Frequently Asked Questions

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  #1 What are your commissions and fees on trading?

When you open a LIVE Account with "TradeKit" you are required to fax, or scan and email, your passport or ID card, a driver’s license with your photo and a utility bill showing your current address.

Once your account is open, there are convenient ways to fund your new trading account

Please find more information under the Funding facilities section of the website.

There are no commissions. No clearing fees, no brokerage fees. Brokers are compensated for their services only through the bid-ask spread.

 

BID: The bid–offer spread is an accepted measure of liquidity costs in exchange traded securities and commodities. Bids/Offers are very similar to limit orders and used to buy or sell a currency at a specified price or better.

ASK: This is the opposite of bid, which is the price a buyer is willing to pay for a security, and the ask will always be higher than the bid.For example, in the same GBP/CAD pair of 1.7886/89, the ask price us 1.7889. This means you can buy one GBP for 1.7886 CAD.

Note:Depending on the services used by the client, various fees / commissions may apply.

  #2 Can I place orders over the telephone?

No. We do not accept trades via Phone right now.You can place trades online with "tradekit.com" OR "tradekit.com" on any computer with an Internet connection.

Trading with "TRADE-KIT" is very secure, as we do our most to protect user confidentiality and we are also affiliated with regulated companies. We use the internationally accepted security system SSL to encrypt all credit card payments over the web.

  #3 Any difference between Demo account and live account?
While all features and functions of the live platform are available in the demo platform, traders should keep in mind that simulation cannot replicate real trading marketplace conditions. One important distinction is that the volume executed through the simulation does not affect the marketplace, while in real trading, volumes have an effect on the marketplace, especially when the deal size is large. Your demo account will be available for 30 days. If you have a live account then you can use demo account without any limitations.

  #4 What is the difference between Stop and Limit orders?

They are just the location of the order relative to the market location. Stop Orders can be used when Traders believe the price will continue in the same direction after a certain point. When the stop price is reached, the stop order becomes a market order.In Limit Orders Traders can use an Entry Limit Order when Traders believe that the price will reverse after a certain point. A limit order is a pending order to buy or sell a currency at a specified level or better.

  #5 How do I calculate profit/loss?

Most online trading platforms automatically calculate the P&L of a traders' open positions. However, This calculation follows the following formula:

(Closing Rate - Opening Rate) * (Closing {quote}/{home currency}) * Units

Example:

Assume that you have a 100,000 GBP/USD position currently trading at 1.6240. If the prices move from GBP/USD 1.6240 to 1.6255, then the prices have move up by 15 pips. For a 100,000 GBP/USD position, the 15 pips movement equates to USD 150 (100,000 x 15).

  #7 Are there any maintenance/education fees?

No! There are no Maintenance/Education fees. Lack of sufficient knowledge and experience on this field may lead to huge financial losses at the end. Correct decisions and well considered trading strategy is the foundation of success in Forex.