FAQ

Bififxtrades Questions and Answers

Academy

What is the difference between Forex and traditional stock or mutual fund trading?

Forex (Foreign exchange) trading and conventional stocks are different types of trading. When trading currencies, most traders' objectives are to predict short-term movement in the currency exchange values. Much foreign exchange trading is done in day-trading style where traders will buy and sell on the same day. In contrast, stocks and mutual funds trading are more of a medium-to-long-term style holding where trades may last for years.

What is Forex trading?

Foreign exchange trading, also referred to as Forex, FX, and Spot FX trading entails the purchase of one currency and sale of another, and it represents the largest financial trading market in the world. The Forex market is open 24-hours a day, 5-days a week, and its liquidity is estimated at greater than $4 Trillion in daily turnover – more than the total volume of the global stock markets on any given day. Find out more in our trading academy

What trading account types does Equinoxcapitalasset offer?

bififxtrades offers three types of live trading accounts and one demo trading account. Our live accounts include the Silver Account for newcomers and beginners, the Gold Account for traders who are familiar with foreign exchange and the Platinum Account for advanced/experienced foreign exchange traders. Our free trial Demo account, with balance of $10,000 provides total access to all trading platforms (web, PC-based & mobile) under real-time market conditions.

What supporting documents are required in order to open a trading account and why?

To open a trading account, you must supply: Identification clear photocopy of a valid ID ( i.e driver’s license , passport..) Proof of address – example copy of a utility bill showing your full name and address, If funding via Credit Card -a photocopy of the front and back of the credit card showing the last 4 digits on the front and 1st 4 digits on the back These can either be emailed to your account manager or uploaded through the member login page on the site (desktop or mobile versions).

How long does it take to open a trading account?

Opening an online trading account is immediate. Once you have filled in your details, you will receive an email with your user name and password, and you can start trading.

How do I open a trading account?

You are eligible If you are 18 or over and have your own bank account, you may open an online trading account with bififxtrades by clicking on the New User link above our top menu or open an account on our home page.

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