FAQ Main Categories
1. What is the minimum amount required to open an account at Formax?
The minimum required amount is £1,000.
2. How do I open an account at Formax?
You can either click here or go to the top right hand side of our website and click register.
3. Are there any fees involved in opening an account?
Here at Formax, we do not charge you for opening an account with us.
4. How many accounts can I have?
Here at Formax, we only allow one account per person.
5. What do I need to have to open a corporate account?
You would need to be a registered company and be able to provide us proof of this. Please see The Documents and Forms section of the site for more information on the requirement to open a corporate account.
6. How long does it take to open and account, Corporate and retail?
Retail accounts are usually opened within 48 hours of the application being made. This is providing that all the required documentation is submitted in time and there is nothing further we would need to see.
Corporate accounts may vary depending on the size, structure and complexity of the company. However, a corporate account is usually opened within 48 hours once we have received all the documentation required for us to conduct our due diligence checks.
Deposits and withdrawals
Documents and forms
1. How do I place an order on MT4?
To place a market order, follow these easy steps:
1. Click on the "New Order" button.
2. Select the symbol you desire as well as the volume and then click on either "Sell Market" or "Buy Market".
2. What are the advantages of using MT4?
User Experience: Extremely user friendly interface, enabling new and experienced traders to trade this complex and volatile market with ease and comfort.
Language: Users around the globe can benefit from the MT4 platform and all its data, in their own language
Charts: In addition to the MT4's advanced and user friendly trading features, the platform also offers advanced charting capabilities. This of course enables traders to trade and analyse the technical aspects of the market simultaneously.
Expert Advisors: This is a very popular and important feature in the MT4 feature portfolio. Expert Advisors enable traders to automate their trades with a customized EA that best fits their needs.
Communication: The MT4 platform also incorporates advanced communication tools for brokers to post messages and communicate with their traders in real time. This of course prevents the need for long and complicated email threads and makes the trader's experience that much simpler.
Low Resources: Unlike many other platforms, the MT4 platform is relatively low on resources, meaning it keeps its disruption of your PC to a minimum. This also enables the platform to react faster, making it possible to implement the trades and traders' requests immediately.
Profiles: Users can also view account information from within the actual platform interface. Some of the details available include account balance, trading history, access details, as well as password information.
Security: When you are dealing with a sensitive and private issue like Forex trading, you are going to want to know that you are not in danger of attacks and hacks on your account. MT4 is a highly secure platform that encrypts the data between trader and server with a 129-bit key. The trader's IP address is also completely concealed.
Flexibility: The MT4 platform was engineered to support all currency crosses as well as the ability to trade other markets such as commodities, futures, and equities.
Customization: As if all of the above was not enough, the MT4 supports full customization features, so the trader can tailor the platform to meet their trading needs and practices. This includes the ability to develop your own Expert advisors as well as technical indicators using the MT4's advanced proprietary MQL programming language.
3. How do I install an expert advisor on my own personal EA on MT4?
Save your Expert Advisor file to the Experts Folder located at C:\Program Files\FORMAX MetaTrader 4\experts. If installed correctly, you will see the Expert Advisor file in the "Navigator" window under Expert Advisors and is now available to activate for live trading.
If you are experiencing any difficulties, please contact the source of the Expert Advisor, please get in touch with their developer for further instruction.
Formax cannot be held responsible for any Expert Advisor providers or the products they provide.
4. I do not understand how to use the MT4 and I am experiencing difficulties?
If you are having difficulties using the platform, please send us an email at email@example.com. Please include your name, MT4 ID, email address, a contact telephone number and a brief summary of the problem you are having.
One of our dedicated customer services or your personal account manager will contact you shortly and help with any problems you might be having.