FAQ’s

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Billion Forex prides itself on the individualised service provided to clients wishing to trade CFDs on forex, spot metals, stocks and futures. In the Billion ForexFrequently Asked Questions (FAQ) section, clients can browse a comprehensive list of common queries on our products and services, along with clear explanations and answers.

What supporting documents do I need to provide if I want to be your client?

A color copy of valid passport or other official identification document issued by authorities (e.g. driver’s license, identity card, etc). The identification document must contain the client’s full name, an issue or expiry date, the client’s place and date of birth or tax identification number and the client’s signature.
A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within the last 3 months and confirming your registered address.

Do I need to provide my proof of residency?

Yes, you do. In order to start trading and to be able to make withdrawals from your account, your account has to be validated, therefore you must provide a recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection) or bank account statement not older than 3 months, and confirming your registered address.

Why do I need to submit my documents for account validation?

As a regulated company, we operate in accordance with a number of compliance-related issues and procedures imposed by our main regulatory authority. These procedures involve the collection of adequate documentation from our clients with regards to KYC (Know Your Client), including the collection of a valid ID card and a recent (within 3 months) utility bill or bank account statement that confirms the address the client has registered with.

Can I open an account by providing a different identification document instead of my passport?

Yes, you can. It is preferable, however, to use the same personal details as for your other trading account(s).

Do I need to upload my documents again if I open a new trading account and my first account was already validated?

No, your new account will be validated automatically, as long as you will use the same personal /contact details as for your previous account.

Can I update my personal information?

If you wish to update your email address or your residential address, please send an email to support@billionforex.com from your registered email address, along with your new proof of address.

How can I open a trading account?

It is simple and quick. Click Open a Real Account, fill in the form and upon completion you will receive an email with your login details that you can use to log in.Here you will be able to fund your trading account by clicking the Deposits tab in the main menu.

How long does it take to open a trading account?

In case you fill out all details correctly, it takes less than 5 minutes.

How can I start trading?

If you have already opened a trading account, received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform

You can find detailed guidance to our trading platforms here.

What trading account types do you offer?

We offer the following trading account types:

MICRO account: 1 micro lot is 1,000 units of the base currency pair.
STANDARD account: 1 standard lot is 100,000 units of the base currency pair.

For further details, please read our Account Types page.

What is the minimum deposit/withdrawal for a trading account?

It is USD 5.

Do you offer cent accounts? Is the deposit visible in cents?

We offer MICRO trading accounts, where 1 micro lot (pip) is equal to 10 USD cents. However, your deposit is always visible in the actual amount, e.g. if you deposit 100 USD, your trading account balance will be 100 USD.

Do you offer MINI accounts?

Billion Forex offers MICRO and STANDARD accounts. However, you can obtain mini lot size trades (10000 units) by reducing your standard account volume to 0,1 (0,1 x 100000 units=10000 units), or by increasing your trade volume to 10 micro lots (10 x 1000 units=10000 units) in micro account type.

Do you offer NANO accounts?

Billion Forex offers MICRO and STANDARD accounts, but you can obtain nano lot size trades (100 units) by reducing your trade volume to 0,1 in micro account type (1micro lot=1000 units).

Do you offer Islamic accounts?

Yes, we do. You can request a swap-free Islamic account by following the instructions described here.

How long can I use a demo account?

At Billion Forex demo accounts do not have an expiry date, and so you can use them as long as you want. Demo accounts that have been inactive for longer than 90 days from the last login will be closed. However, you can open a new demo account at any time. Please note that maximum 8 active demo accounts are allowed.

Is it possible to lose more money than I deposited?

No, you cannot lose more than the amount you deposited. Should the slippage of a certain currency pair cause a negative balance, it will be reset automatically with your next deposit.

Can I lose the bonus? Do I have to refund it if I lose it?

As the bonus amount is part of your equity and can be used for trading, it is possible for you to lose it. However, you do not have to refund it, moreover, according to the Bonus Terms and Conditions, you can receive a new bonus on your new deposit.

How can I see the charts?

Please right click on any of the symbols in the Market Watch that you want to see and choose the Chart Window option. Alternatively, you can drag-and-drop any symbol in the chart window.

What spreads do you offer?

We offer variable spreads that can be as low as 0 pip. We have no re-quoting: our clients are given directly the market price that our system receives. You can read more about our spreads and conditions here.

What are your trading hours?

The market is open from Sunday 22:05 to Friday 21:50 GMT. However, certain instruments have different trading hours (e.g. CFDs), the details of which you can view here.

What leverage do you offer?

We provide leverages between 1:1 – 888:1. The leverage depends on your initial deposit, so please read more details about this here.

What is margin / margin level / free margin?

Margin is the required amount in the base currency of the trading account needed to open or maintain a position. When trading forex, the Required/Used Margin for a specific position = Number of Lots * Contract size / Leverage. Here the result is originally calculated in the first currency of the traded pair, and then converted into the base currency of your trading account, which will be numerically displayed on your MT4, or any other trading platform.

The margin requirement for gold and silver is calculated like this: Lots * Contract Size * Market Price / Leverage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD). For CFDs, the required margin is fixed. More details can be seen here.

Margin level is calculated with the formula Equity/Margin * 100%.

Free margin is your equity minus margin. It means the available funds that you use for opening new positions, or for maintaining existing positions.

What is margin call and stop-out?

Margin Call occurs when your equity reaches 50% of your used margin. The used margin is not deducted from your balance or equity, but it simply gets displayed in the Terminal window, where the main purpose of displaying the margin is for margin level calculation: Margin Level = ( Equity / Used Margin ) * 100%. The actual margin call is simply a notification (received by email on the Mt4 Terminal window) that your account is approaching dangerous levels.

Stop out occurs when your equity drops to or below 20% of your used margin. At that point, the system will start closing your trades one by one, starting from the most losing one, in order to decrease the used margin, and by doing so, increase the margin level, attempting to push it above 20%.

The calculation formula is this: (Equity/Margin) *100%.

How can I calculate the margin?

Margin calculation formula for forex instruments is the following:

(Lots * contract size / leverage) where the result is at always in the primary currency of the symbol.

For STANDARD accounts all forex instruments have a contract size of 100 000 units. For MICRO accounts all forex instruments have a contract size of 1 000 units.

For instance, if the base currency for your trading account is USD, your leverage is 1:500 and you are trading 1 lot EURUSD, the margin will be calculated like this:

(1 * 100 000/500) = 200 Euros

Euro is the primary currency of the symbol EURUSD, and because your account is USD, the system automatically converts the 200 EUROS to USD at the actual rate.

What is the margin formula for gold/silver?

The gold/silver margin formula is lots * contract size * market price/ leverage.

What is the margin for CFDs?

All CFDs have fixed margin. You can read more details here.

How do you calculate swaps in currency pairs (in forex) and for gold/silver?

You can read about the swap charges here.

The swap formula for all forex instruments, including gold and silver, is the following:

lots * long or short positions * point size

Here is an example for EUR/USD:

Client base currency is USD
1 lot buy EUR/USD
Long = -3.68
Because it is a buy position, the system will take the swap rate for long position, which currently is -3.68
Point size = contract size of a symbol * minimum price fluctuation
EUR/USD point size = 100 000 * 0.00001 = 1
If we apply the given numbers in the formula, it will be 1 * (-3.68) * 1 = -3.68 USD.
So for 1 lot buy EUR/USD, if the position is left overnight, the swap calculation for the client will be -3.68 USD.

Here is an example for gold:

Client base currency is USD
1 lot buy gold
Long = -2.17
Because it is a buy position, the system will take the long points, which currently is -2.17.
Point size = contract size of a symbol * minimum price fluctuation
Gold point size = 100 * 0.01 = 1
If we apply the given numbers in the formula, it will be 1 * (-2.17) * 1 = -2.17 USD.
So for 1 lot buy gold, if the position is left overnight, the swap calculation for the client will be -2.17 USD.

Please note that if the base currency of the trading account is in EUR (like in the examples above), the swap calculation will be converted from USD to EUR. The result of the swap calculation is always the secondary currency in a symbol, and the system converts it to the base currency of the trading account.

The examples provided only serve as a guide and do not reflect the current charges. Click here to view the current swap charges.

I opened 0.01 micro lots and closed a position on my MICRO account, but I see no profit. Why?

You can calculate your profits with the help of the following formula:
(Close price-open price)*Contract size*Lots

Example

You have a MICRO account (contract size is 1000), and you opened 0.01 lots of EUR/USD.
Opening price =1.29887, closing price=1.29906
The calculation would be as follows:
(1.29906-1.29887)*1000*0.01= 0.0019 USD (the result is always in the second currency of the currency pair).
As you can see, 0.0019 USD is too small a profit to be visible on your platform, as the profit shows 2 decimals.

Do you allow scalping?

Yes, we do.

What is stop loss?

Stop loss is an order for closing a previously opened position at a price less profitable for the client than the price at the time of placing the order. Stop loss is a limit point that you set to your order. Once this limit point is reached, your order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders. For further details about the distance in points for each currency pair, please view the “Limit and Stop Levels” here.

Using stop loss is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK price on “buy” or above the current BID price on “sell”.

What is take profit?

Take profit is an order to close a previously opened position at a price more profitable for the client than the price at the time of placing the order. When the take profit is reached, the order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders. For further details about the distance in points for each currency pair, please view the “Limit and Stop Levels”

What is trailing stop?

Trailing stop is a type of stop loss order. It is set at a percentage level either below the market price for long positions, or above the market price for short positions. Kindly note that you need to leave certain distances from the current market price when you set up stop/limit orders. For more details about the distance in points for each currency pair, please view the “Limit and Stop Levels” here.

How can I calculate 1 pip of profit or loss?

Amount of Base Currency*Pips= Value in Quote Currency
Value of 1 pip in EUR/USD= 1 Lot (100 000 €)*0.0001= 10 USD
Value of 1 pip in USD/CHF= 1 Lot (100 000$)*0.0001=10 CHF
Value of 1 pip in EUR/JPY=1 Lot (100 000 €)*0.01= 1000 JPY

What is the minimum lot size for MICRO and for STANDARD accounts?

The numbers below are per transaction, and you can open an unlimited amount.

STANDARD account:

1 lot = 100,000
Minimum trade volume = 0.01
Maximum trade volume = 50
Trading step = 0.01

MICRO account:

1 Lot = 1,000
Minimum trade volume = 0.01
Maximum trade volume = 100
Trading step = 0.01
Please note that the minimum lot size for trading with CFDs is 1 lot.

Do you allow hedging?

Yes, we do. You are free to hedge your positions on your trading account. Hedging takes place when you open a long and a short position on the same instrument simultaneously. When you open a Buy and Sell position on the same instrument and in the same lot size, the margin is 0.

However, when you open a Buy and a Sell position of CFD of the same type and lot size, the margin is only needed once and can be found here.

What is leverage? How does it work? Why is less money required for a higher leverage and is the risk higher?

Leverage is the multiplication of your balance. This allows you to open bigger trading positions since the margin required will be lowered according to the leverage you have chosen. Even though with leverage you can make a bigger profit, there is also a risk of having a bigger loss because the positions you open will be of higher volume (lot size).

Example:
Your trading capital is10.000EUR
The leverage chosen is 100:1
For a STANDARD trading account this means 100*10.000 = 1.000.000EUR
On EURUSD long position opening at 1.3055, position closing at 1.3155
The difference is 0.0100 pips thus 1.000.000*0.0100 = 10.000 USD this is the profit you made.

What is the Profit Calculation for CFDs?

The profit calculation is as follows:
(Close Price-Open Price)*Lots*Contract Size
The lot size on every CFD differs.

Will you close my real account if it has a zero account balance?

Accounts with zero balance will be archived after a period of ninety (90) calendar days.

Is there a dormant fee if I don't use my account?

An account shall be deemed as dormant from the last day of the ninety (90) calendar days during which there has been no activity (trading/withdrawals/deposits) in the account. All remaining bonuses, promotional credits, will be automatically removed from dormant accounts.

A dormant account will be charged with a monthly fee of USD 5 (five United States dollars) or the full amount of the free balance in the account if the free balance is less than USD 5 (five United States dollars). There will be no charge if the free balance in the account is zero.

Do you close my open positions and placed order if I go offline?

Open positions and pending orders stay in the system even if you log off from your trading platform. The same applies to all order types except trailing stops. Trailing stops become inactive when you close or log out of MetaTrader4. Expert advisors also become inactive when MetaTrader4 is closed or you are not logged in.

I cannot log in to my account but I need to close an open position. What do I do?

You may close/open a position or place an order by telephone 24 hours a day. Simply call up our dealing room You will be asked for your platforms’ login for security reasons before your request is executed.

What is the maximum amount that I can trade online?

There is no maximum amount you can trade online, but there is a maximum number of 50 standard lots you can trade online at streaming prices for STANDARD accounts and 100 micro lots for MICRO accounts. The maximum number of positions open at the same time, and for all account types, is 200.

If you want to deal in an amount bigger than your account type’s maximum lots, you may break your trade into smaller sizes.

Why are rollover rates tripled on Wednesdays?

When placing a trade in the spot forex market, the actual value date is two days forward, for instance, a deal done on Thursday is for value Monday, a deal done on Friday is for value Tuesday, and so on. On Wednesday, the rollover amount is tripled to compensate for the following weekend (during which time rollover is not charged because trading is stopped at weekends).

Do you provide live forex tutorials? How can I learn the basics of trading?

Every client has their own Personal Account Manager, who does not only provide full technical support via live chat, email or by phone, but you can also schedule with him/her one-to-one training sessions to learn the basics of MetaTrader4.

We also offer our clients video tutorials on how to use platforms, as well as free weekly webinars and on-site seminars in different countries. Feel free to inquire about further details at support@billionforex.com.

Do you accept US clients?

According to the recent Dodd-Frank Act passed by the US Congress, the CFTC (Commodity Futures Trading Commission) no longer allows us to let US residents open trading accounts with us. We apologize for the inconvenience.

Do you offer binary option trading?

No, we do not.

What deposit/withdrawal options do you have?

Currently, you can choose from the following options to deposit and withdraw funds: multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods. Please read further detail about our deposit options and withdrawal options on our respective website pages.

In which currencies can I deposit money into my trading account?

You can deposit money in any currency and it will be automatically converted into the base currency of your account, by Billion Forex prevailing inter-bank price.

If my withdrawal amount exceeds the amount I have deposited via credit/debit card, how can I withdraw?

Since we can only transfer the same amount back to your card as the amount you have deposited, profits can be transferred to your bank account via wire transfer. If you have also made deposits via E-wallet, you also have the option to withdraw profits to that same E-wallet.

Can I withdraw my money whenever I want?

In order to withdraw funds, your trading account must be validated. This means that first you need to upload your documents in our Members Area: Proof of Identity (ID, passport, driving license) and Proof of Residency (utility bill, telephone/Internet/TV bill or bank statement), which include your address and your name and can’t be older than 3 months.

Once you receive confirmation from our Validation Department that your account has been validated, you can request the funds withdrawal by logging in , select the Withdrawal tab and send us a withdrawal request. It is only possible to send your withdrawal back to the original source of deposit. Alternatively, you can complete our withdrawal form and send it to our Back office Department via email at backoffice@billionforex.com . All withdrawals are processed by our back office within 24 hours on business days.

Can I withdraw my money if I have an open position?

Yes, you can, if at the moment of payment your free margin exceeds the amount specified in the withdrawal instruction, including all payment charges. Free margin is calculated as equity less necessary margin (required to maintain an open position). If you do not have sufficient free margin in your trading account, the system will not accept your request and you will need to lower the amount. Please note, that any credit bonus in your account is considered as part of your equity and will be deducted as the result of any withdrawal.

How long does it take for funds to reach my bank account?

It depends on the country the money is sent to. Standard bank wire within the EU takes 3 working days. Bank wires to some countries may take up to 5 working days.

How long does it take to receive my money after I make a withdrawal request?

Your withdrawal request is processed by our back office within 24 hours. Any e-wallet methods you will receive your money on the same day, and via bank wire or credit/debit card it usually takes 2 – 5 business days.

How long does the deposit/withdrawal take by credit card, Neteller or any other payment method?

All deposits are instant, except for the bank wire transfer. All withdrawals are processed by our back office in 24 hours on business days.

What payment options do I have to deposit money?

We offer a wide range of payment options for deposits: by multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods. You can find all details of our wide range of deposit options here.

As soon as you open a trading account at www.billionforex.com, you can log in, select a payment method of your preference on the Deposits page, and follow the instructions given. All requests are completed within seconds. You can find more details about all our options here.

Are there any deposit/withdrawal fees?

We do not charge any fees for our deposit/withdrawal options. This also applies to all credit/debit card deposits.

If I withdraw money from my account, can I also withdraw the profit made with the bonus? Can I withdraw the bonus at any stage?

The bonus is for trading purposes only, and cannot be withdrawn. We offer you the bonus amount to help you open larger positions and allow you to hold your positions open for a longer period. All profits made with the bonus can be withdrawn at any time.

I used more than one deposit option, how can I withdraw now?

If one of your deposit methods has been a credit/debit card, you always need to request withdrawal up to the deposit amount, as a prior to any other withdrawal method. Only in case that amount deposited via credit/debit card is fully refunded back to source, you may select another withdrawal method, according to your other deposits.

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