FAQ
Forex & Trading
What is Forex?
Forex and ‘FX’ are shortened terms used for ‘Foreign Exchange’. Foreign exchange or ‘currency trading’ is the exchange of money from different countries. The value of one country’s currency is constantly changing against the value of another country’s currency. Forex traders make money through buying and selling currencies in this market.
What is Day Trading at GSI Markets?
Day Trading deals are usually opened and closed on the same day. It is possible for a day trading deal to last longer than one day. When a trader wants a trade to continue, the deal is automatically renewed at 22:00 GMT each night, until the deal closes. Day trading is becoming more popular now that more people use the Internet. As long as the deal is open you will be charged a renewal fee every night at 22:00 GMT for all deals that are still open.
If you have insufficient funds in your account, your credit card may be charged or the deal closed – refer to Terms and Conditions regarding this issue.
What is Margin Requirement?
Margin requirement is the amount of capital you need in the account balance to maintain your existing exposure. When you open a trade you must have sufficient equity to cover the margin costs, or requirement of that position. The margin requirement level must be maintained over and above any profit or losses on your account.
Margin requirements depend on the product type and can range from 0.20% to 5%. Margin requirements are calculated per position and it is important that you understand the required margin before you open a trade.
If your existing exposure is close to exceed the amount of available margin in your account, you will be notified with a margin call to support your open positions. When your available margin does not support the exposure, the positions will be automatically closed to protect your account from further exposure.
What is a Forward deal?
A forward deal is a contract where the buyer and seller agree to buy or sell an asset or currency at a spot rate for a specified date in the future (usually up to 60 days). Forward contracts are conducted as a way to cover (hedge) future movements in exchange rates. Margin spreads are higher than in Day Trading with no renewal fees.
What is a Limit Order?
A limit order is where you nominate a rate at which you want to open a deal. When and if this rate occurs in the market, your ‘reserved’ deal is automatically opened. Once the deal is opened, it is treated like a Day Trade with the trade details appearing in 'My Account'. GSI Markets does not charge for this service. This saves you watching the market every minute to see whether the rate you want happens.
How do I know which currency will go up or down?
International currency prices are highly volatile and very difficult to predict. Due to such volatility, there is no system that can assure you that transactions on the foreign currency market will result in great benefits to you, nor is it possible to guarantee that your transactions would yield favorable results. In order to succeed in this market, one must follow assets and work closely with financial representatives.
What should I look for in an online trading platform?
There are many online platforms available to trade with. Go to Trading Features to see what the GSI Markets platform offers at a glance.
Some key points to look for in the platform you choose:
· High level of personal service and support – Live Chat, Ticket System
· Personal 1-on-1 training
· Ease and speed at which a trader can get started
· Trading tools offered including charts, outlooks, news & financial calendars
· User friendly platform – Does the company provide all services or will you need to sign up for 3rd party assistance and software.
· Easy deposit methods – Credit Cards, e-Wallets, Wire Transfers
· 24-hour access to your account
· Leverage amount
· Tailor-made accounts and spreads
· Real-time exchange rates
· NO hidden costs – NO commissions on deposits or withdrawals
· NO maintenance margins
· Cost of renewal/rolling fees for Day Trades
· Fixed rates and stop loss limits
· High level security of the website, platform and your info
· 24-hour assistance available through one of our worldwide offices
What is Robot Trading/Auto Trading and how can we implement it?
A trading robot, also known as an expert advisor, is a computer software/algorithm based on a set of rules and trading signals, which helps determine whether to buy or sell a currency pair at any given time. Forex robots are designed to remove the psychological element of trading, which some traders may find difficult.
GSIMarkets offers about 1000 different robots for traders to use at their convenience. Every robot works in a different fashion and achieve different profit percentages. Please refer to our “Robots” page to learn more about the trading programs you can utilize in your account.
Traders should be advised that most trading robots will not be able to act in accordance with sudden developments in the markets, and certain amount of monitoring would be required for proper risk management.
Account & Banking
How do I open an account?
Open an account by going to our website: https://www.gsimarkets.com/
All you have to do is fill in the information in the box that says QUICK START. Once this is done, click on OPEN A REAL ACCOUNT which will take you to a page that says REGISTER ACCOUNT, fill in your details, create a password, check the terms and conditions box and all other related boxes then click on CREATE MY ACCOUNT.
In the PERSONAL DETAILS page, fill in the information and click the CREATE MY ACCOUNT button. You are now on your personal home page and can make a deposit online using your credit card. All you need to do if complete the DEPOSIT INFORMATION and click on the DEPOSIT NOW button.
What types of accounts do you offer?
GSIMarkets offers various types of accounts which you can select according to your needs. While the majority of our services are available to all accounts, there are certain exclusive services are offered only to VIP traders. Please take a look at our Account Types page for more information: https://www.gsimarkets.com/accounttypes/
How do I deposit money?
GSIMarkets offers you various methods to fund your account including Credit Cards, e-Wallets, and Wire Transfers. In order to deposit funds into your trading account, please login to your account with the e-mail and password you provided in registration. In the Members Area, click “Deposit” tab to pick your preferred method from the dropdown menu and follow the instructions.
What are the minimum and maximum deposit amounts?
Opening a GSIMarkets trading account requires a minimum deposit of $250 or equivalent amount in your preferred currency. You can deposit up to a total of $10,000 with various credit cards in a single day. There is no limit to amount you can deposit with wire transfers.
How long does it take for the funds to appear in my account?
Deposits through debit/credit cards and e-wallets are added to your account balance typically within few minutes after the payment is confirmed by our processors.
Wire transfers will be credited to your account balance shortly after the transfer successfully completed by our bank. Please note that international wire transfers may take up to 7 business days due to the delays caused by intermediary financial institutions.
If you have any further questions, please feel free to contact our support department via phone, e-mail or live chat.
How do I withdraw money?
Withdrawing your profits is very simple in GSIMarkets. You will find withdrawal forms in the Members Area of the website under the withdraw option: https://www.gsimarkets.com/member-dashboard/withdrawal/
To withdraw money, you must have all your verification documentation in order. Withdrawals will return back to the credit cards from which the charge was made. Profits above the invested amount will be transferred to your personal bank account at the company’s discretion and holding with the proper financial policies and with regard to Anti Money Laundering (AML) regulations.
Please note that wire transfers may take up to 7 business days as your bank may be working with intermediary financial processors which can affect the transfer time.
What verification documents do I need to provide?
In accordance with our KYC policy, we require certain verification documents to complete your identification process. Upon your deposit, you will need to provide the documents listed below:
• Proof of Citizenship - An official colored National ID, Passport or Driver’s License
• Proof of Address – A utility bill issued within last 3 months that contain your full name and address (Electricity, water, gas, phone etc.)
• Proof of Card Ownership (if applicable) – Colored copies of front and back of the credit cards you used to fund your account. (Last 4 digits, full name and expiration date should be visible in front, CVV digits should be covered in back)
GSIMarkets is dedicated to ensure the safety and integration of all of your personal details and documentation. All transactions and data are encrypted using the latest security protocols available, and protected against disclosure to third parties.
What should I do if my personal details change?
If there is any change in the personal details you provided at registration, please contact our support department via phone, e-mail or live chat. We will be happy to assist you through the process.
For information and questions on the withdrawal process, please click here.