OPENING A DEMO ACCOUNT
What is a Demo Account and how do I get one?
Demo accounts are otherwise known as practices accounts for new traders to familiarise with the Starfish FX trading platforms to get a feel of what live trading is like. It is a highly recommended way to begin your trading career or for experienced traders to test newly formulated techniques and strategies. We offer Demo Accounts for Metatrader 4.
So Starfish FX Demo Accounts do not involve real money?
No real money is involved. As mentioned, Demo Accounts are an instrument of practice using virtual money. The amount of virtual money is determined based on your choice of initial deposit of either $10000 USD or any amount you select.
There are absolutely no charges for any transactions made using the Demo Account. Everything is a mere depiction of real live situations you will face on a Live Account and to accustom you to the usage and functionalities of Starfish FX Trading platforms. Thus you are not liable for any losses or entitled to any profits in the Demo Account.
Does the Demo Account expire?
Unlike most online brokers, the Starfish FX Demo trading Account is non-expiry. We welcome you to use our free Demo Accounts as long as you wish because we believe that you should only start trading Live when you feel comfortable. We encourage you to continue practising with us on our Demo Accounts till you are sufficiently equipped and ready to make real money.
Can I recharge the Demo Account?
In the event that your initial virtual deposit runs dry, you may send a request to our Starfish FX support department [email protected] for a credit top up so you may continue practicing indefinitely.
How similar are Demo Accounts and Live Accounts?
The basic intention of Demo Accounts is to mimic Life trading as much as possible to provide traders a tangible feel of the Life trading environment. The pricing on Demo platforms are indicative of live pricing but should not be confused as a real time mirror image of what is displayed on a Live account. The underlying reason is that Demo Accounts are designed to assume that all markets are infinitely liquid at all times of transaction. However, this is not the case of how live markets function. During highly volatile market periods such as fundamental releases, there can be occasions when the interbank is illiquid.
Also, our Demo Accounts and Live Accounts are hosted on different servers. This is to ensure that clients are able to experiment with all kinds of trading methods and EAs on Demo servers and that these excess load does not affect the integrity and performance of Live servers. However, we strive to uphold the most indicative pricing and spread to provide the best gauge of what Life Accounts offer.
I have already downloaded and installed the Starfish FX Metatrader 4 platform, how do I begin my Demo Account?
Open the Starfish FX Metatrader 4 Program and simply go to:
- The 'File' tab and click on 'Open an Account'. The 'Open an Account' screen may appear automatically upon first log in.
- Take a few minutes to fill in the information required and click on the box 'I agree to subscribe to your newsletters'.
- Click 'Next' twice.
- Upon the second click of 'Next', you will be given a login and password. Record this information although it is unlikely required on your subsequent logins.
- Your Demo Account number will be displayed on the top left corner of the Starfish FX Metatrader as well as under the navigator window.
Within a few simple steps, you are ready to begin trading.
Can I trade on my Demo Account during weekends?
Similar to Live accounts, no trading is available on weekends. Trading is available only during regular trading hours. Forex market opens on Sunday 5 pm EST (10:00 pm GMT), closes on Friday 5 pm EST (10:00 pm GMT).
OPENING A LIVE ACCOUNT
What are the types of Live Accounts available at Starfish FX?
You may choose one of the following:
- Classic Account with variable spreads starting from 0.8 depending on market conditions.
- VIP Accounts with the tightest fixed spread possible, amongst many other advantages.
Learn more about how you can be a Starfish Royalty here and experience the best that Starfish FX has to offer.
What is the minimum deposit required for a Live Account?
The minimum amount required for a Standard Classic Account is $2,000USD. Based on statistics, Starfish FX recommends clients who have the financial ability to begin with an initial deposit of $10,000USD in order to exercise proper money management while trading.
What are the documents required to open a Live Account?
Two forms of identification are needed for successful approval. You are required to make clear scans of both documents types and upload it in your 'Account' section after registration.
a) Proof of identity: A government issued identity card or passport are both valid.
b) Proof of address:
i) A copy of a recent statement from a recognised bank or
ii) A copy of a recent utility bill or
iii) A copy of a government issued document with residential address.
What is the fastest way to open a Live Account with Starfish FX and how long does approval take?
Starfish FX makes every effort to make your administration process hassle free and efficient. You may begin trading in just 3 simple steps:
Step 1: Online Registration
You are required to complete our online application form by providing all the necessary information for your account. Upon a successful sign up, you will receive a welcome email from Starfish FX. This entire process is intuitive and will not take more than 3 minutes of your time.
Step 2: Uploading Required Documents
After registration, you will be automatically logged into your account. Click on 'My Account' at the top right hand corner of the screen. Click on the 'Upload' Documents' tab to provide us with the relevant documents needed. Approval assessment will be complete within one business day and if successful, you will be notified with an approval email.
Step3: Funding in
Once you have received our approval email, go to 'My Account' and click on the 'Deposit' tab. Then, choose your preferred method of funding and follow the instructions given. Once the funds are credited you may begin trading immediately!
What are the fees involved in opening a Live Account?
There are no fees involved in opening a Live Account with Starfish FX. Opening a Starfish FX Live Account is free, simple and fast. Apply online now and get your very own account within minutes.
Is hedging allowed in Live Accounts?
Yes, hedging is allowed. Starfish FX does not impose any restrictions on your trading methods. We respect the style of each individual trader and it is our duty to help you maximise your potential.
Can I change the leverage in my Live Account after the initial setup?
Yes you may. We understand that traders' habits are subject to change and leverage is a preference that varies. All you have to do is close all your current positions first, followed by an email to [email protected] indicating your username, account number and requested leverage. The appropriate change to your leverage will be reflected within one working day.
Can I make a deposit in any currency?
Starfish FX accepts USD, EUR, GBP and CHF deposits.
What are the different funding options available?
New Clients: Please take note that you need to register online first.
Existing Clients: Login to your Starfish FX account, under 'My Account' click on the 'Deposit' tab.
The available funding options are:
i) Credit or Debit card deposits
ii) Wire Transfers
iii) Third party payment providers such as PayPal and Moneybookers
How does Starfish FX ensure that the funding process is safe?
Starfish Vanguard uses the latest SSL encryption certification technology to safeguard both our trader's funds and all data transmitted between your computer and Starfish FX. We have taken exhaustive measures to ensure that our clients can have the peace of mind needed to focus on trading.
What are the charges involved in funding my account?
i) Credit or Debit card deposits: There is a 4% processing fee.
ii) Wire Transfers: Typically 15 – 25 USD charged by the bank.
iii) Third party payment providers such as PayPal: There is a 2.4% -3.9% processing fee.
How long does it take for my trading account to be credited after I make a fund deposit?
Assuming that all required fields of information have been entered correctly:
i) Credit or Debit card deposits are processed within 1 working day
ii) Wire Transfers require 2 – 4 working days
iii) Third party payment providers such as PayPal, Moneybookers will complete funding on the same day.
What is the fastest way to deposit funds?
Credit or debit card funding online and PayPal is by far the fastest and simplest way to make a deposit. Such methods of deposits are usually processed within one working day.
Can funds be transferred from another bank account other than my own?
We only accept funds which are transferred from the bank account(s) listed in your application form or a bank account of a matching name.
How do I check my account funding history?
You can view your funding history in 4 simple steps:
- Log into your Metatrader 4 Account
- Press Ctrl+T to 'View Terminal' or click 'View' on the menu bar and select 'Terminal'
- Look to the bottom left corner of the screen and click on 'Account History'
- Right click anywhere in the tab and enable 'All History'
How do I withdraw funds from my trading account?
Starfish understands that withdrawal is an integral part of the trading process and we do our utmost to ensure the procedure is simple and efficient. For your convenience, withdrawal request can be submitted online in a matter of minutes.
Simply login to your StarfishFX account and click on the 'Withdrawal' tab. Select the withdrawal method of your choice and submit online.
You will receive an email notification upon successful submission. We will process your withdrawal within 2 working days maximum and will notify you again via email once the funds have been transferred. The following is a list of withdrawal methods available at Starfish FX:
i) Credit or Debit Card
ii) Wire Transfer
iii) Starfish FX Prepaid MasterCard
What is the fastest way I can withdraw funds?
Starfish FX has partnered one of the leading payment solutions to successful implement the Starfish FX prepaid MasterCard for your convenience. This is the fastest way of withdrawal and your funds will be ready in a matter of just hours. You are able to withdrawal your cash immediately via any ATM or even make a purchase from any retail store, anytime, anywhere. Apply for your very own Starfish FX Prepaid MasterCard today!
i) Credit or Debit Card: Different credit card issuers observe varying time frames and may take up to one billing cycle to post back to the credit or debit card used for funding.
ii) Wire Transfer: Domestic banks usually require 1-2 working days while international banks may take up to 3-5 working days or less.
iii) Starfish FX Prepaid MasterCard: Process complete on the same working day.
Are there any charges for withdrawals?
There are no withdrawal charges, although there may be fees incurred by the bank or payment processor depending on what withdrawal option you choose.
Are there any limitations on withdrawals?
The minimum withdrawal amount is USD 50.
What is third party withdrawal and is it allowed?
When a client's Withdrawal Request form is received and the name in which the fund is payable to is different from that registered in our records, that payment is deemed to be payable to a third party and will be rejected in accordance and in compliance with international anti-money laundering pact in which Starfish FX must adhered to.
FOREX TRADING BASICS
What is rollover?
Rollover is the interest that you earn or pay for holding an open position overnight. Every currency has its own specific interest rate and because Forex is traded in pairs, every trade involves two different currencies with two distinct interest rates.
Positive Roll: If the interest rate on the currency you bought (base currency) is higher than the interest rate of the currency you sold (counter currency), you will earn interest.
Negative Roll: If the interest rate on the currency you bought (base currency) is lower than the interest rate of the currency you sold (counter currency), you will pay interest.
Metatrader 4 automatically calculates your rollover rates. Do take note that rollover can significantly affect your trade due to the additional cost and profit over a prolonged period.
How do orders execute over the weekend?
If you have placed a stop or stop entry order at a price level that is reached at the open of the market on Sunday, the order will be filed at the next closest available price. Negative or positive slippages may be experienced depending on the degree of price change from Friday till Sunday.
What is the margin call policy?
Your account will require more margin and a margin call will be issued when your balance equity has reached to a level of 200% of the required margin.
A margin call will be issued when your balance equity has reached to a level of 200% of the required margin. To signal you that your account requires more margin, the dashboard terminal turns pink/red and traders are advised to reduce their exposure or increase their available margin.
The stopout level is at 100%, whereby open positions will start to be closed in order to free up more margin. This is to prevent traders from getting over-exposed and going into negative equity. This is taking into account all our credits have already been included into the trading equity and can be used as margin, which means that all traders already get an advantage of increased margin initially.
Where do I download the Starfish FX Metatrader 4 software?
How do I place a market order?
In the left column of the Metatrader 4 program there is a 'Market Watch' window.
i) Double click on the symbol of the currency pair you wish trade.
ii) An 'Order' window will appear. Fill in all the required parameters of your trade decision such as the 'Symbol' and 'Volume'
iii) Click on 'Sell' or 'Buy' to submit your order for execution at the next available price.
iv) Upon execution, the order will be displayed in the 'Trade' window at the bottom section of the screen.
How do I insert chart indicators?
At the menu bar on top, select 'INSERT > INDICATORS'.
How do I create trend lines and use other line related instruments?
i) At the menu bar on top, select INSERT
ii) Select your desired trend line from the available list
iii) After your selection, a graphical icon of the selected trend line with an attached crosshair will appear. Place the crosshair over the selected chart, click and drag your mouse to adjust the size of the trend lin
To have faster access to line studies, click on VIEW > TOOLBARS and tick LINE STUDIES so that it will appear as a permanent icons on the navigation bar.
How do I switch between a BAR, CANDLESTICK and LINE chart?
- For Bar Chart: At the menu bar on top, select CHARTS > BAR CHART, alternatively use the keyboard shortcut (Alt+1).
- For Candlestick Chart: At the menu bar on top, select CHARTS > CANDLESTICKS CHART, alternatively use the keyboard shortcut (Alt+2).
- For Line Chart: At the menu bar on top, select CHARTS > LINE CHART, alternatively use the keyboard shortcut (Alt+3).
How do I change my Metatrader 4 password?
i) At the menu bar on top, select TOOLS > OPTIONS, alternatively use the keyboard shortcut (Ctrl+O).
ii) Under the SERVER tab, select CHANGE.
iii) Input your current password in the 'Current Password' text field
iv) Select 'Change master password' if it is unchecked.
v) Input your new desired password in the 'New Password' text field.
vi) Retype your new password in the second 'Confirm' text field.
How do I change the language?
At the menu bar on top, select VIEW > LANGUAGES, select your preferred choice of language.
How do I change and view different time periods for the charts?
To add time periods to the main menu bar select VIEW > TOOLBARS > PERIODICITY. The following legend will be made available as a permanent fixture on the toolbar:
- M1 = 1 minute chart
- M5 = 5 minute chart
- M15 = 15 minute chart
- M30 = 30 minute chart
- H1 = 1 hour chart
- h3 = 4 hour chart
- D1 = daily chart
- W1 = weekly chart
- MN = monthly chart
What are the promotions that Starfish FX offers?
We know that as an intelligent trader, you want to get the most out of your money and we most certainly agree with you. Thus, Starfish FX launches a new incentive on a monthly basis not only to give our clients added incentives, but also to constantly enhance the trading environment with new attractive incentives. From iPads and cash prizes to holiday tours, we are confident there will be something to your liking right here at Starfish FX.
Starfish FX Incentives are usually divided into 3 Categories:
1) For all new traders or existing traders with new fund-ins
2) For all Starfish FX affiliates
3) Exclusive rewards available only to Starfish VIP: Club Royal Members
Learn more about our on-going incentives here!
What is the difference between equity and credit used in promotions?
Fund deposits into accounts are considered equity and can be withdrawn at any point in time based on your discretion. Through many of our promotions, bonus credits are usually issued to our clients. These credits are almost equivalent to equity except that it is non-withdrawal able until the following condition is fulfilled. When one standard lot is traded, credits will be converted to cash based on the following conversion rates :
- 1 – 200 lots; 2 USD per traded lot,
- 201 – 500 lots; 3 USD per traded lot,
- 501 – 800; 5 USD per traded lot,
- 801 and more, 6 USD per traded lot.
For more information please click here to see our trading credit policy.
For example, you are awarded 3000 USD credits through our welcome bonus. In order convert and withdrawal the full bonus amount, your aggregate number of lots traded must be at least (3000/5) = 600 lots.
The reason why such a condition exists is because Starfish FX is a brokerage that makes its revenue through spread, which is the difference between Bid/Ask. In order to provide a more fulfilling experience to all our valued clients, apart from our welcome and loyalty bonuses, we frequently launch other promotions. The trades you make will qualify you for incentives, at the same time allows us to make enough revenue to rebate you so as to create a win-win situation.