Q. How long does it take to open an account?
A. Creation of trading account is immediate. You register and will receive an Email with your login details. However, it may take up to 24 hours to validate your personal documents to fully use your account.
Q. What is the minimum amount for opening a trading account?
A. There is a minimum of 100$.
Q. What documents are required for an account?
A. Front and back copy of your identification card/passport, proof of address document (recent utility bill or bank statement) dated within the last three months and in order to do any kind of withdrawls to your bank your your bank account details are needed as well. (name and bank account number clearly stated within the same document, you may omit your bank balance).
Q. What is the leverage, margin call and stop out level of my account?
A. The default leverage is set at 1:100, margin call is at 150% and stop out at 100%.
Q. Can I change the leverage on my account?
A. A maximum of 1:200 leverage will be given if clients total deposit are more than US$5,000. To request for a higher leverage, please contact our support staff or send a mail with subject ‘Leverage Review’ to [email protected] for a review.
Q. Do I need to download any software before I start trading?
A. We provide you with the Software either MT4 or MT5 which can be downloaed in our member area.
Q. I forgot my password. What should I do?
A. Click on the “Forgot Password” link here to retrieve your password. Enter your Email in order to receive reset instructions.
Q. What is the safety of my funds with FX Nextgen?
A. FX NextGen maintains isolated client accounts to ensure that client funds are fully segregated from FX NextGen’s own funds at all times. Client accounts have the required checks to ensure that they are used for clients’ funding purposes. All client funds deposited at FX NextGen are completely separated following our strict policies and procedures, with activities monitored and reviewed by our external and internal parties. As a client, you can be assured that your funds are safe.
Q. Where do you get your price feeds from?
A. We obtain our raw feeds from our prime brokers. (JP Morgan, Barclays, SaxoBank etc)
Q. What are the countries that you do not accept?
A. We do not offer our services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria, Japan and North Korea. This list will be subjected to changes based on regulatory requirements.
Q. What are the different payment methods I can use to fund my account?
A. For online payment, we accept bitcoins. Furthermore we accept bank transfers to our corporate accounts. Please click here for more information. Alternatively, you can find funding information in your Client Portal by logging in here.
Q. How do I deposit funds into my trading account?
A. Deposits can be made via online payment or bank transfer. In order to make a deposit, log into our Client portal and select the ‘Deposit’ area. Within in the prcocesss you can choose your deposit source e.g. bank transfers, bitcoins. Please note that bitcoin payments are immediate while bank transfers can take up to 2-5 working days to be processed depending on the method used. You will be guided thorugh the payment process and receive all necessary information like bank account details.
Q. What should I do after I made a transfer to FX Nextgen?
A. You should wait till you receive an email confirming the status of your payment.
Q. Which currencies can I use to deposit funds ?
A. You can deposit funds in 2 base currencies: USD and EURO. Your trading account is denominated in USD. If you deposit funds in a currency different than your base currency account, it will be converted into the base currency of your trading account by us at the prevailing rate at the given time. Please refer to conversion rate here.
Q. How do I request for a withdrawal?
A. Log in to your Client Portal here and head over to the “Withdrawl” section, then follow the instructions.
Q. How long is the withdrawal process?
A. We will process your withdrawal once we received your request, which will usually take 1 working day. However, please expect up to 5 working days for funds to be available in your bank account as funds transferred to other banks will be subject to their processing and clearing.
Q. Where will I receive my withdrawn funds?
A. You will receive your initial deposit via the payment method initially used with the excess funds sent to your bank account (from the upload phase during live account creation). For example, you made a deposit of US$1,000 through credit card and profited US$200 and request for a full withdrawal, we will refund US$1,000 back to your credit card and US$200 back to your bank account.
Q. Can I withdraw funds when I have open positions?
A. You are able to withdraw funds if you have open positions on your platform. Please note that your free margin must exceed the amount specified in the withdrawal instructions, including all payment charges. You will not be able to make a request if you have insufficient funds.
Q. Can I withdraw funds at anytime from managed pools?
A. Our managed pool accounts are restricted to withdrawing only profits during a period of 3 months (trading cycle) and just on weekends. Your complete funds are available again after one trading cycle.
Q. What are the relevant fees per payment method?
A. FX Nextgen does not charge any fees for deposits made through bank transfers. Your respective banks or payment providers however might charge you additional fees. Deposits made with bitcoins are subject to a 0,5% surcharge and Sofort banking transfers payments will add a 1,5% surcharge.
Q. Are there any trading restrictions? (Important!)
A. As a STP brokerage, there are no trading restrictions and we allow the usage of EAs and strategies. However, from past experiences, we have noted that the Liquidity Providers have issue claw backs on profits gained from HFT, scalping, arbitrage and/or other off market trading strategies that has an unfair advantage over them. Therefore, you understand the risk by using such strategies.
Q. What kind of execution does FX NextGen adopt?
A. We believe in placing the best interests for our clients. Hence, we operate under a STP model, where clients trades are passed on to Tier 1 liquidity providers for execution.
Q. What happens if my account goes negative?
A. FX NextGen takes all measures to inform our Client when their account drops below a certain threshold level. Margin call and stop out level are also in place to safeguard the Client’s funds as well as Company’s interest. However, should Client’s account go negative, we will not be liable for the Client’s losses. All negative equity should be repaid back to FX NextGen, unless otherwise agreement of waiver by the Company.
Q. What are the trading hours?
A. Trading hours are round the clock, starting at 00:00 Monday and closing at 00:00 Saturday server time. Server time is GMT + 2. (GMT + 3 applies during daylight saving/summer time)
Q. The price on the chart is different than the price appearing on my trading terminal. Why?
A. The chart shows the Bid price by default. A Buy position is opened with the Ask price and closed with the Bid price. You have to add the spread on the Bid price to find the Ask price. Therefore the difference in price is due to the spread.
Q. My order got stop-out. Why?
A. Your order will be stop-out when the margin level (Equity/Used Margin) of your trading account goes below 100%. Your positions will start closing starting from the most unprofitable. You may refer to the “Calculations” tab to learn more.
Q. Do you support Trailing Stops and Expert Advisors?
A. Our MT4/MT5 platform supports such functionalities. Please be aware that trading operations using additional functions on your client terminal such as Trailing Stop or Expert Advisor are executed completely under your responsibility, as they depend directly on your client trading terminal.
Q. What is the difference between the balance and the equity that appears on my trading platform?
A. The balance illustrates your closed positions’ Profit/Loss while the Equity is the real time calculation of Profit/Loss i.e. taking into account both open and closed positions.
Q. Why can’t I trade some symbols?
A. Your account may be of a variable spread setting and therefore, you may be selecting the wrong symbol to trade. You should select currency symbols that have a dot (“.”) at the end. These are called variable symbols. Symbols without the dot (“.”) at the end are fixed rates and may not be available in your account. Go to the MT4 market watch, right click and select “Show All” for them to be displayed – if not already visible. This also explains why certain instruments are not copied from your master.
Q. Why can I not trade a given future?
A. Futures have expiration dates and trades cannot be opened after their Last Trading Date. A new contract will be made available thereafter. Go to the MT4 market watch, right click and select “Show All” for them to be displayed – if not already visible. Otherwise, refer here for the expiry calendar on our future contracts.
Q. I had a trade in a future that closed by itself without me closing it. Why is that?
A. Positions in futures contracts that have not been closed by the Last Trading Date will automatically close at their last quoted price. Refer here for the expiry calendar on our future contracts.
Q. Why didn’t my Take Profit triggered, while the chart reached the price I had set?
A. Sell positions are closed with the Ask (Buy) price. The price the chart is showing is the Bid (Sell) price, which is lower than the Ask price. You need to add the spread to the price that you see in the chart in order to get the Ask price.
Q. Why was the swap that I was charged so high on certain days?
A. On Wednesdays, the charges for regular swap will be tripled. This is made in order to take the weekend into account.
Q. Why are the spreads higher after 2300 hrs?
A. From 23:00 to 02:00 server time, all markets are closed and therefore there is very low liquidity in the market.
Q. Can I login to multiple platforms at the same time?
A. Yes. Our platform is streamlined across 3 platforms – Mobile, Tablet and MT4/MT5. With a unified log in system and shared wallet.
Q. Why can’t I login to MT4/MT5?
A. Look to the bottom right corner of the platform and check if it’s showing all red. Check if you have your Caps Lock on and try again.
Q. I got an error message that says “Trade Context is busy”, how this can be solved?
A. Restart your MetaTrader 4 / MetaTrader 5 terminal by simply closing it and launching it again.
Q. Do you have a user manual on your platforms?
A. Yes, please login to your Client Portal and find them under the “Documents” section.
Q. Where is your technology from?
A. Our technology partner is based in Russia. We purchased it from them and rebranded it under our Company’s name.
Q. Where are your servers located?
A. It is located in Equinix NY4 New York and several other locations.
Q. How much margin is being used per trade?
A. Margin Used = Units Opened * Leverage * Base Currency in USD.
For example: 1 Lot of USDCAD
Margin Used = 100,000 * 0.01 * 1 = US$1,000
For example: 1 Lot of GBPUSD
Margin Used = 100,000 * 0.01 * 1.4000 = US$1,400
Q. How much is 1 pip (0.0001)?
A. If you are trading Forex pairs with USD as the quoted currency (EURUSD, GBPUSD, AUDUSD), 1 Lot for 1 pip is always US$10 | 0.1 Lot is US$1 | 0.01 Lot is $0.1 |
If you are trading Forex pairs when USD is NOT the quoted currency (EURCHF, EURGBP, GBPAUD), 1 Lot for 1 pip is in the respective quoted currency. 10 CHF is US$10.30 | 10 GBP is US$13.07 | 10 AUD is US$7.48 |
Q. What does Margin Call at 150%, Stop Out at 100% means?
A. Margin Level Percentage = Equity / Margin Used * 100%
For Example: If you have an equity of US$5,000 with margin used of US$1,000 on 1 Lot of USDCAD,
When your account falls by -US$3,500 (350 pips), your equity will be at US$1,500 which is 150% of your margin used. This is where you get an alert on your platform or Margin Call.
When your account falls by -US$4,000 (400 pips), your equity will be at US$1,000 which is 100% of your margin used. This is where you get Stopped Out. Should you have more than one open positions, the one with the largest loss will be closed off first.
Please note that it is your responsibility to monitor your account margin utilization and open positions so as to prevent getting stopped out. Take immediate actions by depositing into your account when you are having a Margin Call to prevent it from being Stopped Out.