FAQ

What is the difference between bid price and offer price?

The bid price is the maximum price that a buyer is willing to pay for a security. Whereas, the ask price is the minimum price that a seller is willing to receive for the security. A trade or transaction occurs when the buyer and the seller agrees on a particular price for the security.

What is the meaning of a PIP?

The word ‘PIP’ is an expression for ‘percentage in point’. The term historically refers to the smallest incremental movement in prices in the currencies trading market. The majority of currency pairs are quoted to four decimal places so the smallest PIP movement is of the fourth decimal place. For example, if EUR/USD rose from 1.2984 to 1.2986 it has raised two PIPs. Sometimes a PIP is also referred to as a point.

What do you mean by Square Position?

“Square position” signifies that your positions are equalizing i.e. when the buy positions are equal to sell positions. When you are in a square position, the positions are perfectly hedged, not long or short.

What is currency trading?

Currency trading is also known as Forex or foreign exchange and FX trading. It is the process of concurrent buying of one currency and selling of another currency. In FX trading, investors wish to make profits through speculations on the movements in the exchange rates of various currency pairs. The Foreign Exchange Market is being the world’s largest financial market with daily trading volumes being more than $4 trillion available 24 hours a day, five days a week. The Forex market is booming in popularity worldwide and continues to offer opportunities, whatever the level of volatility in the markets; traders are abandoning the traditional stock and future markets and moving to Forex in surprising numbers.

What is ECN?

ECN stands for “Electronic Communication Network” linking different participants in the foreign exchange market like investment funds, individual traders and banks. With an ECN account, a client gets the direct access to market without the involvement of a middle man. Compared to the trading on Market Maker (MM) accounts with wider spreads, ECN trading is considered as much more cost-efficient. Turnkey Fx offers client pure ECN accounts with liquidity from sixteen world-class banks and qualified financial institutions, enabling the client to trade on tightest spread which is as low as 0.4 pips.

What is an EA or Expert Advisor?

An Expert Advisor is a software program which is competent to perform any action following the trader’s or programmer’s pre-defined without his direct involvement. It involves automatic performance of all the tasks by the system. Following the instructions in EA, the expert advisor analyzes the data and performs the task.

Following are some benefits of Expert Advisor:

  • No requirement of any in-depth knowledge of fundamental and technical analysis
  • Eliminates any chances of manual errors and emotions
  • Diversification of Portfolio
  • Proved long term results
  • Offering Traders with more free time and flexibility
  • Trading Opportunity Alerts

What is the meaning of latency?

Latency can be defined as a measure of time delay experienced by user in a system. For example how long it takes the prices to reach your computer. In the Turnkey Fx platform it is indicated by a bar which denotes the strength of your connection. If the bar becomes red it means that you have high latency in your system demanding a need to check the Internet connection.

What is Margin?

Margin is the size of equity that is added by a trader as a percentage of the current market price of the equities held in a margin account. This is not a transaction cost or a fee, it is simply a part of the trader’s account equity set sideways and assigned as a margin deposit.

What is a Rollover?

Rollover is the interest paid or earned when a positions is holded overnight. It can add a significant extra cost as well as can also add profit to your trade.

What is social trading?

Social trading is an innovative way for investors to enter the financial markets. Social Trading authorizes traders to share their trades and real time ideas by linking the traders from across the world in a large community.

Social Trading network is just like the social networking websites enabling you to follow or connect to professional and experienced traders and interact with them. It enables a newbie to interact and have advices from the experienced professionals who have been in the trading field for a long time.

Meaning of Spread

The spread can be defined as the distinction between the bid and the ask price. The ask price is the rate which you buy an instrument whereas the bid prices is the rate at which you sell an instrument ( stocks, commodities, currencies and indices) with Turnkey Fx, you can trade a large variety of instruments with elastic spreads providing you with a high degree of transparency in the prices on your trades.

What is the meaning of “bid-ask spread”?

It is the difference between the price at which you can sell the instruments( bid price) and the price at which buy the instrument (ask price). this difference between the price is spread.

What is the difference between an order, a trade and a position?

An order is the instruction to buy or sell a currency at a specified rate while the order remains valid until executed or cancelled.

A trade is defined as the execution of the order.

A position is the total of all trades for a specific market.

Explain the difference between options and futures?

The futures contract obligates both the parties-buyers and sellers to uphold their contract terms. However, the options provides the right to buy or sell but do not obligate either party. The underlying asset for an option can be any instrument including financial instruments and financial indexes. However, when the underlying asset is a commodity such as grain, oil, precious metals or other agricultural products, then the options are called as commodity options.

What is the expiry of contracts in CFD and CME?

  • In CFD there is no expiry as we trade in spot.
  • In CME, the contracts are traded with one month expiry.

What is the leverage provided in CFD and CME?

  • For CFD, provided leverage is 100 to 200 times.
  • For CME, leverage is governed by the exchange

What do you mean by trading on margin?

Trading on Margin allows clients to open trades that are larger than the capital in their trading account. it is also known as Trading with leverage and is a common attraction of the forex market.

About Company

The company has years of operational history and we offer the trading platform of choice for investors seeking fast and direct access to the world’s capital markets.

We offer our clients a supermarket of benefits. Clients come to us for deep and diverse product offerings – Forex, CFDs, Global Indices, Commodities and more.

Do we trade with ECN Account?

Yes, we trade with an ECN account.

Where is TurnkeyFx & who regulates it?

Turnkey Fx is headquartered in Mississauga, Canada and London, United Kingdom. It is regulated by the Province of Ontario and by the laws of the city of London.

Why TurnkeyFx?

  • Multiple softwares like MT4, Trade station and Zulu Trade trading in all currencies, metals, commodities, stocks and indices
  • Gives you the choice of multiple liquidity providers
  • We offer multiple plans and privileges to your customers
  • Allow you to manage the risks online
  • All kinds of back end support system
  • No heavy charges
  • Strong background

What is the payment mode?

One can pay through credit cards, debit cards and net banking.

What is the guarantee that Funds transferred to TurnkeyFx is safe as it is an international company? How can we claim the funds or withdrawal?

TurnkeyFx is a technology provider with traders located in 14 countries. As far as guarantee is concerned, you trade directly from your own account and there is no dealing desk. All trades pass through banks and liquidity providers. Profit and loss is all yours. We just act as an intermediate.

Is Account opening possible in different languages?

No, we recommend clients to provide certified English translation of all the documents provided.

What will be the rate of conversion at the time of payment?

The rate of currency will be interbank conversion rate as quoted by the bank at rate at that particular day for transfer as well as withdrawal. Alternately, we have multiple currency account namely AUD, USD, GBP, EUR and you can select your accounts currency to meet your needs. If the account currency is same as the currency you are making deposit/withdrawal with, there is not currency charge.

Do we offer corporate/Business accounts?

Yes, we provide corporate/business accounts.

Do we accept payments in different currencies?

We accept the payments in four base currencies like USD, EUR, GBP and AUD.

What platforms do we offer?

We offer 10 different platforms:

  • TradePad
  • TradePhone
  • TradeDroid
  • TradeStation
  • MT4 Mobile
  • Mt4 Desktop
  • Zulu Web
  • Zulu Mobile
  • Social Trading

What are the risk management tools we offer?

  • Risk Profiler Tool
  • Order Depth Tool
  • Blotter Tool
  • Trading Order Tool

What are the Back Office tools we offer?

  • Access to back office of your clients
  • Monitoring the trades of clients
  • Managing multi hierarchical functionalities
  • Over 25 business automatic reports
  • No restriction on number of groups
  • Creation of MAM/PAMM account
  • Custom settings on group and individual account level
  • Ensuring the confidentiality

Can I deposit via virtual Visa card and what are the different options and conditions and commotion about the withdrawal system?

Yes you can make deposits using virtual Visa and Master Cards. You can make the payment into your trading account by visiting our website.You can also send a withdrawal any time by sending an email and your request would be processed the same day.

Can I pay through credit card from any country?

Yes, clients can pay through credit card from any country, provided that cards must be visa, MasterCard, American express, discover or maestro.

Can I send a wire drawn on someone else’s account?

No. Turnkey Fx neither make nor receive any payment via third party – We can neither warrant the receipt, nor the return of such payments.

Other than the options you provide, can I send funds using a different method?

We strongly not recommend to send funds using other methods than listed on our website as it could prevent or cause postponement in funding you account.

Can I transfer funds from someone else’s credit account?

No, Turnkey Fx does not accept finances from somebody else’s credit card.

Alternatively, the client can make a paypal account in his name and transfers the funds in his account from somebody else’s credit card. Then the client can use his own paypal account to put money in his account.

How much time will it take for a deposit made through credit card to show in my trading account?

Funds transferred through Wire transfers usually take 2-7 working days to be credited to your account while card deposits take around 10 minutes whereas deposits made via on-line payment options reveals instantly in your account.

Does TurnkeyFx accept third party deposits?

No, TurnkeyFx does not accept third party deposits. We neither warranty the receipt nor the return of any such payments.