Question 1

Why can I not see all the instruments in the Market Watch window?

Accepted Answer

To enable all tradable instruments on MT4, please log into your platform and go to the Market watch window. Then right-click on the Market Watch window (on any instrument) and choose "Show all". All tradable markets that are available to trade will be available in the Market watch area.

Question 2

How do I change the time on my charts?

Accepted Answer

To change the time frame, select the chart then select the time period from the top toolbar. Alternatively, the time frame can be changed by right clicking on the chart, selecting Timeframes then your preferred option.

Question 3

Where can I find information about the swap rates?

Accepted Answer

Select Pricing in the Menu, and the dropdown will lead you to our ‘Swaps’ page

Question 4

Why do I get the message ‘invalid account’?

Accepted Answer

Invalid account will be displayed in the bottom right corner of your MT4 platform if you have entered the wrong account number, password or server.

Question 5

Why is my expert advisor (EA) not taking any trades?

Accepted Answer

Please ensure that you have enabled automated trading on your trading platform before starting your EA.

Question 6

How do I log in to my MT4 trading account?

Accepted Answer

To log in to your MetaTrader 4 account, go to the main ‘File’ menu and select ‘Login to Trade Account’. A login window will pop up. Go back to your email and copy your Password and Login Number.

Question 7

What does the ‘authorisation failed’ error message mean?

Accepted Answer

Invalid account will be displayed in the bottom right corner of your MT4 platform if you have entered the wrong account number, password or server.

Question 8

How do I install an expert advisor (EA) on MT4?

Accepted Answer

To add an EA, open MT4 and then go to 'file' and then 'open data folder'. Choose 'MQL4', and then 'expert advisors' or 'indicators'. You can then copy the file you want to add into this location.

Question 9

Can I lose more than my account balance when trading CFDs?

Accepted Answer

A margin call will occur when your account requires more money, if there isn’t enough money available trades will be automatically closed out. If slippage occurs you can end up losing more than you have deposited, please check our slippage policy for more information.

Question 10

What is the difference between MT4 and cTrader trading platforms?

Accepted Answer

One major difference between the two platforms is that MT4 is a ticket based platform while cTrader is both ticket and position based. In a ticket-based platform; each trade is registered separately requiring the trader to close each position separately if need be.

Question 11

Can I use my trading account on all platforms?

Accepted Answer

Question 12

Do you offer VPS services?

Accepted Answer

Yes, please contact your account manager for more information.

Question 13

What is free margin?

Accepted Answer

In its simplest definition, Free Margin is the money in a trading account that is available for trading. To calculate Free Margin, you must subtract the margin of your open positions from your Equity (i.e. your Balance plus or minus any profit/loss from open positions).

Question 14

What is a market gap?

Accepted Answer

Gaps are sharp breaks in price with no trading occurring in between. Gaps can happen moving up or moving down. In the forex market, gaps primarily occur over the weekend because it is the only time the forex market closes.

Question 15

I receive the error message 'market is closed' when I am trying to place trades. What does this mean?

Accepted Answer

This will occur outside of market trading hours such as on the weekend.

Question 16

How do I change my trade account password?

Accepted Answer

Once logged in the platform, please go to Tools>Options and under the 'Server' tab, select 'Change Password'. Then, enter the new password you wish to use and confirm.

Question 17

How do I reset the password of my cTrader?

Accepted Answer

In the password box of the Login form click “Forgot?”. You will proceed to the password reset screen. Enter your email address used to create your cTrader ID, check the reCAPTCHA and click Reset Password.

Question 18

What does the ‘no connection’ error message mean?

Accepted Answer

This message generally means you lost internet connection or selected the incorrect server.

Question 19

How do I enable the alerts on the MT4 platform?

Accepted Answer

To enable or disable an Alert on the MetaTrader 4 platform, go to the Alerts tab of the Terminal window, right click on the chosen alert and select Enable On/Off or press the Space key.

Question 20

What is Forex?

Accepted Answer

The Foreign Exchange (also known as the FX or Forex) market is a global marketplace for exchanging national currencies. Currencies trade against each other as exchange rate pairs. For example, EUR/USD is a currency pair for trading Euro against the US dollar.

Question 21

How is a profit or loss incurred when trading Forex?

Accepted Answer

When you close out a trade, take the price (exchange rate) when selling the base currency and subtract the price when buying the base currency, then multiply the difference by the transaction size. That will give you your profit or loss.

Question 22

When does the Forex market open and close?

Accepted Answer

Forex Trading is available 24 hours a day from 5:00pm ET Sunday through 5:00pm ET on Friday or 10:00pm GMT Sunday through 10:00pm GMT on Friday.

Question 23

Do you offer education for traders?

Accepted Answer

Yes, you can find our more information about the education that we offer on our education page. Alternatively, sign in to your account to get full access to more educational features

Question 24

What does ‘spread’ mean?

Accepted Answer

Spread is the difference between a forex broker's sell rate and buy rate when exchanging or trading currencies.

Question 25

What are the fees and commission charges for trading with Icon FX?

Accepted Answer

We charge $7 US Dollar commission per lot round turn on Professional accounts as well as a spread. There are no hidden fees.

Question 26

What is the minimum lot size that I can trade?

Accepted Answer

0.01 lot size, can also be called a micro lot which represents $0.01 a pip or 1000 units of the base currency.

Question 27

What does ‘margin’ mean and how is this calculated?

Accepted Answer

Margin is not a fee or a transaction cost. Margin is simply a portion of your funds that your forex broker sets aside from your account balance to keep your trade open and to ensure that you can cover the potential loss of the trade. To calculate it, multiply the size of the trade by the margin percentage. Then, subtract the margin used for all trades from the remaining equity in your account.

Question 28

What happens if I have no free margin left in my account?

Accepted Answer

If you have no free margin, you will not be able to open any new positions or your positions will be stopped out.

Question 29

What is Icon FX margin call level?

Accepted Answer

We enforce a 50% margin call level.

Question 30

How do I see my account balance in MetaTrader 4?

Accepted Answer

You can see the balance is displayed in the Terminal window under the Trade tab.

Question 31

What does it mean to have a ‘long’ or ‘short’ position?

Accepted Answer

“Long” means your trade makes profit when the price rises. “Short” means your trade makes profit when the price falls. In Forex, you are always “long” one currency and “short” another when you open a trade.

Question 32

Is there a limit to the number of open positions that I can have at any one time?

Accepted Answer

Yes, we limit accounts to 100 open orders. Please contact your account manager if you require more.

Question 33

How long can I keep my positions open?

Accepted Answer

There is no time limit for how long you want to keep your positions open.

Question 34

Can I log in to multiple accounts from the same computer?

Accepted Answer

For opening multiple MetaTrader accounts on the same computer simultaneously, you'll need to have installed multiple terminals on the same computer.

Question 35

Can I log in to my account simultaneously on separate computers?

Accepted Answer

Yes.

Question 36

Can I use the MetaTrader 4 trading platform on an Apple Mac?

Accepted Answer

Yes, please visit our Platforms page for more information.

Question 37

What is Icon FX policy regarding slippage?

Accepted Answer

We offer both positive and negative slippage, please refer to our slippage policy here

Question 38

Where are Icon FX’s trading servers located?

Accepted Answer

Our servers are located in New York.

Question 39

How do I test the latency from my computer to the MetaTrader 4 trade server?

Accepted Answer

Step 1: On your computer, go to the 'Start' menu and type 'CMD' in the 'search programs and files' field.
Step 2: Type in the word 'ping' followed by a blank space and the IP address of the server you wish to ping.

Question 40

What happens when a Futures CFD expires?

Accepted Answer

When a futures CFD contract expires, all the open positions are closed at the futures settlement price as reported by the futures exchange.

Question 41

How long does it take to approve my account application?

Accepted Answer

We work hard to approve accounts as quickly as possible, can be as quickly as a few minutes.

Question 42

Can I open a trading account in the name of my company?

Accepted Answer

Question 43

Am I able to open a joint account?

Accepted Answer

Joint accounts are not available on MT4.

Question 44

How do I update my account details?

Accepted Answer

Go to the account details page in your client office. (Click here to be taken straight there)

Question 45

How do I provide my ID documents?

Accepted Answer

You will be required to upload them to your client office as part of the application. Alternatively you can email your documents from your registered email address to support@iconfx.com

Question 46

How do I access my Client Area?

Accepted Answer

There is a client Log In option in the top right hand corner of the home page.

Question 47

How do I see my live account details?

Accepted Answer

Go to the accounts page in your client office. (Click here to be taken straight there)

Question 48

How do I open additional live or demo trading accounts?

Accepted Answer

Go to the open a new accounts page in your client office. (Click here to be taken straight there)

Question 49

Can I transfer my funds between accounts?

Accepted Answer

Once you are logged in to your client office, there will be an option under your account management which allows you to do an “Internal fund transfer”. Please select this and input which accounts you are making the transfer between.

Question 50

How do I withdraw funds from my trading account?

Accepted Answer

You can withdraw available funds from your trading account here.

Question 51

How long does it take for a deposit to reach my trading account?

Accepted Answer

This is usually dependent on the method of funding. Card deposits are instant, crypto is usually instant (maximum 4 hours) and bank wire transfer can take 24 hours.

Question 52

How long does it take to receive a withdrawal?

Accepted Answer

It depends on the withdrawal method used but many available are instant.

Question 53

How do I change my account leverage?

Accepted Answer

You can change your account leverage here.

Question 54

How do I download the trading platforms?

Accepted Answer

You can find the links to download the platforms on the platforms page here.

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