FAQ

Top 10 questions

EURUSD

Defines the amount of US Dollars (quote currency) required to purchase 1 Euro (base currency). Each currency in the pair has its own factors, which define the quote of the whole pair. The pair has positive correlation with GBPUSD pair and a negative correlation to USDCHF pair.

Euro (currency sign - €, currency code - EUR) - the official currency of 17 countries of the Eurozone (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Luxemburg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Finland, France, Estonia). The currency is also used in 9 countries, 7 of which are European. This means that euro is used by over 320 million people.

In December 2006 Euro had the highest total volume of cash circulation in the world, outweighing US Dollar with about 610 billion of euro bills and coins in circulation. Euro was first introduced as an accounting currency in 1999 and from the 1st of January 2001 physical euro bills and coins entered into circulation. Euro replaced the previous European currency which was used from 1979 till 1998 - European Currency Unit (ECU) with 1:1 ratio. 

Euro is administered by European Central Bank in Frankfurt and the Eurosystem, which consists of central banks of Euro Union members. European Central Bank is an independent bank and has the sole right to set monetary policy in the Eurozone. Eurosystem prints, mints and distributes the physical currency into all states of the Eurozone.

All members of the Euro Union have the right to enter the Eurozone if they meet the necessary requirements and entering Eurozone is the necessary requirement for all new members of the Euro Union.

Every state in the Eurozone issues the bills and puts a corresponding letter before the serial number: Austria – N, Belgium – Z, Germany – X, Greece – Y, Ireland – T, Spain – V, Italy – S, Cyprus – G, Luxemburg – R, Malta – F, Netherlands – P, Portugal – M, Slovakia – E, Slovenia – H, Finland – L, France – U, Estonia – D.

Euro as a reserve currency

At the moment Euro is the second reserve currency after the US Dollar. After its introduction in 1999 Euro partially inherited the status of Deutsche Mark and French Franc as international reserve currencies. Former US Federal Reserve chairman Alan Greenspan said in September 2007 that euro can substitute US Dollar as a main reverse currency.

Exchange rate regime

Euro exchange rate regime is floating. Central Bank: ECB (European Central Bank). Monthly sessions.

United States Dollar is the currency of the United States of America and the main reserve currency in the world. Dollar is divided into 100 cents. Currency sign - $, Currency code – USD. Dollar bills and coins are issued by the Federal Reserve System. US dollar is also an official currency in some other countries (for example Salvador and Marshall Islands). US dollar is a global currency. For the last 10 years more than 50% of the world’s foreign-exchange reserves have been held in US dollars. In 2003-2008 USD exchange rate and its status as a global reserve currency showed slight decrease, partially because of the Euro influence on the world’s financial markets.  From the second part of 2008 due to global crisis USD exchange rate rose significantly as it was still considered as one of the most liquid investments. However, from the first half of 2009 the rate started decreasing due to increased emission of the currency aimed to fight the crisis and a very high national debt (more than 14 trillion dollars).

Some researchers think that the high liquidity of the currency may be one of the negative factors for the US, as it stimulates high demand and leads to overvaluation, which puts national US manufacturers not in a good position in terms of marketability.

This also leads to trade deficit and national debt increase.

Central Bank: Federal Reserve System (FOMC). Sessions: January, March, April, June, August, September, October, December.

How to verify your phone number via Google Authenticator mobile app?

1. Go to the “Security” tab in your Private Office. Find “You don’t have OTP authentication” in the left half of the page. Click on “Change authentication method” below.

2. You will see “SMS Authentication” window. In the lower part of the window click the link in the text “You also can pass authentication using a mobile app for smartphones.”

3. You will see the list of authentication apps for various systems. After you choose an app, a QR code and a secret key will appear on the screen.

Note: We use the “Google Authenticator” app for Android as an example. If you don’t have this app installed, download it from Google Play.

4. Open the app on your phone.

Step 1. Add account. Scan the QR code with an app or enter the secret key manually in the “Key” field.

Step 2. If you have chosen “Enter the key” option, enter the title of your account in the emerged window. Click “Add”. Please note that the key should be entered manually.

5. Enter the key that was generated by the app. Click “Create binding” button.

6. After the binding is created, you will see the message “Currently you’re using mobile app” in the security settings in your Private Office.

Wheat (@W)

Wheat futures contract

Contract Unit: 5,000 bushels

Minimum price fluctuation: 0.25 per bushel ($12.50 per contract)

Last trading day: The business day prior to the 15th calendar day of the contract month.

 

GLD

Gold

Trading hours: 8:20 am to 13:30 EST (NY).

Contract unit: 100 troy ounces.

Delivery months: Feb, Apr, Jun, Aug, Oct, Dec.

Quote: Cost of 1 troy ounce of gold in USD.

Minimum price fluctuation: $0.10 per ounce ($10 per contract).

Last trading day: the 3rd working day before the end of the month before the delivery month.

Price-affecting factors:

At all times gold was considered as the most liquid investment. As a result, gold price usually rises in times of crisis.

About Gold:

Total volume of the gold ever produced is around 150 thousand tons. 20% is in reserves, 55% is jewelry, 12% used for industrial needs and 16% used as investments.

Major exporters: South Africa, USA, Australia, China and Russia.

Major importers: Japan, Germany, USA, Italy, India, China, Egypt, and UAE. 

Types of Investments: Futures contracts, gold bars, ancient and rare coins, shares of the mining and production companies and jewelry manufacturers.  

Alternatives:

Gold mini-futures is traded online. Contract volume is 50 ounces, that is why margin requirements are lower which is good news for day traders. Minimal price is $0.25 per ounce. Type of contract – non-deliverable.

SB

Sugar futures contract.

It is traded from 10:30 to 22:30 (GMT+3). The initial margin for the 1st contract is around $2000.

Maintenance margin is $1000. Futures contract amout is standard and is 112 000 punds (around 50.8 ton). 1 tick is 0.01 and equals $11,20.

Delivery months are F (January), H (March), K (May), N (June), V (October).

Historical maximum for sugar futures (64 cents per pound) was reached in 1974. Historical minimum (2 cents per pound) - a bit earlier -in the end of 1960s. The prices rose dramatically when Brazil started using sugar cane and sugar beet to produce ethanol. Brazil is the leading producer of both sugar and ethanol. 

By trading sugar futures keep close attention to the weather in Brazil, India and USA. Heavy rains can cause significant harvest loss which usually makes the price go up. The price of sugar has a tendency to rise from September to October. Increase in the world’s production of ethanol facilitates the long-term price growth.

Alternatives

You can find several sorts of sugar you can trade on ICE. For example, sugar №14 (American sugar – SE ticker) or Sugar №16 (SF ticker) which is expected to substitute Sugar №14 in the future .

NASDAQ-100

Futures mini-contract on NASDAQ-100.

Delivery months for the contracts – H (March), M (June), U (September), Z (December). 

The last trading day is a working day before the day the final value of the index is determined. It is usually the third Thursday of the Delivery month.  

The index value of calculated as follows: $20 multiplied by the quote effective at the moment. The quotes are measured in ticks. 1 tick is 0.25 which equals $5 for 1 contract. 

Day price limits: 5% price limit up and down before the NASDAQ opening. After the opening the limit is for 30% price limit down only. The percentage is calculated based on the index value on the first day of the current quarter.

Nasdaq 100 (or National Association of Securities Dealers Automated Quotation) consists of stocks of 100 American and International non-financial companies traded on Nasdaq Stock Exchange. 

Initially, the main criterion for getting into the top ranks of the index was the company’s market capitalization. But since December 1998 capitalization value of each company has to be multiplied by an index which is reviewed on a quarterly basis. 

The stock exchange is owned by American company Nasdaq OMX Group. Apart from NASDAQ is owns 8 European stock exchanges. At the moment shares of more than 3200 companies are traded on NASDAQ.

You can find our more abount NASDAQ, including the list of the companies here.

FTSE

FTSE is a futures contract for the British Index FTSE 100. Its full title is FTSE 100 INDEX FUTURE. Contract symbol – Z.

Delivery months for the contracts – H (March), M (June), U (September), Z (December). Usually, three contracts with the closest delivery months are traded simultaneously.

Each contract expires on the third Friday of the delivery month.

Trades for the latest contract stop immediately after 11:15 CET right after the cost of the index upon the expiry date is identified. If the third Friday of the Delivery month is a holiday, then the contract expires on the last working day before the third Friday.

The value of a futures contract for FTSE 100 is calculated as following: £10 multiplied by the index quote at the moment. The quotes are measured in ticks. 1 tick is 0.5 which equals £5.

FTSE represents stocks of 100 major British companies that are listed on London Stock Exchange.

The index value is calculated by FTSE Group which is owned by Financial Times and London Stock Exchange.

FTSE 100 is a weighted average of stocks of 100 companies with the largest capitalization which are traded on LSE. Total capitalization of the companies is 80% of the LSE capitalization. 

USDJPY

Value of US dollar in comparison to Jananese yen.

United States Dollar is the currency of the United States of America and the main reserve currency in the world. Dollar is divided into 100 cents. Currency sign - $, Currency code – USD. Dollar bills and coins are issued by the Federal Reserve System. US dollar is also an official currency in some other countries (for example Salvador and Marshall Islands). US dollar is a global currency. For the last 10 years more than 50% of the world’s foreign-exchange reserves have been held in US dollars. In 2003-2008 USD exchange rate and its status as a global reserve currency showed slight decrease, partially because of the Euro influence on the world’s financial markets.  From the second part of 2008 due to global crisis USD exchange rate rose significantly as it was still considered as one of the most liquid investments. However, from the first half of 2009 the rate started decreasing due to increased emission of the currency aimed to fight the crisis and a very high national debt (more than 14 trillion dollars).

Some researchers think that the high liquidity of the currency may be one of the negative factors for the US, as it stimulates high demand and leads to overvaluation, which puts national US manufacturers not in a good position in terms of marketability.

This also leads to trade deficit and national debt increase.

Central Bank: Federal Reserve System (FOMC). Sessions: January, March, April, June, August, September, October, December.

Japanese yen

Japan is one of the most developed economies in the world. The country has the third largest economy by GDP and industrial production after USA and China. Japan is the leader in scientific research (electronics and robotics). Transportation engineering, including the automotive, shipbuilding are also highly developed there. Japan has 15% of the global fish catch. The government implements modern agricultural subsidy programs, but 55% of the food is imported. There is a network of high-speed railways, "Shinkansen" and highways.

Japan exports transportation vehicles, cars, motorcycles, electronics, chemicals. Japan imports: machinery and equipment, fossil fuels, foodstuffs, chemicals, raw materials.

At the end of the twentieth century Japan's reserves in foreign currencies sored. After the Government removed the capital controls Japan quickly became an international lender. Its share in international loans rose from 5% in 1980 to 20.6% in 1990. Most of Japan’s share of investments is concentrated in the United States (42.2%), Asia (24.2%), Western Europe (15.3%), and Latin America (9.3%)

Central Bank: The Bank of Japan (BOJ). Sessions: monthly.

USDCHF

Value of US dollar in comparison to Swiss Franc.

United States Dollar is the currency of the United States of America and the main reserve currency in the world. Dollar is divided into 100 cents. Currency sign - $, Currency code – USD. Dollar bills and coins are issued by the Federal Reserve System. US dollar is also an official currency in some other countries (for example Salvador and Marshall Islands). US dollar is a global currency. For the last 10 years more than 50% of the world’s foreign-exchange reserves have been held in US dollars. In 2003-2008 USD exchange rate and its status as a global reserve currency showed slight decrease, partially because of the Euro influence on the world’s financial markets.  From the second part of 2008 due to global crisis USD exchange rate rose significantly as it was still considered as one of the most liquid investments. However, from the first half of 2009 the rate started decreasing due to increased emission of the currency aimed to fight the crisis and a very high national debt (more than 14 trillion dollars).

Some researchers think that the high liquidity of the currency may be one of the negative factors for the US, as it stimulates high demand and leads to overvaluation, which puts national US manufacturers not in a good position in terms of marketability.

This also leads to trade deficit and national debt increase.

Central Bank: Federal Reserve System (FOMC). Sessions: January, March, April, June, August, September, October, December.

Swiss Franc (ISO 4217 CHF or 756) is the official currency of Switzerland and Liechtenstein. Swiss Franc bills are issued by Central Bank of Switzerland (Swiss National Bank) while coins are issued by the federal mint (Swissmint).  

In Europe only Swiss currency is called “Franc”. There are four official languages in Switzerland and the title of the currency on each of them differs: Franken (in German)

 Franc (in French and Rhaeto-Romance languages), Franco (in Italian). 1/100 of Franc is called Rappen (in German), Centime (In French), Centesimo (In Italian) and Rap (in Rhaeto-Romance).

Exchange rate regime

Swiss Franc is a floating currency. From the second half of 2003 EURCHF stabilized at 1.55, so like Euro, Swiss Franc rose and then fell to USD.

In September 2011 Swiss National Bank stated that they wouldn’t let Swiss Franc to raise more than 1.2 Franc per 1 Euro.

Central Bank: Swiss National Bank (SNB). Sessions: every quarter.

EURGBP

Defines the amount of British pound (quote currency) required to purchase 1 Euro (base currency)

Euro (currency sign - €, currency code - EUR) - the official currency of 17 countries of the Eurozone (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Luxemburg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Finland, France, Estonia). The currency is also used in 9 countries, 7 of which are European. This means that euro is used by over 320 million people.

In December 2006 Euro had the highest total volume of cash circulation in the world, outweighing US Dollar with about 610 billion of euro bills and coins in circulation. Euro was first introduced as an accounting currency in 1999 and from the 1st of January 2001 physical euro bills and coins entered into circulation. Euro replaced the previous European currency which was used from 1979 till 1998 - European Currency Unit (ECU) with 1:1 ratio. 

Euro is administered by European Central Bank in Frankfurt and the Eurosystem, which consists of central banks of Euro Union members. European Central Bank is an independent bank and has the sole right to set monetary policy in the Eurozone. Eurosystem prints, mints and distributes the physical currency into all states of the Eurozone.

All members of the Euro Union have the right to enter the Eurozone if they meet the necessary requirements and entering Eurozone is the necessary requirement for all new members of the Euro Union.

Every state in the Eurozone issues the bills and puts a corresponding letter before the serial number: Austria – N, Belgium – Z, Germany – X, Greece – Y, Ireland – T, Spain – V, Italy – S, Cyprus – G, Luxemburg – R, Malta – F, Netherlands – P, Portugal – M, Slovakia – E, Slovenia – H, Finland – L, France – U, Estonia – D.

Euro as a reserve currency

At the moment Euro is the second reserve currency after the US Dollar. After its introduction in 1999 Euro partially inherited the status of Deutsche Mark and French Franc as international reserve currencies. Former US Federal Reserve chairman Alan Greenspan said in September 2007 that euro can substitute US Dollar as a main reverse currency.

Exchange rate regime

Euro exchange range regime is floating. Central Bank: ECB (European Central Bank). Monthly sessions.

British Pound is a national currency of the United Kingdom of Great Britain and Northern Ireland and parallel currency in Guernsey, Jersey and Isle of Man. It is also valid in Tristan da Cunha.

British Pound is divided into 100 pennies. Currency symbol - £. Code ISO 4217 — GBP

Sometimes an old abbreviation UKL (United Kingdom Libra) is used.

There are bills of 5, 10, 20 and pounds and 1, 2, 5, 10, 20, 50 pennies and 1 and 2 pound coins in circulation. Banks of some regions (three banks of Scotland, four banks in Northern Ireland) issue bills with own design.  

Exchange rate regime

At the moment pound exchange rate regime is floating. The monetary policy is set by the Bank of England.

EURJPY

Defines the amount of Japanese yen (quote currency) required to purchase 1 Euro (base currency)

Euro (currency sign - €, currency code - EUR) - the official currency of 17 countries of the Eurozone (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Luxemburg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Finland, France, Estonia). The currency is also used in 9 countries, 7 of which are European. This means that euro is used by over 320 million people.

In December 2006 Euro had the highest total volume of cash circulation in the world, outweighing US Dollar with about 610 billion of euro bills and coins in circulation. Euro was first introduced as an accounting currency in 1999 and from the 1st of January 2001 physical euro bills and coins entered into circulation. Euro replaced the previous European currency which was used from 1979 till 1998 - European Currency Unit (ECU) with 1:1 ratio. 

Euro is administered by European Central Bank in Frankfurt and the Eurosystem, which consists of central banks of Euro Union members. European Central Bank is an independent bank and has the sole right to set monetary policy in the Eurozone. Eurosystem prints, mints and distributes the physical currency into all states of the Eurozone.

All members of the Euro Union have the right to enter the Eurozone if they meet the necessary requirements and entering Eurozone is the necessary requirement for all new members of the Euro Union.

Every state in the Eurozone issues the bills and puts a corresponding letter before the serial number: Austria – N, Belgium – Z, Germany – X, Greece – Y, Ireland – T, Spain – V, Italy – S, Cyprus – G, Luxemburg – R, Malta – F, Netherlands – P, Portugal – M, Slovakia – E, Slovenia – H, Finland – L, France – U, Estonia – D.

Euro as a reserve currency

At the moment Euro is the second reserve currency after the US Dollar. After its introduction in 1999 Euro partially inherited the status of Deutsche Mark and French Franc as international reserve currencies. Former US Federal Reserve chairman Alan Greenspan said in September 2007 that euro can substitute US Dollar as a main reverse currency.

Exchange rate regime

Euro exchange range regime is floating. Central Bank: ECB (European Central Bank). Monthly sessions.

Japanese yen

Japan is one of the most developed economies in the world. The country has the third largest economy by GDP and industrial production after USA and China. Japan is the leader in scientific research (electronics and robotics). Transportation engineering, including the automotive, shipbuilding are also highly developed there. Japan has 15% of the global fish catch. The government implements modern agricultural subsidy programs, but 55% of the food is imported. There is a network of high-speed railways, "Shinkansen" and highways.

Japan exports transportation vehicles, cars, motorcycles, electronics, chemicals. Japan imports: machinery and equipment, fossil fuels, foodstuffs, chemicals, raw materials.

At the end of the twentieth century Japan's reserves in foreign currencies sored. After the Government removed the capital controls Japan quickly became an international lender. Its share in international loans rose from 5% in 1980 to 20.6% in 1990. Most of Japan’s share of investments is concentrated in the United States (42.2%), Asia (24.2%), Western Europe (15.3%), and Latin America (9.3%)

Central Bank: The Bank of Japan (BOJ). Sessions: monthly.

How do I open a trading account?

You can open a trading account here

Choose the account type and click “Open”. Review all the settings in the pop-up window and change them if needed. Carefully read the documents listed in the bottom of the pop-up window and check “I agree” box if you do. Click “Create”. The account number and the account password will be sent to the email address you provided upon registration.

How to withdraw funds to Webmoney wallet from a Micro account?

If you have a Micro account with GC, you can quickly withdraw amount not exceeding $100. To use this option, you should:

1. Register a Webmoney wallet.

2. Deposit your GC Micro account with any amount of funds using your Webmoney wallet.

3. Contact our customer support to register your wallet number in GC system.

 

After doing that you can enjoy instant withdrawals to you GC Micro account.

 

How do I restore my trading account password?

For PC:

Log in to your Private Office and choose a trading account. Choose “Password Recovery” option in the right side menu. Enter a new password.

For PCs with low screen resolution and mobile devices:
In the “Trading” tab, click on the account in question and click “Password recovery”. You will need to confirm the change with a one-time confirmation code.

If you used a mobile phone to validate your account:

An SMS will the confirmation code (token) be sent to the phone number you provided upon registration. Enter the digits in the confirmation field and click “Confirm”.

If you used a mobile application to validate your account:

Launch the application on your mobile device and choose “One-time password” option. Enter the digits in your confirmation field on the website and click “Confirm”.

How long does it take for withdrawal request to be processed?

According to “The regulation of procession and effectuation of non-trading transactions”, withdrawal transactions are processed within 3 working days. However, the majority of withdrawal transactions are processed within 24 hours.

Please mind that bank transfers are an exception and they can take up to 5 working days to process.

What are your Margin Call and Stop Out?

All information on Margin Call and Stop Out for each account type can be found here. This level is a ratio of available funds on the account to the amount of security according to the formula: margin level = (equity / used margin) x 100. The defined value can be viewed in the trading terminal in the “Trading” tab.

What are the borders of your floating spreads?

This information is available in the specifications and reflects statistical data for the previous trading day. However, it’s important to remember that spreads reflect the market supply and demand and can change depending on the time period.

Error: Wrong Password

If you have entered your account details when logging into WebTrader and received the error message "Wrong Password":

1. Make sure that you're using the correct password, the most recent one since the last recovery and belonging to the specified account.

2. Check if the entered password is correct. Try to enter it elsewherem, copy and paste into the login form. Make sure you don't accidentally cope an extra space before or after the passord. The password must contain 8 characters.

3. If you've followed these instructions, but still encounter this error message, reset the password and login with the new one.

How do I change my account password in MT4?

1. Open and log into your MT4 terminal.

2. Go to Tools > Options > Server.

3. Click the "Change" button.

4. Enter your current password and your new password. Click "OK".

How do I open a Demo account?

You can open a demo account here.

Choose the account type and click “Open”. Review all the settings in the pop up window and change them if needed. Carefully read the documents listed in the bottom of the pop up window and check “I agree” box if you do. Click “Create”. The account number and the account password will be sent to the email address you provided upon registration.

How do I track status of my withdrawal request?

 

To view the current status of your withdrawal request, log into your Private Office and click “Deposit and Withdrawal requests" in the upper right.