversion will take place based on your base currency of your trading account, by MaxFX prevailing inter-bank price.
What is the maximum single transaction limit?
- Credit/debit card – 10000 USD
- UnionPay – 100000 RMB
- Wire transfer – unlimited
- E-wallets: Skrill; Neteller; Webmoney – 10000 USD
Please note, new clients are limited to total deposits of 5000 USD (via card) in first 24 hrs.
Which currencies can I use to fund my MaxFX account?
We are currently accepting the following currencies: USD, EUR, GBP, CHF.
How long does it take for my funds to be deposited into my MaxFX account?
Wire deposits usually take between 3 to 5 working days, depending on the sending bank.
Once we receive the funds in our bank account, they will be deposited into your trading account.
All other payment methods are ordinarily available in your trading account instantly (please note delay up to 10 minutes is possible).
Please contact email@example.com in case you have been charged with the deposit but funds are not showing in your trading account.
How do I withdraw funds?
To withdraw funds, please log into your MaxFX account and make a withdrawal request.
Our backoffice/accounting department will receive your request and process within 1 business day the latest.
Up to the deposit amount, withdrawal will be ALWAYS send back to the payment method used to fund the trading account. For amount exceeding original deposits or payment methods not supporting refunds, withdrawal will be send via bank wire.
Please note: in order for a withdrawal request to be processed, your account with MaxFX must be fully verified.
How long does it take to receive the withdrawal?
Withdrawal requests are processed within 1 business day.
Please note, at the company’s sole discretion, in some cases, we can require additional information on the event of the withdrawal, in which case the request might be processed later. After the withdrawal request is processed, it depends on the withdrawal method how long it takes for the client to receive the funds:
Credit/Debit Card – up to 7 working days.
UnionPay – during Chinese bank working hours
Wire transfer – max 7 working days
E-Wallets: within 10 minutes since processed.
What should I do if I have not received my withdrawal?
If you have not received your withdrawal within the provided time frame, please contact firstname.lastname@example.org, who will be able to provide you with a payment confirmation.
For withdrawals via card, if 7 working days have passed and your funds are not reflected, please send us a copy of your card statement for a period of 10 days to email@example.com, so we can contact the card processing company to provide you with ARN number.
For withdrawals via wire transfer, if 10 working days have passed and your funds are not reflected, please send us a copy of your bank statement for a period of 2 weeks to firstname.lastname@example.org, so we can investigate the issue and provide you with copy of the bank transfer swift.
For withdrawals via e-wallets, if 3 working days have passed and your funds are not reflected, please send us a copy of your transactions history for a period of 3 days to email@example.com, so we can investigate the issue and provide you with copy of the transaction confirmation.
Is there a minimum withdrawal amount?
No. You can withdraw any amount remaining in your account balance, however, please note, if the requested amount is lower than the processing fee, we won’t be able to proceed with the request.
Withdrawal fees apply as per information page.
What is forex?
The foreign exchange market (‘currencies, Forex or FX’) is a market where participants buy, sell, exchange and speculate on currencies. In particular, it consists of trading one currency for another, ex: EUR/USD. This means trading the euro against the US dollar. Forex and related markets is the largest and most liquid financial market in the world, where the average trade consists of trillions per day. Trading foreign exchange may have various advantages because of its transparency, direct dealing, significant trading volumes, extreme liquidity and the great number of participants in the market including governments, central banks, banks, financial institutions, corporations, private investors, etc.
All forex trades involve two currencies because you’re betting on the value of a currency against another. Think of EUR/USD, the most-traded currency pair in the world. EUR, the first currency in the pair, is the base, and USD, the second, is the counter. When you see a price quoted on your platform, that price is how much one euro is worth in US dollars. You always see two prices because one is the buy price and one is the sell. The difference between the two is the spread. When you click buy or sell, you are buying or selling the first currency in the pair.
Let’s say you think the euro will increase in value against the US dollar. Your pair is EUR/USD. Since the euro is first, and you think it will go up, you buy EUR/USD. If you think the euro will drop in value against the US dollar, you sell EUR/USD.
If the EUR/USD buy price is 0.70644 and the sell price is 0.70640, then the spread is 0.4 pips. If the trade moves in your favor (or against you), then, once you cover the spread, you could make a profit (or loss) on your trade.
Do I need to have any previous trading experience?
Previous experience is not required, however you should note that you may be exposing yourself to risks that fall outside your knowledge and experience and trading CFDs is not appropriate for you, therefore declaration of the risk acknowledgment will be required prior submitting your account application request.
What are the trading hours?
Due to the different time zones of the major financial centres, starting from New York to Australia, Tokyo, Hong Kong, and Europe, the forex market is open 24 hours a day (except on weekends), usually from Sunday 00:00 until Friday 23.59.59 Cyprus local time (GMT+2 Winter time, GMT+3 Summer time).
What are the risks involved in trading?
To view the risks involved in trading, kindly refer to our Risk Disclosure Statement
What are forex instruments?
Forex Instruments are the products or ways of trading in foreign exchange. Usually are currency pairs like EUR/USD GBP/USD EUR/CAD etc.
For details, please refer to the platform for all the currency pair and our website https://maxfx.com/range-of-markets/
What are CFDs?
Contracts for Difference (CFDs)” means a contract that you enter into with the Company, for the Difference between the value of an Instrument as specified on the Trading Platform at the time of opening a Transaction, and the value of such Instrument at the time of closing the Transaction.
A Contract for Difference (or CFD) is a type of derivative that gives exposure to the change in value of an underlying asset (such as an index or equity). It allows traders to leverage their capital (by trading notional amounts far higher than the money in their account) and provides all the benefits of trading securities, without actually owning the product. If you still wish us to proceed on your behalf, we may do so, but we shall not be able to determine whether trading in CFDs is appropriate / suitable for you.
Contracts for Difference (CFDs) on spot Forex, spot precious metals, futures, shares or any other commodities available for trading are highly leveraged Financial Instruments and involve a high level of risk. It is possible that the Client loses all his/her invested Capital.
Therefore these products may not be suitable for all types of investors and the Client should ensure that he/ she has understood the risk involved and if necessary the Client should seek independent expert advice.
In practical terms, if you buy a CFD at $10 then sell it at $11, you will receive the $1 difference. Conversely, if you went short on the trade and sold at $10 before buying back at $11, you would pay the $1 difference.
What are the major currency pairs?
Currencies that are traded against the US dollar are called Majors and make up the greatest number of foreign currency trades:
– USD (US dollar)
– EUR (euro)
– GBP (British pound)
– JPY (Japanese yen)
– CHF (Swiss franc)
– AUD (Australian dollar)
– CAD (Canadian dollar)
A Quick Guide to MT4 Platform
How to install MetaTrader 4:
- Download the software https://maxfx.com/trading-platforms/downloads
- Install onto your computer
- Login to your MT4 trading platform – login details were sent to you via email
How do I place a trailing stop on the MT4 platform?
Step 1: Right-click on the open position and select “Trailing Stop”.
Step 2: Specify the required level for your trailing stop:
How do I open a chart on MT4?
There are several ways to open a chart on MetaTrader:
- Right-click on the instrument in the “Market Watch” window and select “Chart Window”.
- Click on the instrument in the “Market Watch” window and drag it onto an existing chart or blank space on the platform.
- Click on the ”New Chart” button on the toolbar.
How do I change my chart type on MT4?
Please navigate to Charts and select the type of chart you want.
Alternatively, you can click on one of the buttons on the toolbar.
How do I zoom in/out of my MT4chart?
Please navigate to Charts and select to zoom in or zoom out.
Alternatively, you can click on one of the buttons on the toolbar.
Why do I see a line chart even though I changed it to candlesticks on my MT4platform?
When there are many small candlesticks, that chart could appear to be a line chart.
To see the candles clearly, please zoom in to the chart.
Can I adjust the scale of the vertical and horizontal axes on my MT4charts?
Yes. You can do that by placing your cursor on the vertical or horizontal axis until you see a double-headed arrow.
Then please click and move the cursor upwards/downwards (vertical axis) or sideways (horizontal axis) until the scale is adjusted.
Alternatively, you can fix the vertical between two price levels.
To do so, please right-click on the chart and select “Properties”.
In the “Properties” window, click on the “Common” tab.
Tick ”Scale fix” and enter the minimum and maximum values for the scale, then click OK.
How do I change the colours on my MT4chart?
Please right-click on the chart and select “Properties”.
Click on the “Colors” tab and change chart colours as required.
Why do I only see one price on my MT4chart? Is it the bid or the ask price? How can I show the ask price on my MT4charts?
The charts only show the bid price.
To show the ask price, right-click on the chart and select “Properties”.
In the “Properties” window, click on the “Common” tab.
Tick ”Show Ask line” and then click “OK”.
How do I save my MT4chart settings?
Chart settings can be saved as templates.
Once the chart is set up as required, please right-click on it and select Template->Save Template.
Name the template and click “Save”.
Please be aware that if you need these chart settings to be your default, name the template ”Default”.
What timeframes are available for my charts?How do I change the timeframe of my chart?
On both MT4, the following chart timeframes are available:
- One minute
- Five minutes
- 15 minutes
- 30 minutes
- One hour
- Four hours
These are the basic timeframes. However, you can view other timeframes such as two minutes.Please right-click on the chart and select “Periodicity”, then the required timeframe.
Alternatively, you can select the required timeframe from the charts toolbar.
How do I scroll back on my MT4 chart to view historical prices?
First, make sure that you disable the “Auto Scroll” function on your platform, otherwise the chart will continue to revert to the most recent candle.
To do so, navigate to “Charts” and select “Auto Scroll”.
Alternatively, you can click on the “Auto Scroll” button on the charts toolbar.
To move backwards on your chart, you can:
- Click on the chart, hold and drag it towards the right, or
- Press the “<-” key on your keyboard.
- Use the ”Page Up” or “Page Down” keys on your keyboard
How can I show multiple charts on my MT4platform? How many MT4charts can I have open?
Start by opening all the charts you require, as new charts.
To arrange the chart windows so that they are all visible and equal in size, please navigate to “Window” on the toolbar and select either “Tile Horizontally” or “Tile Vertically”.
There’s no limit to the number of charts you can have open. However, the more charts you have open, the more likely your platform will slow down or freeze.
What does the volume on my MT4chart indicate?
On MT4, the volume on the chart is the tick volumes. This indicates the number of price quotes which your broker has received within a specific timeframe.
What are the charges involved in trading?
We are charging commissions and swaps when opening a trade with MaxFX.
Commission means a fix amount that the Company charges on every trade and is depending on the account type that you choose when opening your trading account.
Swap charges are defined as an overnight or rollover interest (that is earned or paid) for holding positions overnight in foreign exchange trading.
Please refer to the following link on the website for the detailed charges: https://maxfx.com/trading-conditions/#tab-id-1
Can I change my account type?
Yes, if you do not have previous trading history. If you already traded on the account, please open new account with the desired account type from your secure area.
How can I place an order?
Click the New Order button. You’ll find it in the standard toolbar.
A dialogue box should appear. From the drop-down list, select the currency pair you want to trade.
Next, select Market Execution in the Order Type drop-down list.
Enter the size of the position you want to open. Keep in mind that volume, which indicates the size of your position, is expressed in terms of standard lot sizes. Remember, one standard lot is worth 100,000 units. Hence, if you wish to buy 5,000 units of a certain currency pair, you would enter “0.05” in the volume field.
If you have any remarks or notes you would like to include about your trade, you can do so in the comment field. This is optional.
Finally, determine whether to BUY or SELL the currency pair. A dialogue box will appear to confirm that your trade has been executed.
What is a Lot?
A lot is the standard unit size of a transaction.
Depending on the financial instrument traded, the lot size is determined; e.g. a standard lot traded, for forex trading, usually consists of a contract size of 100,000 (units of the base currency).The contract size is then proportionate as per the lot indication – standard, mini or micro lot. As a result, a standard contract size of the GBPUSD is 100,000 GBP then the mini lot consists of a contract size of 10,000 GBP and the micro lot consists of 1,000 GBP accordingly.
What is spread?
All currency transactions involve a bid/ask spread.
Spread is the difference between the bid and ask prices.
When trading any financial instrument, you are offered two prices; the bid price and ask price. The bid price is the selling price and the ask price refers to the price offered for buying.
The difference between the bid and ask is called spread and varies for each financial instrument traded.
The measurement between the two prices is usually referred to as:
- Pips – for forex currency pairs
- cents – for spot precious metals
- ticks – for future (OTC): Currencies, precious metals, commodities and CFDs USA
- points – for Future (OTC): Indices, Energies, CFD Indices and CFD Energies
What is margin and leverage?
Margin Trading is trading financial instruments based on margin which is a guaranteed deposit based on a certain percentage that is requested from clients in order to open a new position. Margin guarantees the coverage of losses made by the client in the case that the market moves against him. Deposits are transferred back to the account when the position is closed or hedged.
Clients are required to maintain a minimum amount of funds for each open position held in their trading account, in accordance with the chosen leverage. These funds are known as Margin Requirements and are considered to be a guarantee and not a cost.
Leverage is defined as borrowed capital, such as margin, used to increase the potential return of an investment. In cases where the client uses leverage for an investment and the market moves in the opposite direction to the client’s expectation, the loss on the investment is much greater than what it would have been if the investment had not been leveraged. Leverage magnifies both profits and losses. The higher leverage, the higher the level of risk and the higher possibility of a profitable return or loss.
Once the free margin/available margin of a trading account falls below Margin Call level, the trading account is considered to be on Margin Call. The client is recommended to add new funds to his/her trading account in order to bring the free margin of the trading account to its required level. In cases where the trading account is not supported with additional funds and the free margin falls below the stop out level, the trading account will be stopped out.
Example of how Leverage works:
Your trading capital is10.000EUR
The leverage chosen is 1:100
This means 100*10.000 = 1.000.000EUR
On EURUSD long position opening at 1.2845, position closing at 1.2945
The difference is 0.0100 pips thus 1.000.000*0.0100 = 10.000 USD this is the profit you made.
What is a Margin Call?
A margin call occurs when, for example, a position you have is going against you. The Margin call will occur when a trading account no longer has enough equity to support the open trades.
Example: If you are using 200:1 leverage and you have a $20 account and use $10 to open a position, your trade size on the market would be $2000. Each pip would be worth approx. 20 cents. If the market moved against you by 50 pips, that would be a floating loss of $10.
Since $10 are required to keep your trade open, at a floating loss of $10.01, you will no longer have enough margin to keep your trade open and a margin call will occur. A margin call means that your broker might close your position to further protect your account.
What is the Stop-Out Level?
“Stop-Out” level means when the margin level of your account falls to or below a specified amount and your trades are automatically closed. Stop Out levels help protect your equity and prevent your account from falling into a negative balance.
What is Stop loss?
Stop loss is an order for closing a previously opened position at a price less profitable for the client than the price at the time of placing the stop loss. Stop loss is a limit point that you set to your order. Once this limit point is reached, your order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders.
Using stop loss is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK price on BUY, or above the current BID price on SELL.
What is Take profit?
Take profit is an order to close a previously opened position at a price more profitable for the client than the price at the time of placing the take profit. When the take profit is reached, the order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders.
Understanding account balances
Below you will find definitions to some common account balance terms:
Balance: Your balance is your deposits minus your withdrawals plus the profit & loss of previous positions. Your balance does not include the P&L of the current open positions.
Available Balance: This is the amount available to be used for trading. It is your current balance plus the P&L of your current open positions minus initial margins.
P&L: This is the profit and loss for all open positions (Profit + Loss + Daily premium * number of days).
Equity: This is the current account valuation. It is your balance + any unrealized P&L.
How I can calculate 1 pip of profit or loss?
Amount of Base Currency*Pips= Value in Quote Currency
- Value of 1 pip in EUR/USD= 1 Lot (100 000 €)*0.0001= 10 USD
- Value of 1 pip in USD/CHF= 1 Lot (100 000$)*0.0001=10 CHF
- Value of 1 pip in EUR/JPY=1 Lot (100 000 €)*0.01= 1000 JPY
What is the Profit Calculation for CFDs?
The profit calculation is as follows:
(Close Price-Open Price)*Lots*Contract Size
The lot size on every CFD differs. Please ref to the website or platform for more information.
How can I view my MT4 trading history?
Open the terminal window by pressing Ctrl+T on your keyboard, and select the Account History tab. Right click to enable the context menu, which will allow you to save your trading history as an .html file so that you can later view it when you log out of the trading platform.
Do you accept telephone orders?
No, we do not accept telephone orders.
Do you offer swap-free (Islamic) accounts?
MaxFX allows swap free accounts to those of Muslim faith in observance of Shariah Law.
For more information, please click here.
Why are rollover rates tripled on Wednesdays?
When placing a trade in the spot forex market, the actual value date is two days forward, for instance, a deal done on Thursday is for value Monday, a deal done on Friday is for value Tuesday, and so on. On Wednesday, the rollover amount is tripled to compensate for the following weekend (during which time rollover is not charged because trading is stopped at weekends).
Does the Company offer negative balance protection?
The Company offers negative balance protection to all clients as part of the Agreement with a client, as long as it is not manipulated. The interests of our clients is our primary objective therefore, we ensure that clients may never lose more than their total deposits.
I forgot my MT4 password. What should I do?
You can set new password to your MT4 account after logging in to your secure area. After you access the client area, click at the account number, which you wish to reset the password for and chose padlock icon.
How do I change my MT4 password?
The process of changing password is the same as in case of forgetting password.
Can I change the Leverage in my account?
Yes, however you must consider the leverage policy. In order to request leverage change, please issue a request from your secure area by filling a form under “Request Leverage Change” or send an email to firstname.lastname@example.org
What is the minimum and maximum order size?
Minimum order size is 0.01 lot. Maximum order size is 100 lots.
What is a Market Order?
Market order is a commitment to the brokerage company to buy or sell a security at the current price. Execution of this order results in opening of a trade position.
What is a pending order?
A pending order is the client’s commitment to the brokerage company to buy or sell a security at a pre-defined price in the future. These type of orders are used for opening of a trade position provided the future quotes reach the pre-defined level. There are four types of pending orders available:
Buy Limit – buy provided the future ‘ASK’ price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation that the security price, having fallen to a certain level, will increase;
Buy Stop – buy provided the future ‘ASK’ price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation of the security price, having reached a certain level, will keep on increasing;
Sell Limit – sell provided the future ‘BID’ price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation that the security price, having increased to a certain level, will fall;
Sell Stop – sell provided the future ‘BID’ price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation that the security price, having reached a certain level, will keep on falling.
What is secure area?
Secure area is client’s online profile management tool, which allows client to manage funds, accounts, access deposits and withdrawals reports, submit documents and requests in regards of the accounts, etc.
What function secure area provides?
Secure area allows you to submit all documentation needed to validate your account, open new demo and live accounts, fund your trading account, request leverage changes, submit bank account details, submit and track the processing of withdrawal requests, request funds transfer, reset platform passwords, contact Support Department, etc.
What are the not accepted countries?
We do not provide our services to the residence of the following countries: North Korea, Iran, Japan, Belgium and citizens of USA regardless of the country of their residency.