Trading Terms

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  1. What type of account should I open?

    NordFX provides various types of trading accounts both for beginners in the Forex market and for experienced traders. The choice of account types depends on your goals, experience, the deposit amount and, possibly, other individual factors. You can get acquainted with the trading conditions of the proposed types of accounts in the "Accounts" tab on the company website www.nordfx.com and then register the appropriate type of account.

  2. In what currency can I open an account?

    Trading accounts are available in US dollars (USD) or Euro (EUR).

  3. How do I open an account?

    To open a trading account, follow these steps:

    1. Fill out the registration form by clicking on the link https://account.nordfx.com/account/register. The account registration is free.
    2. After successful registration of a trading account you will be shown a page with the account details, including PIN code. Copy this PIN from the registration page and store it in a safe place.
    3. Further, a notification will be sent about the opening of a trading account with the account data, except for the PIN code, to the email address that you specified.
  4. How to open a demo (training) account?

    Demo accounts are free of charge and have no restrictions as for time validity. It is necessary to consider that if the demo account is inactive for more than 14 days, it will be removed. You can open a new demo account in this case.

    You can register a demo account in the following ways:

    1. In the trading terminal MetaTrader 4 when you run it for the first time. The window of the demo account registration appears when you first start the trading platform. Upon completion of the registration procedure, the data of the demo account will be displayed. In addition, you will receive a message with the account password, by internal mail in the trading terminal. The message can be read in the "Terminal" window, in the "Mailbox" tab.
    2. At any time, in the trading terminal MetaTrader 4. The demo account Registration Form can be opened using the "File" menu - "Open an Account" or right-click on the "Accounts" section in the "Navigator" window and select "Open an Account".
    3. A demo account for MT4 can also be opened in the real account Trader's Cabinet. To do this, use the appropriate sections of the "Open a MetaTrader 4 demo account ".
  5. What is the login (account number) and the Trader's password?

    Your username and password are used for authentication in the trading terminal, as well as in the Trader's Cabinet, where you can make non-trading operations on the account, including funds deposit and withdrawal.

  6. What is the investor’s password?

    The investor’s password is used to access the trader's trading account, but only to view the account status and the quotes, without the right to perform trade operations. It can be used by investors to watch the state of the account in the trading terminal.

  7. What is the phone password for?

    The phone password is the code word that is used to identify the trader when contacting the Customer Support.

  8. What is the PIN code?

    Your personal PIN code is used to confirm transactions on funds withdrawal from your trading account. All requests for withdrawals, not confirmed by the PIN code, will be automatically rejected. Please note that the PIN code is displayed only on the registration page after opening a trading account and is not sent by e-mail together with the rest of the account data. You need to keep the PIN code on your own.

  9. Do I need to submit any documents when registering an account?

    When registering a trading account, the documents are not required. However, in some cases a verification of accounts is required, for this purpose you need to provide 2 documents confirming the identity and the address specified when registering the trading account.

  10. What is the account verification, and when is it required?

    The account verification is the process of confirming the client's identity. To verify the account, you need to download scans of two documents in the tab "Upload documents" in the Trader's Cabinet:

    1. State ID card (passport, ID or driving license);
    2. Documents confirming residential address. It can be a utility bill, gas, telephone, Internet bill or a bank statement. The document must contain your name and address, declared when registering the account, and information about the company which issued the bill, or information about the bank that issued the statement. The document must be in hard copy and not older than 6 months.

    Verification of documents is carried out within 1-3 business days.

     

    Verification is required in the following cases:

    1. When using bank cards for funds deposit or withdrawal,
    2. To obtain a Partner status
    3. Can be requested in other individual cases in accordance with the Client Agreement.
  11. How to open a real account in MetaTrader 5?

    MT5 offers a real account "Standard-MT5» (https://nordfx.com/MetaTrader_5.html). To open this account:

    1. Register a "Standard" account (MT4) on the company's website: https://account.nordfx.com/account/register.
    2. Send this account number by email to support@nordfx.com and request opening of "Standard-MT5" account.
    3. Upon receipt of the application the MT5 account details will be sent to your e-mail, which was declared when registering the account.
  12. Is it possible to change the account data after its registration?

    The account data can be changed when you contact Customer Support as follows:

    1. The name of the account holder cannot be changed, but it can be supplemented or corrected, if it has been specified incompletely or incorrectly. To correct the name and the address in the registration of an account please send a request (in a free form) to email verification@nordfx.com, and specify there the account number, the correct data and the phone password.
    2. To change or correct the phone number, email address and the leverage you need to send a request (in a free form) to email support@nordfx.com, indicate your trading account number, the correct data, the phone password, and provide a scanned copy of the document confirming your identity.
  13. How can I change the password?

    The trader's and investor's passwords can be changed by you in the MT4 trading terminal. This requires the current trader's password. Sign in to the account in the MT4 terminal, go to "Tools" - "Settings" (or use the key combination Ctrl + O), click on the tab "Server" and click "Change." In the window that appears, you need to specify the current trader password (master password), select the type of the password to be changed - the trader's or the investor's - and to enter a new password twice.

    The phone password and the PIN code can only be changed by a request to the Customer Service. To do so, send a request to email support@nordfx.com, specify the account number and attach the scans of two documents certifying the name and address in the account registration data.

  14. Is it possible to change the account type and the account currency?

    The account type cannot be changed. You can open a new account of another type. The account currency cannot be changed either. You can register a new account in another currency (USD or EUR).

  15. How do I restore the trader's password?

    The trader's password is stored in encrypted form and, unfortunately, cannot be restored. You can only create a new password. To do this, you must write to email support@nordfx.com and declare that you lost your trader's password and want to set a new one. The request should also include your trading account number, the phone password and you need to attach the scans of two documents confirming the name and address specified in the registration of the trading account. After successful verification of the data a new trader's password will be sent to your e-mail.

  16. How do I restore the phone password?

    In order to restore the phone password, you need to write to email support@nordfx.com and declare that you lost the phone password, and want to set a new one. The request should also include your trading account number, and you need to attach the scans of two documents confirming the name and address specified in the registration of the trading account. After successful verification of the data a new phone password will be sent to your e-mail.

  17. How do I recover the PIN code?

    The PIN code is stored in an encrypted form and cannot be recovered. To obtain a new PIN code, you must send a request to e-mail support@nordfx.com. In the application, specify your trading account number and attach the scans of two documents:

    1. State ID card (passport, ID or driving license);
    2. Documents confirming residential address. It can be a utility bill, gas, telephone, Internet bill or a bank statement. The document must contain your name and address, stated when registering the account, and information about the company, which issued the bill, or information about the bank that issued the statement. The document must be in hard copy and not older than 6 months.

    After successful verification of the data the new PIN-code will be sent to your e-mail.

  18. What leverage is it better to use?

    When choosing the leverage, you need to consider the following - the higher the leverage, the less the amount of the margin when you open a transaction, and vice versa. The leverage helps to determine the most optimal trading strategy for you - a lower leverage reduces the potential losses in the event of an unfavourable situation on the market; a higher leverage increases the risk, but at the same time it increases profits.

  19. Take Profit (or Stop Loss) hasn't worked, or the pending order hasn't opened, though the set price level has been reached. What should I do?

    Each quotation contains information on two prices: Bid (Bid) - the price at which orders to sell are executed, and Ask (Ask) - the price at which orders to buy are executed. The difference between these two prices is called spread.

    The historical chart only shows only the Bid price. You should take into account the impact of the spread when the orders are executed.

    You can also contact Customer Support at support@nordfx.com for clarification. In your request, state the account number, the number (or numbers) of transactions, the phone password, and the situation in question.

  20. Why has the order been executed at a wrong price?

    a) Most likely, there was a price gap.

    It occurs in two possible cases:

    • The Bid price of the current quotation is higher than the Ask price of the previous quotation;
    • The Ask price of the current quotation is less than the Bid price of the previous quotation.

    In case of price gaps the order execution is as follows:

    • The pending order, whose opening level and the Take Profit have got into a price gap, is cancelled with the note in the comment «cancelled / gap»;
    • The Take Profit order, the level of which is in the price gap, is executed at the price specified in the order;
    • The Stop Loss order, the level of which is in the price gap, is executed at the first price after the price gap. The note «sl / gap» is placed in the comments to the order;
    • The pending orders Buy Stop and Sell Stop are executed at the first price after the price gap. The mark «started / gap» is placed in the comments to the order;
    • The pending orders Buy Limit and Sell Limit are executed at the price declared in them. The mark «started / gap» is placed in the comments to the order (See para. 8.5 of the "MetaTader" Regulation in the legal information on the company website www.nordfx.com).

    b) There happened a so-called "Spike" or a non-market quotation. It is characterized by a significant price gap, return of the price for a short period of time to the initial level with a price gap, the lack of rapid price dynamics before the appearance of this quotation. Transactions at non-market quotations are not executed on trading accounts, and if executed, they are cancelled, and the spike is removed from the archive of quotations. The transactions are not cancelled at training accounts.

  21. Why has an order closed without my knowledge?

    A forced closing of orders may occur in the following cases:

    • Margin Call. A Margin Call Event occurs when the margin level in the account drops to or below a specified level - 40% for the "Micro" accounts, "Standard" (the MT4 and MT5) accounts, 100% for accounts "MT-ECN". In this case the NordFX Company is entitled, but not obliged, to close one or several of the most unprofitable customer positions depending on market conditions.
    • Stop Out. A Stop Out Event occurs when the Margin Level in the account drops to or below a set level - 20% for "Micro", "Account 1:1000", "Standard» (MT4 and MT5) accounts and 50% for the accounts "MT-ECN". In this case, in order to prevent the formation of the negative balance on the account, the company NordFX is entitled to close one or several of the most unprofitable positions without the Customer's consent and without any prior notice.

    The Stop Out is executed at the current market price in the order of the common queue of orders from customers. A forced closing of positions is accompanied by a corresponding record in the server log-file with the comment «Stop Out» or «SO». The mark «SO» is also put in the comments to the order in the terminal in the "Trade" tab.

    The levels of Margin Call and Stop Out are stated in the account types specifications on the company website www.nordfx.com.

    The Margin Level is expressed as a percentage ratio of the expression of free funds (equity) to the necessary margin (margin). The Margin level is calculated as follows: equity / margin * 100% where equity is the current account balance (balance + floating profit minus floating losses); margin is the amount of margin for an open transaction.

  22. The total account balance is negative. What should I do?

    Contact the Customer Support at support@nordfx.com and request to reset the account balance. Be sure to state the trading account number.

  23. I forgot the password to my demo account. What should I do?

    After a demo account is opened, the password to the MetaTrader is sent to the MetaTrader internal mail. Please Check if the message with the password is still in your Mailbox ( "Terminal" window / tab "Mailbox"). If you cannot find your password in your MetaTrader mailbox and cannot remember it, you can contact the Customer Support, your password will be sent to the email address, which was used when opening a demo account.

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