FAQs: Account Information
Q: What is the difference between a practice and live trading account?
A: FX Solutions provides fully featured practice trading accounts to help our customers learn forex trading strategies. A practice account on the practice forex trading platform carries no capital risk; otherwise it works exactly the same as a live forex trading account.
Q: How much money do I need to open an account?
A: The minimum deposit for all contract sizes is $250. We have many account options to choose from. Please review our Account Types.
Q: How do I open an account with FX Solutions?
A: Opening an account with FX Solutions is an easy four-step process:
1. Complete an an online application. Fund Your Account" links to
http://www.fxsolutions.com/accounts/deposit-funds.asp
2. Provide 2 Forms of Identification:
a. Government-issued photo ID such as a Drivers License, Passport or National ID card
b. Proof of address such as a utility bill, bank statement or lease agreement
New account paperwork may be faxed, emailed or mailed.
Fax:
+1-201-345-2520
Email:
administration@fxsol.com
By Mail:
FX Solutions, LLC
New Accounts Department
1 Route 17 South
Suite 260
Saddle River, NJ 07458 USA
3. Fund Your Account. Once your account is open, there are four convenient ways to fund your
new forex trading account.
4. Receive email notification of receipt of funds and activation of account. This email includes
your user name and password, with which you can begin live trading.
For additional information regarding opening a live currency trading account, please contact us at +1-800-969-8365 (toll-free call may not be available in all countries; alternate
phone number is +1-201-345-2210).
Q: How do I fund an account?
A: Once your account is open, simply visit our Account Funding page and choose from four convenient ways to fund your new forex trading account.
Q: What is the best way to send new account paperwork?
A: New account paper work may be faxed, emailed or mailed.
Fax:
+1-201-345-2520
Email:
administration@fxsol.com
By Mail:
FX Solutions, LLC
New Accounts Department
1 Route 17 South
Suite 260
Saddle River, NJ 07458 USA
Q: How do I know if my account has been opened?
A: Once your FX Solutions account has been opened, you will receive an email notification. This email will include your new account number, and will also provide instructions for funding your new forex trading account.
Q: When will my funds be posted to my account?
A: Funds can take up to one (1) business day to be credited to your account once your deposit has been received by FX Solutions. Note, however, that FX Solutions does not guarantee deposit times in the event of a margin call.
Q: How long will it take to process my withdrawal request?
A: FX Solutions will process withdrawal requests received prior to 11:00 Eastern Time on the same business day.
Q: How will I know that my withdrawal request has been processed?
A: When your withdrawal request has been processed, you will receive a confirmation via email.
Q: When will I receive my withdrawal?
A: Check withdrawals are issued and mailed via United States Postal Service the next business day after the request has been processed.
Wire withdrawals are submitted to JP Morgan Chase Bank on the same business day the request is processed by FX Solutions. Wires can take 24-48 hours to reach the beneficiary destination.
Q: How much does a withdrawal cost?
A: Check withdrawals are free of charge for the first four (4) requests per calendar month per customer. At the discretion of FX Solutions, each additional check withdrawal after the initial four (4) requests per calendar month may incur a $10 fee. Wire withdrawals are subject to a $40 bank fee which is deducted from the withdrawal amount.
Q: Am I eligible to withdraw funds?
A: Withdrawal eligibility is dependent upon whether the customer's deposit(s) have cleared. Deposit clearing times are: Credit Card: 30 days
PayPal: 30 days
Check: 10 business days
Wire: same day
Q: Do any restrictions apply to withdrawing funds?
A: There is a limit of four (4) check withdrawals per calendar month per customer. At FX Solutions' discretion, a $10 fee may be applied for each withdrawal request beyond that number. There is no limit for wire withdrawals.
All funds withdrawn from an FX Solutions account must be returned to a bank account with the same name as that held at FX Solutions. Third party payments will not be processed.
Q: Can I transfer funds into the account of another FX Solutions customer?
A: No. FX Solutions can only process internal transfers between two accounts belonging to the same customer. Third party transfers will not be processed.
Q: How many transfers am I allowed to make?
A: A customer can make up to four (4) internal transfers per calendar month per account. At FX Solutions' discretion, a $5 fee may be applied for each transfer request over that limit.
Q: Can I transfer funds into my FX Solutions account from another broker?
A: FX Solutions can only accept funds from other recognized (F)utures (C)ommission (M)erchants. Funds must originate from an account under the same name as the beneficiary account at FX Solutions. Requests for third party transfers will not be processed.
Q: How do I transfer funds to another broker?
A: FX Solutions may transfer funds to brokers who are (F)utures (C)ommission (M)erchant registered. To wire funds, provide the broker's bank information as well as your account number with the broker. To send by check, provide the mailing address for the broker as well as your account number with the broker.
Q: What is considered a third party?
A: A third party payment refers to a funds transfer to an account in a name different from that of the FX Solutions account holder.
Q: Does FX Solutions provide its clients with any tax forms?
A: A complete account history is available to FX Solutions traders through GTS Pro or GTS Web.
To generate your Individual Customer Statement, first log in to GTS Pro or GTS Web, then select "Individual Customer Statement" from the reports list. The statement period can be up to 65 days. To generate a full-year statement, run multiple statements, resetting the start and end dates in two-month increments. The GTS platform will also provide Year End Tax Summary Reports for the previous year after December 31st.