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What services are provided?
Offers 24-hour real-time dealing prices that can be accessed over
the internet or by phone. A charting package with technical analyses.
Customers can access their accounts through an account summary which
shows all previous trades, orders and real-time P&L on their
positions. Also, for traders and money managers you can manage multiple
accounts controlling each account separately or grouped as one.
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Can I deal on the phone
as well as the internet?
Telephone dealing is available to clients. Some clients use the
phone to make trades or check currency levels if they are away from
their computers. top
How do I withdraw money
from my account?
A client can have money mailed to their bank account within 3 to
5 business days. A fax or letter sent from the client stating the
amount they wish to have withdrawn. Partial withdrawals are permitted
provided margin requirements of the open positions are fulfilled.
Please fill out a Withdraw Request. top
What hours can you trade,
are you open 24 hours a day?
Market hours are from 5 p.m. EST on Sunday to 4 p.m. EST on Friday.
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Can I place limit and
stop loss orders?
Limit orders and stop loss orders are available to our clients at
no charge. top
How Do I open an Account?
The customer agreement is online on our website. We can also mail
all necessary information to you. top
How large is the Foreign
Exchange Market on a daily basis?
Between $800 billion to $1.6 trillion changes hands every day. top
Who is responsible for
the size of this market?
International banks, multi-national corporations, and large brokerage
houses that trade in huge volumes of currencies. top
Can I trade if I am changing
my place of living or if I'm traveling?
As long as you have a laptop (and access to a telephone) you can
trade from anyplace in the world. You can also trade by phone with
our 24 hour dealing desk. Please keep us updated with your new address,
phone numbers and e-mail. top
Do you recommend people
to open a demo account before opening a real account. Is there any
difference between the two?
Yes, every investor should use the trading platform before opening
a live account. This will give the investor a better level of understanding
on how the Foreign Exchange Market moves and increase the comfort
level for the investor as to whether this is a good investment strategy.
The difference between demo trading and live trading is simply using
simulated versus real funds. Demo fills are done automatically by
the computer based on the on-screen price, while real trading relies
on dealers accepting the trades. Because of volatility of price
movement, not all market orders are executed. top
What is a "margin
call?"
A margin call is simply the established dollar limit below which
a trader is not permitted to go. A margin level not only reduces
credit risk, it also protects the integrity of the market. top
What do the terms "bid/ask"
and "spread" mean?
Bid is the highest price that the seller is offering for the particular
currency at the moment; Ask is the lowest price acceptable to the
buyer. Together, the two prices constitute a quotation; the difference
between the two is the spread, that is, the difference between the
price offered by a dealer willing to sell something and the price
he¡¦s willing to pay to buy it back. In a trading situation
consider the figure $/Y 115.05/10. What this figure means is that
we would be able to offer you yen at .05 but is willing to buy it
back at 10. As a trader, the spread is inherently important to know
because your desire to obtain or liquidate your position on the
market will be effected by the spread. top
What do the phrases "going
short" and "going long" mean?
First of all, you have to realize that the understanding of these
terms is relative to what is being discussed. Generally speaking,
when you go long a currency it means you bought it and are holding
it in the expectation that it will appreciate in value. By contrast,
going short means you¡¦re selling currency in the expectation
that what you¡¦re selling will depreciate in value.
Specifically, if you¡¦re going long Sterling, it means
you are buying or holding onto Sterling. At the same time, when
you buy Sterling it means you¡¦re shorting the dollar.
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What is the difference
between liquidity and volatility?
Liquidity is the possibility to maneuver around the market, i.e.,
buying or selling with any quantity of financial product (stocks,
bonds, etc.). Volatility is the average movement in any given period
of time. The higher the average, the higher the volatility. top
What is the minimum
amount needed to open an account?
Our minimum account size is $2,000 for
regular trading and $300 for Mini trading. top
Does the foreign exchange
market operate like the securities market?
No. Unlike the securities market,
there is no central, geographic location such as the New York Stock
Exchange (NYSE) where transactions are bid and cleared. As a result,
foreign exchange trading requires the use of state-of-the-art technology
to allow its investors to communicate instantly, 24 hours a day.
Currency rates are influenced by supply and demand, making the foreign
exchange market highly volatile. Average foreign exchange trading
volume exceeds $1.6 trillion daily, compared to $50 billion in stock
trades on the heaviest day in NYSE. top
When are the
interest rates added?
The interest rates are added at
5 p.m. EST. top
Why is GBP and EUR inverted?
It is simply an Forex convention, a tradition derived from the
fact that historically GBP has been relatively more expensive than
the USD. And now EUR too. top
What is a "pip"?
The smallest price movement available
in an instrument. For example, USD/JPY 118.48/53 shows a 5 pip spread,
and EUR/USD at 0.9517/22 also shows a 5 pip spread. For most currency
pair quotes 1 pip is equivalent to 1 basis point (0.01%). top
In case of systems'
failure, can clients still execute their trades?
Clients can call the 24 hour manual
dealing desk. If the system failure is on the client's side, the
dealer will execute the trades as per verbal instructions of the
client, which is recorded over the phone. If the failure is on the
mainframe of our system, liquidation and stop loss orders will be
taken manually and adjustments will be made once the system is back
on. NO NEW OPEN POSITIONS will be taken in this situation. top
How to save and print
charts?
Follow these simple steps:
- Open a chart
- Click Edit-->reverse colors
- Click Edit-->set to print
- Press "Print Screen" on your
keyboard
- Open an image editor (for MS Paint - click
Start --> Programs --> Accessories --> Paint)
- In MS Paint: Click Edit-->Paste
- In MS Paint: Click File-->Save
- In MS Paint: Click File-->Print top
If I opened 2
sub accounts, how will system calculate my margin and balance -
as combined margin and balance or separately?
Separately for each of your sub
accounts, which are the same independent trading accounts as all
others, so our margin requirements are appied for each account,
so having more money in one account will not save you from having
a margin call on another if there is not enough usable margin there.
To avoid such situation - please monitor your accounts constantly
and transfer funds from one account to another. top
What are your commissions
and fees?
Phi Capital Management does not
charge commissions. Prices quoted are inclusive of our normal dealing
spreads, which are Interbank dealing spreads or less on all major
currencies, including US Dollar, British Pound (Sterling), Japanese
Yen, Euro, Swiss Franc, Canadian Dollar, and Australian Dollar.
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About how long will the
setup file take to download?
- 56K: 15 minutes
- ISDN (128K): 7 minutes
- DSL/Cable/T-1: 1-3 minutes top
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