FAQ

Frequently Asked Questions

What are CFDs?

CFDs are shorter term fixed rate returns on assets. These CFDs have only two outcomes for each trade???the asset???s price either goes up or down. They are also referred to as Digital CFDs or Fixed Return CFDs. To make a trade you simply choose the asset you wish to trade, choose your expiry time, and decide whether the asset will be a Call (Up) or Put (Down) option.

Do I have to install any software in order to trade?

You do not need to install any software in order to trade on our platform.

What assets are available to trade on the platform?

For a full list of our available assets please go to our Asset Index

Do you offer demo accounts?

We do not offer demo accounts however we recommend that you contact us and one of our knowledgeable account managers will be able to help you to set up an account and learn to trade.

How do I open an account?

Opening an account is very easy all you need is to record your first name, last name, phone number and e-mail. You can register by clicking here "here link to register page" If you encounter any problems while opening an account, please contact our support team at [info@officialforextrade.com]

Does it cost anything to open an account?

There is no cost to register and open and account with us, however in order for you to begin trading, a deposit will be mandatory. That may require, entering your credit card/ banking information.

Do I have to pay taxes on my payouts?

All traders are responsible for all tax liabilities in their area of residence. We highly recommend that you check if tax laws in your jurisdiction apply.

How secure is Official Forex Trade?

We use the internationally accepted security system SSL (Secure Socket Layer) that encrypts all credit card payments over the internet. SSL is the encryption system used by large corporations such as Bank of America, Google, Amazon, and many others.

Do I have to send in any documentation to open an account?

You are not required to send in any documentation when you register for an account. When you deposit funds into your account we do ask that you send us the required documentation in order to validate your account for withdrawals. For more information on the documents that are required please look at the Withdrawal policy and Account verification at the bottom of the homepage.

What is the smallest account offered?

The smallest account that we offer is for $350.

Are there any withdrawal fees?

You will be charged some fees if you are withdrawing for the first time. But all other withdrawals made from your acount are free of charge, no fees or commissions shall be implemented except for charges made by banks or other financial institutions involved in the process.

Is there a minimum withdrawal amount?

The minimum withdrawal amount is 50 units in your selected currency, unless less than this amount remains in your account. In this case, you may make a final withdrawal of the remainder of your funds.

How long does it take to withdraw funds from my account?

Once a withdrawal request has been submitted it takes up to 7 business days for us to process your withdrawal. After your withdrawal has been processed it takes between 7-10 business days for a credit card withdrawal to show on your card and up to five business days for a wire withdrawal to appear in your bank account.

How often can I withdraw my funds?

You can withdraw your funds as often as you like. For more information about withdrawals please visit our withdrawal section.

What methods can I use to deposit funds into my account?

We accept credit/debit cards, bitcoin and wire transfers. For more information regarding deposit methods please visit our Deposit Methods page.

What currency can I trade with?

You can deposit funds into your account in USD, GBP, EUR or Bitcoin. Please note that once you deposit funds into your account you cannot change your currency.

How can I submit a withdrawal request?

In order to submit a request, go to the ???withdrawal??? tab in My Account page.

Why am I receiving a credit card error?

If you encounter a credit card error, please make sure that your credit card is open for online and international transactions. You can check this by calling the toll free number on the back of your credit card. If you encounter any other errors, feel free to contact technical support: [info@officialforextrade.com]

What is an IBAN and a Swift Code?

In order to complete a wire transfer, you will need an IBAN number or a Swift Code.
An IBAN is an International Bank Account Number that is used to identify bank accounts. Not all countries use IBAN???s. To find out if you have an IBAN please contact your bank.
A Swift Code is a unique identifier for each bank that is used to transfer funds between banks. If you do not know your Swift Code you can contact your bank and they will provide this information for you.

What is the minimum and maximum trade amount?

The minimum trade amount is 25 USD, GBP or EUR in all cases except 60 Seconds trades. On 60 Seconds trades, the minimum trade amount is 5 USD, GBR or EUR.
The maximum trade amount on the platform is 5000 USD, GBP or EUR. On 60 Seconds trades, the maximum trade amount is 1000 USD, GBP or EUR.

What rates are displayed on your platform?

On our platform we display rates from a live Reuters feed that have been adapted using Official Forex Trade algorithms. The rates on our platform are the rates at which we are willing to sell the CFDs.

What is the minimum age required to trade?

You must be 18 or older to trade online.

Can I close a trade before it has expired?

Once you have clicked ???Apply??? you have a three-second window to cancel a trade. After this, you will not be able to cancel the trade.

Can I make more than one trade at a time?

You can make as many simultaneous trades as you wish. There are no restrictions on the number of trades you can make at one given time.

What time can I trade?

You can trade on our platform 24 hours a day, 7 days a week. However, some of our CFDs and assets are not available all the time. For example, 60 Seconds trades are available Monday through Friday, 24/5. For a list of trading hours for all of our assets please visit our Asset Index.

FAQ