Questions on opening accounts
1. Is it convenient to open an account in BENEFOREX?
To open an account with BENEFOREX, all you have to do is to just sign up on our website. Fill up your personal information accordingly and upload a scanned copy of your identity card & address proof. Our team will then verify your information and send the verification through your email.
2. Can BENEFOREX secure my funds when I trade in the platform?
BENEFOREX strictly carries out clients’ funds separately with business capital only. We deposit clients' capital to their accounts in Commonwealth Bank of Australia. All the accounts are under real names without the involvement of any other third parties.
3. What's the minimum amount of deposit to open an account?
BENEFOREX has no limit for maximum deposit, but customer needs to deposit in at least $100 (USD) before trading.
4.Does demo account work the same as the live account?
Demo account shares the same quotations as live account, but it doesn't have identical trading environment for technical reasons. The orders of demo account do not enter real trading market which is incomparable with the live account. The layout of the demo account is for traders to be familiar with the trading platform but not the real trading experience.
5. How do I launch a demo account?
Click on the “Demo Account” link on the top of our website. We will then email you a user profile after you submit a few information.
Questions on Trading
1. What is spread?
The simple definition of a spread is the price difference between where a trader may purchase or sell an underlying asset.
2. What is leverage?
Forex leverage allows traders to trade with less money. For example, if you invest $100 and set leverage at 1:100, then for every single dollar invested (we call margin) you will have $100 disposable. When you start using the $100 to trade, you are able to trade transaction highest to $10,000(100x100).
3. What is Lot?
1 standard lot=100,000 unit. The minimum trade size in BENEFOREX is 0.01 lot.
4. Why does the exchange rate change?
The rate changes according to its supply and demand. The fluctuations of the supply and demand of the currency leads to the depreciation of their values.
5. What is margin?
A margin is the money you pay in advance to open a position, the money will be refunded to your account after you close a position. It is based on dollars according to trade currency against base currency for calculating trade size and leverage size. By not having sufficient disposable margin, it won't be possible for you to open a new position. The disposable margin in your account is the money you can trade with.
Questions on Forex
1. What is Forex?
Forex, FX or currency or the foreign exchange market is a worldwide and over-the-counter financial market that is based on exchange rate. This market is the determinant of the foreign exchange rate. This includes all the aspects; from buying to selling and exchanging currency rates. In terms of trading volume, it is by far the largest market in the world, followed by stock exchange and credit market. Forex trading requires traders to buy one of the currencies in currency pair and selling another currency. Forex market oscillates depending on the market supply and demand.
2. How can I earn money through forex trading?
The orthodox way is to buy low and sell high. Beneforex provides a leverage which allows you to penetrate into the forex trading market with minimal cost and maximum profit. The investment opportunity comes from the exchange rate fluctuations under the influence of political and economical conditions in the United States of America, Japan and several more developed countries in Europe.
Who are the major participants in forex market?
Central, commercial and investment banks make up as the major participants for forex market. Today’s technology has made it possible for more people (eg: fund manager, registered dealers, money brokerage companies, private investors etc) to be a part of the forex market.
Which currencies are the most suitable trading currency pair?
Currencies with top liquidity usually are from countries with stable politics and respectable central banks. Combined with dollars, these currencies will compose major currency pairs. In forex market, these major currency pairs take up around 85%, such as EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF and USD/CAD.
How does forex traders analyze?
They usually adapt to technical or fundamental analysis. Technical analysis has gotten really popular among traders over the years for traders who seek short-swing or swing trading based on trend, support or resistance line. There are others who refer to economic information such as news, government report, economic statistics and sometimes even rumours. There are traders who are more invested in incidents like central bank intervention, interest rates, political events or even war. These incidents play a big role on the market and may bring them huge advantage if they know how to seize it.