I forgot my password, what should I do?
In case you have forgotten your password, click on Log in, select your account type (i.e. Forex or Binary) and a new window will appear asking for your details. You should click on Forgot Password and follow the instructions. Your password will then be sent to you via email at the address you used when registering with us.
How can I reset my password?
You can reset your password by logging in to OX Markets, go to My Account, Personal Information and click on the Change Password button.
Where can I see my transactions or trading history?
To view all your transactions and trading history you have to log in, go to My Account and select Positions.
How can I change my personal details?
You can change your personal details by logging in to OX Markets, go to My Account, Personal Information and click on the Update Details button.
What currencies are available for use in my account?
You may fund your account in the following currencies: USD, GBP, EUR and PLN.
How do I verify my account?
Once you have registered with OX Markets, the next step is account verification. This can be done by sending OX Markets the following documents: • Proof of ID in the form of a Government Issued Identification card, Valid Passport or Driving Licence. • Proof of Residence in the form of a Utility Bill or Bank Statement, not older than six months.• Complete the Regulation Section (Steps 1 and 2), found under My Account.• In case you will be making a deposit using a credit card, you must send OX Markets a front and back copy of that card, ensuring that your name, the last four digits of the card number, expiry date and signature on the back are clearly visible. You may conceal the CVV code found on the back of your card.
How do I submit verification documents?
Documents can be submitted by sending them to firstname.lastname@example.org or alternatively you may upload them by going to My Account, Regulation, Step 3.
How long should I wait for my account to be verified?
It usually takes up to 24 hours for an account to be verified, given that OX Markets has received and approved all your verification documents. Delays may occur due to unexpected circumstances.
Why is my account not verified yet?
This may be due to the fact that your verification documents are still being examined by OX Markets’ Compliance team.
Can I send the verification documents using fax?
No, unfortunately we do not accept documents sent by fax.
What do I do if the Utility Bill is not on my name?
If the Utility Bill is not under your name, you may send a Bank Statement or a certified letter/notice from your local government authority confirming your address.
Is an electronic bank statement acceptable?
Yes, an electronic bank statement is acceptable.
What do I do if the credit/debit card is not under my name?
You will need a Power of Attorney confirming you are entitled to use that specific credit card by its rightful owner. In addition to your verification documents, OX Markets also requires the cardholder’s respective ones (see question 6 for full list of verification documents).
Binary Options Trading
What are the different Binary Options account types?
All Binary Options account types may be found here: http://www.oxmarkets.com/en/account-types.
What is the minimum deposit required to open a Binary Options Trading account with OX Markets?
The minimum deposit is 250 USD, GBP, EUR or PLN.
What is the minimum trade amount?
The minimum trade amount for binary options is 25 USD, and for 60 seconds and Ladder it is 5 USD.
What is the maximum trade amount?
The maximum trade amount for binary options is 1500 USD, and for 60 seconds and Ladder it is 100 USD.
What platforms do you offer?
We offer a variety of platforms. You can trade on Binary Options, 60 seconds, Pairs, Long Term and Ladder.
What is a Binary Option?
A Binary Option is a financial instrument whose trading may result in two outcomes: in the money (ITM) or out of the money (OTM). In order to achieve one of the aforementioned outcomes, a trader has to decide whether the value of an asset will go up or down over a set period of time (expiry time). For example, if a trader opens his position assuming that the value of gold will increase in a given period of time, and is correct, he wins a fixed pay-out. If the value of gold drops however, the trader loses the entire amount of the investment. It does not matter by how many pips the asset’s price moves in a given direction; even if it’s one pip in the predicted direction of the trader he closes his position ITM.
What are Call (Up) options?
A Call option is one where the trader predicts an asset’s price will move in an upward direction.
What are Put (Down) options?
A Put option is one where the trader predicts an asset’s price will move in a downward direction.
What is the strike price?
The strike price is the price of an asset at the time a position is opened.
What are the returns on successful investments?
If a trade is ITM then the trader is entitled to a pay-out, the amount of which varies according to account type, asset, platform and expiry time.
What is the expiry time?
Expiry time is the exact time and date an option closes.
What happens when the strike price of an asset matches its expiry price?
This is called a tie situation and the trader is refunded his initial investment only.
What is Double-up and how can I use it?
Double-up is a platform feature whereby the trader is able to open a second position on an asset, but at the new strike price given by the platform at that exact moment. The investment amount of the second operation is the same as the initial trade, so are direction and expiry time. This feature appears as a x2 button on the opened positions table.
What is Rollover and how do I use it?
Rollover is a feature whereby a trader is able to modify the expiration time of an opened position. This feature may be utilized only when the opened position is OTM and the trader is convinced that the market will still move to his advantage. Expiration time may then be delayed by activating the Rollover feature and modifying the time of expiry accordingly. The initial invested amount increases by 30% when Rollover is activated. Rollover activation conditions: • The specific binary option (i.e. the underlying asset, expiration time and product type) is still open and needs more than 3 seconds to reach expiry time.• The position must be OTM.• Rollover is not available for the last trade of the day.• Rollover is only offered once per position.
What return will I get in the event that the option expires OTM?
If an option expires OTM, the trader simply loses his initial investment amount for that position.
What is turnover?
Turnover is the combined amount of all the trades you have placed, based on the value you chose to invest on each trade, irrespective of whether you win, lose or draw.
What is an underlying asset?
A commodity, index, stock, currency pair or any other financial asset that constitutes the basis for creating an option is considered an underlying asset.
What are the different Forex Trading account types?
All Forex trading account types can be found here: http://www.oxmarkets.com/en/forex/account-types.
What is the minimum deposit required to open a Forex Trading account with OX Markets?
The minimum deposit is 100 USD, GBP, EUR or PLN.
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 on the foreign exchange market.
What is Over the Counter (OTC) trading?
A market conducted directly between dealers and principals via a telephone and computer network rather than a regulated exchange trading floor, and no actual delivery of these currencies.
What are Forex Instruments?
Forex Instruments are the products or ways of trading in foreign exchange.
Is Forex risky?
Like all investments, Forex carries a level of risk.
What are CFDs?
A CFD, or Contract for Difference, is an agreement between a buyer and a seller stating that the seller will pay the buyer the difference between the value of an asset at the time the agreement was made and its value at the present time. CFDs have become very popular among traders due to the many advantages they offer.
What is a pip?
A pip is a number value. In the Forex market, the value of currency is given in pips. One pip equals 0.0001, two pips equals 0.0002, three pips equals 0.0003 and so on. One pip is the smallest price change that an exchange rate can make. Most currencies are priced to four numbers after the point. For example, a five pip spread for EUR/USD is 1.2530/1.2535.
What is a Bid and Ask price?
The two prices of a currency pair quote are its Bid and an Ask prices. When buying a currency pair you will pay the Ask price and when you are selling a currency pair you will pay the Bid price.
What is the spread?
The spread is the difference between the buy price and the sell price. Two prices are given for a currency pair; the spread represents the difference between what the market maker gives to buy from a trader, and what the market maker takes to sell to a trader. In general, smaller spreads are better for Forex investors because a smaller movement in exchange rates allows them to profit more easily from a trade. Finally, the spread is where the market maker will make their money.
What is leverage?
In finance, leverage refers to borrowing money to supplement existing funds for investments in such a way that the potential positive or negative outcome is magnified and/or enhanced. Leverage is vitally important to your trading activities since choosing the incorrect leverage could result in large losses and damage potential profits. The amount of leverage on your account partly determines the amount of funds you need to put up for a trade. Leverage gives the trader the ability to trade larger amounts of currency with a smaller deposit amount. For example with a $200 deposit and a leverage of 1:500 this would allow you to trade up to $10,000 worth of currency.
What is margin call?
Margin call or stop out is when the margin level of your account falls to or below a specified amount, and your trades are automatically closed, thus protecting your equity and preventing your account from falling into a negative balance.
What is a take profit order?
A take profit is an order intended for gaining profit when the price has reached a certain level. Execution of this order results in closing the position. It is always connected to an open position or pending order.
About OX Markets
What official European or international agency is your company regulated by?
OX Markets, owned and operated by Ox Capital Markets Ltd, is authorized and regulated by the Cyprus Securities and Exchange Commission, with Authority Number: 274/15, and governed by all applicable EU and local regulations including the European Markets in Financial Instruments Directive (MiFID) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007). More information regarding our regulation can be found here: http://www.oxmarkets.com/en/regulation.
Banking: Deposits & Withdrawals
What are the available deposit methods?
OX Markets supports the following deposit methods: credit card, debit card, wire transfer and e-wallets. The following credit/debit cards are accepted: VISA and MASTERCARD. The lowest amount of payment accepted by credit card is 250 USD.
Do I have to deposit money to register?
No, you may register and verify your account and then proceed to making a deposit. However, in order to trade you must make a deposit.
What is the minimum withdrawal amount?
The minimum withdrawal amount is 100 USD, EUR, GBP, or PLN.
Are there any withdrawal fees?
No, OX Markets does not have any withdrawal fees; however, please note that during money transfers your bank may incur other charges which will not be covered by OX Markets.
How much time will it take to confirm and process a withdrawal request?
A withdrawal request may take up to 5 business days to be processed, approved and executed.
How can I withdraw funds from my account, and which methods do you provide?
In the event of a withdrawal request, a trader must withdraw up to the same amount he initially invested using the deposit method. Any profits above that amount may be requested for withdrawal by inserting the Amount you wish to withdraw, and filling in the withdrawal form, which can both be found under My Account/Withdrawal. The signed withdrawal form should be sent to email@example.com. Once a withdrawal form is submitted, it may take up to 5 business days to approve and process the request. Kindly note, that we will only process your withdrawal request if your account is up to date with OX Markets’ Compliance/Know Your Client legal requirements. For withdrawals up to the client’s initial deposit amount, clients will have to use the same method as the one they used to deposit. For all profits exceeding that amount wire transfer is used (see question 80 for more details).
What information do I need to provide for a wire transfer withdrawal?
The following information is required to execute a wire transfer:
- Bank statement of the same card and bank used to make the deposit.
- Withdrawal form:
- Beneficiary Bank: name of your bank.
- Beneficiary Bank Address: full address of your bank, including city and country.
- IBAN No/Account No: the IBAN no. is necessary for international transfers/ Account no. is not mandatory.
- Beneficiary’s full name: your name as stated on the bank account.
- Intermediary Bank: this field is not mandatory.
- SWIFT/BIC code: please provide your Bank’s SWIFT or BIC code.
What is a Swift Code?
A Swift code is the unique identification code of a particular bank that is used when transferring money between banks. Your bank can tell you what its Swift code is. If the Swift code comprises only eight digits, you will have to insert XXX at the end.
What is an inactive account (dormant) fee?
An inactive account fee is a monthly 10 EUR charge imposed on dormant accounts, i.e. accounts that show no trading activity for more than three months.
Are my profits taxable?
This depends on your country of residence’s taxation policies.