Below are some of the most frequently asked questions from COFX. Please scroll down for a complete listing of all FAQs that are available on our website. . If your question is not in the list below please contact one of our friendly and competent assistants and they will be glad to be of assistance to you.

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COFX does not charge commissions for FX Contracts. Your only transaction cost is the dealing spread - the difference between the bid and the ask price.

COFX traders are available 24 hours daily from from 21:00 GMT Monday through 21:00 GMT Saturday

You may trade with COFX from any computer with an Internet connection. Simply go to www.co-fx.com and login to your account. If you are traveling or do not have access to a computer with an Internet connection, you may execute trades over the phone by calling the COFX dealing desk.

COFX dealing software, MetaTrader4 provides each client with a wide range of trading tools, including technical analysis and charting, real-time news feeds, real-time profit and loss analysis, and full back office capabilities. COFX's market professionals will also provide daily Market Commentaries, Signals and Economical Outlooks. Finally, account statements are sent at the beginning of each month, and list all transactions for the previous month by currency and value date, a summary of all current open positions, and account balance as calculated at the close of business on the last business day of the month.

COFX initial margin requirement for a standard account is US $200 on our minimum trade size of US $100,000.
COFX's initial margin requirement for a mini account is US $200 on our minimum trade size of US $10,000.
COFX will only execute trades on margin if the client has sufficient funds in his or her account.

Yes you can. 
You may trade with COFX from any computer with an Internet connection. Simply go the www.co-fx.com and login to your account. If you are traveling or do not have access to a computer with an Internet connection, you may execute trades over the phone with a COFX dealer.

No. We do not accept trades via email.

Yes, you may hold positions over the weekend and major holidays, but make sure you review your margin balance to cover any negative move against your open positions. It's not uncommon for currencies to "gap" - trade at prices considerably away from previous levels - when they re-open for trading after a holiday or weekend. This may negatively impact your excess margin.

We suggest you keep a cash "cushion" in your account of at least 1% against your open positions; to help protect against automatic liquidations of your positions to meet margin requirements. For example, if open positions equaled $400,000 then, margin balance should equal at least $4,000 (400,000 x .01).

There is no capital at risk when trading in a practice account. A COFX practice account features real-time quotes and charts, along with all the trading tools and information you'll have access to as a COFX customer, including single and contingent order types, a real-time newsfeed, up to the minute market commentary, daily and weekly research, and more.

The minimum deposit to open a standard account COFX is US$2,000. COFX's minimum transaction size for a standard account is US$100,000 (or the equivalent), with a minimum margin deposit of $2,000 (at 100:1 leverage).

The minimum deposit to open a mini account with COFX is US$200. COFX's minimum transaction size for a mini account is US$10,000 (or the equivalent), with a minimum margin deposit of $200 (at 200:1 leverage).

Opening an account is easy as 1,2,3
Once you have decided which of the account forms are right for you, please download the corresponding fillable PDF form from our website right here

• Account Opening Form - Individual
• Account Opening Form - Corporate

If required, seek necessary assistance of a financial counsel.
Now you can proceed and fill the account opening form on screen. Filling the form on screen will help us to avoid miscommunications and spelling mistakes while rendering your information into our systems. Once filled out please save a copy to your system and print at least three other copies out.
1. In the case of an Individual account, kindly make sure you have:

• Your account opening forms filled not yet signed
• A copy of your valid photo-identification document viz. either passport, driver's license or national ID card
• A copy of bank account statement or other notice of confirmation issued by a bank showing name and current Address

2.In the case of a joint account, kindly make sure you have the above for each account holder as well as authorized signatory.

3. In the case of a corporate account, kindly make sure you have :

• A copy each of photo-identification document for all directors/authorized signatories.
• A copy of bank account statement or other notice of confirmation issued by a bank showing name and current address for all director/authorized signatories.

Company documents viz.,

• Copy of Memorandum & Articles of Association,
• Certificate of incorporation,
• Return/Particulars of directors/shareholders/secretaries,
• Copy of bank account in the name of the company.

Now all that is left for you is to do is to physically send us one copy of the documents as listed in Steps above to us via scan email to info@co-fx.com and management@co-fx.com

Ater that all that is left to say now is - Welcome to COFX your online trading provider!

Once your account is opened, you will receive an email with your username and instructions for accessing your account. Please note that username's are only assigned after your account paperwork has been approved.

Funding your account once the account is set up is very easy. You have the choice between the classical Swift transfer.

The time it takes for a deposit to post to your account will depend on the method in which it is sent: Wire - 1 to 2 business days of receipt within 24hours of receipt

Unless specific settlement instructions are provided, COFX will automatically roll forward all open positions to the next day's value date at the end of each business day. All rolls will be done at competitive rollover rates, and depending on the currency pairs involved, trades will be executed where the trader will either earn or pay away points, depending on the interest rate differential between the two currencies and the margin employed on the trade.

Please fill out the form below :

Download the Widthrawal Form here

Withdrawal requests are processed within two (2) business days of receipt.

COFX will not accept third party deposits or withdrawal requests. The name(s) on the COFX trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a COFX account holder, business accounts and endorsements to COFX.

The Foreign Exchange market, also referred to as the "Forex" market, is the most traded financial market in the world, with a daily average turnover of approximately US$3.2 trillion. Foreign Exchange is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example Euro/Dollar or Dollar/Yen.

FX Trading is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over the Counter (OTC) or 'Interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.

The Foreign Exchange market is called an 'Interbank' market due to the fact that historically it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and individual investors.

The Foreign Exchange market is called an 'Interbank' market due to the fact that historically it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and individual investors.

The most often traded or 'liquid' currencies are those of countries with stable governments, respected central banks, and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies, which include the US Dollar (USD) , Japanese Yen (JPY) , Euro (EUR) , British Pound (GBP), Swiss Franc (CHF) , Canadian Dollar (CAD) and the Australian Dollar (AUD).

COFX requires a minimum deposit of $200. COFX allows customers to execute margin trades at up to 200:1 leverage. This means that investors can execute trades of $10,000 with an initial margin requirement of $50. However, it is important to remember that while this type of leverage allows investors to maximize their profit potential, the potential for loss is equally great. A more pragmatic margin trade for someone new to the FX markets would be 20:1 but ultimately depends on the investor's appetite for risk.

Margin is essentially collateral for a position. It allows traders to take on leveraged positions with a fraction of the equity necessary to fund the trade. In the equity markets, the usual margin allowed is 50% which means an investor has double the buying power. In the Foreign Exchange market leverage ranges from 1% to 2%, giving investors the high leverage needed to trade actively. Of course, trading on margin can increase your risk.

In trading parlance, a long position is one in which a trader buys a currency at one price and aims to sell it later at a higher price. In this scenario, the trader benefits from a rising market. A short position is one in which the trader sells a currency in anticipation that it will depreciate. In this scenario, the trader benefits from a declining market. However, it is important to remember that every FX position requires an trader to go long in one currency and short the other.

A forward deal is a contract where the buyer and seller agree to buy or sell an asset or currency at a spot rate for a specified date in the future (usually up to 60 days). Forward contracts are conducted as a way to cover (hedge) future movements in exchange rates. Margin spreads are higher than in Day Trading but no renewal fees are charged.

A limit order is where you nominate a rate at which you want to open a deal. When and if this rate occurs in the market, your 'reserved' deal is automatically opened.

COFX has an extensive Explanation of Key Terms that provides detailed definitions of all Foreign Exchange related terms.

Click here for Explanation of Key Terms

Intraday positions are all positions opened anytime during the 24 hour period After the close of COFX normal trading hours at 4:00 GMT Time. Overnight positions are positions that are still on at the end of normal trading hours (4:00 GMT), which are automatically rolled by COFX at competitive rates (based on the currencies interest rate differentials) to the next day's price.

Currency prices are affected by a variety of economic and political conditions, most importantly interest rates, inflation and political stability. Moreover, governments sometimes participate in the Foreign Exchange market to influence the value of their currencies, either by flooding the market with their domestic currency in an attempt to lower the price, or conversely buying in order to raise the price. This is known as Central Bank intervention. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the Foreign Exchange market makes it virtually impossible for any one entity to "drive" the market for any length of time.

International currency prices are highly volatile and very difficult to predict. Due to such volatility, there is no system that can assure you that transactions on the foreign currency market should result in great benefits to you, nor is it possible to guarantee that your transactions would yield favorable results.

The most common risk management tools in FX trading are the limit order and the stop loss order. A limit order places restriction on the maximum price to be paid or the minimum price to be received. A stop loss order ensures a particular position is automatically liquidated at a predetermined price in order to limit potential losses should the market move against a trader's position. Contingent orders may not necessarily limit your risk for losses. One other option would be to hedge your positions.

Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analyses to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumor. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.

COFX offers all major currency pairs for trading as well as exotics, gold and silver in some regions, CFD's, and Crude oil.

Yes, we advise all our clients that foreign exchange trading does involve substantial amount of risk. With COFX you cannot lose more than your 'margin', the money you are prepared to risk plus the daily rolling fee if you have entered a Day Trade transaction. Profits are unlimited but you can never lose more than what you initially risked. However, risk only what you can afford. Before you join you need to read our Disclaimer and Terms and Conditions.