How Long Does it Take to Open a Live Account at EFXglobal?
Accounts may be opened in as little as 30 minutes if you have all of the correct documents ready and speak to a member of our support staff. In certain circumstances, our due diligence process may require up to 3 days for the account opening process to be complete and approved. We may require additional documentation from you to open your account. If we do not offer accounts in your country or region, you will not be able to proceed with the online application. Please read our terms and conditions for further details.
Opening a Demo Account
At EFXglobal we encourage beginners and experts alike to open and practice trading with a demo account. You may open a Demo Account by clicking here. Demo accounts help beginners learn how to trade and allow experienced traders to test new strategies in a risk-free environment. Your demo account will created after you complete the application and your login details will be sent to the email address you have registered with.
Re-Activating a Demo Account
If you have a verified live account at EFXglobal, you may open as many demo accounts as you would like. Demo accounts are limited to 50 simultaneous orders and will be deactivated if there is no activity for a period of 30 days. If you would like to re-activate your demo account, please contact our support with your login details.
Adding Funds to a Demo Account
You may easily add additional funds to your demo account by logging in to your EFXglobal account and selecting ‘My Accounts’ at the top of the page. Here you will find a list of all the accounts you have registered. Click on the account number belonging to the demo account you wish to fund and click on ‘Fund Account’. A second drop down menu will appear allowing you select the amount you would like to top up your demo account with. Select an amount and click ‘OK’. Your demo account balance will be updated.
Is it Possible to Open a Swap Free Account?
Swap Free accounts are only eligible for clients of the Islamic faith. If you are eligible, you need to close all of your open positions first and then contact your account manager or send an e-mail to email@example.com
How Do I Change the Leverage on My Account?
You are able to change the leverage on your account anytime by contacting us at firstname.lastname@example.org You may choose your leverage requirements according to your account type. In order to change your leverage please close all of your open positions first.
Do I Need to Download Any Software Before I Start Trading?
Trading platform is web based and you do not need to download it. EFXglobal offers you web based that you can access from you mobile, tablet and Desktop. Just choose your device, login and you are ready to go!
How do I Open an Additional Account?
You may open an additional account from our website . You just need to click ‘Register’. Now you may choose a different account account type, base currency and leverage. The standard verification process applies to all new accounts.
What Identification Documents Are Required to Open and Verify My Account at EFXglobal?
All new accounts require EFXglobal to obtain and validate the name, address, date of birth, and corporate ID number (if applicable) of all applicants. We use electronic verification to confirm this information in much the same process as a bank does. If your application does not meet the criteria or information cannot be authenticated, additional documentary verification will be required.
Acceptable government issued photo ID includes: Valid passports, Valid driver’s licenses, Citizenship cards. The following are not acceptable forms of photo ID: Birth Certificate, Marriage License, Insurance Cards.
What Proof of Address Document is Required?
We require a recent utility bill (Water/Electricity bill) or a recent bank statement dated within the last three months. Mobile telephone or internet connection invoices are not accepted.
Do You Need Documentation for Both Account Holders for Joint Accounts?
Yes, we require both account holders to provide government issued photo ID. Documentation for proof of address is required for both applicants if they reside at different addresses. If both applicants reside at the same address then one proof of address is sufficient.
What Documentation Do You Require to Open a Corporate Account?
In order to open a corporate account we would require the following documents:
A Certificate of Incorporation (The document that your company is incorporated according to the local government regulatory agency)
Articles of Incorporation (The document that states the purpose for which the company was formed, indicating the members of the company and shareholders of the company)
Identification and proof of address documentation for any shareholder holding more than 10% of the company shares.
Where do I Send My Documents for Verification?
The preferred method for submitting your documentation is by uploading them via your account.
Upload: Login to ‘My Account’ to upload documents in a secure environment.
Fax: +44 20 3677 5433
Why Are You Requesting Information About My Investment Knowledge and Trading Experience During the Registration Process?
At EFXglobal we run an appropriateness test in order to evaluate whether Forex and CFD’s are appropriate products for your profile.
What are the Different Payment Methods I Can Use to Fund My Account?
We offer a wide variety of deposit methods such as credit and debit cards, Ewallets, bank wire transfers and also local payment solutions. You may view all available methods on our deposit page and choose which one is best suited for you.
Typical transfer errors when making a deposit:
For Credit Card deposits – Insufficient card balance, transfers limits, card not activated for online activity, wrong data.
For Ewallets – Insufficient balance or transfers limits.
For Bank Wires – Wrong account number, incorrect currency instructions.
How Much Time Does it Take to Process My Deposit Request?
All deposit requests are processed by our accounting department within 1 business day, however the time taken for the funds to be transferred will depend on your payment method.
Bank wires: Your transfer request should be processed within 3 to 5 business days of the time your funds were sent from your account.
Credit cards and Ewallets: The deposit should be posted to your account instantly, if there is no need for additional verification. If there is a delay, please check your email as we will send an email to inform you of any delays due to verification issues.
Please note that EFXglobal is not liable for any transfer delays you may experience due to a disruption of service in the system of a third party payment processor.
Are My Funds Safe With EFXglobal?
EFXglobal maintains isolated client accounts to ensure that client funds are fully segregated from company funds at all times. Client accounts have the required coding to ensure that they are used for only the clients purposes. All segregated client funds follow our strict policies and procedures, with activities monitored and reviewed by our external and internal auditors. As a client of EFXglobal, you can be assured that your funds are safe.
I Made a Deposit by Bank Wire More Than 5 Days Ago But I Don’t See the Funds on My Account
Please note that bank wire transfers normally take up to 3 to 5 business days to be processed. If the funds still do not appear in your account after this period of time, please contact our accounting department and provide again a payment confirmation (scanned copy of the swift transfer) after you have confirmed that you have checked our banking details twice and your bank has not returned the funds back to your account.
How Do I Make a Withdrawal From My Account?
To make a withdrawal first please login to your ‘My Account’ section of the EFXglobal website.
Navigate to the section labelled ‘Withdraw funds’ on the left-hand side menu.
Next, select the payment method you will use and complete the form with the payment details, once complete, simply click the ‘Withdraw’ button.
Finally, submit your withdrawal request using your payment password.
You may check the status of your withdrawal anytime in the ‘My Transfers’ section on the left side. If the status of the request is ‘Processing’, your request has been accepted. Once funds have been sent to you, the status will read ‘Funds Sent’.
What Withdrawal Methods do You Offer?
To withdraw funds from your EFXglobal client account, you may use your registered deposit method, Ewallet, credit/debit card, local payment solutions, or request a bank wires transfer. Withdrawals will be processed back to the same method as funding for the account. Please note that third party funding or withdrawals are prohibited.
What are the Reasons Why I Have a Declined Withdrawal Transaction?
There has been no trading activity from your last deposit.
You have a non-withdrawable bonus on your trading account.
Your bank details (IBAN, Account Number, SWIFT code, etc.) are incorrect or incomplete.
There is not enough free margin available in your account to cover your open positions.
The payment method you have used for your withdrawal is different from the one used to make the deposit.
Please note that a credit or debit card withdrawal cannot exceed the amount deposited via the same credit or debit card.
How Much Time Does It Take to Process My Withdrawal Request?
All withdrawal requests are typically processed by our accounting department within one working day, however the time required for the funds to be transferred will depend on the payment method used.
Bank transfers are typically processed by us within 1 working day, however, it may take around 3-5 business days for the funds to be credited to your account.
Credit or debit card withdrawals are also typically processed by us within 1 working day, however, it may take up to 10 working days for the funds to be credited to your account.
All other payment methods are processed accordingly. Ewallets are the fastest and easiest payment, verification and withdrawal method offered by EFXglobal.
If I Would Like to Cancel My Withdrawal Request What Should I Do?
If you would like to cancel or decline a withdrawal request you may do so by informing us via Live Chat, Email at: email@example.com or feel free to call us on the telephone.
How Do I Calculate the Value of a Pip?
The formula for calculating pip values is as follows:
0.0001 or 0.01 X notional value (depends on the currency – 4th decimal for 5-decimal currencies and 2nd for 3 decimal currencies)
Example for 1 lot of EUR/USD:
0.0001 X 100,000 (1 lot= 100,000) = A pip value of 10 USD.
Please note that the pip value is always denominated in the quote currency.
How is Margin Level Calculated?
The following formula calculates your margin level as a percentage.
Margin Level = Equity / Margin Used X 100
How Do I Calculate the Margin Needed to Open a Position?
The formula in order to calculate the margin needed to open a position is:
Notional value / Leverage
Example: For 1 lot of EUR/USD and using 1:500 Leverage:
50,000 EUR / 500 = 50 EUR = Margin needed to open a position.
How is the Free Margin in My Account Calculated?
The free margin in your account is calculated by subtracting the margin that you have used already to open your positions from the equity on your account.
Formula: Free Margin = Equity – Used Margin
How are Swaps calculated?
Please see the swap calculation formula below:
Pip value X Number of lots X Swap rate X Number of nights = Swap Value
Swap values are provided in pips and are reflected in the contract specifications.
$10 (pip value for 1 lot of GBP/USD) x 4 (number of lots) x -0.35 (short GBP/USD) x 1 (number of nights*) = -$14
Please note that triple swaps are charged from Wednesday as it includes the charge for the weekend.
How is the Equity Calculated on My Trading Account?
Your equity is calculated as follows:
Equity = Balance + Credit + Profit / loss + Swap + Commission