General Questions
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General Questions
Accounts
Verification
Funding
Platforms
Trading
Finance
Security & Privacy
I cannot log in to Member's Area what should I do?
In case you forgot your password, go to "Sign in" on the website, click on the "Forgot password?" link and follow the instructions. In case you do not know your registered email address, please contact our support team at support@goldfx.com.
I cannot log in to the MT5 platform, what should I do?
You may change the password for your chosen trading account in any of our platforms directly through Member's Area:
- Please log in to Member's Area
- Find Profile – Change password MT5
- Choose the account that you wish to change the password of
- Link to change the password will be sent to your email address
- Please click on the link and you will receive another email with the new password
In case you are not able to login to your account to change the password there, please contact our support team at support@goldfx.com.
Is GoldFX licensed?
GoldFX is authorized and regulated under Labuan Financial Services Authority ("LFSA") with the licensed number MB/22/0106. Olympic Markets Ltd. is authorized to conduct a financial services business under the Labuan Financial Services Act 2010.
What is an STP broker?
The Company is a straight-through processing (STP) broker. It is a type of an online broker that is connected to one or multiple liquidity providers and forwards the trades of its clients to the liquidity provider that currently offers the best price.
Do you accept corporate entities as clients?
Yes, we do. For further information contact our support team at support@goldfx.com
How to open a trading account with GoldFX?
Click "Get Started" on GoldFX, and create an account with us. After registration, you’ll receive an email with your MT5 login credentials to access the platforms and start trading.
How can I close my account?
To proceed with closing your account, we require that any open positions are closed and that you withdraw any outstanding balance. Lastly, please send an account closure request to support@goldfx.com
May I open several trading accounts in one name?
Clients can have more than one account with us. We understand that some traders have multiple trading strategies or require multiple account types to facilitate their trading. Please note you can have up to 3 accounts.
What is required for opening a trading account with us?
You have to provide us with a valid Proof of Identity document and a Proof of Residence document that shows your name and address and was issued within the last 6 months. An Appropriateness Test is also required.
How can I upload or send my documents to you?
You can upload your documents during the registration process. Alternatively, you can email your documents to our support team at support@goldfx.com
What kind of documents are accepted as Proof of Identity and Proof of Residence documents to complete my verification process?
As Proof of Identity, you are requested to provide a scan of a government-issued identification document like a Passport, National ID, or Driving License. Should you want to submit a National ID, both front and back pages are required. As Proof of Residence, you are requested to provide a scan of a recent (up to 6 months) utility bill (water, gas, electricity), local authority tax bill, bank statement, or any other document same as the aforesaid.
How can I withdraw the funds?
You can request a withdrawal by logging into "Member's Area," clicking "Funding," selecting "Withdrawal," and following the instructions. Lastly, you will receive an email confirming your requested withdrawal.
How can I deposit money?
You can deposit money by logging into "Member's Area", clicking "Funding", selecting "Deposit", and following the instructions.
Is it possible to lose more money than I deposited?
GoldFX ensures that you cannot lose more than your total deposits. GoldFX also provides a stop out level, which will cause trades to be closed when the margin level reaches 30%. The stop-out level will depend on the account type and jurisdiction under which you are registered.
How long should I wait for my withdrawal to reach my bank account?
Withdrawing funds should be credited to your account within three to five business days since the withdrawal request is approved.
Can I withdraw my money if I have an open position?
Yes, you can withdraw money when you still have an open position if your account margin level is below 30%. When you withdraw money the margin level will decrease and if your account isn't healthy, your position will automatically stop.
How do I change the MT5 password?
You can change your MT5 password either by logging in to Member's Area, clicking "Trading Accounts", clicking the 3-dot button and selecting "Reset Password". Alternatively, you can you can request to change your password by contacting our support team at support@goldfx.com
How do I get my MT5 account validated?
Once you complete the verification process on our website, your MT5 account will automatically be verified.
How to download the MT5 Platform?
Follow the steps below to download the MT5 Platform:
- Log in to your GoldFX account
- Click on the category "Trade"
- Choose which MT5 Platform suits you best among Windows, MacOS, Android and iOS and download it
- Install the file on your device and open it
- Fill in the options login and password and click login
What is Spread?
The Spread is the difference between the Bid and Ask prices, and it is what you pay to the broker in exchange for placing the order through them. As a result, trades begin in a negative number because you must cover the spread before you can begin to profit. Spreads are typically floating and fluctuate based on liquidity and volatility. Volatility is influenced by liquidity and vice versa.
What is a Stop Loss order?
A Stop-Loss order may serve as an additional risk minimization strategy. You can apply for a stop-loss order by choosing the price that matches the amount of money you are willing to risk. You can set it upon the opening of a trade or you can modify the trade at any given point. A stop-loss must be placed below the current market price on Buy positions, and above the current market price on Sell positions.
What is a Take Profit order?
A Take Profit order is used to lock in profits at a specified price, or potentially to limit further losses after a substantial gain. You can set it up upon the opening of a trade or you can modify the trade at any given point. A Take Profit must be placed above the current market price on Buy positions, and below the current market price on Sell positions.
What are the stock exchange working hours?
The stock exchange working hours are: USA 15:30 pm - 21:30 pm GMT+1 EU 08:00 am - 16:30 pm GMT+1 UK 09:00 am - 17:30 pm GMT+1
How can I view my trading history?
You can view your trading history by logging in to Member's Area, clicking "Trading Accounts" and selecting "Trading History". Alternatively, you can send an email to our dealing team at dealing@goldfx.com.
What is the Profit Calculation for CFDs?
To calculate your profit, you multiply the difference between the position's closing and opening prices by the size of the position to determine your profit. For example, you multiply $2 by 2000 CFDs to earn a profit of $4000 ($29.60 - $27.60 = $2).
How do I place a trade?
In order to place a trade, firstly, you need to log in to your account. In the MT5 terminal click "View" and find the market of interest in the "Market Watch" window. Then:
- Go to Quotes
- Tap the symbol you want to trade and then tap New Order
- Set your order parameters (i.e. Stop Loss, Take Profit, etc.)
- Tap Buy or Sell if you want to open a Market order
- To set a pending order, tap Instant Execution or Market Execution (based on your account type and trading instrument) to bring up a list of order types
- Choose one of the pending order types from the dropdown menu and set your order parameters (i.e. Price, Stop Loss, Take profit, etc.)
- Tap Place
- You will then receive a notification that the order has been opened successfully
How do I close a trade?
In order to close or modify an order, you should:
- Go to Trade
- Tap an order to see its details (Price, S/L, T/P, order ID, etc.)
- Press and hold the order, then tap either Modify position to modify or Close position
- Tap Modify once modified or Close with Loss/Profit to confirm the appropriate action
- You will receive a notification when the order is closed
What are the costs of CFDs trading?
Every currency trade is based on borrowing one currency in order to buy another. Interest is paid on the borrowed currency and earned on the purchased currency. For instance, if we assume that the interest rates in Europe and the US are 2.5% p.a. and 4.25% p.a. respectively, and you have a buy position of 1 lot in EURUSD at 1.0878, you will earn 4.25% per year on your USD and pay 2.5% per year on your borrowed EUR. \n \n
Is there any maintenance/inactivity fee if I don't use my account?
Yes, there is.
Example:
In the event that there is no trading activity (i.e. trading/deposits) in your account for a set period of at least 6 months, your account will be regarded to be 'inactive'. Inactive accounts are charged a monthly dormant maintenance fee of USD 50 or the full amount of the free balance in the account, in the case that the free balance is less than USD 50.
What is security awareness?
Security awareness is the understanding and knowledge of potential security threats as well as best practices for protecting your personal and organizational information from those threats.
What is the significance of security awareness?
Security threats are becoming more sophisticated and common, with serious consequences such as data breaches, financial loss, and reputational harm. Individuals and organizations can benefit from security awareness by remaining vigilant and taking proactive measures to protect themselves from potential threats.
What are some of the most common security threats?
Phishing attacks, malware infections, password breaches, social engineering, and physical theft or loss of devices are examples of common security threats.
What are some of the best practices for safeguarding my personal and organizational data?
Some of the best practices include using strong passwords, keeping the software and operating systems up to date, being cautious of suspicious emails and links, limiting access to sensitive information, and regularly backing up important data.