One of our experienced product specialists would be happy to provide you a one on one demonstration of the software. Simply contact us here to arrange an appointment.
The demo account will last for 30 days and you are welcome to register an additional account. Our experience shows, though, that the best lessons in trading are learned when you take the plunge and open a live account. You can always start small, to test out some strategies and as you become more comfortable, trade with larger quantities.
After our compliance team has reviewed your application and submitted documentation, we’ll issue a confirmation email. If you would like to speed up the process, you are free to deposit funds which will be fully available for trading upon approval. Simply log into your Member’s Area to initiate the deposit.
Yes. Note that we’ll require the full set of corporate documentation in order to approve the account. Because corporations vary from region to region, we suggest filling out the application to start the process. One of our account specialists will shortly reach out to you with an outline of what’s needed.
To withdraw funds, simply log into your Client Portal. Once you are signed in, navigate to the Withdrawal area and fill out the requested details.
Withdrawals are processed promptly from when receiving the request. Note that weekends and bank holidays may extend the time for a wire to go out. Finally, we always check the margin on the account prior to processing a withdrawal to ensure there is no risk of a liquidation.
Prime Whale does not charge for transactions. However, the sending and correspondent exchange or bank may charge according to their own fee structure.
Because we are a brokerage firm, it is not possible to provide advice on taxes which may vary greatly from country to country and even from region to region.
Our suggestion is to speak with a local tax advisor about reporting. Note that all clients are able to download full statement summaries either via the MT4 platform or by visiting the Member’s Area.
Trading in forex pairs is available non stop throughout the trading week, only pausing on the weekend. This means that Prime Whale clients can speculate 24 hours a day during the week in the FX market.
Swaps are a feature unique to the foreign exchange market. When holding a position overnight (5PM Eastern Standard Time), interest is either accrued or gained for each trade or order held in your account.
To understand swaps, think about going to the bank for a loan. There will be an interest payment to borrow money which is the same idea when trading forex. By entering a trade, you are “borrowing” funds to finance the generous leverage offered by Prime Whale. As such interest is either to be paid or accrued.
The swap value is derived from the current rate offered by the central bank of the respective country. Going long one pair will offer traders the opportunity to gain interest, just like interest is offered in your bank account when a deposit is made. Conversely, interest is to be paid on the side of the trade being sold. The difference between the 2 will result in either a debit or credit placed daily in your account.
Yes, swap values are based on the interest rates offered by the central bank associated with the currency pair being traded. As central bank interest rates change, so do swaps.
Spread values are a direct result of liquidity in the marketplace, which is very much like supply and demand. The greater liquidity, the more aggressive the spread. Liquidity sometimes dries up. For example, during off hours trading, spreads often widen out as there is less action in the market during this time. Additionally, spreads can also widen out prior to news events or during government holidays.