You can find answers to all your questions about forex, tools, trading with bitmasterfx and more here.
About
bitmasterfx
For MT4
platform
Of forex
bitmasterfx LTD is a financial intermediary specializing in online trading CFDs on FOREX, Metals, OTC Futures and Equities.
bitmasterfx LTD is authorized by Cyprus Investment Firm CIF with License No.369/18 and regulated by the Cyprus Securities and Exchange Commission (bitmasterfx).
Our Office is Located at 28 October Ave 363, Limassol 3107, Cyprus.
You can contact bitmasterfx via email at [email protected], Telephone on
(Cyprus), +971 45785767(Dubai) Or by post at
Cyprus Office: 28 October Ave 363, Limassol 3107, Cyprus Dubai Office: Al Abraj Street, Binary By Omniyat, Office 1410, Business Bay, P O Box 113478, Dubai, UAE *See Account Opening FAQ's – Question 3
Along with daily and monthly statements, bitmasterfx offers the Metatrader, which provides each client with a wide range of trading tools, including technical analysis and charting, real-time news feeds, real-time profit and loss analysis. bitmasterfx’s market professionals also provide daily pre-EU and pre-US daily report.
We offer free training seminars that are held at our offices and free webinars that can be given online. We have divided our training modules to target beginners, intermediate and advanced investors. To take advantage of our free seminars, please register here.
On our website you can go under Education and look for the Glossary or follow this link.
You may register for a FREE demo account by visiting the Home Page on our website or immediately by clicking here.
To open a live account, click this link or the 'live account' button on our homepage. Follow these steps to complete the process:
bitmasterfx provides fully featured practice trading accounts to help our clients examine different online trading strategies and practice trading in a risk-free environment.
A practice account is opened through a demo server and does not involve any real risk capital or any profits and losses; however, it is the same in functionality as the live trading account. (Demo accounts do not require any funding).
If all the necessary information and documents provided are accurate and complete; your bitmasterfx live account will be opened within the working day.
Funds will be deposited into your account immediately upon confirmation that the funds has been received and cleared. Please view our deposits and withdrawals page for further information.
bitmasterfx accepts deposits in USD, EUR. You may wire funds in any deliverable currency but please be advised that your bank will convert your local currency into these foreign currencies before remitting the funds to bitmasterfx’s to your account.
bitmasterfx can only process internal transfers between two accounts under the same account holder name. Third party transfers, or transfers between accounts without a legal relationship, will not be processed. Clients can process inter-account transfers through their secured client area.
bitmasterfx does not charge costs for deposits, but the corresponding payment solution may charge according to their own fee structure. Please view our deposits and withdrawals page for further information.
You can withdraw funds through your client area or by completing the withdrawal form and sending it back to [email protected].
bitmasterfx does not accept any third party deposits or withdrawal requests.
bitmasterfx’s Customer Due Diligence (‘CDD’) program requires that we verify the source of our client’s funds. This is fundamental in complying with anti-money laundering laws and managing fraud risks. Therefore, we may request you to provide bank statement or card account statement, showing the following:
If you cannot provide a copy of a card statement, please submit an image of the front and back of your card. Please cover the CVV number, and all but the last four digits of the card number. Name and expiration date should be clearly visible.
Even if you have open positions, you can withdraw any amount available in your “free margin”. However, a withdrawal of funds will result in a reduction of funds available to be used for margin to maintain open positions. This may result in the liquidation of some or all your open positions in case the market moves against you. It is your responsibility to ensure that the account holds enough margin to maintain open positions.
Funds deposited with credit card are available for withdrawal within 2-3 working days of a deposit date.
You should verify with your bank whether the underlying account associated with your card is still active and available to receive the funds. In the event an underlying account has been closed, we will need to obtain evidence of this account status change such as an account statement or relative document issued by your bank.
You must be over the age of 18 to open an account and start trading.
bitmasterfx offers investors the following advantages:
We do not have any limits on how many accounts a client may have but usually two is more than sufficient for any client.
The Forex market opens 24 hours for 5 days a week from Monday through Friday. The trading day begins in Sydney and continues as each financial center opens; Tokyo follows then London and finally New York.
You can start trading when your account is approved and your live account is funded.
The minimum volume that you can trade is 0.01 of a standard lot which requires 33.33 USD margin for all of the USD pairs trading on retail accounts. Other instruments might require higher margins. For full information about margin requirement please refer to the Margin Calculator in our website.
bitmasterfx offers CFDs on FX, Commodities, Cryptocurrencies, Metals and Indices.
A client may trade on more than one account at the same time if needed.
You can trade with bitmasterfx on any computer with an Internet connection. If you are travelling or do not have access to a computer with an Internet connection, you can execute trades over the phone by calling the trading support desk at .
Yes, bitmasterfx gives investors the ability to trade on mobile terminals from any place in the world, and stay mobile. Click here to read more about Mobile Trading.
Yes, to place a trade over the phone,
All trades executed via the phone are subject to a pre-deal margin availability check and will be manually inserted into the customer’s account for integrated P&L analysis and reporting. All phone orders will be recorded to ensure fairness and accuracy for all parties involved.
We do not accept trades via email for security reasons because your email can be manipulated and hacked. You can place trades online or by calling .
Yes, you can 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 of at least 2% against your open positions; to help protect against automatic liquidations of your positions to meet margin requirements.
To close an open position, double-click the position within the Trade section of the platform. Within the Order ticket, click the Close button. You will receive a confirmation of your trade.
The bitmasterfx online trading system is fully automated and does not need any human intervention. Yet, we have a trader desk support 24/5.
bitmasterfx maintains a risk desk. The function of the Risk Desk is to ensure liquidity from our global liquidity providers and to provide assistance to clients who cannot access their platforms. bitmasterfx does not intervene in client trades; all trades are executed in bitmasterfx’s back office system. bitmasterfx does not "trade against" its customers.
Your funds are held in segregated accounts with special designation as "Clients Accounts" that are held with credit institutions. These segregated accounts are closely monitored by the Company on a daily basis.
At bitmasterfx, we offer clients ‘negative balance protection’, which effectively guarantees that you do not have to pay more than your initial investment in case of a trading loss. Technological advancements on our trading platform triggers a market execution order to hedge all positions as soon as the equity reaches the 50% equity/margin ratio threshold level.
The most common risk management tools in FX trading are the limit order and the stop loss order. A limit order places a restriction on the maximum price to be paid or the minimum price to be received. A stop loss order ensures a particular position is liquidated at a predetermined price in order to limit potential losses should the market move against a trader's position. Contingent orders may not necessarily limit your risk for losses.
The best way to manage your risk during volatile markets is to ensure your account is properly margined at all times. There are several proactive measures that you can employ:
Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analysis to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumours. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.
Yes, you can trade on margin.
Here are some techniques to help you better manage your opened positions and avoid unwanted liquidation:
Our trading platform allows users to trade in micro (0.01), mini (0.1) and standard (1.0) lots.
In financial markets, specifically in the Forex market, pip (percentage in point) is a unit of change in an exchange rate of a currency pair. Most major currency pairs are priced to five decimal places, and a pip is one unit of the fifth decimal point: for dollar currencies this is to 1/100th of a cent.
Pip spreads vary depending on the instrument. EURUSD can go as low as 0.4 pips. In general, all variable spreads on both major currency pairs and cross currency pairs are very tight and extremely competitive. For full details on our floating spreads, please see our contract specifications.
Click on the link below and find the margin requirement for the instrument/s you choose:
bitmasterfx Ltd offers tight spreads as low as 0.50 (USD) on Gold CFD and as low as 0.20 (USD) on Gold CFD Future.
A fractional pip is a tenth of a pip. This feature allows traders to benefit from smaller price increments and moves in the market. For example, instead of quoting prices with 4 digits i.e. EURUSD @ 1.4251 / 1.4253 bitmasterfx can quote the pair as 1.42508 / 1.42528 with the last digit quoted as a subscript. The Pip value for a EURUSD 100,000 position is $10 and the value of a fractional pip for a EURUSD 100,000 position is $1.
Click on the symbol you want to view from the Market Watch section of the trading platform and drag it into the chart window.
Yes, bitmasterfx offers its clients the opportunity to trade using EA’s, please refer to bitmasterfx Terms & Conditions to read more.
To install an Expert Advisor, navigate to 'My Computer', 'Program Files' and then the MetaTrader 4 at bitmasterfx folder. Place the EA into the Experts folder. You will need to restart the MetaTrader platform to see the EA.
bitmasterfx allows scalping on Trust Standard Accounts where slippage may occur.
Yes, bitmasterfx allows hedging.
bitmasterfx does not offer bank guarantees because it is a regulated entity and keeps all deposits in segregated accounts.
bitmasterfx Ltd does not charge swaps or interest on positions kept overnight except for Classic Accounts are charged 6USD per Lot traded.
To change your language preference, go to View > Languages. Select your default language. You may need to restart the Meta Trader application for the changes to take effect.
To zoom in or out on a chart, right-click on the chart and select Zoom In or Zoom Out. You can also use the keyboard shortcut (Shift +) to Zoom in and (Shift -) to Zoom out.
From the top Menu bar, select Charts. Choose your chart type preference.
To add a trend line or line study, go to Insert > Lines and choose a line study. Line studies can be adjusted on the chart by dragging the white point to the desired area.
To view the time frame toolbar, go to View > Toolbars and make sure that Periodicity is checked. You will then see the following buttons in the new toolbar:
Charts are in Greenwich Mean Time (GMT) and cannot be changed.
To place a trade, select Tools > New Order. Choose the currency pair's symbol, the trade size volume, and Market Execution for Type. Click Sell or Buy within the Market Execution section to place the trade.
Limits and stops must be set at least 6 pips away from the prevailing market price.
Our servers are located in Cyprus.
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 on the foreign exchange market. The "Forex" market is the most traded financial market in the world. Forex market is the simultaneous buying of one currency and selling of another; currencies are always traded in pairs. International currencies are traded on floating exchange rates.
The most common currencies in the Forex market are divided into Majors and Crosses as the following:
Majors - EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD
Crosses - EURCHF, EURGBP, EURJPY, GBPJPY, GBPCHF, CHFJPY, EURCAD, EURAUD, GBPCAD, AUDCAD, etc.
Central Banks, Commercial and Investment Banks were the traditional dominants of the Forex market, but now we can also include International Money and Fund Managers, Multinational Corporations, Registered Dealers, Options and Futures, Traders and Private Investors.
FX Trading is not centralized on an exchange, as with the stock and futures markets.The FX market is considered an Over the Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.
A CFD, or Contract for Difference, is an agreement between two parties to exchange the difference between the opening price and closing price of a contract. CFDs are derivatives products that allow you to trade on live market price movements without actually owning the underlying instrument on which your contract is based. You can use CFDs to speculate on the future movement of market prices regardless of whether the underlying markets are rising or falling. You have the opportunity to sell and profit from falling prices or buy and profit from rising prices. Moreover, with our vast variety of markets, you can gain exposure to markets you may not have had access before. We offer CFDs on FX, metals, indices, and commodities.
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 in the other.
Currency prices are affected by a variety of economic and political conditions, most importantly interest rates, inflation and political stability. Moreover, governments sometimes participate in the Forex market to influence the value of their currencies, either by flooding the market with their domestic currency in an attempt to lower the price, or conversely buying in order to raise the price. This is known as Central Bank intervention. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the Forex market makes it virtually impossible for any one entity to "drive" the market for any length of time.
While leverage enables you to control a large amount of capital with a limited deposit, it can also expose you to significant losses.
At bitmasterfx, our customers are our top priority. bitmasterfx strives to ensure that all customer enquiries are dealt with promptly, effectively and with the world-class customer service you have grown accustom to. In the unlikely event you are dissatisfied with the service you were provided, you can complete the "Complaint Form" attached in our Complaints Management Policy and submit it either via email at [email protected] or by registered post at the Company’s Headquarters. A bitmasterfx Compliance Officer will independently review your enquiry and will inform you of its outcome.
Although all enquiries are reviewed with an impartial view, we acknowledge that you may still be dissatisfied with its results. bitmasterfx views client feedback as an opportunity to improve its products and services; therefore, if you feel so inclined, you may refer your feedback to the Customer Complaints Unit at the Cyprus Securities and Exchange Commission (bitmasterfx). Please view our Complaint Handling Policy.
The address verification document should display the entity’s name and primary business address.
A Certificate of Formation/Incorporation is a statement which confirms that a new company has fulfilled the necessary legal requirements for incorporation and is duly incorporated according to the local government or other regulatory agency.
Articles of Formation state the purpose for which the company was formed, indicate the members of the company, and sets forth its purpose according to the laws of the state in which it is established. These documents are sometimes referred to as Articles of Association and Memorandum of Association and should also include a breakdown of the shares of the company.
bitmasterfx LTD is a Cyprus Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (bitmasterfx), incorporated under Cyprus Company Law with registered office at 28 October Ave 363, Limassol 3107, Cyprus.
Authorised by the Financial Conduct Authority and with deemed variation of permission. Subject to regulation by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority's website.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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