FAQ of account
FAQ of account
FAQ of trading
Questions about depositing
and withdrawing money Other questions
and withdrawing money Other questions
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- 01. Will opening account be charged, and is there any minimum requirement for funds?
- Answer: there is no charge for opening an account and a minimum initial deposit of USD10,000 required to be deposited in your account with the Company. Open the account now
- 02. Is there any demo account for trial?
- Answer: Yes. Software for demo account and the real account is the same, with identical market information and operation, which will help you to get familiar with operation of online trading platform and learn CFD trading. Please enter the page of opening account, click demo account, and fill in the necessary information for registration; after successful registration, we will send your demo account and password to the e-mail address when registering.
- 03. What should I do when I forget the account password?
- Answer: You may click “forget the password” on the login page of the platform, to reset the password. The new password will be sent to your e-mail address when registering.
- 04.What are the meanings of items in account summary?
- Answer: After logging in the online trading platform, “account summary” in position information includes the following items: account, balance, equity, used margin, usable margin,
total net profits and losses, margin level and password, which will be sent to your e-mail address when registering.
Account: trading account opened in the Company.
Balance: current amount of funds in the account.
Equity: balance plus total net profits and losses, and it reflects the dynamic change of funds in the account; if all positions are closed at the moment, balance of the account is the current equity.
Used margin: Amount of margin (typically money deposited in your account) that is set aside to keep positions open. The used margin acts as collateral for the open position, and is essentially locked away until the position is closed. Once trades are opened the required used margin is deducted from usable margin. Also called maintenance margin or required margin.
Usable margin: it equals to equity deducting used margin and is the current available funds for trading in the account. (Withdrawal can be applied for usable margin)
Total net profits and losses: total net profits and losses of the current positions.
Margin level: equals to equity divided by used margin (when the equity level ≤50%, the system forces liquidation from the largest loss position, until the equity reach 50% or more of the margin level. If there is liquidation, the position of same loss will be closed on the principle of “first in, first out”).
- 05. What kind of currency can be used for trading?
- Answer: The designated account settlement currency is the U.S. dollar and RMB. If the customer chooses U.S. dollar as the settlement currency, with RMB as the currency for deposits and withdrawal, please refer to announcements for exchange rate in online service center for details of exchange rate.
- 06. What kind of currency can be deposited?
- Answer: You may deposit the U.S. dollar, RMB or Hong Kong dollar.
- 07. How long will the withdrawn amount be received?
- Answer: Online withdrawal is generally received within 1-2 working days after withdrawal is accepted, and it depends on arrangement of the withdrawal bank; withdrawal is not handled on Saturday and Sunday. The customer can handle a withdrawal application at any time on working days.
- 08. How to guarantee security of funds in my account?
- Answer: Goldenway Global Investments (UK) Limited (“UK Goldenway”) is the member of UK Financial Services Compensation Scheme (FSCS), and provides the fund protection up to £85,000 (approximately RMB 750,000) for eligible customers. Further information on the FSCS can be obtained from their website, www.fscs.org.uk.
- 09. Which should I choose, RMB settlement account or U.S. dollar account?
- Answer: For convenience, you can choose the selected bank account currency as the account settlement currency.
- 10. How to calculate the overnight interests on weekends and holidays?
- Answer: Generally, Saturday and Sunday are inter-bank closing days, but most banks still calculate interests of these two days. However, foreign exchange is a two-day-settled market. That is, the position will be settled two days after opening. If the opened positions are not closed before 5:00 a.m. on Thursday (HKT) (summer time), technically, such positions will be settled on Saturday. The bank closes on Saturday, so the positions will be transferred to Monday after the weekend, and interests of such three days will be received. If the opened positions are not closed before 04:45 a.m. on Saturday (HKT) (summer time), receipt and payment of interest on the day will be calculated as interest of one day as the said extension of opened positions includes interests on the weekend. Similarly, there are no overnight interests in holidays, but overnight interests of an extra day are calculated for two working days before holidays. Generally, overnight interests of holidays will be calculated in important holidays in the country of currency involved in trading.
- 11. What supporting documents will be submitted after opening the account?
- Answer: After opening the account on the internet, the customer shall submit the relevant supporting documents within 14 days required by the regulatory authority, including:
1）Identification.
For example: two-sided copy of national identity card (scanning or photographing, clear and non-glare)
2）Proof of address.
For example: copy of the front of identity card*; or bank statement, water bill or electricity bill valid within 3 months;
* If the address filled in when opening account is the same with identity card, the identity card can be the proof of address
3）Bank certification.
For example: screenshot of e-bank (customer name, account number and bank name shall be included in one page of screenshot)
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- 01. Which products can be traded?
- Answer: The customer can trade foreign exchange and products of precious metal at the same time with one account (spot gold and spot silver).
- 02.When can the products be traded?
- Answer: please refer to Margin Policyfor trading time of various products.
- 03. When can settlement of trading be carried out every day?
- Answer: Summer time: daily settlement is carried out on 5:00 a.m. (HKT) (GMT 21:00) every day.
Winter time: daily settlement is carried out on 6:00 a.m. (HKT) (GMT 22:00) every day. - 04. What are the trading methods?
- Answer: You may place orders anytime on the online trading platform provided by the Company. Under special circumstances, the customer can arrange urgent closing-out by calling customer service hotline.
- 05. How many units can be traded at least each time?
- Answer: 0.1 units is the minimum., please refer toMargin Policyfor details.
- 06. What about the margin for trading one unit?
- Answer:Click herefor the details of margin for various products.
- 07. What does slippage mean?
- Answer: Slippage refers to the range of market price fluctuations accepted by the customer when carrying out trading of market order. Taking EUR/USD as example, if the current market price is 1.4200, and the customer sets the slippage level as 1 point, the order can be traded within the price scope of 1.4200±0.0001.
- 08. What is the hedging?
- Answer: if the customer holds the position of same product in different direction for both buying and selling, regardless of market price fluctuations, the risk exposure is relatively small. We will charge the margin of the hedged position according to the equivalent number of lots for the position holding order of same product but in different direction of buying and selling.
- 09.Is it possible to hedge position?
- Answer: if the customer holds the position of same product in different direction of buying and selling at the same time, the system will preset the hedged position.
- 10. How is margin charged when hedging position?
- The locked position margin is 100% of the total required margin for position hedging orders.
- 11. What are the requirements for unlocking?
- Answer: when unlocking, you need to make up 100% margin for the original position holding order.
- 12. Can the position for all position holding orders be closed completely once?
- Answer: the position for all holding orders is not allowed to be closed completely once.
- 13. Under what conditions will the position be closed compulsorily?
- Answer: when the net value of account is less than the deposit for compulsorily closed position as required, the system will compulsorily close position; for marketing in weekends or holidays, net value must be maintained not less than the amount of the marketing deposit in each lot, and if it is inadequate and funds fails to be deposited, the position will be closed for all of them. The risk for compulsorily closing position cannot be exempted by locking position, and its account balance may change due to the interest expenditure and buying and selling price difference so as to trigger the position to be compulsorily closed, so the customer must pay attention to account balance and maintenance deposit from time to time after the position is closed.
- 14. How value is taken when the position is compulsorily closed?
- Answer: if the compulsorily closed position is implemented during the trading period, it should implement according to the market price when the position is being compulsorily closed; if the compulsorily closed position is implemented during the non-trading period, it should implement according to the settlement price of that day.
- 15. What is "limit order" and "stop-loss order"?
- Answer: Limit order:
A limit order is executed when the market price reaches a certain price and is more favorable than the current price. The limit price is the highest price you are willing to buy or the lowest price you are willing to sell.
Stop-loss order:
Stop-loss order can help investors reduce losses. When an investor sets a stop-loss order, if the market price reaches the trigger price set by the investor, the stop-loss order will become the market order and can be traded at the best market price that can be performed at that time. Note: Please note that any orders (including limit, stop-loss etc.) may not be performed at the preset price due to market volatility and influence of gap. In case of above mentioned situations, orders may be performed according to the next best favorable price in the market. In addition, the investor may modify or cancel any various orders during the trading period before orders are performed, but it still needs to meet the requirements of the company for different orders.
* The company reserves the rights to change the settings instantly due to the changes in market environment without notifying separately. - 16. How long is the period of validity for platform pending order?
- Answer: customer could set the longest period of validity as a trading week in the platform. Customer can set the expiration date within one trading week. Even if the customer sets the valid period for the pending order beyond one week successfully, all pending orders will be cancelled after market is closed in that week.
- 17. What is overnight interest?
- Answer: when the customer holds positions, through the Beijing time 05:00 a.m. GMT 21:00 (summer time) or 06:00 a.m. GMT 22:00 (winter time), the overnight interest for customer’s position will be charged or paid. In general, if the interest rate of currency when customer buys is high, the customer will pay overnight interest; on the contrary, if the interest rate of currency when customer buys is lower than the interest rate when customer sells, the customer will pay the overnight interest, and the corresponding interests of various currencies will change with the gap of the interest rates.
- 18. How can the buying and selling interest rate be viewed?
- Answer: you can click on the right key in the “market quotation window” on the left of GW MT4 platform, select the "commodity trading list", click "Forex", "CFD1" or "CFD2", find the variety your need to view, click "properties", and then you can view the "swap holding cost for buying order” and “swap holding cost for selling order, namely “buying interest rate” and “selling interest rate”, and the overnight interest will be determined according to the buying and selling interest rate on the platform, and if the interest rate is negative, it is the overnight interest is required to be paid.
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- 01. How do I deposit funds into my trading account?
- Answer: Customer can make deposit into trading account through online banking or telegraphic transfer.
- 02. Which website should I log in for payment via online deposit?
- Answer: customer can log in to our online service center. After successful login, click "login", login page, enter the amount of withdrawals, and then press "submit", you can withdraw money. In order to obtain smoother services, we recommend that clients log in using the IE (Internet Explorer) browser.
- 03. Can I ask others to deposit on behalf of me?
- Answer: Our Company doesn't accept deposits from third parties.
- 04. Which currencies can I use when depositing?
- Answer: customer can use USD or RMB to deposit.
- 05. How much is the handling fee for deposit?
- Answer: If each withdrawal amount is less than USD 50, the company will charge USD 3 as a handling fee.
- 06. How do I apply for a withdrawal?
- Answer: At the time of withdrawal service, click the “Access and Deposit” button at the top right of the page to open the Customer Center page. After logging in, customers can apply for withdrawal
- 07. Can I register with someone else's bank account?
- Answer: No. When opening an account, you must register with your bank account of the registrant. This is to ensure the safety of our customers’ funds, and please understand because it is stipulated according to the international anti-money laundering ordinance.
- 08. How do I fill in the international remittance code?
- Answer: Please click hereif you want to view the international remittance codes and other remittance information.
- 09. Why can't I see the page "successful payment" made by the merchant after the payment is made successfully?
- Answer: Because of the system requirements of some banks, please be sure to close the "Google Toolbar" or "3721" and other "shield pop-up window" tools, otherwise you may not be able to see the bank operation prompt for the payment, or you cannot see the page "successful payment" made by the merchant after the payment is made successfully, directly resulting in the issues that the payment cannot be made successfully or goods cannot be picked up after the deduction.
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- 01. Will I receive the notice when the net value is lower than the maintenance deposit?
- Answer: when the net value of your account is lower than the maintenance margin, SMS will be sent to remind customer to make up the margin.
- 02. How do I receive daily statement of account and monthly statement of account?
- Answer: on the next trading day after trading, your registered email address will receive the daily statement of account on the previous day of the trading. The monthly statement of account will be sent to your registered email address in the early of the month.
- 03. Why does the received email sent by your company get messy codes?
- Answer: due to different preset values of various E-mail software codes, after receiving the coded letter, the system cannot automatically identify the coding method, can not automatically decode, so there will be so-called messy codes. In order to reduce the occurrence of messy codes after receiving the letter, it is recommended to set the font “code” as "Unicode (UTF-8)".
- 04.How do I set the Email sent by your company as "non-spam mail"?
- Answer: please try to set in the following way in your incoming mail box.
[Method I] set that this is not spam mail:
A. In the junk mail box, select the GWFX mail.
B. Press the button "this is not spam mail".
[Method II] Add the sender of the matched letters into the mail list:
A. Click the link of "add mail list".
B. In the settings page, click the button of "add mail list".
