WHERE ARE MY FUNDS HELD?
Ghana FX is committed to ensure the protection of the funds lodged by its’ clients. The client accounts are held at one of the world’s safest and strongest banks, Barclays Bank PLC who are fully regulated and guaranteed.
WHAT HAPPENS WHEN I OPEN A TRADE?
Ghana FX does not operate with a dealing desk – this means that we are solely compensated by a percentage of the spread and so have your best interests in mind at all times.
All transactions made through our trading platform are passed straight through to be processed and controlled by our various liquidity providers.
CAN I HOLD POSITIONS OVER THE WEEKEND AND MAJOR HOLIDAYS?
Yes, you may hold positions over the weekend and major holidays, but make sure you review your margin balance to cover any negative move against your open positions. It’s not uncommon for currencies to “gap” – trade at prices considerably away from previous levels – when they re-open for trading after a holiday or weekend. This may negatively impact your excess margin. We suggest you keep a cash “cushion” in your account in order to help protect against automatic liquidations of your positions to meet margin requirements.
WHAT HAPPENS TO MY OPEN POSITIONS AT THE END OF THE TRADING DAY?
Unless specific settlement instructions are provided, Ghana FX will automatically roll forward all open positions to the next day’s value date at the end of each business day, 5:00 pm EST. All rolls will be done at competitive rollover rates, and depending on the currency pairs involved, trades will be executed where the trader will either earn or pay away points, depending on the interest rate differential between the two currencies and the margin employed on the trade.
WHAT’S THE DIFFERENCE BETWEEN A PRACTICE AND LIVE TRADING ACCOUNT?
The only difference is that there is no capital at risk when trading in a practice account. Ghana FX’s practice account is fully functional and, more importantly, the bid/ask rates available in a practice account are the EXACT rates available to our live trading clients. The practice account allows you to see firsthand the consistent dealing spreads offered by Ghana FX and sample the ability to deal instantly from live, streaming quotes.
WHAT ARE THE MOST COMMONLY TRADED CURRENCIES IN THE FX MARKETS?
The most often traded or ‘liquid’ currencies are those of countries with stable governments, respected central banks, and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies, which include the US Dollar (USD), Japanese Yen (JPY), Euro (EUR) , British Pound (GBP), Swiss Franc (CHF) , Canadian Dollar (CAD) and the Australian Dollar (AUD).
WHAT DOES IT MEAN HAVE A ‘LONG’ OR ‘SHORT’ POSITION?
In trading parlance, a long position is one in which a trader buys a currency at one price and aims to sell it later at a higher price. In this scenario, the trader benefits from a rising market. A short position is one in which the trader sells a currency in anticipation that it will depreciate. In this scenario, the trader benefits from a declining market. However, it is important to remember that every FX position requires a trader to go long in one currency and short the other.
I CANNOT LOG INTO MY TRADING ACCOUNT BUT I NEED TO CLOSE AN OPEN POSITION, WHAT DO I DO?
In the rare event that you cannot log into your account you may close a position over the telephone 24 hours a day. Simply phone our customer services on +233 (0) 302 66 2768 or click on the 24 hour live chat button located on the top of our website. You will be asked for your account login details and password for security reasons before your request can be executed.
IS THERE A DEBIT BALANCE RISK? CAN I LOSE MORE MONEY THAN I DEPOSIT?
Not with Ghana FX. We guarantee your account will not go into debit as a result of trading. One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At Ghana FX, your maximum risk of loss is limited by the amount in your account. All accounts are tracked and configured to automatically trigger removal of all your positions from the market before your account goes negative.
MY LEVERAGE RATIO IS 1:100 – HOW MUCH MARGIN DO I NEED TO OPEN A 0.1 LOT IN GBP/USD?
If, for example, the GBP/USD exchange rate is 1.6507/1.6509 and you buy 0.1 lot at 1.6509 (the ask price). This means that you buying 10,000 GBP @1.6509=16,509 USD. To fund this position we require a margin of 1% (because leverage is 1:100) so you need 165.09 USD on your account and not 16,509 USD. The rest of the money (in our example 16,343.91 USD) is leveraged to you by Ghana FX.
HOW DO I MAKE A WITHDRAWAL?
Ghana FX has an automated funds withdrawal which allows our clients to request a transfer of funds from their trading account balance. In compliance with International money laundering laws we will not allow any third party payments.
WHERE ARE MY FUNDS HELD?