To open a demonstration account Click Here. This account allows you to trade risk-free by providing you with access to EssenceFX's METATRADER 4 Trading Platform, where you can trade with unlimited demonstration funds.
To open a Live Account Click Here. This account allows you to open an account with real money to start trading straight away. You simply choose the account type that best suits you, complete the online registration, submit your documents and you are set to go. We would advise you to read up on the trading risk disclosures and Terms and Conditions before you start trading.
For Live Accounts, the Company would require at least two documents for you to become a Client:
Important Note: The name on the Proof of Identification document must match the name on the Proof of Address document.
You can conveniently upload your documents through the Members' Area. You can also scan and send them to [email protected]
Your documents will be checked by our Verifications team, who will inform you of your application status within 24 hours. Deposits can only be credited to your account after your documents have been approved and your Members' Area is fully activated.
Leverage available for EssenceFX Trading Accounts is up to 1:500, depending on the account type. For further details, please go to our Account Types page on our website.
The minimum initial deposit depends on the account type selected. Please Click Here to view our accounts and the minimum initial deposit for each.
We offer a variety of deposit options. Please Click Here to see all available methods.
You can withdraw at any time from the funds that are surplus to any margin requirement. To request for a withdrawal, simply log in to Members' Area and select 'Withdraw Funds'. All withdrawal requests are processed within 24 hours.
To see all available withdrawal options, please Click Here
The minimum trading volumes will depend on the account type.
There are no additional fees.
Clients have the ability to execute trades directly from real-time streaming quotes provided by the largest liquidity providers in the forex market. Quotes are updated in real time.
EssenceFX is registered under VFSC with registration number 40309 and incorporated in Saint Vincent and the Grenadines.
A true 24-hour market, forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial centre, first to Tokyo, then London and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur, i.e. day or night. The market is open 24/5.
If you are buying currency, you are opening a 'long' position. If you are selling currency, you are opening a 'short' position. For example, if you buy 1 lot of EUR/USD, it means you open a long position for 100,000 units of EUR against USD. And if you sell 10 lots of USD/CAD, it means you open a short position for 1 million units of USD versus CAD.
The most common risk management tools in forex trading you can employ are limit orders and stop-loss orders.
A limit order places restrictions on the maximum price to be paid or the minimum price to be received. A stop-loss order sets a particular position to be automatically liquidated at a predetermined price in order to limit potential losses should the market move against an investor's position.
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 rumours. The most dramatic price movements, however, occur when unexpected events happen. Such events 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 than not, it is the expectation of an event that drives the market rather than the event itself.