FAQ

Lite Forex Australia Frequently Asked Questions

Investing with LiteForex Australia?

Lite Forex is the trading name for LiteForex Ltd, a partnered owned company based in Sydney, Australia.

How can I open an account?

Opening a live account is easy. Simply fill out the secure, online live account application form, from here:http://liteforex-australia.com and then provide us with the requested ID to open an account. You will also need to submit some identification documents in order to complete your application including ID proof such as a passport or drivers licence and proof of address like a bank statement or utility bill. You can submit these by emailing to astutefx@liteforex.com. For full information on our AML/KYC procedures 

What is the minimum for funding an account?

 You can open an account and get started by funding it with as little as $100 

How can I deposit funds to my trading account?

 You are able to deposit funds using a number of easy methods including Bank transfer, credit/debit card, Skrill/Moneybookers, Neteller and Union Pay. For full information on funding methods, log in to http://liteforex-australia.com or visit our http://liteforex-australia.com/en/page/deposit

How can I withdraw funds from my trading account?

Withdrawals are processed usually within 24 hours. Funds are typically sent back to the original source, so if you deposit through Skrill, funds will go back to Skrill. To request a withdrawal, simply fill out our secure, online withdrawal form in Clients Cabinet and we’ll get the funds back to you as soon as possible. For more information, http://liteforex-australia.com and click on Trader's Cabinet 

Are there fees for withdrawling funds from my account?

We do not charge fees for withdrawing funds by bank wire transfer. However, please note that you will be liable for any fees charged by the banks involved in the transaction, including intermediaries. Withdrawals via credit card will attract a fee of $5. 

Can I have multiple accounts and transfer funds between accounts?

Yes, you can have multiple trading accounts. To request an additional account, log in to Traders Cabinet and log an additional account request. Once the account is setup you can quickly and easily transfer funds between accounts directly through Traders Cabinet via http://liteforex-australia.com 

What is Traders Cabinet and how do I use it?

Traders Cabinet is our secure client login area. Here you can deposit and withdraw funds, move money between accounts and change your leverage among other things. You can access it http://liteforex-australia.com and log in using your registered email address and password.

I’m new to Forex – where should I start?

Every new trader is different, but we offer a range of education content including FX University, Free Trading Guides and Weekly Webinars. Visit our education      section  of the site for more information. 

How do I change my leverage?

You can change the leverage easily by logging into Traders Cabinet. After logging in go to the “Account information” under “Trading Accounts” and choose your preferred leverage ratio.

How is the margin level percentage calculated?

Margin Level = (Equity/Used Margin) x 100 

Will I be sent a statement for my account?

MetaTrader 4 supports the sending of automated daily and monthly statements. These will be sent to your registered email automatically by the platform, if there has been activity during that period. You can generate statements on request through MT4. In MT4, please refer to the 'Account History' tab, right click to define the period and then right click again to 'Save a Report' or 'Save a Detailed Report'.

Do you have an affiliate program?

Yes, for more information on be a partner please click on the "Affiliates Programe" Tab via the home page  

How can I find out about establishing a partnership with you?

For more information on being a partner please click on the "Affiliates Programe" Tab via the home page 

When were you founded?

We are partner company and founded in 2005 

Where are you located?

Sydney Australia

 

Traders Cabinet

What is Traders Cabinet?

Traders Cabinet is the secure client area of LiteForex. It allows you to manage your trading accounts, access additional features available only to live account holders and deposit and withdraw funds to your accounts.

How to I register to use LiteForex traders cabinet?

You can get access to the Traders Cabinet in a number of ways. If you’ve signed up for a live or demo account, you’ll automatically get access. You can also sign up directly for a Traders Cabinet account by simply clicking ‘Open New Account’ on the Traders Cabinet login page and fill out the form. 

How can I log in?

Go to Traders Cabinet via the homepage and enter your registered email address and password, and you can then log in to the portal. 

I have forgotten my password – what do I do?

At the login page click on ‘Forgot Username or Password?’ and enter your registered email address. You’ll then be sent instructions on how to retrieve your login details. 

Why can’t I see all the features of the Traders Cabinet?

Traders Cabinet has a number of features which may not be applicable to your account type. For example, if you only have a demo account you’ll not see information on depositing funds. You’ll always see the features applicable to you. As your account type and status changes, your portal access will also evolve. 

What is My Profile?

My Profile is the area of the site that stores your personal information, such as your date of birth and contact information. This is automatically populated with information you’ve provided when signing up for your account.

Can I update My Profile?

Your ability to update your profile information depends on the status of your account. For example, if you have a live account already, you are not able to edit your address directly and must contact us. If you only have a demo account, you can easily update your details.

Can I change my trading account password?

Yes, you can. Simply choose ‘Live Accounts’ or ‘Demo Accounts’ from the menu and within the list of your accounts, click the settings ‘gear’ icon next to the account number. You’ll then need to enter the new password and confirm for the change to become active. 

Can I change my account currency?

You are not able to change the currency of your trading account through the portal. This is because you may have existing trading history which would become inaccurate after making such a change. You can easily apply for a new account and select your desired currency. 

How do I apply for a new live account?

If you want to sign up for a live account, or an additional live account, simply select ‘Open new account’ from the ‘Traders Cabinet’ menu. You’ll then be taken to the applicable application form. 

Frequently asked MetaTrader 4 questions 

Is it possible to be logged in to several accounts at once?

 Yes. Although you cannot be logged in to multiple accounts from one instance of MetaTrader 4, you can open several instances (separate MetaTrader 4 instances running at the same time on your computer) and log in to different accounts accordingly.

Is it possible to access the same account from different computers?

Yes. As long as you have the correct login details, you can login to the platform from any computer, provided your connection settings are correct and the connection is not being blocked by a firewall or your ISP. 

Can I change the time zone on my platform?

No, you cannot change the time offset on the MetaTrader 4 platform. The platform time is GMT +2, although during US Daylight Savings Time the platform changes to GMT +3 to stay in line with the 5pm New York market close.

Where can I view my trading history?

The trading history can be seen by clicking on the “Account History” tab in the ‘Terminal’, at the lower part of your MetaTrader 4 platform. You can also modify your view timeframes and access reporting features by right clicking on any row in your account history view. 

Where do price quotes come from?

We have relationships with top tier liquidity providers who stream live tradable prices and market depth information to the platform. 

What happens to my open positions when I log out of MetaTrader 4?

Open positions will not be closed until an existing stop loss, take profit or stop out level is reached. Existing limit orders will still be filled if the entry rate is met. Please note for Trailing Stop orders your MetaTrader 4 platform must be open and logged in.

Can I Use robots in Metatrader 4?

Yes. You can use any and all EAs (Expert Advisors) available by third party providers. ThinkForex does not restrict the use of any strategy or EA. Please note Thinkforex does not provide support for 3rd Party EAs. 

Can custom indicators be used in MetaTrader 4?

Yes, you can use any custom indicators that are MQL compatible. Please note there may be times where a 3rd party indicator is not compatible with the ThinkForex MetaTrader 4 platform. This can occur as a result of coding issues on the side of the indicator creator. 

How many Expert Advisors and indicators can I run at one time?

There is no restriction to the number of EAs and indicators you can have running at any one time on MataTrader 4. That said, it is important to understand that MetaTrader 4 is a RAM sensitive program. Overloading your platform with a large number of EAs and indicators can reduce the performance and speed of your MT4 platform. Additionally EAs may have conflicting strategies and risk profiles and can comprise each other when attached to one single trading account. It is often best to split your EAs across multiple trading accounts and platforms. 

Forex Faq

What is Forex Trading?

“Forex” trading takes place in the foreign exchange market, which operates as the primary exchange mechanism for international business and trade. The Forex market provides a number of trading opportunities because of the sheer magnitude of daily transaction volume. Traders can enter Forex contracts in either Buy or Sell directions and the market is open 24 hours a day, 5.5 days a week. Traders can access increase leverage, or purchasing power, in an effort to speculate and profit from global currency flows and market volatility. The main advantages of Forex can be found within the global reach of the market. The Forex market is the largest, most liquid financial market in the world. With 24-hour trading, a decentralized structure, and low barriers to entry, the Forex market provides the access and opportunity sought by traders of all styles and levels. In the Forex market, traders hope to generate profits by speculating on the value of one currency compared to another. Currencies are always traded in pairs in many combinations offering opportunities to profit from exchange rates between various global currencies.

Example Currency PairExample Quote
EUR/USD1.30301
The first currency list is the base currency.
The second currency is called the quote or terms currency.
The base currency is always worth one. The quoted price shows how much of the quote currency you’ll get for one unit of the base currency. So in this case, 1 EUR is worth approximately 1.30 USD.

If you’ve ever traveled to another country, you would have had to exchange your native currency for that of the country you were visiting. At that time, you probably realized that your one dollar was not exactly equal to one unit of the other country’s currency: its value was either more or less. Exchanging currencies isn’t just for tourists. The constant movement in exchange rates provides many opportunities to trade.

 

How does the forex market compare to other markets?

While the worldwide bond and stock markets have a daily volume in the billions of dollars, the Forex market has a daily volume of more than $4 trillion. Forex market participants include large banks, hedge funds, and other financial institutions, global corporations, and individual traders. The majority of Forex transactions are the result of currency conversions related to the day to day business of the world. The large daily volume of the Forex market provides endless trade opportunities and the ability for traders and to diversify into global currency markets. 

When can you trade in the forex market?

With stocks, bonds, and most other financial products that are traded on various global exchanges, you can only make trades during the exchange’s business hours. Fortunately for Forex traders, currencies are free of this restriction and can be traded day or night—24 hours a day, 5.5 days a week. With trading available 24/5.5, the Forex market provides traders from all over the world with the ability to trade around the clock delivering convenient trading with easy access. 

What currencies can you trade?

 The Forex market offers a large selection of currency pairs to trade. Most new traders begin trading with one of the major currency pairs as they are the most heavily covered by analysts and have the most trading volume. The major currency pairs are EUR/USD (Euro vs. US Dollar), USD/JPY (US Dollar vs. Japanese Yen), GBP/USD (British Pound vs. US Dollar), and USD/CHF (US Dollar vs. Swiss Franc). While the majors are popular, there are a large number of additional pairs available for trading.

What is a pip?

A "pip" is the smallest whole increment in any Forex pair. For pairs quoted in 5 decimal points, a pip increment is based on the fourth decimal. For pairs quoted in 3 decimal points, a pip increment is based on the second decimal. 5 Decimal - 0.00010 3 Decimal - 0.010. For example, a movement in EUR/USD from 1.30385 to 1.30395 is a 1 pip move. In USD/JPY, a movement from 79.293 to 79.283 is also a 1 pip move. The value of a pip is determined by the currency of your account and the pair you are trading. If the quote currency is the same as your account currency, then a 1 pip move equals 10 account currency units per 100,000 traded. 

What is a lot?

In Forex, a lot is a standard unit of measurement that equals 100,000 units worth of currency. Most brokers offer the ability to trade in Standard (100,000) lots, Mini (10,000) lots, and Micro (1,000) lots. For example, if you place a Standard lot trade, you are trading 100,000 worth of currency. 

What is margin?

The leverage of your account is the multiplier of your purchasing power that determines the amount of margin required for every trade. For example, if you have leverage of 400:1, you can control a large position ($100,000) with a small amount of margin ($250).

What is margin call?

A margin call is the automatic closing of a position if the margin level of the position falls below the ThinkForex margin call level. For more information please review the ThinkForex margin policy.

Frequently asked questions about Account opening

How do I create a Live account?

Opening a live account is easy. Simply fill out the secure, online live account application form and then provide us with the requested ID to open an account. You will also need to submit some identification documents in order to complete your application, including: Proof ID, such as a passport or driver’s license; Proof of Address (POA) like a bank statement or utility bill. Please ensure that the POA document clearly shows your name, date of issue and address. Unfortunately we cannot accept POA documents that are more than 3 months old.  

How do I create a demo account?

Opening a demo account is even easier. Simply go to our home page and fill in your personal details to generate the account log-in details. Please ensure you click on the drop down menu and select the platform you would like to trade with, even if you plan to use the MetaTrader4 Demo platform. 

What type of accounts do you offer at LiteForex Australia?

We offer 4 different ways to apply for an account at ThinkForex: Individual, Joint, Corporate, Superannuation. Each account type is outlined below:

Individual – Applying for an Individual Account is simple and easy. Please complete the online application form and submit ID and Proof of Address documents. 

Joint – Joint account applications are much like individual accounts, but there are two applications whom must complete personal details and send through identification and proof of residence documents.

Corporate - Applying for an Individual Account is simple and easy. Please complete the online application form and submit ID, Proof of Address and Corporate documents as indicated on the application. 

 

Trading Platforms

Are there fees for using your platforms?

There are no setup or monthly subscription fees for using our platforms. 

What is the time zone of your platform?

Our server time for MT4 is GMT+2 during European daylight savings (October to April) and GMT+3 at other times. You can download indicators for MT4 which will indicate your local or preferred time on the charts as well as the server time.

Can I trade on my mobile?

Yes, you can. MT4 account holders can download the iphone or Android app from the respective app stores. 

How can I locate my Expert Advisors and Custom Indicators?

Since the update to MetaTrader 4 builds 600 and above, the location of custom indicators and EAs has changed. You will now be able to find or save them as sub folders within the MQL4 folder; MQL4/Experts or MQL4/Indicators.

BinaryOptions?

Click on the Binary Options tab via the home page http://liteforex-australia.com and it will redirect you to a page that will have all the relevant information from the drop down menus at the top of the webpage