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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 minimum 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.



Questions on Platform

Why does my account show “invalid account”?
If the error message “invalid account” pops on your screen, it is usually because you have either entered wrong username/password or picked out the wrong server. To resolve this matter, simply re-enter your information correctly.
What do I do if I have forgotten my password?
Head on to www.beneforex.com
Click on the log in page & click on “forget password”
Enter your username & registered email
We will send a reset link to your registered email
Can I install MT4 trading app on my mobile phone or iPad?
The MT4 trading app is available on every platform; mobile and tablet. You can download the app on your Google Playstore or Apple Appstore. The app carries the same features as desktop version.
How to check my trading lots?
Login to your MT4 live trading account
Click on “account history”
Is the MT4 password the same as website password?
The password used on the website is used to open to open an account on BENEFOREX while the MT4 password is the one that will be sent to your email once your information is verified. Both passwords are different. For added security measures, please do not set the same password for both accounts.
How can I change my password?
Click on the change password option
To change MT4 password, kindly use their platform.
Why does the platform go offline?
If the platform goes offline, it could be caused by connection error between local and foreign network. To resolve the matter, please switch to servers that are corresponding to our network server. To do so, please follow the following steps:
Go to the bottom right of the BENEFOREX MT4 platform and click on the signal tag.
A pop up of different servers such as DC1 or DC2 will then show on your screen.
Each server will display different numbers (for eg: 256ms etc) which symbolizes the time for network connection
Choose a server with the lowest number to connect and trade.

RISK DISCLOSURE : Trading in forex comes with high level of risk to your capital and you should trade according to your affordability. RISK DISCLOSURE