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What's the difference between a practice and live trading account? |
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There is no capital at risk when trading in a practice account. A COFX practice account features real-time quotes and charts, along with all the trading tools and information you'll have access to as a COFX customer, including single and contingent order types, a real-time newsfeed, up to the minute market commentary, daily and weekly research, and more. |
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How much money do I need to open an account? |
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The minimum deposit to open a standard account COFX is US$2,000. COFX's minimum transaction size for a standard account is US$100,000 (or the equivalent), with a minimum margin deposit of $2,000 (at 100:1 leverage).
The minimum deposit to open a mini account with COFX is US$200. COFX's minimum transaction size for a mini account is US$10,000 (or the equivalent), with a minimum margin deposit of $200 (at 200:1 leverage). |
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How do I open an account with COFX ? |
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Opening an account is easy as 1,2,3
Once you have decided which of the account forms are right for you, please download the corresponding fillable PDF form from our website right here
If required, seek necessary assistance of a financial counsel.
Now you can proceed and fill the account opening form on screen. Filling the form on screen will help us to avoid miscommunications and spelling mistakes while rendering your information into our systems. Once filled out please save a copy to your system and print at least three other copies out.
1. In the case of an Individual account, kindly make sure you have:
- Your account opening forms filled not yet signed
- A copy of your valid photo-identification document viz. either passport, driver's license or national ID card
- A copy of bank account statement or other notice of confirmation issued by a bank showing name and current Address
2.In the case of a joint account, kindly make sure you have the above for each account holder as well as authorized signatory.
3. In the case of a corporate account, kindly make sure you have :
- A copy each of photo-identification document for all directors/authorized signatories.
- A copy of bank account statement or other notice of confirmation issued by a bank showing name and current address for all director/authorized signatories.
Company documents viz.,
- Copy of Memorandum & Articles of Association,
- Certificate of incorporation,
- Return/Particulars of directors/shareholders/secretaries,
- Copy of bank account in the name of the company.
Now all that is left for you is to do is to physically send us one copy of the documents as listed in Steps above to us via scan email to info@co-fx.com and management@co-fx.com
Ater that all that is left to say now is - Welcome to COFX your online trading provider! |
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How do I know if my account has been opened? |
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Once your account is opened, you will receive an email with your username and instructions for accessing your account. Please note that username's are only assigned after your account paperwork has been approved. |
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How do I fund my account? |
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Funding your account once the account is set up is very easy. You have the choice between the classical Swift transfer and a fast and easy PayPal funding. |
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When will my funds be posted to my account? |
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The time it takes for a deposit to post to your account will depend on the method in which it is sent: Wire - 1 to 2 business days of receipt Paypal within 24hours of receipt |
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What happens to my open positions at the end of the trading day? |
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Unless specific settlement instructions are provided, COFX will automatically roll forward all open positions to the next day's value date at the end of each business day. All rolls will be done at competitive rollover rates, and depending on the currency pairs involved, trades will be executed where the trader will either earn or pay away points, depending on the interest rate differential between the two currencies and the margin employed on the trade. |
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How do I withdraw money from my account? |
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Please fill out the form below :
Download the Widthrawal Form here
Now all that is left for you is to do is to physically send us one copy of the withdrawal documents after you have duly filled and signed the same to us via scan email to info@co-fx.com and management@co-fx.com
Withdrawal requests are processed within two (2) business days of receipt. |
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What is considered a 3rd party? |
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COFX will not accept third party deposits or withdrawal requests. The name(s) on the COFX trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a COFX account holder, business accounts and endorsements to COFX. |
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