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Official NorthFinance FAQ - Taken from Northfinance.com
By Paulus | August 16, 2007
Can funds be transferred from/to a third party to my account with North Finance Company Ltd?
According to regulations, funds have to come from the client and not from third parties.
Can I deal in any volume of currency or quantity of metals etc.?
You can deal in both standard lots and portions of lots, i.e., mini lots. The amount/quantity of a standard lot is as follows:
1 lot Euro = Euro 100,000
1 lot GBP = 100,000
1 lot Swiss Franc = SF 100,000
1 lot Japanese Yen = Yen 100,000
1 lot Gold = 100 oz
1 lot Silver = 5000 oz
For the mini lots the standard lot is apportioned accordingly, i.e., if you take 0.10 of Euro, the lot size will be 0.10 x 100,000 Euro = 10,000 Euro and if you take 0.20 of GBP, the lot size will be 0.20 x 100,000GBP = 20,000 GBP.
Can I place “limit” or “stop loss” orders?
Our clients can place any type of limit and stop loss orders at any time, and change it as many time as they need free of charge.
Do I need to have any previous trading experience before I will start dealing with North Finance Company Ltd?
According to the international regulations you are required to be an experienced and/or professional trader. The Trader agrees that Trader is fully responsible for making all final decisions as to transactions effected for Trader’s account. Trader has considered the foregoing factors and in view of Trader’s present and anticipated financial resources, Trader is willing and able to assume the substantial financial risks of OTC trading.
How can I check the balance of my account and my deals/trades for the day?
Our clients can have an instant access to their statements via our Internet Trading Platform FX Team, with detailed history of the transactions and margin on the account. Also, you can always call to our Dealing Hall and ask our dealers for your account’s balance, margin available etc.
How do I get my money out of my account?
You will need to fill in the application form in a selected format which you can get from http://fxpanel.northfinance.com/with.php and send it by e-mail to info@northfinance.com.
Procedure will be executed immediately and will take maximum 3 banking (working) days.
The clients whose deposit is 3000 USD and above can withdraw money from their trading account with our VISA Electron Card.
How much money do I need to open an account with North Finance Company Ltd?
You can open a Real Trading Account with just 100$ (Mini FOREX); any amount of money starting from 100$ can guarantee you a Real Trading Account with all trading options offered by North Finance Company Ltd.
How safe and where is my money are allocated?
Our client’s money are kept in a segregated (separate) client account i.e. client money is held separately from company funds and cannot be used by North Finance Ltd except for client dealing purposes. Client funds cannot be used to guarantee North Finance ltd accounts or to offset North Finance Ltd loans.
What are my risks in trading?
A risk warning is referred to on this website under Risk Warning.
What are the working hours of North Finance Company Ltd dealing room?
North Finance Ltd’s Dealing Hall is open 24 hours a day continuously from Sunday 11.00 PM (GMT) until 09.00 PM Friday (GMT).
What is a margin?
The minimum margin required to open a position depends on the selected leverage and ranges between 1% and 100% of the position. The margin is calculated in US dollars for open positions including those where the dollar is not the base currency. For example if you are trading with a leverage of 50:1 and you decide to buy 200,000 EUR for JPY, the required margin is 200,000/50=4,000 EUR. If the current rate of EUR/USD is 0.9220, then you need a minimum of 4,000*0.9220=$3,688 available in your account for opening this position. Used Margin is the amount of money supporting open positions. Free Margin is the positive difference between the lesser of your Balance amount or Equity, and your Used Margin. If you do not have a positive Free Margin you cannot enter into a new trade.
What is North Finance Company Ltd?
NorthFinance.com is a private business entity formed by the team of experienced professionals in Stock exchange and Currency Market in 2001.
The mission of our company is to provide the most favorable conditions for Forex Traders. And we know very well, what are the traders’ needs: opportunity of round - the - clock trading in Forex and CFD markets at the most favorable conditions of trade, extensive education, honesty and related services.
The technical skill of our support staff allows us to provide the high standard of service for both individual and institutional players and the highest possible level of internet trading. Real-time bid/ask prices are continually streamed from NorthFinance.com trading desk out to clients via our internet-based dealing software. With average execution times of seconds. Our telephone customer service desk is also available for you 24 hours a day.
NorthFinance.com has been one of the first companies in breaking down the traditional barriers of high margin deposits and increasing of leverage up to 100. Probably you won’t find a company that’s more concentrated on its customers. Our main task is to identify your needs and preferences and do everything we can to satisfy you making trading with us extremely comfortable.
Everyone of our team shares commitment of delivering the best possible online Forex & CFD trading experience and best service.
Those are the factors that make NorthFinance.com successful.
What is the leverage?
We are offering to our clients a maximum leverage of 1:200.
What is the Margin Call/Stop Out Level?
It is a demand need for additional funds required by the clients to increase their margin level of their deposits in case of a sudden adverse change in the international market price. Stop out level- it’s an obligation of brokers to close positions in case of insufficient margin.
What is the margin required for each open trade?
The minimum margin required to open a position depends on the selected leverage and ranges between 1% and 100% of the position.
What is the minimum/maximum lot size?
We offer two sizes of currency contracts, or lots, to trade: the standard size 100.000 units of the base currency and Mini contracts, with the possibility of trading 0.1; 0.2; 0.5 lots.
What is the procedure for opening an account with North Finance Company Ltd?
Fill in APPLICATION FOR OPENING A SUBACCOUNT (you can get it here https://fxpanel.northfinance.com/), and let us know about your way of payment and in just 10 minutes (!) you will get your Account specifications, Account Login and Password.
When can I start dealing?
You can start dealing immediately after sending to North Finance ltd the copy of transfer, with an amount and value date specified.
Topics: UltimaForex FAQ |
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